Green innovation and firms’ financial and environmental performance: The roles of pollution prevention versus control

IF 6.8 1区管理学 Q1 BUSINESS, FINANCE Journal of Accounting & Economics Pub Date : 2025-02-01 DOI:10.1016/j.jacceco.2024.101706

Qiang Cheng , An-Ping Lin , Mengjie Yang

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Abstract

This study examines the effects of firms' green innovation on their future financial and environmental performance. If pollution is primarily a manifestation of wasted resources, then investments in pollution prevention technologies can both reduce the environmental impact of production and improve financial performance. In contrast, investments in pollution control technologies likely reduce the environmental impact of production without improving financial performance. Using green patents to capture firms' investments in these two types of technologies, we find that the value of a firm's pollution prevention patents is positively associated with its future financial and environmental performance, and that the positive impact on future financial performance is achieved through improvements in sales growth and cost efficiency. In contrast, the value of a firm's pollution control patents is not associated with its future financial or environmental performance. Overall, these findings shed light on the future implications of green innovation.

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绿色创新与企业财务和环境绩效：污染预防与控制的作用

本研究考察了企业绿色创新对其未来财务和环境绩效的影响。如果污染主要是资源浪费的表现，那么对污染预防技术的投资既可以减少生产对环境的影响，又可以改善财务绩效。相比之下，对污染控制技术的投资可能会减少生产对环境的影响，而不会改善财务业绩。利用绿色专利捕捉企业在这两种技术上的投资，我们发现企业污染防治专利的价值与其未来财务和环境绩效呈正相关，并且对未来财务绩效的积极影响是通过销售增长和成本效率的改善来实现的。相比之下，公司污染控制专利的价值与其未来的财务或环境绩效无关。总的来说，这些发现揭示了绿色创新对未来的影响。

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来源期刊

Journal of Accounting & Economics Multiple-

CiteScore

8.70

自引率

6.80%

发文量

期刊介绍： The Journal of Accounting and Economics encourages the application of economic theory to the explanation of accounting phenomena. It provides a forum for the publication of the highest quality manuscripts which employ economic analyses of accounting problems. A wide range of methodologies and topics are encouraged and covered: * The role of accounting within the firm; * The information content and role of accounting numbers in capital markets; * The role of accounting in financial contracts and in monitoring agency relationships; * The determination of accounting standards; * Government regulation of corporate disclosure and/or the Accounting profession; * The theory of the accounting firm.

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