Clémen , Alexand e; Robino , Élisabe h; T espeuch, Léo
A icle
Beyond esou ce use: XGBoos e eals unexpec ed d i e s
o co po a e CO2 emissions
Con empo a y Economics
P o ided in Coope a ion wi h:
VIZJA Uni e si y, Wa saw
Sugges ed Ci a ion: Clémen , Alexand e; Robino , Élisabe h; T espeuch, Léo (2025) : Beyond esou ce
use: XGBoos e eals unexpec ed d i e s o co po a e CO2 emissions, Con empo a y Economics,
ISSN 2300-8814, VIZJA Uni e si y, Wa saw, Vol. 19, Iss. 2, pp. 163-185,
h ps://doi.o g/10.5709/ce.1897-9254.560
This Ve sion is a ailable a :
h ps://hdl.handle.ne /10419/323489
S anda d-Nu zungsbedingungen:
Die Dokumen e au EconS o dü en zu eigenen wissenscha lichen
Zwecken und zum P i a geb auch gespeiche und kopie we den.
Sie dü en die Dokumen e nich ü ö en liche ode komme zielle
Zwecke e iel äl igen, ö en lich auss ellen, ö en lich zugänglich
machen, e eiben ode ande wei ig nu zen.
So e n die Ve asse die Dokumen e un e Open-Con en -Lizenzen
(insbesonde e CC-Lizenzen) zu Ve ügung ges ell haben soll en,
gel en abweichend on diesen Nu zungsbedingungen die in de do
genann en Lizenz gewäh en Nu zungs ech e.
Te ms o use:
Documen s in EconS o may be sa ed and copied o you pe sonal
and schola ly pu poses.
You a e no o copy documen s o public o comme cial pu poses, o
exhibi he documen s publicly, o make hem publicly a ailable on he
in e ne , o o dis ibu e o o he wise use he documen s in public.
I he documen s ha e been made a ailable unde an Open Con en
Licence (especially C ea i e Commons Licences), you may exe cise
u he usage igh s as speci ied in he indica ed licence.
h ps://c ea i ecommons.o g/licenses/by/4.0/
www.ce. izja.pl
163
This wo k is licensed unde a C ea i e Commons A ibu ion 4.0 In e na ional License.
This s udy aimed o de e mine he mos ele an a iables o ca bon dioxide (CO2) in ensi y using an XGBoos
a i icial in elligence (AI) model's ea u e selec ion. F om mo e han 600 a iables used o assess businesses
using ex a- inancial da a and en i onmen al, social, and go e nance (ESG) sco es, he AI algo i hm was used
o iden i y he mos in luen ial a iables o CO2 emissions. The s udy also explo ed heo ies o explain he
ela ionships be ween he a iables and conduc ed es s based on sec o s o ac i i ies and geog aphic loca-
ions o display speci ic dispa i ies. Fo esea che s, he esul s e eal an in e es ing ela ionship be ween ESG
in o ma ion and CO2 emissions in business. Fo manage s, hey con i m assump ions abou CO2 emissions
and p o ide new insigh s in o business emissions. This s udy ound ha ene gy, wa e , and enewable ene gy
consump ion signi ican ly impac businesses’ CO2 emissions. Addi ionally, he p opo ion o women in he
wo k o ce was ound o in e ac wi h a business's CO2 emissions in mos es s, whe eas co po a e philan-
h opy showed a weake ela ionship.
1. In oduc ion1. In oduc ion
The e ec s o clima e change a e becoming mo e
no iceable as empe a u es inc ease, o es s con-
inue o bu n a an ala ming a e, and loods oc-
cu mo e equen ly. Un o una ely, expe s ha e
wa ned ha hese changes will ha e a nega i e
impac on ou li es and will con inue o wo sen
(Masson-Delmo e & IPCC, 2021). Human ac i i-
ies, no ably he bu ning o ossil uels, ha e caused
an ala ming inc ease in he concen a ion o CO2
(ca bon dioxide) in he a mosphe e (Dong e al.,
2019). Excess CO2 in he ai is ha m ul o he en-
i onmen because o i s hea - apping abili y and
long-las ing e ec s (Bazzaz, 1990). Once CO2 is e-
leased in o he a mosphe e, i can emain he e o
hund eds o e en housands o yea s, implying ha
cu en emissions will con inue o ha e a signi i-
can impac a in o he u u e. E idence shows ha
CO2 emissions a e he p ima y d i e o an h o-
pogenic clima e change, and unlike o he me ics
ela ed o clima e, CO2 in ensi y shows a di ec and
unambiguous connec ion be ween global wa m-
ing and business as i s key con ibu o , making i
a clea and eliable measu e (Masson-Delmo e &
IPCC, 2021).
The 26 h Uni ed Na ions Clima e Change Con-
e ence, also known as COP26, ook place in
Glasgow in 2021; he con e ence was ocused on
clima e change mi iga ion. I led o he c ea ion o
an in e na ional ag eemen called he Clima e Pac ,
which se s ambi ious goals o achie ing ne -ze o
emissions and encompasses app oxima ely 90% o
global emissions. Rega ded as a signi ican s ep, he
Clima e Pac aims o cap he global empe a u e
inc ease a 1.5°C h ough CO2 educ ion (Lennan
Beyond Resou ce Use: XGBoos Re eals Unexpec ed
D i e s o Co po a e CO2 Emissions
ABSTRACT
Q52, Q56, M14, O44.
KEY WORDS:
JEL Classi ica ion:
Co po a e Social Responsibili y (CSR), CO2 Emissions, ESG Sco es, Women’s In luence, XGBoos .
1
École des Sciences de Ges ion de l’Uni e si é du Québec à Mon éal (ESG UQAM)
2
École de Ges ion de l’Uni e si é du Québec à T ois-Ri iè es (ESG UQTR)
Co espondence conce ning his a icle should be add essed o:
Alexand e Clemen , École des Sciences de Ges ion de l’Uni e si é du
Québec à Mon éal (ESG UQAM) 320, ue Sain e-Ca he ine Es , Mon éal,
QC H2X 3X2, Canada. E-mail: Clemen .alexand e.4@cou ie .uqam.ca
Alexand e Clemen 1 , Élisabe h Robino 1 , and Léo T espeuch2 ,
P ima y submission: 13.02.2025 | Final accep ance: 08.03.2025
164
Alexand e Clemen , Élisabe h Robino , Léo T espeuch,
10.5709/ce.1897-9254.560DOI: CONTEMPORARY ECONOMICS
Vol. 19 Issue 2 163-1852025
& Mo ge a, 2022). Howe e , i s success hinges on
he commi men o pa icipa ing na ions, pa icu-
la ly majo co po a ions in de eloped coun ies
and he wo ld's la ges pollu e s. CO2 emissions
a e di ec ly linked o clima e change and ep esen
a c ucial me ic ha mus be add essed o p e en
ca as ophic e en s and p o ec he plane .
People can con ibu e posi i ely in add essing
clima e change in di e en ways, such as li es yle
changes (Balde jahn e al., 2020; Gallo e al., 2023),
consump ion educ ion (e.g., educing elec ici y
consump ion (Van Den B oek e al., 2019), a el-
ing less equen ly (Kan enbache e al., 2017), e-
ducing was e p oduc ion (Aschemann-Wi zel e al.,
2019)), p oduc subs i u ion (e.g., mea subs i u ion
(Lemken e al., 2019)), and he adop ion o inno a-
i e echnologies (e.g., elec ic ca s (Thøge sen &
Ebsen, 2019)). Al hough some solu ions may ha e
a g ea e impac han o he s, people ha e di e se
op ions o add essing clima e change (Thøge sen,
2021). In he nea u u e, businesses ha a e un-
de pe o ming wi h ega d o hei CO2 educ ion
goals will likely begin o lose cus ome s because o
hei emissions. Thus, s udying he mul iple ac o s
linked o he CO2 emissions o a business is c ucial.
CO2 emissions a e impo an in he con ex o
clima e change, and businesses equi e a measu e-
men me ic o add ess clima e change. CO2 has
eme ged as “ he” me ic businesses need o ocus
on o do hei pa in he deca boniza ion o he
economy. En i onmen al, social, and go e nance
(ESG) is a gene al e m associa ed wi h quan i a i e
me ics aligned wi h hese h ee ac o s. In gene al,
ESG sco es a e de eloped o e alua e a business's
en i onmen al impac . Howe e , hese sco es ha e
aced c i icisms and ha e some limi a ions (Clé-
men e al., 2022a, 2022b; Esc ig-Olmedo e al.,
2019). One limi a ion is ha hey y o cap u e
a ious b oad concep s ela ed o co po a e social
esponsibili y (CSR), no jus one concep such as
clima e. CSR in ol es in eg a ing en i onmen al
and social conce ns in o a business model. The
di e ence be ween ESG and CSR is ha he o -
me is an explici measu emen o en i onmen al
pe o mance, whe eas he la e is a managemen
philosophy. Thus a , limi ed esea ch has examined
quan i a i e ESG me ics, hei in eg a ion in o
CSR pe o mance, and he ela ionships be ween
me ics ha can in luence he educ ion and mea-
su emen o CO2.
Agains his backg ound, he cu en s udy aims
o e alua e he ESG me ics ha can in luence CO2
emissions by businesses and suppo hei emission
educ ion goals. The s udy is conduc ed using an
ex eme g adien boos ing (XGBoos ) a i icial in-
elligence (AI) model ha acili a es he assessmen
o he mos impo an a iables o CO2 emissions
in business.
2.2. Theo e ical F amewo k2.2. Theo e ical F amewo k
The heo e ical amewo k includes a li e a u e
e iew ha ou lines he ela ionship be ween CSR
and he use o CO2 in ensi y o measu e a business's
en i onmen al pe o mance. This is ollowed by
a e iew o he XGBoos AI model, he da abase
and index used, and h ee e alua ions ha we e
conduc ed—CO2 in ensi y, CO2 in ensi y by sec o o
ac i i y, and CO2 in ensi y segmen ed by con inen s—
wi h he aim o de e mining he mos ele an
a iables o CO2 in ensi y using he XGBoos AI
model's ea u e selec ion.
2.1. Rela ionship Be ween CSR and ESG
Because business ac i i y is an impo an d i e o
clima e change, a as body o li e a u e has ocused on
business en i onmen al impac s and sus ainabili y in
ecen yea s (Ahmad e al., 2024). Two app oaches can
be used o assess business en i onmen al impac and
sus ainabili y. The i s is a quali a i e o philosophical
pe spec i e ha examines business en i onmen al
impac h ough he lens o CSR p ac ices. This
app oach allows o a nuanced unde s anding o
a company's e hical conside a ions and olun a y
ac ions owa d en i onmen al s ewa dship. The
second pe spec i e employs a mo e quan i a i e
me hod, u ilizing ESG sco es o assess and compa e
CSR p ac ices ac oss businesses nume ically. These
ESG me ics p o ide a s anda dized amewo k o
e alua ing a company's en i onmen al pe o mance,
among o he ac o s (Kaźmie czak, 2022).
Impo an ly, hese wo app oaches a e no mu ually
exclusi e, bu a he complemen a y (Nug oho e al.,
2024), o e ing a comp ehensi e iew o a business's
en i onmen al s ance and ac ions.
www.ce. izja.pl
165
Beyond Resou ce Use: XGBoos Re eals Unexpec ed D i e s o Co po a e CO2 Emissions
This wo k is licensed unde a C ea i e Commons A ibu ion 4.0 In e na ional License.
