企业环境战略对竞争优势的动态影响研究

当代财经 ›› 2022, Vol. 0 ›› Issue (12): 89-98.

企业环境战略对竞争优势的动态影响研究

钱晓燕^1,2, 许长新¹

1.河海大学商学院,江苏南京 211100;
2.南京工业职业技术大学经济管理学院,江苏南京 210046

收稿日期:2021-10-27 修回日期:2022-01-01 出版日期:2022-12-15 发布日期:2023-09-21
通讯作者: 钱晓燕,河海大学博士研究生,南京工业职业技术大学讲师,主要从事企业绿色创新,联系方式qxy6898@163.com。
作者简介:许长新,河海大学教授,主要从事创新管理。
基金资助:
国家社会科学基金重点项目“长江经济带创新空间分异及创新驱动模式研究”（15AGL079）; 江苏省高校哲学社会科学基金项目“绿色创新视角下环境治理与企业可持续发展的影响机理与路径研究”（2022SJYB0563）

Research on the Dynamic Influence of Corporate Environmental Strategy on Competitive Advantages

QIAN Xiao-yan^1,2, XU Chang-xin¹

1. Hehai University, Nanjing 211100;
2. Nanjing Vocational University of Industry Technology, Nanjing 210046, China

Received:2021-10-27 Revised:2022-01-01 Online:2022-12-15 Published:2023-09-21

摘要/Abstract

摘要： 企业环境战略在提升合法性的同时是否有助于保持竞争优势是企业和社会一直关注的问题。基于重污染行业上市公司2008—2019年的数据,构建动态面板自回归模型,通过企业环境投资变化对财务绩效增长的可持续性影响机制验证企业环境战略与竞争优势的动态关系。研究表明,财务绩效增长具有均值回归现象;当财务绩效正增长时,积极的环境战略有利于企业保持竞争优势;而当财务绩效负增长时,积极的环境战略并不能加速财务困境企业的恢复;通过Koyck模型量化企业环境战略对竞争优势的持续时间差异发现,当财务绩效正增长时,企业环境投资提高一个单位可将财务绩效增长的持续时间延长20%至50%;与没有实施环境战略的企业相比,进行环境投资的企业能将财务绩效增长的持续时间延长数月。

关键词: 企业环境战略, 竞争优势, 财务绩效增长, 增长启示, 动态影响, 持续时间差异

Abstract: Whether corporate environmental strategy can help maintain competitive advantage while enhancing legitimacy has been a concern of enterprises and the society. Based on the data of listed companies in the heavy pollution industry from 2008 to 2019, this paper constructs a dynamic panel autoregression model to verify the dynamic relationship between corporate environmental strategy and competitive advantage through the mechanism of sustainable impact of changes in corporate environmental investment on financial performance growth. The findings show that the growth of financial performance has a mean regression phenomenon: when the financial performance is growing positively, an active environmental strategy will help the enterprises maintain their competitive advantages; when the financial performance is negatively growing, the active environmental strategy cannot accelerate the recovery of enterprises in financial distress. By quantifying the difference in the duration of corporate environmental strategy on competitive advantage through Koyck model, it is found that when financial performance is growing positively, an increase in corporate environmental investment by one unit can extend the duration of financial performance growth by 20% to 50%. Compared with the enterprises that do not implement environmental strategies, enterprises that make environmental investments can extend the duration of financial performance growth by several months.

Key words: corporate environmental strategy, competitive advantage, financial performance growth, growth enlightenment, dynamic influence, duration difference

中图分类号:

F270.7

钱晓燕, 许长新. 企业环境战略对竞争优势的动态影响研究[J]. 当代财经, 2022, 0(12): 89-98.

QIAN Xiao-yan, XU Chang-xin. Research on the Dynamic Influence of Corporate Environmental Strategy on Competitive Advantages[J]. Contemporary Finance & Economics, 2022, 0(12): 89-98.

