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The effects of green innovation and environmental management on the environmental performance and value of a firm: an empirical study of energy-intensive listed companies in China

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Abstract

There is a debate in the literature about the relationship between green innovation, environmental management, environmental performance, and the value of a firm. Herein, the effects of green innovation and environmental management on environmental performance are analysed using a stochastic frontier model for energy-intensive listed companies from 2011 to 2017; the effects thereof on the value of a firm are assessed empirically. The results show that green innovation and environmental management have a positive effect on corporate environmental performance, and green innovation plays a complete mediating role between environmental management and environmental performance. The significant positive effect of green innovation on value of a firm confirms Porter’s hypothesis, but the positive effect of environmental management on value of a firm is not verified. Finally, recommendations that are aimed at improving corporate environmental performance are given.

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Data availability

The datasets used and/or analysed during the current study are available from the corresponding author on reasonable request.

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Funding

The following are acknowledged for financial support. (1) Major Program of National Fund of Philosophy and Social Science of China (CN). (2) Shanxi philosophy and Social Sciences Planning Project in 2019. (3) Shanxi philosophy and Social Sciences Planning Project in 2019. The role of the funding body is data collection.

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Authors and Affiliations

  1. School of Economic and Management, Taiyuan University of Technology, Taiyuan, 030024, China

    Xing Yan & Yi Zhang

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  1. Xing Yan
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  2. Yi Zhang
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Contributions

Xing Yan: conceptualization, software, formal analysis, investigation, data curation, writing (original draft preparation), writing (review and editing). Yi Zhang: supervision, project administration.

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Correspondence to Yi Zhang.

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Yan, X., Zhang, Y. The effects of green innovation and environmental management on the environmental performance and value of a firm: an empirical study of energy-intensive listed companies in China. Environ Sci Pollut Res 28, 35870–35879 (2021). https://doi.org/10.1007/s11356-021-12761-9

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  • DOI: https://doi.org/10.1007/s11356-021-12761-9

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