The management of sustainable development: A longitudinal analysis of the effects of environmental performance on economic performance
利用998家美国公司2003-2017年的面板数据，采用传统面板数据方法和无条件分位数回归，发现环境绩效（环境导向和环境创新）正向影响资产回报率和股权回报率，且绿色公司更高效地创造未来财富。
Abstract The literature on sustainable development has largely focused on investigating the relationship between companies' environmental and economic performance. However, many aspects remain unexplored, and empirical studies are far from reaching a consensus due to the heterogeneity of the environmental and economic measures and methodologies used. This study contributes to the literature on sustainable development by considering a panel of 998 US companies observed over the period 2003–2017 using both traditional panel data methods and an unconditional quantile regression technique. The empirical evidence confirms that environmental performance, measured in terms of environmental orientation and environmental innovation, positively affects returns on assets and equity. It also demonstrates that these returns change across quantiles and depend on the capacity of green companies to generate the same streams of income as nongreen companies but with less capital. In other words, green firms tend to be more efficient in generating future wealth.