Paving the road toward eco‐effectiveness: Exploring the link between greenhouse gas emissions and firm performance
研究了温室气体排放作为企业环境绩效指标与市场绩效的关系，并探讨了市场绩效提升时环境压力增加的驱动因素，为理解企业环境战略的生态效益提供新视角。
Abstract Climate change has increasingly attracted business attention over the last decade, focusing particularly on the eco‐efficiency debate. The goal of this paper is twofold. First, we contribute to the ongoing debate on the effects of environmental strategies on firm performance. We investigate this relationship by considering the relative greenhouse gas emissions (GHG) as a predictor of the eco‐efficiency of firms' environmental strategies. GHG emissions are a direct indicator of the environmental performance and effectively measure the firm's efforts in mitigating the impacts related to its processes and products. Second, we investigate the drivers that lead to an increase in the firm's environmental impact under the conditions of increasing market performance by the firm, therefore paving the road to the concept of eco‐effectiveness of corporate environmental strategies. To test our hypotheses, we use a sample of worldwide listed companies derived from the S&P 1200 list. A longitudinal analysis is run through generalized least squares regression models over the period 2004–2016. Results offer evidence of the direct relationship between the level of absolute emissions and market performance of the firm. Therefore, the findings have significant implications on the way we conceptualize corporate environmental sustainability and environmental strategies, shedding new light on the relation between environmental pressures and corporate growth.