College of Business Administration, Al Falah University, Dubai, United Arab Emirates.
University of Otago, School of Business, Dunedin, New Zealand.
J Environ Manage. 2022 Aug 15;316:115253. doi: 10.1016/j.jenvman.2022.115253. Epub 2022 May 15.
Since last decade, firms are facing the challenge of strict compliance in response to the stakeholders' awareness about climate change and environmental degradation. Considering these trends, we examine the effect of environmental innovation such as product innovation and process innovation on firm value and the moderating effect of organizational capital on environmental innovation-firm value nexus. Using the data of U.S. listed firms from 2002 to 2019, we find a significantly positive impact of environmental innovation on firm value. Our findings also reveal that organizational capital strengthens the positive association between environmental innovation and firm value, suggesting that firms with higher organizational capital are more likely to consider the demands of stakeholders to be environment friendly which in turn enhances their market value. These findings are aligned with the resource-based view (RBV) and highlight that organizational capital can play a significant role to increase the firm value through environmental innovation. Our results remain robust to subsample analyses, alternative proxies of main variables and are not subject to potential endogeneity concerns. Our study provides new insights into the environmental innovation-firm value nexus and presents important policy implications.
自上十年以来，企业一直面临着严格合规的挑战，以应对利益相关者对气候变化和环境恶化的意识。考虑到这些趋势，我们研究了环境创新（如产品创新和流程创新）对企业价值的影响，以及组织资本对环境创新-企业价值关系的调节作用。我们使用了 2002 年至 2019 年美国上市公司的数据，发现环境创新对企业价值有显著的正向影响。我们的研究结果还表明，组织资本增强了环境创新与企业价值之间的积极关联，这表明具有更高组织资本的企业更有可能考虑利益相关者的需求，以环保为导向，从而提高其市场价值。这些发现与基于资源的观点（RBV）一致，并强调组织资本可以通过环境创新在增加企业价值方面发挥重要作用。我们的结果在子样本分析、主要变量的替代指标以及潜在的内生性问题方面仍然稳健。本研究为环境创新-企业价值关系提供了新的见解，并提出了重要的政策含义。
