Study on the Influence Mechanism of Environmental Management System Certification on Enterprise Green Innovation
Abstract
:1. Introduction
2. Literature Review and Research Hypothesis
2.1. Literature Review
2.2. Research Hypothesis
2.2.1. The Relationship between EMSC and Corporate Green Innovation
2.2.2. The Differentiated Impact of EMSC on Corporate Green Innovation
2.2.3. The Moderating Role of Stakeholders
3. Materials and Methods
3.1. Sample Selection and Data Sources
3.2. Variables Definition
3.2.1. Explained Variable
3.2.2. Explanatory Variable
3.2.3. Moderating Variables
3.2.4. Control Variables
3.3. Model Specification
4. Results and Discussion
4.1. Descriptive Statistics
4.2. Impact of ESMC on Enterprises’ Green Innovation
4.3. Robustness Test
4.3.1. Common Trend Test
4.3.2. Placebo Test
4.3.3. Substitution of Explanatory Variables
4.3.4. Change Observation Window Period
4.3.5. Replacement Estimation Method
4.4. Heterogeneity Analysis
4.4.1. Enterprises’ Sizes
4.4.2. Enterprises’ Ownership
4.4.3. Enterprises’ Lifecycle
4.5. Mechanism Analysis
4.6. Discussion
5. Conclusions and Policy Implications
5.1. Conclusions
5.2. Policy Implications
Author Contributions
Funding
Institutional Review Board Statement
Informed Consent Statement
Data Availability Statement
Acknowledgments
Conflicts of Interest
References
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No. | Key Words | Frequency | Year |
---|---|---|---|
1 | performance | 310 | 2008 |
2 | innovation | 282 | 2007 |
3 | impact | 275 | 2008 |
4 | green innovation | 230 | 2010 |
5 | management | 197 | 2008 |
6 | corporate social responsibility | 154 | 2008 |
7 | environmental regulation | 151 | 2009 |
8 | green | 148 | 2008 |
9 | eco innovation | 145 | 2014 |
10 | strategy | 118 | 2008 |
11 | financial performance | 116 | 2015 |
12 | firm performance | 112 | 2010 |
13 | policy | 108 | 2009 |
14 | research and development | 104 | 2008 |
15 | sustainability | 99 | 2014 |
16 | empirical evidence | 97 | 2016 |
17 | determinant | 91 | 2008 |
18 | firm | 90 | 2008 |
19 | product innovation | 86 | 2017 |
20 | environmental performance | 86 | 2011 |
Variables | Symbol | Definition |
---|---|---|
Green Innovation | GIf | The number of green invention patents of enterprises plus one is taken as the natural logarithm [57] |
Size | Sca | Natural logarithm of total assets [12] |
Ownership | Own | 1 for state-owned enterprises, 0 otherwise |
Age | Age | Years on market/Total years |
Cash hold | Cas | (Monetary funds + financial assets held for trading)/total assets [58] |
Cash Flow Level | Flo | Net cash flow from operating activities/total assets [58] |
Return on Assets | Pro | Net profit/Average total assets [59] |
Business Growth | Inc | Operating income growth rate: (current period operating income–previous period operating income)/previous period operating income [58] |
Profit growth rate | Ear | (Total profit for the current year − Total profit for the same period of the previous year)/(Total profit for the same period of the previous year) |
