The Impact of Carbon Neutrality Commitments on the International Competitiveness of Multinational Enterprises: A Comparative Analysis Based on Industry Heterogeneity

This study focuses on the impact of carbon neutrality commitments on the international competitiveness of multinational enterprises, with particular emphasis on the moderating role of industry heterogeneity. Based on panel data analysis of 348 Global 500 multinational enterprises (2018–2024), the research constructs a multi-dimensional international competitiveness evaluation system and carbon neutrality commitment intensity indicators, examining the moderating effects of four industry characteristics: carbon emission intensity, technological innovation capability, degree of internationalization, and institutional pressure. Theoretically, the study develops an integrated framework combining resource-based view and institutional theory, proposing that carbon neutrality commitments create competitive advantages through the synergistic interaction of resource reconfiguration and legitimacy signaling mechanisms, with industry characteristics moderating the strength of each pathway. Empirical results show that carbon neutrality commitments significantly enhance enterprise international competitiveness overall, but exhibit an inverted U-shaped nonlinear relationship, with the optimal commitment intensity occurring at CNCI = 4.67, beyond which further intensification diminishes competitive advantages due to escalating transformation costs exceeding diminishing legitimacy benefits. Industry characteristics significantly moderate the relationship between carbon neutrality commitments and international competitiveness, with the promotional effect of carbon neutrality commitments on international competitiveness being more significant in industries with high carbon emissions, high technological innovation, high internationalization, and high institutional pressure. These four moderating effects operate through two theoretical pathways: a resource-based pathway encompassing cost-benefit structure optimization (carbon emission intensity) and innovation transformation (technological innovation capability), and an institutional pathway encompassing market access facilitation (internationalization degree) and legitimacy signaling amplification (institutional pressure). The research results remain consistent under various robustness tests and endogeneity treatment methods. Based on empirical findings, this study provides theoretical guidance for multinational enterprises to formulate differentiated carbon neutrality strategies aligned with industry characteristics, and also provides empirical evidence for governments to design policy tools that balance emission reduction effects and industrial competitiveness, helping to promote low-carbon sustainable development of the global economy.