Which green matters for whom? Greening and firm performance across age and size distribution of firms

A growing body of literature links firm performance with sustainability efforts. We contribute to this literature by developing a novel framework for contextualising greening through the lens of tangibility and visibility of greening activities and examine the impact of different types of greening on firm performance along the age and size distribution of firms. The empirical results based on a large-scale database suggest that rewards to different types of greening differ across age and size distributions.