期刊
BUSINESS STRATEGY AND THE ENVIRONMENT
卷 29, 期 5, 页码 2001-2018出版社
WILEY
DOI: 10.1002/bse.2484
关键词
customer awareness; environmental performance; environmental policy; green; innovativeness; market share; stakeholder engagement; sustainability strategy
Researchers have widely studied the nexus between corporate environmental (green) policy and its green performance and firm financial performance, but with mixed findings. A potential explanation for these mixed findings is the focus of extant studies on the direct and immediate impact of environmental performance on financial performance to the exclusion of firm-specific boundary conditions. Furthermore, all prior research study the effect of environmental performance on either stock market-based performance measures (i.e., stock return) or accounting-based performance measures (i.e., return on assets). A missing third dimension of firm performance, product-market-based performance (i.e., market share), has so far remained unexplored despite representing a crucial objective when innovating. Using Newsweek's annual green ranking as a novel measure of environmental performance for a panel of U.S. firms from 2010 to 2015, this paper attempts to fill these voids in the literature. The results show a positive relationship between firms' environmental performance and market share as a measure of product-market-based performance. The findings further demonstrate that this relationship is positively moderated by the level of customer awareness and innovativeness of the firm: The higher the level of awareness of a firm's environmental credentials and innovativeness, the stronger the effects of environmental performance on market share. Our results are robust against endogeneity concerns and alternative measures of firm financial and environmental performance.
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