期刊
JOURNAL OF CLEANER PRODUCTION
卷 278, 期 -, 页码 -出版社
ELSEVIER SCI LTD
DOI: 10.1016/j.jclepro.2020.124034
关键词
Environmental management; Financial performance; Small and medium-sized enterprises; Alternative investment market; Natural resource-based view
This study reveals that efficient environmental management has a positive impact on SMEs performance, with an optimal level of environmental management maximizing their performance. The relationship between environmental management and financial performance is more significant in medium and larger firms.
This paper examines the relationship between environmental management and SMEs performance. The study adopts General Methods of Moments (GMM) on a sample of 201 quoted Small and Medium Enterprises (SMEs) on the United Kingdom (UK) Alternative Investment Market (AIM) from 2011 to 2016. Consistent with our prediction based on contradictory results of existing studies, the study documents that corporate investment channelled through efficient environmental management translates into superior SME performance. In particular, we find a non-monotonic (inverted U-shaped) relationship between environmental management and financial performance, which suggests that SMEs have an optimal environmental management level that maximises their performance. We find the predictability to be stronger among medium and larger firms, where both ROA and Tobin's q revealed a significant relationship with environmental performance. The implication of the findings and recommendations are discussed. (C) 2020 Elsevier Ltd. All rights reserved.
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