Capital Intensity | Cap | ln(Total fixed assets/number of employees + 1) [60] |
Market Power | Mar | ln(Operating income/operating cost) [59] |
Board Size | Bor | Number of board members/number of independent directors |
Executive Compensation | Com | Top three executives’ salaries are taken as logarithms |
Book-to-market ratio | BM | Book value/Market value [61] |
Supplier Satisfaction | L1 | Accounts Payable Turnover Ratio [62] |
Customer Satisfaction | L2 | Inventory turnover rate [62] |
Shareholder Satisfaction | L3 | Earnings per share [62] |
Creditor satisfaction | L4 | Gearing ratio [62] |
Variable | N | Mean | Median | SD | Min | Max |
---|---|---|---|---|---|---|
GIf | 3945 | 1.902 | 0.000 | 5.098 | 0.000 | 35.000 |
EMS | 3945 | 0.152 | 0.000 | 0.359 | 0.000 | 1.000 |
Sca | 3945 | 3.754 | 3.557 | 1.339 | 1.179 | 7.791 |
Own | 3945 | 0.520 | 1.000 | 0.500 | 0.000 | 1.000 |
Age | 3945 | 11.52 | 12.00 | 6.819 | 0.000 | 27.000 |
Cas | 3945 | 0.159 | 0.123 | 0.124 | 0.010 | 0.608 |
Flo | 3945 | 0.051 | 0.050 | 0.068 | 0.167 | 0.239 |
Pro | 3945 | 0.038 | 0.034 | 0.063 | 0.216 | 0.213 |
Inc | 3945 | 0.203 | 0.108 | 0.562 | 0.520 | 4.140 |
Ear | 3945 | −0.03 | 0.108 | 4.311 | 25.510 | 18.950 |
Cap | 3945 | 1.835 | 1.680 | 0.884 | 0.269 | 4.758 |
Mar | 3945 | 0.932 | 0.838 | 0.272 | 0.673 | 2.047 |
Bor | 3945 | 8.859 | 9.000 | 1.792 | 5.000 | 15.000 |
Com | 3945 | 2.655 | 2.639 | 0.679 | 0.942 | 4.510 |
BM | 3945 | 0.628 | 0.636 | 0.256 | 0.099 | 1.142 |
L1 | 3945 | 0.198 | 0.049 | 1.997 | 0.000 | 91.360 |
L2 | 3945 | 0.136 | 0.069 | 0.355 | 0.000 | 13.510 |
L3 | 3945 | 0.345 | 0.250 | 0.636 | 5.019 | 8.599 |
L4 | 3945 | 0.446 | 0.441 | 0.299 | 0.007 | 10.080 |
L5 | 3945 | 0.007 | 0.004 | 0.017 | 0.002 | 0.489 |
(1) | (2) | (3) | (4) | |
---|---|---|---|---|
lnGIf | lnGIf | lnGIf | lnGIf | |
EMS | 0.211 *** | 0.209 *** | 0.172 *** | 0.169 *** |
(0.054) | (0.053) | (0.055) | (0.055) | |
_cons | 0.493 *** | 0.469 *** | 0.465 *** | 0.613 *** |
(0.029) | (0.035) | (0.026) | (0.220) | |
Time fixed effects | NO | YES | YES | YES |
Enterprise fixed effect | NO | NO | YES | YES |
Control variables | NO | NO | NO | YES |
N | 3960 | 3960 | 3960 | 3945 |
R2 | 0.008 | 0.012 | 0.013 | 0.018 |
(1) | (2) | |
---|---|---|
GIfA | GIfA | |
EMS | 0.126 *** | 0.130 *** |
(0.047) | (0.047) | |
_cons | 0.736 *** | 0.747 *** |
(0.031) | (0.209) | |
Time fixed effects | YES | YES |
enterprises fixed effect | YES | YES |
Control variables | NO | YES |
N | 3584 | 3572 |
R2 | 0.01 | 0.018 |
(3) | (4) | |
---|---|---|
GIf | GIf | |
EMS | 0.098 ** | 0.097 ** |
(0.047) | (0.047) | |
Time fixed effects | YES | YES |
enterprises fixed effect | YES | YES |
Control variables | NO | YES |
_cons | 0.494 *** | 0.710 *** |
−0.024 | −0.21 | |
N | 2688 | 2684 |
R2 | 0.007 | 0.013 |
(1) | (2) | |
---|---|---|
Tobit | MLE | |
EMS | 0.200 *** | 0.200 *** |
(0.058) | (0.055) | |
_cons | 0.613 *** | 0.613 *** |
(0.154) | (0.140) | |
Time fixed effects | YES | YES |
Control variables | YES | YES |
N | 3945 | 3945 |
Enterprises’ Size | Classification Criteria | Assignment |
---|---|---|
