A Study of High‐Emission Industries: How Policy, Strategy, and Technology Shape Corporate Social Responsibility Toward Carbon Neutrality

ABSTRACT The extant carbon neutrality (CN) literature largely offers macro‐ or meso‐level analyses, providing limited insights into implementation experiences that could inform granular policymaking and industry strategies. To address this gap, we examine the lived CN experiences of firms in the transportation, energy, manufacturing, and construction sectors. Using multi‐wave qualitative data analyzed through Gioia's approach, we identify policy, strategic practices, carbon‐offsetting technologies, and emission‐reduction approaches as key drivers of CN implementation. Notably, we establish the microfoundations of CN implementation by uncovering the nuanced roles of strategic, managerial, and operational levels as bridging mechanisms that translate policy mandates into firm‐level decisions. Furthermore, we extend the theoretical understanding of the dual role of policy at the firm level, acting both as an enabling driver and a constraining factor. Finally, we propose the STEP framework, which conceptualizes CN implementation as a dynamic ecosystem of interacting forces operating within a feedback loop for continuous improvement and recalibration.