Green Innovation and Firm Performance: Review and Prospects

Abstract

With the strategic goal of achieving “carbon peak, carbon neutral” and the new era of green development in mind, academic studies on the correlation between green innovation and enterprise performance have surged. A fundamental research framework has been established, nevertheless, there still remains ambiguity on the intrinsic relationship between green innovation and enterprise performance. Therefore, this article aims to systematically organize the literature on this subject. The article aims to methodically review the literature pertaining to the correlation between green innovation and enterprise performance. It focuses on summarizing the theoretical basis of how green innovation impacts enterprise performance, analyzing and clarifying the effects of green product, process, and management innovation on enterprise performance. Finally, it presents future perspectives from a theoretical research viewpoint, in order to provide theoretical references and recommendations for the implementation of a green innovation strategy and enhancement of enterprise performance.