CSR is a managemen app oach ha inco po a es
social and en i onmen al conce ns in o a company's
ope a ions and s akeholde ela ionships, which is
dis inc om he mo e quan i a i e ESG ha is based
on numbe s. Speci ic o CSR, Igalens & Jo as (2006)
demons a ed ha companies p io i izing CSR enjoy
nume ous bene i s, including he de elopmen o a
posi i e b and image (Ramesh e al., 2019), imp o ed
employee ec ui men and e en ion (Supan i e al.,
2015), and educed ax and du y cos s (Sp inkle &
Maines, 2010). CSR is essen ial o a b and as i has he
po en ial o signi ican ly impac consume beha io
and b and equi y (Ki chin, 2003). S udies ha e also
shown ha a leas hal o he consume s su ey a e
willing o pay mo e o p oduc s ha a e sus ainable
and en i onmen ally iendly (Y.-S. Chen, 2010).
This indica es ha good CSR p ac ices can imp o e
consume loyal y and he pe cei ed alue o b and
equi y(Mahmood & Bashi , 2020). Mo eo e , oday's
consume s a e willing o pay mo e and look o b ands
ha do mo e han jus pu sue p o i s (Dangelico &
Vocalelli, 2017). Acco ding o an Doo n e al. (2017),
good CSR p ac ices can posi i ely in luence consume
beha io , which is especially impo an o inno a i e
companies wi h limi ed ma ke ing budge s.
In addi ion o imp o ing b and epu a ion and
consume us , CSR p ac ices can help companies
ec ui and e ain employees (S. Du e al., 2007; Islam
e al., 2021; Mahmood & Bashi , 2020) as well as
e ain cus ome s (Nug oho e al., 2024). By engaging
in socially esponsible p ac ices, companies can c ea e
a mo e mo i a ed and engaged wo k o ce ha is mo e
in es ed in he o ganiza ion's de elopmen . These
bene i s a e u he ein o ced by consume s and
go e nmen s p e e ing and suppo ing companies
ha pe o m well on en i onmen al and social issues.
While i is comme cially ad an ageous o p ac ice
CSR o imp o e he pe o mance o business
ope a ions (Pe a z & S ønen, 2024) o ma ke ing,
i s posi i e impac on clima e change is less e iden .
Mo eo e , businesses associa ed wi h high g eenhouse
gas emissions o esis ance o en i onmen al
egula ions may su e epu a ional damage, leading o
dec eased cus ome loyal y and e en boyco s (Bansal
& DesJa dine, 2014; Ko san onis & Se a eim, 2019).
This sugges s ha he p omo ion o he ad an ageous
elemen s o CSR p ac ices can be diminished solely by
poo CO2 pe o mance. Businesses need o balance
b oad en i onmen al and social ini ia i es while
educing he isk o being accused o g eenwashing,
by ensu ing ha hey clea ly unde s and he impac o
business ac ions on he plane .
ESG sco es a e some imes used o quan i a i ely
exp ess CSR p ac ices, as CSR p ac ices a e b oad and
di icul o measu e. The objec i e o ESG sco es is o
p o ide a ype o me ic ha allows he assessmen
o businesses' en i onmen al sus ainabili y and
ul ima ely allows compa abili y. Howe e , a g owing
body o li e a u e employing a ious me hodologies
and da ase s demons a es ha ESG sco es may no
be a comp ehensi e ep esen a ion o a company's
sus ainabili y(Eccles e al., 2020; Eccles & S oehle,
2018; Esc ig-Olmedo e al., 2019; Gillan e al., 2021;
Ko san onis & Se a eim, 2019; Olmedo e al., 2010;
Widyawa i, 2020). These sco es need o be mo e
accu a e in depic ing o ganiza ions' bene icial impac s
on he plane (Be nie -Monzon e al., 2019). Ins ead,
he design o ESG sco es is such ha hey p ima ily
gauge he associa ed isks emana ing om ESG ac o s,
he eby minimizing he nega i e epe cussions o a
company's ac ions on i s in es men p ospec s (Be g
e al., 2022; Be nie -Monzon e al., 2019; Co nell
& Damoda an, 2020; Mai i, 2021; Tapa ia, 2021).
The e o e, ESG sco es a e he p edominan ool ha
in es o s use o assess a company’s en i onmen al
dimensions (Widyawa i, 2020). Addi ionally,
esea che s ha e inc easingly u ilized ESG sco es
as a s anda d ya ds ick o compa ing sus ainabili y
pe o mance ac oss co po a ions (Clémen e al.,
2022b).
CSR and ESG sco es a e simila in hei
encompassing a ious elemen s, such as child labo
policies, employee-cus ome ela ions, and global
supply chain p ac ices. They a e bo h b oad measu es
ha ack di e en subjec s. They a e no designed
o ack speci ic issues such as he inc ease in global
CO2 emissions o business impac s on clima e
change. “The ole o CSR in comba ing some o he
wo ld's mos u gen en i onmen al p oblems, such as
g eenhouse gas emissions, loss o biodi e si y, e c., is
e en mo e ague” (Kudłak, 2019, p. 169). To comba
clima e change and assess he impac o o ganiza ions
on he en i onmen , an e ec i e app oach would be
o ocus on a single me ic inco po a ed in companies'
166
Alexand e Clemen , Élisabe h Robino , Léo T espeuch,
10.5709/ce.1897-9254.560DOI: CONTEMPORARY ECONOMICS
Vol. 19 Issue 2 163-1852025
CSR p ac ices and ESG sco es, such as CO2 emissions.
Repo ing on CSR and being anspa en in ESG
assessmen s a e e ec i e ways o businesses o
demons a e o hei cus ome s and he public ha hey
a e aking ac ion owa d mi iga ing clima e change
and o he social challenges. Howe e , he angible
impac o such epo ing on a global scale is s ill
deba able (Walls e al., 2012). Ye , epo ing on CO2
emissions can help companies show hei p og ess
owa d mee ing in e na ional clima e commi men s,
such as hose ou lined in he Pa is Ag eemen . CO2
and CSR p ac ices a e ela ed; in ac , companies ha
p io i ize CSR wi hin hei o ganiza ions, mainly
h ough sel - egula o y measu es, end o ha e lowe
emissions han hei pee s (Kudłak, 2019). The same
applies o hose main aining anspa ency in hei
ESG assessmen s (Chouaibi & A es, 2021).
Howe e , ESG sco es ha e se e al limi a ions.
ESG a ing agencies ha e hei own me hodologies,
which a e ela i ely opaque, and he CSR p ac ices
hey measu e o a company can a y g ea ly om
one agency o ano he (Ko san onis & Se a eim,
2019; Olmedo e al., 2010; Se a eim e al., 2019). P io
esea ch by Be g e al. (2022) iden i ied a modes
co ela ion among ESG sco es om di e en agencies,
a no able inding gi en he nea -pe ec co ela ion
ound be ween c edi a ings such as Moody’s and
S anda d & Poo 's. Fo ins ance, a 38% co ela ion
was obse ed be ween MSCI and Re ini i , and a 70%
co ela ion be ween Sus ainaly ics and Vigeo Ei is,
wi h an indus y a e age o 60% co ela ion (Be g e
al., 2022). O he p e ious s udies ha e co obo a ed
his disc epancy (Dimson e al., 2020. The issuing
agency's objec i es and a ge clien ele c i ically
in luence he comp ehensi eness and ange o he
ESG sco es p oduced (Eccles e al., 2020). Mo eo e ,
he dep h o quali a i e da a can luc ua e based on he
geog aphic loca ion o he companies being e alua ed,
he eby a ec ing he ep esen a i eness o he sco es
(Baldini e al., 2018; Daugaa d & Ding, 2022). The
olun a y na u e o ESG disclosu es equen ly limi s
anspa ency le els, (Hazen, 2021) and he deg ee o
anspa ency o he e alua ed business is c i ical in
de e mining he inal ESG sco e (Chouaibi & A es,
2021). Ano he key issue wi h CSR and ESG is he
absence o s anda dized me ics o guidelines. This
esul s in companies de ining and epo ing hei CSR
ac i i ies di e en ly, making i challenging o compa e
hei e o s (D empe ic e al., 2020; F iede e al., 2015;
Gillan e al., 2021; Saadaoui & Sooba oyen, 2018).
The limi a ions o ESG and CSR in add essing
clima e change a e a ma e o conce n because bo h
measu es a e linked o many a iables ha a e dis inc
om clima e change and a e no measu ed using
simila me hods (Be g e al., 2022). ESG p o ide s
o e a quan i a i e ep esen a ion o business CSR
policies (Kudłak, 2019), bu s ill ail o di ec ly add ess
clima e change. En i onmen al conce ns encompass
se e al issues, no jus hose ela ed o CO2; howe e ,
he e is a s ong consensus wo ldwide ha CO2 is
he main con ibu o o clima e change. CO2 is one
o he hund eds o a iables ha compose ESG and
is no explici ly co e ed by CSR policies. Howe e ,
because he p oblems o clima e change a e di ec ly
linked o CO2, shi ing om ESG o CO2 o measu e
he impac o a business on he en i onmen is c ucial.
2.2. Ca bon In ensi y
Rega dless o he apid inco po a ion and
b oad adop ion o CSR and ESG, global emissions
ha e no dec eased o s opped; in ac , hey ha e
inc eased (Masson-Delmo e & IPCC, 2021). On
he one hand, he e is ag eemen ha CO2 is he
mos impo an me ic o exp ess clima e change,
and educing o e all emissions is he key o limi ing
he impac o clima e change (Masson-Delmo e &
The In e go e nmen al Panel on Clima e Change
[IPCC], 2021). Addi ionally, i is di icul o a
company o know how o achie e CO2 emission
educ ions based on pas en i onmen al inno a ions
(Albi a e al., 2023). As CO2 emissions a e a link
be ween human ac i i ies and clima e change, mo e
esea ch on business sus ainabili y could bene i
om ocusing on CO2 di ec ly. To add ess clima e
change and a oid g eenwashing, imp o ing on he
ESG me ic is no enough. The e is s ong consensus
ha CO2 is he main me ic ha mus be assessed by
e e y s akeholde o igh clima e change (Masson-
Delmo e & IPCC, 2021).
Simila o he li e a u e on CSR and ESG,
CO2 emissions conside a ions om a business
pe spec i e can lead o many manage ial ad an ages.
Acco ding o Rahman e al.(2021), en i onmen al
inno a ion, emissions educ ion, and he e ec i e
www.ce. izja.pl
167
Beyond Resou ce Use: XGBoos Re eals Unexpec ed D i e s o Co po a e CO2 Emissions
This wo k is licensed unde a C ea i e Commons A ibu ion 4.0 In e na ional License.
use o na u al esou ces a e he h ee bes a eas o
ocus on o enhancing b and alue. Some c i ics
a gue ha CSR ini ia i es o ESG pe o mance a e
o en implemen ed as a public ela ions s a egy
a he han as a genuine commi men o social o
en i onmen al issues (Tu ke , 2009; Webe , 2008).
Resea ch indica es ha lowe ing ca bon emissions
bene i s he en i onmen and can lead o signi ican
business ad an ages, including cos sa ings,
enhanced b and epu a ion, and compliance
wi h egula o y s anda ds (Kolk e al., 2008).
Mo eo e , businesses ha ac i ely manage hei
CO2 emissions and a e anspa en abou hem
pe o m be e in e ms o CO2 in ensi y ela i e
o hei pee s (Haque & N im, 2022). Finally, lowe
ca bon emissions h ough inno a ion gene ally
esul in be e inancial pe o mance o a i m and
be e e u n on equi y (Albi a e al., 2023; Gallego
Al a ez, 2012).
