自巴黎協定簽署後以來企業面臨更強的外部壓力要求企業解決其業務活動對環境造成的影響。企業可以通過採取不同的方式來處裡這樣的外部壓力，包括強制性地遵守政府法規和自願性地制定管理措施。然而，這些措施對績效的影響仍需更進一步的驗證。本研究使用制度理論來糾正這種疏忽。基於制度理論觀點，本研究主要驗證透過強制性措施所獲得的合法性和自願性措施所獲得的效率效應。一方面，強制性措施在本研究中的的定義為企業是否按照規定向美國環境保護署提交排放報告。另一方面，自願性措施在本研究中的的定義為企業是否採用內部碳定價的管理機制。本研究收集 2010 年至 2020 年期間來自美國環保署的溫室氣體排放報告計劃和碳揭露計畫的 65 家標準普爾500指數的數據，探討了兩種方法對企業績效的直接和交互作用影響。根據本研究結果發現，依強制性法規提交排放報告的企業將會對其的財務績效造成負面的影響。相較之下，採用內部碳定價做為自願性管理措施的企業能對其的財務績效造成正向的影響。更為重要的是，強制性與自願性措施將產生替代效應，當企業必須遵守強制性措施的要求時，存在與自願性措施資源分配上的問題，如：效率和績效降低等。因此，當企業受到法規的強制性要求揭露資訊時，那些同時採用自願性管理措施的企業將可能因兩者之間的替代效應造成財務上的損失。

Since Paris Agreement started in 2015, firms have been facing greater external pressure to address environmental impact due to their business operations. Firms can release external pressure by taking different actions, including a mandatory approach to following governmental regulations and a voluntary approach to developing management practices. However, the performance implications of those actions still need to be explored. This study draws upon the institutional theory to redress this oversight. Based on the institutional theory, this study mainly examines the mandatory approach to capture the legitimacy effect and the voluntary approach to capture the efficiency effect. On the one hand, the mandatory approach is defined by whether a firm complies with regulations to submit the emission report to the U.S. Environmental Protection Agency. On the other hand, the voluntary approach is defined by whether a firm adopts the management practice of internal carbon pricing. Collecting the 65 S&P companies' data from Greenhouse Gas Emissions Report Program and Carbon Disclosure Project over the period from 2010 to 2020, this study explores the direct and interaction effects of these two approaches on firm performance. According to the results, this study finds that the mandatory approach to submitting the emission report hurts firm performance. In contrast, the voluntary approach to adopting internal carbon pricing increases firm performance. Most importantly, the mandatory and voluntary approach can generate substitution effect, when companies are obligated to adhere to mandatory approach, there is a potential problem of diverting resources away from investing in voluntary measures, resulting in inefficiency and performance reduction. As a results, when firms are required to conduct the mandatory approach, those simultaneously adopting the voluntary approach could cause financial losses from the interaction effect of both approaches.

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