The impact of financial performance on environmental policy: does firm life cycle matter?
研究了企业财务绩效对环境政策的影响，发现这种影响随企业生命周期阶段变化，在成熟期最强，在快速成长期最弱。
Abstract Existing literature has provided inconclusive evidence regarding the impact of financial performance on firm policy relating to environmental issues. In this paper, we propose that the influence of corporate financial performance on corporate environmental policy is unlikely to be monotonic but, rather, will vary with firm life cycle. We test this hypothesis by the application of static and dynamic techniques on panel data from UK companies. The results provide support for our hypotheses that financial performance has the strongest impact on environmental policy in the maturity stage of the firm life cycle and the weakest impact in the rapid growth stage. Copyright © 2007 John Wiley & Sons, Ltd and ERP Environment.