期刊
JOURNAL OF ENVIRONMENTAL MANAGEMENT
卷 300, 期 -, 页码 -出版社
ACADEMIC PRESS LTD- ELSEVIER SCIENCE LTD
DOI: 10.1016/j.jenvman.2021.113695
关键词
Environmental innovation; Environmental management; Innovation performance; Corporate financial performance; Green management
The study found that green innovation has a positive impact on financial performance, driving resource efficiency and enhancing corporate reputation, which in turn boosts financial performance.
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.
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