This paper develops theory suggesting that, relative to purely domestic firms, multinational enterprises (MNE) have greater incentives and strategic and operational means to respond to expanding carbon emissions constraints. We test our resulting hypotheses with data on changes in carbon emissions by over 6,000 industrial plants during Phase 2 (2008–2012) of the European Union’s Emissions Trading Scheme. We find that MNE maintain: (1) consistent carbon reductions across institutional contexts, and (2) an overall carbon performance edge over domestic firms. The carbon performance gap between MNEs and domestic firms narrowed, however, in host countries transitioning towards more stringent market regulatory systems. By demonstrating that the effects of national and international carbon regulations on firm behavior interact in important ways with each other and with firm characteristics, this paper deepens understanding of how institutions are likely to shape the ongoing energy transition towards a low-carbon economy.

本文提出的理论表明，相对于纯粹的国内公司，跨国企业（MNE）拥有更大的激励机制以及应对碳排放限制扩大的战略和运营手段。我们使用有关欧盟排放权交易计划第二阶段（2008-2012年）的6,000多家工厂的碳排放量变化数据来检验我们得出的假设。我们发现，跨国公司维持：（1）在机构环境中实现一致的碳减排，以及（2）国内公司的总体碳绩效优势。但是，在东道国向更严格的市场监管体系过渡的过程中，跨国公司与国内公司之间的碳绩效差距有所缩小。