Focusing on CO2 emission ins ead o CSR
o ESG could lessen he global assessmen o
business impac s. None heless, i p esen s a mo e
s aigh o wa d and anspa en app oach o
add essing he u gen issue o mi iga ing clima e
change. Mo eo e , cus ome s a e becoming
a e se o g eenwashing, and CSR and ESG a e
inc easingly acing his c i ique. Fo compa abili y,
a s anda dized e sion o ca bon emissions om
businesses is exp essed as ca bon in ensi y. Ca bon
in ensi y is he amoun o CO2 emi ed pe uni
o economic ac i i y o ene gy and is used o help
iden i y he sec o s and ac i i ies ha a e mos
ca bon-in ensi e (Q. Wang e al., 2017).
Ca bon emissions a y g ea ly among di e en
indus ies, which is why ca bon in ensi y p o ides
a mo e comp ehensi e iew o a company's
en i onmen al impac . The CO2 in ensi y me ic
conside s no only he o al amoun o emissions
bu also he e iciency wi h which ene gy is used.
Fo ins ance, wo companies may ha e he same
o al emissions. Howe e , i one p oduces mo e
ou pu , i s ca bon in ensi y will be lowe . The e o e,
ca bon in ensi y p o ides a mo e nuanced and
accu a e pic u e o a company's en i onmen al and
economic pe o mance. I also allows meaning ul
compa isons and benchma king ac oss di e en
businesses, sec o s, and coun ies (Canadell e
al., 2007). Lowe ca bon in ensi y can se e as
a compe i i e ad an age o businesses, as i
demons a es hei commi men o sus ainabili y.
As companies g ow and e ol e, hei o al
emissions may also change. T acking ca bon
in ensi y can help de e mine whe he a company
is becoming e icien , and whe he i s g ow h is
sus ainable om a clima e pe spec i e (Bu gess e
al., 2020). CO2 in ensi y is aluable o de eloping
mi iga ion s a egies and can be inco po a ed in o
b oade CSR plans (P. Chen, 2023). Le Qué é e
al. (2015) highligh ed he complexi ies in ol ed in
accu a ely measu ing ca bon in ensi y, including
he need o s anda dized me hodologies and
he challenges o compa abili y ac oss di e en
indus ies. Despi e hese challenges, ca bon
in ensi y has become he p ima y me ic used o
e alua e businesses in he inance sec o (Be g e al.,
2022).
T adi ionally, he ene gy (gene a ion o ene gy-
in ensi e business) and anspo a ion sec o s ha e
high ca bon in ensi ies (Ri chie e al., 2023). The
ene gy p oduc ion sec o is one o he la ges ca bon
emi e s, because i elies hea ily on ossil uels
(Bu gess e al., 2020; Masson-Delmo e & IPCC,
2021). When hese uels a e bu ned o gene a e
elec ici y o hea , hey elease signi ican CO2 in o
he a mosphe e. The anspo a ion sec o is ano he
majo con ibu o , mainly because o i s use o non-
enewable esou ces. Indus ial p ocesses also ha e
a high ca bon oo p in , pa icula ly in he s eel,
cemen , and chemical p oduc ion indus ies, whe e
ossil uels a e used o ene gy and manu ac u ing
(Mu shed e al., 2021).
Ye , de ec ing high CO2 in ensi y le els may
o e oppo uni ies o companies o imp o e hei
e iciency, explo e cleane ene gy sou ces, and
inno a e in p ocesses and echnologies. Unlike
o he me ics, CO2 in ensi y o e s a di ec and
unambiguous connec ion wi h key con ibu o s
o global wa ming, making i a clea and eliable
measu e o businesses and consume s (N. S e n,
2007, 2014).
Assuming ha CO2 emissions a e he mos
impo an me ic ela ed o clima e change, he
objec i e o his s udy is o e alua e he d i e s o
business linked o i s CO2 emissions. ESG sco es
168
Alexand e Clemen , Élisabe h Robino , Léo T espeuch,
10.5709/ce.1897-9254.560DOI: CONTEMPORARY ECONOMICS
Vol. 19 Issue 2 163-1852025
a e composed o mo e han 600 a iables, known as
ex a inancial a iables. “Ex a- inancial a iables”
is a b oad e m ha desc ibes all he in o ma ion
ega ding a business ha is no inancial in na u e.
The ESG sco e is de i ed om an agg ega ion o
hese non- inancial a iables, which e alua e many
CSR aspec s. CSR p ac ices such as business alues
and managemen s yles a e some imes di icul
o quan i y ma hema ically. The e o e, assessing
ex a- inancial a iables wi h CO2 emissions
could poin o in e es ing a enues o enhancing
CSR managemen in business, wi h he ul ima e
objec i e o CO2 educ ion. The p ima y me ic
chosen is CO2 in ensi y because o i s di ec link o
clima e change and compa abili y ac oss indus ies.
Unlike ESG sco es, CO2 in ensi y p o ides a clea ,
quan i iable measu e o a company's en i onmen al
impac ela i e o i s economic ou pu . This me ic
allows o meaning ul c oss-sec o analysis, use ul
o di e se s akeholde s o measu e hei impac s
on he en i onmen , imp o e hei pe o mance,
and educe hei nega i e impac s. In essence, CO2
in ensi y ac s as a uni e sal measu e o a uni e sal
p oblem.
2.3. Hypo hesis De elopmen
E idence shows ha how co po a ions use
esou ces is a majo and immedia e ac o d i ing
CO₂ emissions (Mu shed e al., 2021). Companies
ha ely hea ily on ossil uels o ene gy ine i ably
p oduce g ea e g eenhouse gas emissions, owing o
he ca bon-hea y na u e o hese sou ces. Simila ly,
high wa e usage o en aligns wi h b oade
esou ce managemen ine iciencies ha can
inc ease a company’s ca bon oo p in , pa icula ly
ega ding he ene gy equi ed o wa e ea men ,
anspo a ion, and hea ing.
Meanwhile, businesses ha p oac i ely op imize
o cu ail esou ce use h ough conse a ion
s a egies, sus ainable inno a ions, and enewable
ene gy in eg a ion can signi ican ly educe hei
emission in ensi ies. Collec i ely, hese indings
indica e ha isible signs o esou ce ine iciency—
high ene gy consump ion, limi ed use o enewable
ene gy, and excessi e wa e usage—a e usually
associa ed wi h ele a ed CO₂ in ensi y le els,
highligh ing esou ce managemen as a c ucial
a ea o ackling clima e change (Mu shed e al.,
2021).
H1. G ea e esou ce usage is associa ed wi h
highe CO2 in ensi y.
Resea ch has consis en ly highligh ed ha
philan h opic ac ions, o en iewed as “good business
ci izenship,” e lec a company's commi men o
social wel a e (Kudłak, 2019; Wang e al., 2008). By
olun a ily channeling esou ces in o cha i able
causes, o ganiza ions demons a e hei in en ion o
exceed basic legal and comme cial commi men s.
This p oac i e app oach o en encompasses
en i onmen al e o s; i a company’s leade s a e
eady o in es in p ojec s ha bene i communi ies,
hey a e also mo e likely o implemen s a egies ha
educe hei ecological impac .
Engaging in philan h opic endea o s can help
build s onge s akeholde ne wo ks, c ea ing bo h
social capi al and epu a ional ad an ages ha u he
p omo e en i onmen ally esponsible beha io .
Consequen ly, ini ia i es such as dona ing a po ion
o e enue may indica e a b oade , alue-d i en
co po a e cul u e ha emphasizes he well-being o
bo h social and ecological sys ems.
H2. Companies ha ac i ely engage in
philan h opy o cha i able gi ing a e mo e likely o
exhibi lowe CO₂ in ensi y, sugges ing a posi i e
spillo e om social esponsibili y o en i onmen al
s ewa dship.
P e ious s udies ha e shown ha ha ing women
in op managemen posi ions posi i ely a ec s a
company's en i onmen al pe o mance. Resea ch
indica es ha inc eased emale ep esen a ion in
execu i e posi ions enhances s akeholde -o ien ed
decision making (Be na di & Th eadgill, 2010),
aises awa eness o sus ainabili y issues (Se ó-
Pamies, 2015), and cul i a es a social esponsibili y
cul u e (del Ca men Valls Ma ínez e al., 2022;
Mehmood, 2022). These claims s em om b oade
e idence ha sugges ing ha emale leade s o en
demons a e highe e hical s anda ds and adop mo e
comp ehensi e go e nance app oaches. In heo y,
hese a ibu es should lead o angible en i onmen al
esul s such as e ec i e CO₂ educ ion s a egies.
H3. Execu i e gende di e si y does no , by i sel ,
exe a signi ican di ec e ec on co po a e CO₂
in ensi y.
www.ce. izja.pl
169
Beyond Resou ce Use: XGBoos Re eals Unexpec ed D i e s o Co po a e CO2 Emissions
This wo k is licensed unde a C ea i e Commons A ibu ion 4.0 In e na ional License.
P io esea ch consis en ly poin s o women’s
heigh ened sensi i i y o a b oad spec um o
s akeholde in e es s and hei g ea e p opensi y
o in eg a e long- e m social and en i onmen al
objec i es in o o ganiza ional s a egies (B amme
e al., 2007). This pa e n appea s o e lec a
s onge inclina ion owa d balancing di e se
s akeholde demands a he han pu suing
na ow, p o i -d i en goals. Such s akeholde -
o ien ed app oaches may, in u n, p omo e mo e
comp ehensi e clima e ini ia i es, gi en ha
e ec i e CO₂- educ ion s a egies o en en ail
c oss-depa men al collabo a ion, anspa en
communica ion wi h ex e nal pa ies, and a
eadiness o in es in po en ially cos ly bu bene icial
long- e m en i onmen al measu es (Glass e al.,
2015). Building on his pe spec i e, schola s ha e
a gued ha women in he wo k o ce a e less likely
o a o sho - e m ea nings maximiza ion a he
expense o sus ainable g ow h, o en ad oca ing
policies ha conside bo h ecological cons ain s
and communi y well-being (T on o, 2022).
H4. Highe gende di e si y in he wo k o ce is
associa ed wi h lowe CO2 in ensi y.
3. Me hodology 3. Me hodology
3.1. Re ini i da ase
This s udy explo es he connec ion be ween ex-
a- inancial in o ma ion comp ising ESG sco es in
he Re ini i da abase. I p oposes a hie a chy based
on he impo ance o each a iable o CO2 in ensi y.
The Re ini i da abase p o ides in o ma ion abou
businesses, including aspec s such as wo k o ce di-
e si y, managemen p ac ices, supply chain, socie al
impac , and esou ce managemen . The Re ini i da-
ase p o ides a comp ehensi e o e iew o ESG ac-
o s, each o which can in luence a company’s CO₂
in ensi y in di e en ways.
The “en i onmen al” dimension e alua es he
e ec o businesses on na u al ecosys ems and e-
sou ces. The key me ics encompass g eenhouse
gas emissions, ene gy consump ion and e iciency,
was e managemen s a egies, wa e usage, and
biodi e si y. The “social” dimension ocuses on an
o ganiza ion's engagemen wi h i s employees, sup-
plie s, cus ome s, and local communi ies. Impo an
indica o s include wo k o ce di e si y and inclu-
sion, labo p ac ices, and communi y in ol emen
ini ia i es. Go e nance emphasizes e ec i e leade -
ship, boa d composi ion and independence, sha e-
holde igh s, and co po a e anspa ency. Me ics
indica ing well-o ganized boa ds, e hical execu i e
pay, s ong isk managemen , and an i-co up ion
measu es a e essen ial o p omo ing clima e- ela ed
ini ia i es. S ong go e nance bodies can implemen
en i onmen al policies ha align wi h business ob-
jec i es. Simul aneously, mo i a ed employees and
s ong communi y ela ionships can suppo he
necessa y ope a ional changes o educe emissions.
