Although the nexus between green product innovation (GPI) and firm performance has been studied, the impact of GPI on firm performance remains little understood and findings have been mixed. These mixed results of prior studies are attributable to failures to incorporate the intervening mechanism in studying the nexus between GPI and firm performance and to examine the impact of closely interlinked pertinent internal boundary conditions. This study attempts to overcome these shortcomings and contributes to the relevant literature in three significant ways. First, the findings indicate that GPI impacts a firm’s financial constraint, which affects its current and anticipated performance. Second, the relationship between GPI and financial constraint is moderated by a firm’s corporate brand equity. Third, GPI is both a predictor and a consequence of financial performance, indicating that the relationship between the two constitutes a virtuous circle. The results are robust to alternative measures of the performance variable and the alternative model estimation method.

中文翻译：

---

绿色产品创新与绩效的良性循环：财务约束与企业品牌的作用

尽管人们已经研究了绿色产品创新（GPI）和企业绩效之间的关系，但 GPI 对企业绩效的影响仍然知之甚少，研究结果也好坏参半。先前研究的这些混合结果可归因于未能将干预机制纳入研究 GPI 与企业绩效之间的关系以及检验密切相关的相关内部边界条件的影响。本研究试图克服这些缺点，并在三个重要方面对相关文献做出了贡献。首先，研究结果表明，GPI 会影响公司的财务约束，从而影响其当前和预期的绩效。其次，GPI 和财务约束之间的关系受到公司品牌资产的调节。第三，GPI既是财务绩效的预测指标，又是财务绩效的结果，表明两者之间构成良性循环的关系。结果对于性能变量的替代测量和替代模型估计方法是稳健的。