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PurposeThis paper aims to provide a systematic review of the research focusing on the decarbonization strategy of businesses, stock return performance, and investment styles.Design/methodology/approachThe paper utilizes bibliometric methods and content analysis to present a broad overview of the research on the association between decarbonization strategies in businesses and financial performance in the last few decades. The final dataset contains 272 records published between 2001 and early 2021, available in the Web of Science (WoS) database.FindingsThe authors find a relatively small number of publications before 2010 and the research focus increases only after 2016. There exists limited knowledge on the links between climate change strategies and firm performance till date. The top management journals have also failed to respond to the importance of decarbonization strategies in firms and their relationship with stock returns and investment styles. Furthermore, there is a limited indication of publications from ecology and the environmental sciences, in general, being included or cited by the business and management research studies, thus highlighting weak network linkages between the two fields.Research limitations/implicationsThe study contributes to the literature on decarbonization strategies of businesses, and the strategies' relation with firm performance by consolidating the extant research and thus finding the research gaps and research areas that require further investigation.Practical implicationsFor the industry professionals, this research provides a comprehensive repository of articles on incorporating decarbonization strategies in industry professionals' decisions on improving firm performance.Originality/valueThis paper examines the history and development of themes, related to firms' emission mitigation strategies, firm performance and investment styles, across the journal articles in the WoS database published from 2001 to early 2021. In addition, the authors highlight research directions and the need for research on sustainable strategies in businesses, stock return, and investment styles. |