Thus, each pilla has he powe o in luence bo h he
di ec and indi ec ac o s a ec ing ca bon in ensi y.
Re ini i ’s da ase , which includes hund eds o
a iables ac oss hese pilla s, suppo s igo ous
c oss-company compa isons. By applying a sys em-
a ic selec ion o egula iza ion app oach o iden i y
he mos ele an ESG me ics, esea che s can mo e
accu a ely pinpoin he ac o s ha signi ican ly a -
ec CO₂ in ensi y. In a b oade con ex , unde s and-
ing hese key a iables helps in es o s and s ake-
holde s de e mine which companies a e posi ioning
hemsel es o mee e ol ing clima e challenges,
manage egula o y isks, and po en ially c ea e long-
e m sha eholde alue h ough mo e sus ainable
ope a ions.
The uni e se used o he analysis was he MSCI
ACWI. This index includes a b oad co e age o
lis ed equi y companies in bo h indus ial na ions
and eme ging ma ke s. I is composed o 2802 com-
panies om all indus ial sec o s, including e ail,
ene gy, and anspo , among o he s. The e o e, his
index allows a b oad ange o co e age, making i
ideal o compa ing da a om a ious ypes o com-
panies.
The da a we e ob ained h ough Re ini i 's Eikon
da abase. Re ini i calcula es ESG sco es h ough an
exhaus i e e alua ion o a company's sus ainabili y
e o s and pe o mance. The selec ion o ESG me -
ics used a egula ion me hodology o e alua e he
a ailable me ics and iden i y hose o be u ilized in
he e alua ion. Figu e 1 illus a es his egula iza-
ion. All he a ailable me ics in he da abase we e
conside ed. The da abase consis s o 630 a iables,
mos ly Boolean and nume ical a iables.
170
Alexand e Clemen , Élisabe h Robino , Léo T espeuch,
10.5709/ce.1897-9254.560DOI: CONTEMPORARY ECONOMICS
Vol. 19 Issue 2 163-1852025
3.1.1. Me ic Selec ion
F om Ap il 20 h o May 5 h, 2024, he Re ini i
da abase was used o ex ac ESG da a o MSCI
ACWII. All he ESG da a poin s a ailable a he
ime we e conside ed o his esea ch. The Re ini i
da abase is a eliable sou ce o in o ma ion and has
been used p e iously by schola s such as Filippou
and Taylo (2021) o hei analyses o Eu opean
i ms. Du ing ou analysis, we iden i ied 630 a i-
ables, o which 4 we e ca ego ical, 268 we e Boolean,
and 358 we e nume ic. In he i s s ep, a iables
wi h low co e age in he da ase we e emo ed. Spe-
ci ically, 277 a iables wi h mo e han 50% missing
alues (NA) we e excluded, educing he NA in he
da ase om 703 772 o 19 506 samples.
The e we e 269 a iables linked o he en i on-
men al pilla , 33 o which had no co e age o any
lis ed companies in he MSCI ACWI uni e se. O
he emaining a iables, 72 we e Boolean, 161 we e
nume ic, and 3 we e ca ego ical. Fo he social pil-
la , 279 a iables we e a ailable ha exp ess he di -
e en social cha ac e is ics o he companies. O
hese, 26 a iables o e ed no co e age o any com-
pany p esen in he MSCI da ase . O he emain-
ing a iables, 151 we e nume ic, 1 was ca ego ical,
and 101 we e Boolean. Finally, he go e nance pilla
consis ed o 165 a iables, o which 24 did no ha e
any co e age o any company p esen in he MSCI
ACWI uni e se. O he emaining a iables, 46 we e
nume ic and 95 we e Boolean. Figu e 1 p esen s he
p ocedu e employed o ob ain he inal da ase .
Some a iables a e unique o a speci ic indus y,
while o he s a e closely ela ed o one ano he . Fo
ins ance, banks possess da a on hei asse s unde
managemen ela ed o ESG, which a e no a ailable
o o he indus ies. Mo eo e , he e a e nume ous
a iables ha measu e he same me ic using di e -
en me hodologies, such as CO2 emissions acked
unde 20 me ics, including CO2 ons o millions
o USD and CO2 ons by CARG o EVIC, among
o he s. To add ess his issue, inancial analys s om
he socially esponsible in es men eam a an in-
s i u ional bank collabo a ed wi h he au ho s in
wo sepa a e mee ings, each las ing 1 h, o e iew
all he a iables and selec hose ha could be e-
mo ed while e aining a ep esen a i e da ase o all
indus ies. Only a iables ela ed o X o e enue in
a million we e e ained. All o he s linked o CARG
and EVIC o o he inancial a ios we e emo ed.
The co e age o ESG issues linked o e enue was
la ge and easie o unde s and o u he analysis.
Simila ly, all a iables speci ic o an indus y, such
as “ la ing gas,” we e also emo ed. In his s ep, 75
a iables we e elimina ed.
The inal da ase was classi ied based on concep-
ual cong uence. Ins ead o a o mal algo i hmic
me hod, a heu is ic app oach is used o p opose a
mo e segmen ed classi ica ion han he h ee pilla s
o ESG ha a e no mally p oposed. This app oach
is use ul o quali a i e p oblems such as his clas-
si ica ion (Douglass & Mous akas, 1985), p o iding
a mo e comp ehensi e classi ica ion. The i s h ee
ca ego ies a e he same as he ESG sco e, bu an
addi ional ca ego y was c ea ed, in e nal social e-
sponsibili y, which encompasses employee me ics.
Table 1 p esen s he esul s o he s udy.
The a iance in la ion ac o (VIF) is use ul
o iden i ying mul icollinea i y among a iables
(C aney & Su les, 2007). The ul ima e objec i e is
o ob ain a da ase in which none o he ea u es a e
co ela ed wi h each o he . Achie ing his equi es
es ing a ious pa ame e s o de e mine he op imal
combina ion. In his pa icula case, he aim was o
e ain as many a iables as possible while ensu -
ing ha he VIF o each a iable emained below 5.
Consequen ly, 60 a iables we e elimina ed.
The da ase used in his s udy con ained 218
a iables ep esen ing ESG issues. These a iables
we e ca e ully selec ed o ensu e ha hey we e no
co ela ed and speci ic o any pa icula indus y.
Owing o he la ge numbe o a iables, he da ase
was di ided in o wo pa s. One pa con ained all
he Boolean a iables, whe eas he o he con ained
nume ic and ca ego ical a iables ans o med in o
nume ic alues. The da ase con ained 36 quan i-
a i e a iables and 185 Boolean a iables. As he
Boolean da ase did no p o ide use ul in o ma ion,
i was emo ed om u he analysis, and all analy-
ses we e conduc ed based on he nume ical da ase .
3.2. Model and Fea u e Selec ion
Fea u e selec ion is he p ocess o selec ing he
mos impo an a iables ha can a ec he ou -
come. XGBoos is a model used o ea u e selec-
www.ce. izja.pl
177
Beyond Resou ce Use: XGBoos Re eals Unexpec ed D i e s o Co po a e CO2 Emissions
This wo k is licensed unde a C ea i e Commons A ibu ion 4.0 In e na ional License.
a iables, pa icula ly ene gy and wa e consump-
ion, we e he mos signi ican p edic o s o CO2
in ensi y. The p esence o women in he wo k o ce
was also highligh ed, which was su p ising. To ex-
plo e his u he , ha is, unde s and he esul o
he a iable "women employees," a second es was
pe o med o analyze he da ase , bu his ime
by segmen ing CO2 in ensi y by indus y sec o s.
This allowed he iden i ica ion o sec o -speci ic
ac o s in luencing emissions, demons a ing ha
ene gy-in ensi e indus ies, such as he indus ial,
in o ma ion echnology, and ma e ial indus ies,
showed dis inc pa e ns compa ed o o he sec-
o s. Finally, he hi d es examined CO2 in ensi y
by geog aphic loca ion. This es e ealed ha cul-
u al and egional di e ences may play a ole in he
signi icance o ce ain ESG opics such as co po a e
philan h opy and gende di e si y.
The hemes ha eme ged consis en ly h ough-
ou he es s can be spli in o ca ego ies consis ing
o esou ces used, business p ac ices, and human
managemen . The esou ces used di ec ly a ec
CO2 emissions (Mu shed e al., 2021), and he e-
sul s o p e ious es s showed ha hese a iables
a e highly impo an o CO2 emission in busi-
ness. The second heme is co po a e philan h opy.
Co po a e philan h opy can be linked o CO2
emissions because businesses ha ac i ely man-
age hei CSR o p omo e sus ainable p ac ices a e
mo e inclined o do be e in e ms o CO2 emis-
sions (Kudłak, 2019). Finally, CO2 emissions a ec
a iables ela ed o human esou ces, such as hi ing
women employees and ne employmen c ea ion.
5.1. Linkage be ween CO2 In ensi y and Re-
sou ces Used
Mos sec o s and hei businesses use esou ces
such as wa e , elec ici y, and mine als in he p o-
duc ion p ocess. The e o e, he i s heme ha
eme ges is esou ces used, which comp ises h ee
impo an ac o s ega ding he CO2 in ensi y o
a business: ene gy used, enewable ene gy used,
and wa e used. The mos impo an g oup o a i-
ables linked o CO2 in ensi y ac oss indus ies and
wo ldwide is “ene gy usage.” Ene gy used was high-
es in 7 o 9 indus y sec o s and 4 o he 5 con i-
nen s es ed. This esul was expec ed, as i aligns
wi h he li e a u e indica ing ha he ene gy sec o
is he la ges p oduce o CO2. Ene gy is used o
powe ope a ional and p oduc ion p ocesses, and
can be di ec ly con e ed in o GHG emissions. The
same logic applies o he “ enewable ene gy is used”
me ic. Businesses ha use enewable ene gy will
ha e posi i e ou comes h ough lesse CO2 emis-
sions (Mu shed e al., 2021).
Wa e used can be seen as un ela ed o CO2, bu
businesses ha use mo e wa e gene ally use mo e
esou ces and hus p oduce mo e CO2 (B. Du e al.,
2022). The e o e, companies p o en o be e icien
in e ms o wa e usage a e gene ally mo e e icien
wi h mos o hei esou ces. Technological inno a-
ion is he mos e ec i e me hod o educing wa e
use and businesses ha use echnological inno a-
ion gene ally ha e lowe CO2 emissions (Du e
al., 2022). The a iables unde he esou ces used
a e linked o he amoun o ac i i y p esen in he
business and esou ce-in ensi e ac i i ies, and, as a
esul , p oduce mo e CO2.
Resou ce usage is a c ucial a iable in luencing
CO2 le els. Ene gy consump ion emains a key
de e minan o a company’s ca bon in ensi y, sup-
po ing he exis ing li e a u e ha highligh s he
link be ween ene gy use and en i onmen al ha m.
Thus, H1 (on esou ce usage) is alida ed. Consis-
en wi h H1, bo h o al ene gy consump ion ela-
i e o e enue and wa e usage ela i e o e enue
we e iden i ied as p ima y p edic o s, indica ing
ha inc eased dependence on essen ial esou ces is
associa ed wi h ele a ed CO2 in ensi y.
5.2. Linkage Be ween CO2 In ensi y and Co -
po a e Philan h opy
Co po a e philan h opy can be in e p e ed as
a good business p ac ice ha goes beyond egula-
ions and obliga ions. The a iable “ o al dona ions
o e enue” exp esses he good in en ion o he
business esul ing om hei olun a y ac ion and
he i m's in en ion o emain close o social alue.
