University of Tunis, High Institute of Management, ISG-T, GEF2A Lab Tunis, Tunisia.
EDC Paris Business School, OCRE Laboratory Paris, France.
J Environ Manage. 2024 Feb 27;353:120230. doi: 10.1016/j.jenvman.2024.120230. Epub 2024 Feb 5.
This article investigates the influence of financing sources and financial constraints on green investment, based on a study conducted with a sample of Eastern European SMEs from 2018 to 2020. We constructed a green investment proxy using principal component analysis, revealing two principal pillars: pure green investment and mixed green investment. Employing two-stage least squares regression analysis (2SLS) and instrumental probit (IV Probit), our results demonstrate that internal finance positively impacts green investment. Conversely, we find that leverage and financial constraints negatively correlate with green investment and environmental performance. The findings of this study provide compelling evidence that SMEs operating in the Eastern European region face significant financial constraints, impeding their ability to adopt responsible investments aimed at reducing their considerable environmental footprints. These results hold valuable implications for both managers and policymakers, emphasizing the importance of facilitating increased access to debt and devising green financial incentives to promote environmentally responsible investments among Eastern European SMEs, particularly during periods of conflicts.
本文基于对 2018 年至 2020 年东欧中小企业样本的研究，考察了融资来源和财务约束对绿色投资的影响。我们使用主成分分析构建了绿色投资代理变量，揭示了两个主要支柱：纯绿色投资和混合绿色投资。采用两阶段最小二乘法回归分析（2SLS）和工具概率（IV Probit），我们的结果表明内部融资对绿色投资有积极影响。相反，我们发现杠杆率和财务约束与绿色投资和环境绩效呈负相关。本研究的结果提供了有力的证据，表明在东欧地区运营的中小企业面临着重大的财务约束，这阻碍了它们采取负责任的投资来减少其巨大的环境足迹的能力。这些结果对管理者和政策制定者都具有重要意义，强调了为东欧中小企业增加债务获取渠道和制定绿色金融激励措施以促进环境负责投资的重要性，特别是在冲突期间。
