This study examines whether environmental-related innovation moderates the association between environmental and financial performance measured respectively as carbon emissions and return on assets (ROA). The sample comprises 119 companies subject to Australia's National Greenhouse Energy Reporting Act (NGER) for the period 2009–2017. The results show that environmental innovation positively moderates the relationship between environmental performance and financial performance. The findings also imply that the impact of environmental innovation in improving environmental performance is observable with a 1-year lag. The results are robust to the alternative financial performance measures of Tobin's Q and Altman's Z score. The findings have important implications for company managers and policymakers and provide useful information on innovation's role in enhancing environmental and financial performance.

中文翻译：

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创新对环境与财务绩效之间关系的调节作用：来自澳大利亚高排放企业的证据

本研究考察了与环境相关的创新是否会调节分别以碳排放量和资产回报率 (ROA) 衡量的环境绩效和财务绩效之间的关联。样本包括受澳大利亚国家温室能源报告法约束的 119 家公司(NGER) 2009-2017 年期间。结果表明，环境创新正向调节环境绩效与财务绩效之间的关系。研究结果还表明，环境创新对改善环境绩效的影响可以观察到 1 年的滞后。结果对 Tobin 的 Q 和 Altman 的 Z 分数的替代财务绩效衡量标准是稳健的。这些发现对公司经理和政策制定者具有重要意义，并提供了有关创新在提高环境和财务绩效方面的作用的有用信息。