Implemen ing co po a e philan h opic s a egies
imp o es a company's en i onmen al pe o mance.
Wang e al. (2008) and T espeuch and Robino
(2023) ha e shown ha up o a ce ain h eshold,
co po a e philan h opy has a posi i e impac on a
company's pe o mance. Th ough dona ions, busi-
178
Alexand e Clemen , Élisabe h Robino , Léo T espeuch,
10.5709/ce.1897-9254.560DOI: CONTEMPORARY ECONOMICS
Vol. 19 Issue 2 163-1852025
nesses exp ess hei awa eness o an issue and a e
gene ally mo e awa e o he o he nega i e impac s
hey migh ha e.
Globally, good business p ac ices and philoso-
phy, imp o ing business ela ionships wi h socie y
h ough dona ions, and educing he pay gap be-
ween uppe managemen and he wo k o ce show
business social alue and he ambi ion o do be -
e han hei pee s. Business ac ions owa d gi ing
o socie y o ad oca ing equali y can be genuinely
unde aken o p omo e CSR o o emain compe i-
i e wi h hei pee s (Cha & Rajadhyaksha, 2021).
The link be ween he a iables in his ca ego y and
he CO2 emissions o a business is he esul o he
good in en ions o he business globally, posi i ely
a ec ing CO2 emissions.
Hence, co po a e philan h opy co ela es wi h
CO2 emissions because companies ha a e awa e
o hei en i onmen al impac also conside hei
CO2ou pu . Thus, H2 (on co po a e philan h opy)
is con i med. Co po a e dona ions in ela ion o
e enue show an impo an connec ion wi h CO2
in ensi y, and indica e a ela ionship be ween hese
wo concep s. This ela ionship aligns wi h he no-
ion ha philan h opic ac i i ies a e gene ally ac-
companied by lowe emissions, al hough he e ec
size was less p onounced compa ed o ha o e-
sou ce in ensi y alida ed by H1.
5.3. Linkage Be ween CO2 In ensi y and Hu-
man Resou ces
The managemen o human capi al includes hu-
man esou ces wi hin a company and he a iables
associa ed wi h employee sa is ac ion, de elopmen
oppo uni ies, di e si y, and pay. Mul iple in e nal
social esponsibili y a iables a e ound o ha e im-
po an links wi h CO2 in ensi y. Va iables such as
ne employmen c ea ion can be explained as p ox-
ies o business g ow h. The hypo hesis is ha com-
panies expe iencing subs an ial g ow h, mani es ed
h ough ne employmen c ea ion, a e likely o
inc ease hei ope a ional scale and, consequen ly,
hei consump ion o esou ces, he eby impac -
ing hei CO2 in ensi y. None heless, he a iable
lagged mos o en in his s udy was he numbe o
women employees in he wo k o ce.
Women employees emained a he op o he
lis , ega dless o he es s conduc ed. Fu he es s
conduc ed by indus y con i m his end. The e-
sul s by coun y show ha his a iable was mos
impo an in Eu ope. I was expec ed ha his a i-
able would ha e a high sco e in No h Ame ica and
Eu ope, as bo h hese egions a e known o ha e
good p og ams o women, such as child dayca e
and ma e ni y lea e. Un o una ely, hese bene i s
a e no uni e sal in he Uni ed S a es, which could
be one o he easons why his a iable did no sco e
as high in he Uni ed S a es as in Eu ope. The inclu-
sion o women employees as a op in luen ial me ic
o CO2 in ensi y was no he ini ial expec a ion; he
expec a ion was a ound ano he a iable named
“execu i e membe s’ gende di e si y.”
“Execu i e membe s’ gende di e si y” acks
he gende di e si y in uppe managemen . This
a iable did no e eal impo an esul s, ega dless
o p e ious s udies (Be na di & Th eadgill, 2010;
del Ca men Valls Ma ínez e al., 2022; Mehmood,
2022; Se ó-Pamies, 2015) showing ha women in
execu i e posi ions a e mo e p one o en i onmen-
al and social conside a ions o hei o ganiza ion.
P e ious indings ha e indica ed ha ha ing wom-
en in op managemen is linked o a clea enhance-
men in en i onmen al pe o mance. Ye , his s udy
could no con i m whe he inc easing di e si y
wi hin execu i e eams leads o be e ca bon in-
ensi y managemen . Consequen ly, H3 is ejec ed.
This is likely because he s a is ical signi icance a -
ibu ed o emale pa icipa ion in he model is be-
ing cap u ed by women employees.
The a iable o women employees eme ged
s ongly in all he s udies conduc ed in his e-
sea ch. This a iable indica es he p opo ion o
women employees in he wo k o ce and emains
impo an , especially in male-domina ed indus-
ies. Based on he esul s o Tes 2, i was obse ed
ha women play a c ucial ole in adi ionally male-
domina ed sec o s, including indus y, in o ma ion
echnology, and ma e ials, o CO2 emissions. This
in e es ing inding can be a ibu ed o he ac ha
women a e na u ally inclined o ake in o conside -
a ion he in e es s o a ious s akeholde s. This en-
dency can signi ican ly imp o e he en i onmen al
conside a ions in hese indus ies. Women ha e
been ound o be be e han men in balancing he
www.ce. izja.pl
179
Beyond Resou ce Use: XGBoos Re eals Unexpec ed D i e s o Co po a e CO2 Emissions
This wo k is licensed unde a C ea i e Commons A ibu ion 4.0 In e na ional License.
pe o mance-d i en conce ns o sha eholde s wi h
he di e se in e es s o o he s akeholde s such as
communi ies, employees, supplie s, and cus ome s
(B amme e al., 2007; Ha ison & Coombs, 2012).
The cen ali y o s akeholde -o ien ed leade ship
is key o ad ancing eco- iendly ini ia i es, gi en
ha co po a e sus ainabili y endea o s s i e o sa -
is y bo h di ec s akeholde s, such as in es o s, and
indi ec s akeholde s, such as clien s and local com-
muni ies (Dyllick & Hocke s, 2002).
F om a philosophical pe spec i e, he e hics o
ca e (T on o, 2022) can help explain he e ec o
women employees in he wo k o ce on business
CO2 emissions. The e hics o ca e posi s ha mo al
decision-making is no solely a ma e o applying
abs ac p inciples bu in ol es a nuanced unde -
s anding o he speci ic needs and ci cums ances
o indi iduals in ol ed. This pe spec i e con as s
wi h he indi idualism p e alen in many adi-
ional e hical heo ies, which o en p io i izes au-
onomy and impa iali y. The e hics o ca e a gues
ha e hical ac ions a ise om an empa he ic unde -
s anding o o he s' pe spec i es and needs, hus os-
e ing a mo e compassiona e and con ex -sensi i e
app oach o mo al dilemmas. This emphasis on ca e
and connec edness shi s he e hical ocus om ab-
s ac igh s and du ies o he conc e e esponsibili-
ies and wellbeing o o he s. Mo eo e , he e hics
o ca e (T on o, 2022) highligh s he impo ance o
emo ions in e hical delibe a ion. While adi ional
e hical heo ies o en ega d emo ions as po en ial
sou ces o bias, he e hics o ca e sees hem as essen-
ial o unde s anding and esponding o he needs
o o he s. Empa hy, compassion, and sensi i i y o
o he s' su e ing play a c ucial ole in guiding mo al
ac ions and os e ing e hical ela ionships.
The ole o emo ion and pu pose e lec ed in
women’s mo ale could explain he link be ween
CO2 in ensi y and he wo k o ce. A simple un-
de s anding is ha , s a is ically, women ca e mo e
abou o he s and esul s ha a e no mone a y han
men. I shows no only in hei day- o-day ways o
li ing bu also hei choices. Acco ding o his he-
o y, women end o be mo e conce ned wi h en i-
onmen al go e nance (Glass e al., 2015). Fu he ,
in line wi h he indings o S e n e al.(1993), wom-
en gene ally exhibi g ea e sensi i i y owa d he
in e connec edness o en i onmen al deg ada ion
and indi idual well-being han men. This obse a-
ion is u he co obo a ed by esea ch conduc ed
by And eoni and Ves e lund (2021) ega ding he
gende dynamics o al uis ic beha io . This s udy
e ealed ha women a e mo e inclined o ac al-
uis ically when he cos o such ac ions is high,
whe eas men a e mo e p one o al uism when he
associa ed cos s a e low. The e o e, hei pa icipa-
ion in o ganiza ional decision-making could se e
as a ca alys o en i onmen ally conscious policies,
ul ima ely leading o educed emissions. I can be
a gued ha co po a ions ha demons a e p oac-
i e gende di e si y ini ia i es may be mo e igilan
in adhe ing o exis ing en i onmen al egula ions
(Lu e al., 2019). As a esul , women could choose o
wo k in businesses ha a e mo e in line wi h hei
en i onmen al alues, and businesses wi h good
managemen o hei CO2 may a ac mo e wom-
en, especially in male-o ien ed indus ies. Howe e ,
u he explo a ion is needed o es ablish causali y,
bu his is consis en wi h p e ious links es ablished
by Konadu e al. (2022) and S eimikiene, (2023),
who call o mo e esea ch on he ole o women
in low ca bon economy ansi ion. Thus, H4 (on
women’s wo k o ce ep esen a ion) is con i med. A
no ewo hy inding is he consis en impo ance o
gende composi ion wi hin he wo k o ce. The pe -
cen age o emale employees consis en ly eme ged
as a key a iable in luencing CO2 in ensi y, o en
su passing o he go e nance me ics. This indica es
ha companies wi h a highe p opo ion o women
end o exhibi lowe ca bon in ensi y, possibly e-
lec ing a b oade in e es o hem o wo k in o -
ganiza ions ha pe o m well in e ms o en i on-
men al pe o mance.
5.4. In e na ional Social Responsibili y: Implica ions
GHG emissions con inue o become an impo -
an issue as clima e change awa eness con inues o
inc ease. Manage s mus conside CO2 emissions
in addi ion o CSR p ac ices in he cu en business
clima e. This awa eness has been ampli ied by he
COVID-19 pandemic (Tosun & Köylüoglu, 2022;
T espeuch e al., 2021), as people ha e ealized he
ole o human de elopmen in he eme gence o he
pandemic (Ba ouki e al., 2021). F om a manage-
180
Alexand e Clemen , Élisabe h Robino , Léo T espeuch,
10.5709/ce.1897-9254.560DOI: CONTEMPORARY ECONOMICS
Vol. 19 Issue 2 163-1852025
ial pe spec i e, he insigh o he cu en esea ch
allows decision make s o unde s and how a ious
p ac ices can impac CO2 emission in ensi y. Fu -
he mo e, i enables he measu emen o p ac ices
and anks in impo ance he hund ed ex a- inan-
cial a iables a ailable, which allows us o ocus
on a subse o a ailable da a highly linked o CO2
emissions.
Resou ces used is he mos impo an g oup o
a iables a ec ing CO2 emissions. This heo y is
widely accep ed, pa icula ly ega ding he ene gy
consump ion o businesses, which is gene ally
p oduced om non- eusable sou ces (Mu shed e
al., 2021). Wo k o ce gende di e si y is ano he
indica o ha can be measu ed and acked, wi h
a signi ican ela ionship be ween emissions in en-
si y and business impac . Resea ch has shown ha
women a e mo e in e es ed in wo king in posi i e
en i onmen s and in businesses wi h socially e-
sponsible objec i es (Konadu e al., 2022), especial-
ly in male-o ien ed indus ies. Finally, businesses
ha engage in co po a e philan h opy and, mo e
b oadly, p omo e social alue ex e nally h ough
dona ions o in e nally by educing he pay gap a e
mo e likely o achie e imp o ed CO2 emissions
pe o mance. Co po a e philan h opy allows busi-
nesses o exp ess hei alues and shape hei social
p o iles (Polonsky & Je ons, 2009). Reducing CO2
emissions is an addi ional bene i o he b oade in-
clusion o CSR alues in he business DNA.
