Journal
BUSINESS STRATEGY AND THE ENVIRONMENT
Volume 22, Issue 3, Pages 187-201Publisher
WILEY
DOI: 10.1002/bse.1747
Keywords
corporate environmental management; environmental efficiency; CO2 emissions; toxic chemical substances; Japanese manufacturing firm; sustainable development
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Funding
- Grants-in-Aid for Scientific Research [10J00285] Funding Source: KAKEN
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This study examines the relationship between environmental performance and economic performance in Japanese manufacturing firms. The environmental performance indicators include CO2 emissions and the aggregate toxic risk associated with chemical emissions relative to sales. Return on assets (ROA) is used as an indicator of economic performance. We demonstrate that there is a significant inverted U-shaped relationship between ROA and environmental performance calculated by aggregated toxic risk. We also find that the environmental performance increases ROA through both returns on sales and improved capital turnover. However, we observe a significant positive relationship between financial performance and environmental performance based on CO2 emissions. These findings may provide evidence for the consequences of firms' environmental behavior and sustainable development. Copyright (c) 2012 John Wiley & Sons, Ltd and ERP Environment.
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