Corporate Social Responsibility Reporting and Performance: Will the Oil and Gas Sector Join the Energy Transition?

This thesis explores the impact of emerging global corporate social responsibility (CSR) norms on the strategies and practices of oil and gas transnational corporations in relation to climate change mitigation. It aims to investigate the mechanisms through which these norms have influenced the behavior of these corporations and the underlying reasons for such influence. A comprehensive research design was implemented, incorporating quantitative analysis to examine the motivation of firms. A comparative analysis was also conducted, focusing on ExxonMobil and Ecopetrol as two specific case studies. Three significant empirical findings should be considered when understanding why companies decide to adopt Corporate Social Responsibility (CSR). The first finding emphasizes the importance of considering internal factors within the firm and the broader institutional context to comprehend this rationale fully. Furthermore, senior leadership's impact is paramount in determining the timing, approach, and justification for implementing corporate social responsibility (CSR) initiatives within the oil and gas industry. Furthermore, it is noteworthy that prominent oil and gas corporations still need to present a comprehensive strategy for decarbonization instead of persisting in exploiting fresh reserves of fossil fuels.