The moderating effect of innovation on the relationship between environmental and financial performance: Evidence from high emitters in Australia
研究了环境创新如何调节碳排放（环境绩效）与资产回报率（财务绩效）之间的关系，发现创新能正向增强两者的联系，且效果有一年滞后。对管理者制定环保与盈利双赢策略有参考价值。
Abstract This study examines whether environmental‐related innovation moderates the association between environmental and financial performance measured respectively as carbon emissions and return on assets (ROA). The sample comprises 119 companies subject to Australia's National Greenhouse Energy Reporting Act (NGER) for the period 2009–2017. The results show that environmental innovation positively moderates the relationship between environmental performance and financial performance. The findings also imply that the impact of environmental innovation in improving environmental performance is observable with a 1‐year lag. The results are robust to the alternative financial performance measures of Tobin's Q and Altman's Z score. The findings have important implications for company managers and policymakers and provide useful information on innovation's role in enhancing environmental and financial performance.