Large enterprises | Engaged in ≥ 1000 people or business income ≥ 40,000 million yuan | 1 |
Medium enterprises | 300 people ≤ employees < 1000 and 20 million yuan ≤ operating income < 40,000 million yuan | 0 |
Small enterprises | 20 people ≤ employees < 300 people and 3 million yuan ≤ operating income < 20 million yuan | 0 |
Micro enterprises | Employees < 20 and business revenue < 3 million | 0 |
(1) | (2) | |
---|---|---|
Large Enterprises | MSMEs | |
EMS | 0.170 *** | 0.150 * |
(−0.059) | (−0.088) | |
_cons | 0.649 ** | 0.988 * |
−0.269 | −0.573 | |
Time fixed effect | YES | YES |
Enterprise fixed effects | YES | YES |
Control variables | YES | YES |
N | 3628 | 317 |
R2 | 0.019 | 0.052 |
(1) | (2) | |
---|---|---|
State-Owned Enterprises | Non-State-Owned Enterprises | |
EMS | 0.166 ** | 0.145 ** |
(−0.083) | (−0.071) | |
_cons | 0.257 | 0.945 *** |
(−0.299) | (−0.242) | |
Time fixed effect | YES | YES |
Enterprise fixed effects | YES | YES |
Control variables | YES | YES |
N | 2050 | 1895 |
R2 | 0.029 | 0.031 |
(1) | (2) | (3) | |
---|---|---|---|
Growth Stage | Maturity Stage | Decline Stage | |
EMS | 0.183 ** | 0.081 | 0.237 |
(−0.073) | (−0.092) | (−0.185) | |
_cons | 0.412 | 0.523 | 0.957 *** |
(−0.271) | (−0.527) | (−0.299) | |
Time fixed effect | YES | YES | YES |
Enterprise fixed effect | YES | YES | YES |
Control variables | YES | YES | YES |
N | 1809 | 1507 | 629 |
R2 | 0.024 | 0.031 | 0.048 |
Self-Focused | Reciprocal | |||
---|---|---|---|---|
(1) | (2) | (3) | (4) | |
EMS | 0.310 *** | 0.318 *** | 0.315 *** | 0.316 *** |
(−0.036) | (−0.036) | (−0.036) | (−0.036) | |
L1 | −0.258 *** | |||
(−0.054) | ||||
L1 * EMS | −0.052 | |||
(−0.21) | ||||
L2 | −0.054 | |||
(−0.072) | ||||
L2 * EMS | 0.317 ** | |||
(−0.207) | ||||
L3 | −0.038 | |||
(−0.039) | ||||
L3 * EMS | 0.152 ** | |||
(−0.069) | ||||
L4 | −0.243 *** | |||
(−0.08) | ||||
L4 * EMS | 0.362 ** | |||
(−0.162) | ||||
_cons | 0.362 *** | 0.385 *** | 0.382 *** | 0.497 *** |
(−0.101) | (−0.102) | (−0.102) | (−0.107) | |
Time fixed effects | YES | YES | YES | YES |
Enterprise fixed effects | YES | YES | YES | YES |
Control variables | YES | YES | YES | YES |
N | 3945 | 3945 | 3945 | 3945 |
R2 | 0.135 | 0.13 | 0.13 | 0.132 |
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Su, W.; Lei, G.; Guo, S.; Dan, H. Study on the Influence Mechanism of Environmental Management System Certification on Enterprise Green Innovation. Int. J. Environ. Res. Public Health 2022, 19, 12379. https://doi.org/10.3390/ijerph191912379
Su W, Lei G, Guo S, Dan H. Study on the Influence Mechanism of Environmental Management System Certification on Enterprise Green Innovation. International Journal of Environmental Research and Public Health. 2022; 19(19):12379. https://doi.org/10.3390/ijerph191912379
Chicago/Turabian StyleSu, Weizhou, Gaowen Lei, Sidai Guo, and Hongche Dan. 2022. "Study on the Influence Mechanism of Environmental Management System Certification on Enterprise Green Innovation" International Journal of Environmental Research and Public Health 19, no. 19: 12379. https://doi.org/10.3390/ijerph191912379