Corporate Environmental and Economic Performance of Japanese Manufacturing Firms: Empirical Study for Sustainable Development
研究了日本制造业企业的环境绩效（以CO2排放和有毒化学风险衡量）与经济绩效（资产回报率）之间的关系，发现两者呈倒U型关系，且环境绩效通过销售回报和资本周转提升经济绩效。
ABSTRACT This study examines the relationship between environmental performance and economic performance in Japanese manufacturing firms. The environmental performance indicators include CO 2 emissions and the aggregate toxic risk associated with chemical emissions relative to sales. Return on assets (ROA) is used as an indicator of economic performance. We demonstrate that there is a significant inverted U‐shaped relationship between ROA and environmental performance calculated by aggregated toxic risk. We also find that the environmental performance increases ROA through both returns on sales and improved capital turnover. However, we observe a significant positive relationship between financial performance and environmental performance based on CO 2 emissions. These findings may provide evidence for the consequences of firms' environmental behavior and sustainable development. Copyright © 2012 John Wiley & Sons, Ltd and ERP Environment.