The esul s demons a e ha esou ce-use me -
ics, pa icula ly ene gy and wa e consump ion,
a e he mos signi ican p edic o s o CO2 in ensi y.
This inding is consis en wi h exis ing li e a u e,
which unde sco es he ole o esou ce e iciency,
especially ene gy use, in mi iga ing co po a e ca -
bon emissions. The analysis e ealed a signi ican
co ela ion be ween gende di e si y wi hin an o -
ganiza ion and i s ca bon in ensi y, wa an ing u -
he explo a ion o es ablish causali y. This inding
implies ha companies ha p io i ize di e si y may
demons a e a b oade pa e n o socially espon-
sible beha io . This also sugges s a complex ela-
ionship be ween social ac o s and en i onmen al
pe o mance, indica ing ha di e si y may play a
ole in p omo ing sus ainable co po a e beha io .
Finally, i ms ha ac i ely engage in philan h opic
ac i i ies o demons a e a b oade commi men o
socie al well-being also exhibi supe io en i on-
men al pe o mance, sugges ing syne gy be ween
socially esponsible beha io and sus ainabili y
ou comes.
This s udy has some limi a ions. Fea u e selec-
ion canno iden i y missing a iables ha would
be e explain he ou come. In addi ion, a iables
wi h he same F-sco e a e equally impo an o
he model. In addi ion, he F-sco e me hod may
no conside he combined e ec s o he a iables
on he a ge a iable. The e o e, wo a iables wi h
low indi idual F-sco es may signi ican ly a ec he
a ge a iable when conside ed oge he . Finally,
he F-sco e me hod needs o be calib a ed; al hough
i can ank a iables, i does no p o ide an absolu e
measu e o hei impo ance. I is c ucial o exe cise
cau ion when in e p e ing F-sco es and using o he
echniques o gain a mo e comp ehensi e unde -
s anding o a iable impo ance. Fu he esea ch
is necessa y o es ablish a causal link be ween he
a iables be o e gene alizing he indings. No wi h-
s anding hese limi a ions, he main con ibu ion o
his s udy is ha i sheds ligh on a subse o a i-
ables o u he explo a ion and causali y esea ch.
6. Conclusion6. Conclusion
The objec i e o his esea ch was o use AI o iden-
i y he mos impo an and ele an ex a- inancial
a iables linked o CO2 emissions in a business.
Th ough he ea u e selec ion p ocess applied o a la ge
da ase encompassing mo e han 600 ex a- inancial
me ics, his s udy sys ema ically iden i ied he key
d i e s o CO2 in ensi y ac oss di e se sec o s and
geog aphical egions. This s udy o e s in iguing in-
sigh s in o he ela ionship be ween he CO2 emissions
o companies and addi ional inancial da a. The mos
impo an a iables a e classi ied in o he ollowing
hemes: esou ces used, human esou ces, and co po-
a e philan h opy.
This esea ch p o ides a new pe spec i e on busi-
ness CO2 cause and managemen . Al hough he ea-
u e selec ion esul s mus be in e p e ed and used
cau iously, his echnique makes i possible o ind he
mos impo an a iables o an ou come and ank
hem by ela i e impo ance. This p o ides a baseline
o mo e esea ch o explo e o he di e en a iables
www.ce. izja.pl
181
Beyond Resou ce Use: XGBoos Re eals Unexpec ed D i e s o Co po a e CO2 Emissions
This wo k is licensed unde a C ea i e Commons A ibu ion 4.0 In e na ional License.
and he links be ween hem. This would help ein o ce
he causali y link and p o ide a clea unde s anding o
he impo ance o hese a iables. Some links o he
esou ces used and, o a ce ain ex en , hose ela ed o
co po a e philan h opy, a e easy o explain; howe e ,
he e is a lack o li e a u e on hose ela ed o he wo k-
o ce. Ne e heless, his esea ch p o ides a no el way
o analyze he possible links be ween CO2 and busi-
ness. Fo i ms, e o s o educe CO2 emissions should
no only ocus on op imizing esou ce use bu also on
he s a egic inco po a ion o social go e nance p ac-
ices, pa icula ly hose ela ed o wo k o ce di e si y
and co po a e social engagemen .
In conclusion, mi iga ing he ad e se impac s o cli-
ma e change is u gen and equi es he iden i ica ion
o meaning ul me ics upon which companies can ac .
Al hough he CO2 in ensi y me ic is comp ehensi e,
an unde s anding o i s de e minan s is c ucial. This
s udy con ibu es o add essing his issue by p o iding
a ma hema ical pe spec i e o he si ua ion h ough
he lens o AI. The esul s ha e implica ions o busi-
ness p ac i ione s seeking o imp o e hei sus ain-
abili y e o s and o hose seeking o es ablish mo e
obus en i onmen al go e nance amewo ks. The
complex ela ionship be ween go e nance and en i-
onmen al me ics emphasizes he mul i ace ed na u e
o CSR ha companies mus manage. This sugges s
ha companies wi h s ong go e nance amewo ks
a e likely o be be e equipped o implemen success-
ul sus ainabili y ini ia i es.
Re e encesRe e ences
Abdu ahman, G., & Sin awa i, M. (2020). Imple-
men a ion o XGBoos o classi ica ion o Pa -
kinson’s disease. Jou nal o Physics: Con e ence
Se ies, 1538, 12024. h ps://doi.o g/10.1088/1742-
6596/1538/1/012024
Ahmad, H., Yaqub, M., & Lee, H. S. (2024). En i on-
men al, social, and go e nance- ela ed ac o s o
business in es men and sus ainabili y: A scien o-
me ic e iew o global ends. En i onmen , De el-
opmen and Sus ainabili y, 26, 2965–2987. h ps://
doi.o g/10.1007/s10668-023-02921-x
Albi a , K., Bo gi, H., Khan, M., & Zah a, A. (2023).
Business en i onmen al inno a ion and CO2 emis-
sions: The mode a ing ole o en i onmen al go e -
nance. Business S a egy and he En i onmen , 32(4),
1996–2007. h ps://doi.o g/10.1002/BSE.3232
Aschemann-Wi zel, J., Giménez, A., G ønhøj, A., &
A es, G. (2019). A oiding household ood was e,
one s ep a a ime: The ole o sel -e icacy, con-
enience o ien a ion, and he good p o ide
iden i y in dis inc si ua ional con ex s. Jou nal
o Consume A ai s, 54, 581–606. h ps://doi.
o g/10.1111/joca.12291
Balde jahn, I., Seegeba h, B., & Lee, M. S. W. (2020).
Less is mo e! The a ionale behind he decision-
making s yle o olun a y simpli ie s. Jou nal o
Cleane P oduc ion. h ps://doi.o g/10.1016/j.
jclep o.2020.124802
Baldini, M., Maso, L. D., Libe a o e, G., Mazzi, F., &
Te zani, S. (2018). Role o coun y- and i m-
le el de e minan s in en i onmen al, social, and
go e nance disclosu e. Jou nal o Business E hics,
150(1), 79–98. h ps://doi.o g/10.1007/s10551-
016-3139-1
Bansal, P., & DesJa dine, M. (2014). Business sus ain-
abili y: I is abou ime. S a eg. O gan., 12(1), 70–
78. h ps://doi.o g/10.1177/1476127013520265
Ba ouki, R., Koge inas, M., Audouze, K., Beleso a, K.,
Be gman, A., Bi nbaum, L., Boekhold, S., Denys,
S., Desseille, C., D ak ik, E., F umkin, H., Ga -
ic, J., Des oumieux-Ga zon, D., Haines, A., Huss,
A., Jensen, G., Ka aki sios, S., Klano a, J., Ko-
skela, I.-M., … Vineis, P. (2021). The COVID-19
pandemic and global en i onmen al change:
Eme ging esea ch needs. En i onmen In e na-
ional, 146, 106272. h ps://doi.o g/10.1016/j.en-
in .2020.106272
Bazzaz, F. A. (1990). The esponse o na u al eco-
sys ems o he ising global CO2 le els. Annual
Re iew o Ecology and Sys ema ics, 21, 167–196.
h ps://www.js o .o g/s able/2097022
Becche i, L., Bobbio, E., P izia, F., & Semplici, L.
(2022). Going deepe in o he s o ESG: A ela ion-
al app oach o he de ini ion o social esponsibil-
i y. Sus ainabili y 2022, Vol. 14, Page 9668, 14(15),
9668. h ps://doi.o g/10.3390/SU14159668
Be g, F., Koelbel, J., & Rigobon, R. (2022). Agg ega e
con usion: The di e gence o ESG a ings. Re-
iew o Finance, 26(6), 1315–1344. h ps://doi.
o g/10.2139/ss n.3438533
Be gs a, J., Yamins, D., & Cox, D. D. (2013). Making
a science o model sea ch: Hype pa ame e op-
imiza ion in hund eds o dimensions o ision
a chi ec u es. In P oceedings o he 30 h In e na-
ional Con e ence on Machine Lea ning (Vol. 28,
pp. 115–123). PMLR. h ps://p oceedings.ml .
p ess/ 28/be gs a13.h ml
Be na di, R. A., & Th eadgill, V. H. (2010). Women Di-
182
Alexand e Clemen , Élisabe h Robino , Léo T espeuch,
10.5709/ce.1897-9254.560DOI: CONTEMPORARY ECONOMICS
Vol. 19 Issue 2 163-1852025
ec o s and Co po a e Social Responsibili y. Elec-
onic Jou nal o Business E hics and O ganiza ion
S udies, 15(2). h p://ejbo.jyu. i/
Be nie -Monzon, S., Se a imo , V., & Cou eaux, B.
(2019). Les en ep ises esponsables les mieux no-
ées le son -elles aimen [A e he highes - a ed
esponsible companies eally he bes ]? É ude de
Cas. h ps://www.sigmages ion.com/wp-con en /
uploads/2019/10/e ude-de-cas-unile e .pd
B amme , S., Milling on, A., & Pa elin, S. (2007).
Gende and e hnic di e si y among UK co po a e
boa ds. Co po a e Go e nance, 15(2). h ps://doi.
o g/10.1111/j.1467-8683.2007.00569.x
Bu gess, M. G., Ri chie, J., Shapland, J., & Pielke, R.
J. (2020). IPCC baseline scena ios ha e o e -
p ojec ed CO2 emissions and economic g ow h.
En i onmen al Resea ch Le e s. h ps://doi.
o g/10.1088/1748-9326/abcdd2
Canadell, J. G., Le Qué Ré, C., Raupach, M. R., Field,
C. B., Bui enhuis, E. T., Ciais, P., Conway, T. J., Gil-
le , N. P., Hough on, R. A., & Ma land, G. (2007).
Con ibu ions o accele a ing a mosphe ic CO 2
g ow h om economic ac i i y, ca bon in ensi y,
and e iciency o na u al sinks. P oceedings o he
Na ional Academy o Science. www.pnas.o g/cgi/
con en / ull/
Cha, W., & Rajadhyaksha, U. (2021). Wha do we know
abou co po a e philan h opy? A e iew and e-
sea ch di ec ions. Business E hics, he En i onmen
and Responsibili y, 30(3), 262–286. h ps://doi.
o g/10.1111/BEER.12341
Chen, P. (2023). Co po a e social esponsibili y, inanc-
ing cons ain s, and co po a e ca bon in ensi y:
New e idence om lis ed Chinese companies.
