Journal
BUSINESS STRATEGY AND THE ENVIRONMENT
Volume 29, Issue 8, Pages 3174-3186Publisher
WILEY
DOI: 10.1002/bse.2565
Keywords
eco-innovation; eco-label; economic performance evaluation; environmental policy; propensity score matching; technology investment
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Funding
- Korea Ministry of Environment as Climate Change Correspondence
- RD Program [2014001300001]
- National Research Foundation of Korea [NRF-2019R1F1A1058948]
- Korea Environment Industry & Technology Institute research project [2018-12]
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As environmental problems worsen, eco-innovation research has received increased attention. Korea is implementing an eco-label policy to induce eco-innovation. Eco-labeling is a type of voluntary eco-innovation. There are few empirical studies on the economic performance of eco-labels in Korea and even fewer on the additional investment in the technology used for eco-labeling. The present study quantitatively measured the effect of eco-labels on additionally generated sales and research and development (R&D) investment through propensity score matching. The results revealed that eco-labeling has a positive impact on sales over the following 2 years, which is the expiration date of certification; moreover, investment in R&D typically increased for 3 years before certification. Interestingly, no additional R&D investment was made after certification. This study is mainly a basis for the introduction of environmental certification to government policymakers or product strategists who have yet to implement a certification system.
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