Does it pay to go green? The environmental innovation effect on corporate financial performance

被引：0

作者：

Farza, Khouloud ^{[1
]}

Ftiti, Zied ^{[2
]}

Hlioui, Zaineb ^{[1
]}

Louhichi, Waël ^{[3
]}

Omri, Abdelwahed ^{[1
]}

机构：

[1] University of Tunis, ISG-T, LR GEF-2A, Tunis, Tunisia

[2] EDC Paris Business School, OCRE Research Laboratory, Paris, France

[3] ESSCA School of Management, Paris, France

来源：

Journal of Environmental Management | 2021年 / 300卷

关键词：

Economics - Finance - Mergers and acquisitions;

D O I：

暂无

中图分类号：

学科分类号：

摘要：

The current global economy demands synergies between ecological responsiveness and business models. To analyse this dynamic, this study investigates the relationship between green innovation and corporate financial performance for German HDAX companies from 2008 to 2019 by constructing an green innovation measure. A two-step GMM system and penalised-spline estimation are used to test the linear relationship between green innovation and financial proxies (return on assets, return on invested capital, and the market-to-book ratio). The results indicate a linear positive effect of green innovation on different financial performance measures. This suggests that green innovation drives resource efficiency and enhances corporate reputation, which, in turn, boosts financial performance. © 2021 Elsevier Ltd

引用

共 50 条

[41] Green process innovation, green product innovation, leverage, and corporate financial performance; evidence from system GMM
Wang, Yan Zhao
Ahmad, Shafiq
HELIYON, 2024, 10 (04)
[42] The effect of corporate social responsibility on environmental performance: the mediating role of green innovation and green human resource management
Zhou, Shenbei
Tiruneh, Wudie Atinaf
Legese, Moges Assefa
INTERNATIONAL JOURNAL OF EMERGING MARKETS, 2024, 19 (11) : 3848 - 3868
[43] Local Financial Agglomeration and Corporate Green Innovation
He, Yu
Chang, Dianna
Wei, Ran
ASIA-PACIFIC JOURNAL OF FINANCIAL STUDIES, 2023, 52 (04) : 539 - 564
[44] EFFECT OF ESG PERFORMANCE ON CORPORATE GREEN TECHNOLOGY INNOVATION: THE MEDIATING ROLE OF FINANCIAL CONSTRAINTS AND DIGITAL TRANSFORMATION
Wang, Hong
Zhang, Ying
Dagestani, Abd Alwahed
Qing, Lingli
SINGAPORE ECONOMIC REVIEW, 2024,
[45] External driver of corporate green innovation: Does customer environmental concern matter?
Jia, Zhiqiang
Li, Weian
Xu, Jian
INTERNATIONAL JOURNAL OF EMERGING MARKETS, 2025,
[46] Environmental protection tax, corporate ESG performance, and green technological innovation
Li, Jing
Li, Shiyu
FRONTIERS IN ENVIRONMENTAL SCIENCE, 2022, 10
[47] Does Innovation Relieve Corporate Financial Distress?
Li, Keming
ASIA-PACIFIC FINANCIAL MARKETS, 2025, 32 (01) : 41 - 76
[48] Does a Financial Crisis Impair Corporate Innovation?
Imai, Masami
Sawada, Michiru
JOURNAL OF MONEY CREDIT AND BANKING, 2024,
[49] Analyzing the Effect of Corporate Environmental Performance on Corporate Financial Performance in Developed and Developing Countries
Manrique, Sergio
Marti-Ballester, Carmen-Pilar
SUSTAINABILITY, 2017, 9 (11)
[50] Analysts' Green Coverage and Corporate Green Innovation in China: The Moderating Effect of Corporate Environmental Information Disclosure
Hu, Shiliang
Dong, Wenhao
Huang, Yongchun
SUSTAINABILITY, 2023, 15 (07)

← 1 2 3 4 5 →