With institutional pressures from various stakeholders concerned with climate change and efficient energy use in firms' operations, it has formed the belief that energy efficiency is crucial part for sustainable operations and firm competitiveness. While an increasing number of firms have adopted energy-efficient systems (EES), a limited understanding of the actual impact of EES adoption on financial performance and how institutional pressures moderate that impact remains. Based on 238 listed firms that have deployed EES, the study reveals that firms improve their return on assets (ROA), and different institutional pressures have significant and diverse effects on the performance of EES adoption. While pressures imposed by government policies and environmental non-government organizations (NGOs) provide less financial benefits of EES, pressures from competitors provide more financial benefits of EES. The research provides empirical evidence of how pressures from energy efficiency policies, environmental groups, and competitors affect the EES-performance relationship. We also discuss implications of the findings for managers, public policymakers, NGOs, and academia.

由于来自与气候变化和企业运营中的高效能源利用相关的各种利益相关者的制度压力，它已经形成了这样一种信念，即能源效率是可持续运营和企业竞争力的关键部分。虽然越来越多的公司采用了节能系统 (EES)，但对采用 EES 对财务绩效的实际影响以及制度压力如何缓和这种影响的理解仍然有限。该研究基于 238 家已部署 EES 的上市公司，表明公司提高了其资产回报率 (ROA)，不同的制度压力对 EES 采用的绩效有显着且多样的影响。虽然政府政策和环境非政府组织 (NGO) 施加的压力导致 EES 的财务收益较少，来自竞争对手的压力为 EES 提供了更多的经济利益。该研究提供了来自能效政策、环保团体和竞争对手的压力如何影响 EES 绩效关系的经验证据。我们还讨论了调查结果对管理者、公共政策制定者、非政府组织和学术界的影响。