En i onmen al Science and Pollu ion Resea ch,
30(14), 40107–40115. h ps://doi.o g/10.1007/
S11356-023-25176-5/TABLES/6
Chen, T., & Gues in, C. (2016). XGBoos : A scalable
ee boos ing sys em. KDD ’16: P oceedings o he
22nd ACM SIGKDD In e na ional Con e ence on
Knowledge Disco e y and Da a Mining. h ps://
doi.o g/10.1145/2939672.2939785
Chen, Y.-S. (2010). The d i e s o g een b and equi y:
G een b and image, g een sa is ac ion, and g een
us . Jou nal o Business E hics, 93, 307–319.
h ps://doi.o g/10.1007/s10551-009-0223-9
Chouaibi, S., & A es, H. (2021). The e ec o social
and e hical p ac ices on en i onmen al disclosu e:
e idence om an in e na ional ESG da a. Co po-
a e Go e nance, 21(7), 1293–1317. h ps://doi.
o g/10.1108/CG-03-2020-0087
Clémen , A., Robino , É., & T espeuch, L. (2022a). Im-
p o ing ESG sco es wi h sus ainabili y concep s.
Sus ainabili y, 14(20). h ps://doi.o g/10.3390/
su142013154
Clémen , A., Robino , É., & T espeuch, L. (2022b). The
use o ESG Sco es in academic li e a u e, a me a
analysis. Academy o Inno a ion, En ep eneu ship,
and Knowledge (ACIEK).
Co nell, B., & Damoda an, A. (2020). Valuing ESG:
Doing good o sounding good? J. Impac ESG
In es ., 1(1), 76–93. h ps://doi.o g/10.3905/
jesg.2020.1.1.076
C aney, T. A., & Su les, J. G. (2007). Model-dependen
a iance in la ion ac o cu o alues. Quali y en-
ginee ing,14(3), 391-403. h ps://doi.o g/10.1081/
QEN-120001878
Dangelico, R. M., & Vocalelli, D. (2017). “G een
Ma ke ing”: An analysis o de ini ions, s a -
egy s eps, and ools h ough a sys ema ic e iew
o he li e a u e. Jou nal o Cleane P oduc-
ion, 165, 1263–1279. h ps://doi.o g/10.1016/j.
jclep o.2017.07.184
Daugaa d, D., & Ding, A. (2022). Global d i e s
o ESG pe o mance: The body o knowledge.
Sus ainabili y, 14(4). h ps://doi.o g/10.3390/
su14042322
del Ca men Valls Ma ínez, M., Manuel San os-Jaén, J.,
So iano Román, R., & An onio Ma ín-Ce an es,
P. (2022). A e gende and cul u al di e si ies on
boa d ela ed o co po a e CO2 emissions? Jou -
nal o Cleane P oduc ion, 363, 132638. h ps://
doi.o g/10.1016/j.jclep o.2022.132638
Dimson, E., Ma sh, P., & S aun on, M. (2020). Di e -
gen ESG RATING. The Jou nal o Po olio Man-
agemen , 47(1), 75–86. h ps://doi.o g/10.3905/
JPM.2020.1.175
Dong, K., Dong, X., & Dong, C. (2019). De e mi-
nan s o he global and egional CO 2 emissions:
Wha causes wha and whe e? Applied Economics,
51(46), 5031–5044. h ps://doi.o g/10.1080/00036
846.2019.1606410
Douglass, B. G., & Mous akas, C. (1985). Heu is ic
inqui y. H p://Dx.Doi.O g.P oxy.Biblio heques.
Uqam.ca/10.1177/0022167885253004, 25(3), 39–
55. h ps://doi.o g/10.1177/0022167885253004
D empe ic, S., Klein, C., & Zwe gel, B. (2020). The
in luence o i m size on he ESG sco e: Co po-
a e sus ainabili y a ings unde e iew. Jou nal
o Business E hics, 167(2), 333–360. h ps://doi.
o g/10.1007/s10551-019-04164-1
Du, B., Guo, X., Liu, G., Wang, A., Duan, H., & Guo, S.
(2022). China’s wa e in ensi y ac o decomposi-
ion and wa e usage decoupling analysis. Applied
www.ce. izja.pl
183
Beyond Resou ce Use: XGBoos Re eals Unexpec ed D i e s o Co po a e CO2 Emissions
This wo k is licensed unde a C ea i e Commons A ibu ion 4.0 In e na ional License.
Sciences 2022, Vol. 12, Page 7039, 12(14), 7039.
h ps://doi.o g/10.3390/APP12147039
Du, S., Bha acha ya, C. B., & Sen, S. (2007). Reap-
ing ela ional ewa ds om co po a e social e-
sponsibili y: The ole o compe i i e posi ioning.
In e na ional Jou nal o Resea ch in Ma ke ing,
24(3), 224–241. h ps://doi.o g/10.1016/j.ij es-
ma .2007.01.001
Dyllick, T., & Hocke s, K. (2002). Beyond he business
case o co po a e sus ainabili y. Business S a egy
and he En i onmen Bus. S a . En , 11, 130–141.
h ps://doi.o g/10.1002/bse.323
Eccles, R. G., Lee, L. E., & S oehle, J. C. (2020). The
social o igins o ESG: An analysis o inno es and
KLD. O ganiza ion & En i onmen , 33(4), 575–
596. h ps://doi.o g/10.1177/1086026619888994
Eccles, R. G., & S oehle, J. C. (2018). Explo ing So-
cial O igins in he Cons uc ion o En i onmen-
al, Social and Go e nance Measu es. h ps://doi.
o g/10.2139/ss n.3212685
Esc ig-Olmedo, E., Fe nández-Izquie do, M. ángeles,
Fe e o-Fe e o, I., Ri e a-Li io, J. M., & Muñoz-
To es, M. J. (2019). Ra ing he a e s: E alua ing
how ESG a ing agencies in eg a e sus ainabil-
i y p inciples. Sus ainabili y, 11(3). h ps://doi.
o g/10.3390/su11030915
Filippou, I., Taylo , M. P., & Olin, J. M. (2021). P ic-
ing e hics in he o eign exchange ma ke : En i-
onmen al, Social and Go e nance a ings and
cu ency p emia. Jou nal o Economic Beha -
io and O ganiza ion, 191, 66–77. h ps://doi.
o g/10.1016/j.jebo.2021.08.037
F iede, G., Busch, T., & Bassen, A. (2015). ESG and
inancial pe o mance: agg ega ed e idence om
mo e han 2000 empi ical s udies. J. Sus ain. Fi-
nanc. In es . , 5(4), 210–233. h ps://doi.o g/10.10
80/20430795.2015.1118917
Gallego Al a ez, I. (2012). Impac o CO 2 Emission
a ia ion on i m pe o mance. Business S a egy
and he En i onmen , 21, 435–454. h ps://doi.
o g/10.1002/bse.1729
Gallo, T., Pacche a, F., Cagne i, C., & Sil es i, C.
(2023). Do Sus ainable Consume s Ha e Sus ain-
able Beha io s? An Empi ical S udy o Unde -
s and he Pu chase o Food P oduc s. Sus ainabil-
i y 2023, Vol. 15, Page 4462, 15(5), 4462. h ps://
doi.o g/10.3390/SU15054462
Gillan, S. L., Koch, A., & S a ks, L. T. (2021). Fi ms and
social esponsibili y: A e iew o ESG and CSR e-
sea ch in co po a e inance. Jou nal o Co po a e
Finance, 66. h ps://doi.o g/10.1016/J.JCORP-
FIN.2021.101889
Glass, C., Cook, A., & Inge soll, A. R. (2015). Do
women leade s p omo e sus ainabili y? Analyzing
he e ec o co po a e go e nance composi ion
on en i onmen al pe o mance. Business S a -
egy and he En i onmen, 25, 495–511. h ps://doi.
o g/10.1002/bse.1879
Haque, F., & N im, C. G. (2022). Do co po a e sus-
ainabili y ini ia i es imp o e co po a e ca bon
pe o mance? E idence om Eu opean i ms.
Business S a egy and he En i onmen . h ps://doi.
o g/10.1002/bse.3078
Ha ison, J. S., & Coombs, J. E. (2012). The mode a -
ing e ec s om co po a e go e nance cha ac e -
is ics on he ela ionship be ween a ailable slack
and communi y-based i m pe o mance. Jou -
nal o Business E hics, 107, 409–422. h ps://doi.
o g/10.1007/s10551-011-1046-z
Hazen, T. L. (2021). Social issues in he spo ligh : The
inc easing need o imp o e social publicly-held
companies’ CSR and ESG disclosu es. Jou nal o
Business Law, 23(3), 741–796. h ps://schola ship.
law.unc.edu/ acul y_publica ions
Igalens, J., & Jo as, M. (2006). Responsabili é sociale
de l’en ep ise [Co po a e social esponsibili y].
In Responsabili é sociale de l’en ep ise. h ps://doi.
o g/10.3917/dbu. ose.2006.01
Islam, T., Islam, R., Pi a i, A. H., Xiaobei, L., Rehma-
ni, M., I an, M., & Muba ak, M. S. (2021). The
impac o co po a e social esponsibili y on cus-
ome loyal y: The media ing ole o co po a e
epu a ion, cus ome sa is ac ion, and us . Sus-
ainable P oduc ion and Consump ion, 25, 123–
135. h ps://doi.o g/10.1016/j.spc.2020.07.019
Kan enbache , J., Hanna, P., Mille , G., Sca les, C., &
Yang, J. (2017). Consume p io i ies: wha would
people sac i ice in o de o ly on holidays? Jou nal
o Sus ainable Tou ism, 27(2), 207–222. h ps://
doi.o g/10.1080/09669582.2017.1409230
Kaźmie czak, M. (2022). A li e a u e e iew on he di -
e ence be ween CSR and ESG. Scien i ic Pape s
O Silesian Uni e si y O Technology. h ps://doi.
o g/10.29119/1641-3466.2022.162.16
Ki chin, T. (2003). Co po a e social esponsibili y: A
b and explana ion. Jou nal o B and Managemen ,
10(4–5), 312–326.
Kolk, A., Le y, D., & Pinkse, J. (2008). Co po-
a e esponses in an eme ging clima e e-
gime: The ins i u ionaliza ion and com-
mensu a ion o ca bon disclosu e. Eu opean
Accoun ing Re iew, 17(4), 719–745. h ps://doi.
o g/10.1080/09638180802489121
Konadu, R., Sam Ahin ul, G., Je Boakye, D., & Elba -
184
Alexand e Clemen , Élisabe h Robino , Léo T espeuch,
10.5709/ce.1897-9254.560DOI: CONTEMPORARY ECONOMICS
Vol. 19 Issue 2 163-1852025
dan, H. (2022). Boa d gende di e si y, en i on-
men al inno a ion and co po a e ca bon emis-
sions. Technological Fo ecas ing & Social Change,
174, 40–1625. h ps://doi.o g/10.1016/j. ech-
o e.2021.121279
Ko san onis, S., & Se a eim, G. (2019). Fou hings no
one will ell you abou ESG da a. Jou nal o Ap-
plied Co po a e Finance, 31(2), 50–58. h ps://doi.
o g/10.1111/jac .12346
Kudłak, R. (2019). The ole o co po a e social espon-
sibili y in p edic ing CO2 emission: An ins i u-
ional app oach. Ecological Economics, 163. h ps://
doi.o g/10.1016/j.ecolecon.2019.04.027
Le Qué é, C., Mo ia y, R., And ew, R. M., Pe e s, G.
