Environmental performance, sustainability, governance and financial performance: Evidence from heavily polluting industries in China
研究中国重污染行业公司治理结构对环境绩效的影响，以及治理机制如何调节财务绩效与环境绩效的关系，对管理者、环保人士和政策制定者有参考价值。
Abstract This study seeks to contribute to the existing business strategy and the environment literature by examining the effect of governance structures on Chinese firms' environmental performance, and consequently ascertain the extent to which the financial performance–environmental performance nexus is moderated by governance mechanisms. Using a sample of Chinese companies from heavily polluting industries over a 5‐year period, our baseline findings suggest that, on average, board size and governing board meetings are positively associated with Chinese firms' environmental performance, whilst board independence and gender diversity have positive, but insignificant association with firms' environmental performance. Our evidence suggests further that the examined internal governance mechanisms have a mixed moderating effect on the link between financial performance and environmental performance. Our findings have important implications for company executives, environmental activists, policy‐makers, and regulators. Our results support insights drawn from agency, resource dependence, stakeholder, and legitimacy theories.