Does it pay to go green? The environmental innovation effect on corporate financial performance

被引：0

作者：

Farza, Khouloud ^{[1
]}

Ftiti, Zied ^{[2
]}

Hlioui, Zaineb ^{[1
]}

Louhichi, Waël ^{[3
]}

Omri, Abdelwahed ^{[1
]}

机构：

[1] University of Tunis, ISG-T, LR GEF-2A, Tunis, Tunisia

[2] EDC Paris Business School, OCRE Research Laboratory, Paris, France

[3] ESSCA School of Management, Paris, France

来源：

Journal of Environmental Management | 2021年 / 300卷

关键词：

Economics - Finance - Mergers and acquisitions;

D O I：

暂无

中图分类号：

学科分类号：

摘要：

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. © 2021 Elsevier Ltd

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