P., Ciais, P., F iedlings ein, P., Jones, S. D., Si ch,
S., Tans, P., A ne h, A., Boden, T. A., Bopp, L.,
Bozec, Y., Sé é ian, R., Segschneide , J., S einho ,
T., S ocke , B. D., Su on, A. J., Takahashi, T., …
Zeng, N. (2015). Global ca bon budge 2014. Ea h
Sys . Sci. Da a, 7, 20. h ps://doi.o g/10.5194/essd-
7-47-2015
Lemken, D., Spille , A., & Schulze-Ehle s, B. (2019).
Mo e oom o legume-Consume accep ance
o mea subs i u ion wi h classic, p ocessed and
mea - esembling legume p oduc s. Appe i e, 143.
h ps://doi.o g/10.1016/j.appe .2019.104412
Lennan, M., & Mo ge a, E. (2022). The glasgow clima e
con e ence (COP26). In e na ional Jou nal o Ma-
ine and Coas al Law, 37(1), 137–151. h ps://doi.
o g/10.1163/15718085-bja10083
Lu, J., He emans, I. M., Jing Lu, C., & Lang, G. S.
(2019). Boa d gende di e si y and en i onmen-
al pe o mance: An indus ies pe spec i e. Bus
S a En ., 28, 1449–1644. h ps://doi.o g/10.1002/
bse.2326
Mahmood, A., & Bashi , J. (2020). How does co po a e
social esponsibili y ans o m b and epu a ion
in o b and equi y? Economic and noneconomic
pe spec i es o CSR. In e na ional Jou nal o En-
ginee ing Business Managemen , 12. h ps://doi.
o g/10.1177/1847979020927547
Mai i, M. (2021). Is ESG he succeeding isk ac o ?
Jou nal o Sus ainable Finance & In es men , 11(3),
199–213. h ps://doi.o g/10.1080/20430795.2020.1
723380
Masson-Delmo e, V., & The In e go e nmen al Panel
on Clima e Change. (2021). Clima e change 2021:
The physical science basis: Con ibu ion o Wo k-
ing G oup I o he Six h Assessmen Repo o he
In e go e nmen al Panel on Clima e Change. In
Camb idge Uni e si y P ess. In P ess. h ps://www.
ipcc.ch/ epo /a 6/wg1/downloads/ epo /IPCC_
AR6_WGI_FullRepo .pd
Mehmood, U. (2022). In es iga ing he linkages o e-
male employe , educa ion expendi u es, enewable
ene gy, and CO2 emissions: applica ion o CS-AR-
DL. En i onmen al Science and Pollu ion Resea ch,
1, 3. h ps://doi.o g/10.1007/s11356-022-20275-1
Mu shed, M., Ali, S. R., & Bane jee, S. (2021). Con-
sump ion o lique ied pe oleum gas and he EKC
hypo hesis in Sou h Asia: e idence om c oss-sec-
ionally dependen he e ogeneous panel da a wi h
s uc u al b eaks. Ene gy, Ecology and En i on-
men , 6, 353–377. h ps://doi.o g/10.1007/s40974-
020-00185-z
Nug oho, D. P. D., Hsu, Y., Ha aue , C., & Ha aue , A.
(2024). In es iga ing he In e connec ion be ween
en i onmen al, social, and go e nance (ESG), and
co po a e social esponsibili y (CSR) S a egies:
An examina ion o he in luence on consume be-
ha io . Sus ainabili y 2024, Vol. 16, Page 614, 16(2),
614. h ps://doi.o g/10.3390/SU16020614
Olmedo, E. E., To es, M. J. M., & Izquie do, M. A. F.
(2010). Socially esponsible in es ing: sus ain-
abili y indices, ESG a ing and in o ma ion p o-
ide agencies. In e na ional Jou nal o Sus ain-
able Economy, 2(4), 442. h ps://doi.o g/10.1504/
ijse.2010.035490
Pe a z, A., & S ønen, F. (2024). Co po a e social e-
sponsibili y as a sou ce o compe i i e ad an age
- s a egic con adic ions in he ood indus y.
Con empo a y Economics, 18(2), 171–191. h ps://
doi.o g/10.5709/ce.1897-9254.532
Rahman, M., Ángeles Rod íguez-Se ano, M., & Fa-
oque, A. R. (2021). Co po a e en i onmen alism
and b and alue: A na u al esou ce-based pe -
spec i e. Jou nal o Ma ke ing Theo y and P ac ice,
29(4), 463–479. h ps://doi.o g/10.1080/10696679.
2021.1872387
Ramesh, K., Saha, R., Goswami, S., Seka , & Dahiya,
R. (2019). Consume ’s esponse o CSR ac i i ies:
Media ing ole o b and image and b and a i-
ude. Co po a e Social Responsibili y and En i on-
men al Managemen , 26(2), 377–387. h ps://doi.
o g/10.1002/cs .1689
Ri chie, H., Rosado, P., & Rose , M. (2023). CO₂ and
G eenhouse Gas Emissions. H ps://Ou wo ldin-
da a.O g/Co2-and-G eenhouse-Gas-Emissions.
Saadaoui, K., & Sooba oyen, T. (2018). An analy-
sis o he me hodologies adop ed by CSR a ing
agencies. Sus ainabili y Accoun ing, Manage-
men and Policy Jou nal, 9(1), 43–62. h ps://doi.
o g/10.1108/SAMPJ-06-2016-0031
Se a eim, G., K ame , M., Po e , B. M. E., Se a eim, G.,
www.ce. izja.pl
185
Beyond Resou ce Use: XGBoos Re eals Unexpec ed D i e s o Co po a e CO2 Emissions
This wo k is licensed unde a C ea i e Commons A ibu ion 4.0 In e na ional License.
& Oc obe , M. K. (2019). Whe e ESG Fails. Ins i u-
ional In es o , 1–17. h ps://www.ins i u ionalin-
es o .com/a icle/b1hm5ghq xj9s7/Whe e-ESG-
Fails
Se ó-Pamies, D. (2015). The ela ionship be ween
women di ec o s and co po a e social esponsibil-
i y. Co po a e Social Responsibili y and En i on-
men al Managemen , 22(6), 334–345. h ps://doi.
o g/10.1002/CSR.1349
Sp inkle, G. B., & Maines, L. A. (2010). The ben-
e i s and cos s o co po a e social esponsibil-
i y. Business Ho izons, 53(5), 445–453. h ps://doi.
o g/10.1016/j.busho .2010.05.006
S e n, N. (2007). The economics o clima e change. Cam-
b idge Uni e si y P ess. h ps://doi.o g/10.1017/
CBO9780511817434
S e n, N. (2014). E hics, equi y, and he economics o
clima e change, pape 2: Economics and poli ics.
Economics and Philosophy, 30, 445–501. h ps://
doi.o g/10.1017/S0266267114000303
S e n, P. C., Die z, T., & Kalo , L. (1993). Value o i-
en a ions, gende , and en i onmen al conce n.
En i onmen and Beha io ismes, 25(3), 322–348.
h ps://doi.o g/10.1177/0013916593255002
S eimikiene, D. (2023). Low-ca bon Ene gy T ansi-
ion om he lens o eminis heo ies. Con em-
po a y Economics, 17(4), 456–468. h ps://doi.
o g/10.5709/ce.1897-9254.522
Supan i, D., Bu che , K., & F edline, L. (2015). Enhanc-
ing he employe -employee ela ionship h ough
co po a e social esponsibili y (CSR) engagemen .
In e na ional Jou nal o Con empo a y Hospi al-
i y Managemen , 27(7), 1479–1498. h ps://doi.
o g/10.1108/IJCHM-07-2014-0319
Tapa ia, H. (2021). Change he Misleading ESG Ra ings
Sys em o Fix ESG In es ing. S an o d Social Inno-
a ion Re iew. h ps://doi.o g/doi.o g/10.48558/
PC0C-TV52
Thøge sen, J. (2021). Consume beha io and clima e
change: Consume s need conside able assis-
ance. Beha io al Sciences, 42, 9–14. h ps://doi.
o g/10.1016/j.cobeha.2021.02.008
Thøge sen, J., & Ebsen, J. V. (2019). Pe cep ual and mo-
i a ional easons o he low adop ion o elec ic
ca s in Denma k. T anspo a ion Resea ch Pa
F: T a ic Psychology and Beha iou , 65, 89–106.
h ps://doi.o g/10.1016/j. .2019.07.017
Tosun, P., & Köylüoglu, A. S. (2022). The impac o
b and o igin and CSR ac ions on consume pe -
cep ions in e ail banking du ing a c isis. In e na-
ional Jou nal o Bank Ma ke ing, 41(3), 485–507.
h ps://doi.o g/10.1108/IJBM-03-2022-0137
T espeuch, L., & Robino , É. (2023). Explo ing he
impac o co po a e philan h opy on b and au-
hen ici y in he luxu y indus y: Scale de elop-
men and empi ical s udies. Sus ainabili y 2023,
Vol. 15, Page 12274, 15(16), 12274. h ps://doi.
o g/10.3390/SU151612274
T espeuch, L., Robino , É., Bo i, L., Bousque , J.,
Co ne, A., De Fe an, F., Du i , F., E z, M., Fon-
an, J. M., Giannelloni, J. L., Hallega e, D., K eziak,
D., Lalance e, M., Lajan e, M., Michel, H., Pa guel,
B., & Peypoch, N. (2021). A e we mo ing owa ds
a mo e esponsible socie y hanks o he Co id-19
pandemic? Na u es Sciences Socié és, 29(4), 479–
486. h ps://doi.o g/10.1051/nss/2022005
T on o, J. (2022). Mo al bounda ies: A poli ical a gu-
men o an e hic o ca e. Rou ledge.
Tu ke , D. (2009). Measu ing co po a e social esponsi-
bili y: A scale de elopmen s udy. Jou nal o Busi-
ness E hics, 85(4), 411–427. h ps://doi.o g/10.1007/
s10551-008-9780-6
Van Den B oek, K. L., Walke , I., & Klöckne , C. A.
(2019). D i e s o ene gy sa ing beha iou : The el-
a i e in luence o in en ional, no ma i e, si ua ional
and habi ual p ocesses. Ene gy Policy, 132, 811–819.
h ps://doi.o g/10.1016/j.enpol.2019.06.048
Van Doo n, J., On us , M., Ve hoe , P. C., & Bügel, M. S.
(2017). The impac o co po a e social esponsibil-
i y on cus ome a i udes and e en ion— he mod-
e a ing ole o b and success indica o s. Ma ke ing
Le e s, 28(4), 607–619. h ps://doi.o g/10.1007/
s11002-017-9433-6
Wang, H., Choi, J., & Li, J. (2008). Too li le o oo
much? Un angling he ela ionship be ween co po-
a e philan h opy and i m inancial pe o mance.
O ganiza ion Science, 19(1), 143–159. h ps://doi.
o g/10.1287/o sc.1070.0271
Wang, Q., Hang, Y., Su, B., & Zhou, P. (2017). Con i-
bu ions o sec o -le el ca bon in ensi y change:
An in eg a ed decomposi ion analysis. Ene gy
Economics, 70, 12–25. h ps://doi.o g/10.1016/j.en-
eco.2017.12.014
Webe , M. (2008). The business case o co po a e so-
cial esponsibili y: A company-le el measu e-
men app oach o CSR. Eu opean Managemen
Jou nal, 26(4), 247–261. h ps://doi.o g/10.1016/j.
emj.2008.01.006
Widyawa i, L. (2020). A sys ema ic li e a u e e iew o
socially esponsible in es men and en i onmen al
social go e nance me ics. Bus. S a egy En i on.,
29(2), 619–637. h ps://doi.o g/10.1002/bse.2393