参考文献

[1] Porter M.E., Kramer M. R. Creating Shared Value[J]. Harvard Business Review, 2011, 89(1-2): 62-77.
[2] 江旭,沈奥. 未吸收冗余、绿色管理实践与企业绩效的关系研究[J]. 管理学报,2018,(4):539-547.
[3] 赵小玥,贾明,张喆. 双重制度压力对企业社会责任报告披露的影响:迎合还是防御[J]. 当代财经,2022,(2):79-90.
[4] Meng X.H., Zeng S. X., Shi J. J., Qi G. Y., Zhang Z. B. The Relationship between Corporate Environmental Performance and Environmental Disclosure: An Empirical Study in China[J]. Journal of Environmental Management, 2014, 145: 357-367.
[5] 徐建中,贯君,林艳. 基于Meta分析的企业环境绩效与财务绩效关系研究[J]. 管理学报,2018,(2):246-254.
[6] Al-Tuwaijri S.A., Christensen T. E., Hughes K. E. The Relations among Environmental Disclosure, Environmental Performance, and Economic Performance: A Simultaneous Equations Approach[J]. Accounting, Organizations and Society, 2004, 29(5-6): 447-471.
[7] Clarke D.G. Econometric Measurement of the Duration of Advertising Effect on Sales[J]. Journal of Marketing Research, 1976, 13(4): 345-357.
[8] Peteraf M.A. The Cornerstones of Competitive Advantage: A Resource-Based View[J]. Strategic Management Journal, 1993, 14(3): 179-191.
[9] Newbert S.L. Value, Rareness, Competitive Advantage, and Performance: A Conceptual-Level Empirical Investigation of the Resource-Based View of the Firm[J]. Strategic Management Journal, 2008, 29(7): 745-768.
[10] Dangelico R.M., Pontrandolfo P. Being‘Green and Competitive’: The Impact of Environmental Actions and Collaborations on Firm Performance[J]. Business Strategy and the Environment, 2015, 24(6): 413-430.
[11] Surroca J., Tribo J.A., Waddock S. Corporate Responsibility and Financial Performance: The Role of Intangible Resources[J]. Strategic Management Journal, 2010, 31(5): 463-490.
[12] 朱清香,邹涛,崔晓敏,李小青. 企业环境绩效对财务绩效的影响研究——基于不同类型政府干预的调节作用分析[J]. 经济与管理,2020,(4):72-81.
[13] 尹建华,王森,弓丽栋. 重污染企业环境绩效与财务绩效关系研究:企业特征与环境信息披露的联合调节效应[J]. 科研管理,2020,(5):202-212.
[14] 胡曲应. 上市公司环境绩效与财务绩效的相关性研究[J]. 中国人口·资源与环境,2012,(6):23-32.
[15] Yadav P.L., Han S. H., Kim H. Sustaining Competitive Advantage through Corporate Environmental Performance[J]. Business Strategy and the Environment, 2017, 26(3): 345-357.
[16] Alsayegh M.F., Rahman R. A., Homayoun S. Corporate Economic, Environmental, and Social Sustainability Performance Transformation through ESG Disclosure[J]. Sustainability, 2020, 12(9): 3910.
[17] Fernando Y., Jabbour C.C., Wah W. X. Pursuing Green Growth in Technology Firms through the Connections between Environmental Innovation and Sustainable Business Performance: Does Service Capability Matter?[J]. Resources, Conservation & Recycling, 2019, 141: 8-20.
[18] Yadav P.L., Han S. H., Rho J. J. Impact of Environmental Performance on Firm Value for Sustainable Investment: Evidence from Large Us Firms[J]. Business Strategy and the Environment, 2016, 25(6): 402-420.
[19] 周杰琦,韩兆洲. 环境规制、要素市场改革红利与绿色竞争力:理论与中国经验[J]. 当代财经,2020,(9):3-15.
[20] Porter M.E., Linde C. V. D. Toward a New Conception of the Environment-Competitiveness Relationship[J]. The Journal of Economic Perspectives, 1995, 9(4): 97-118.
[21] 张嘉菁,杨骏. 企业社会责任与竞争优势文献综述[J]. 当代经济,2020,(4):107-110.
[22] 吴昊旻,张可欣. 长计还是短谋:战略选择、市场竞争与企业环境责任履行[J]. 现代财经,2021,(7):19-38.
[23] Choi J., Wang H.L. Stakeholder Relations and the Persistence of Corporate Financial Performance[J]. Strategic Management Journal, 2009, 30(8): 895-907.
[24] Clarkson P.M., Fang X. H., Li Y., Richardson G. The Relevance of Environmental Disclosures: Are Such Disclosures Incrementally Informative?[J]. Journal of Accounting and Public Policy, 2013, 32(5): 410-431.
[25] 吴建祖,袁海春. 绩效期望落差与企业环境战略的倒U形关系研究[J]. 管理学报,2020,(10):1453-1460.
[26] 胡珺,宋献中,王红建. 非正式制度、家乡认同与企业环境治理[J]. 管理世界,2017,(3):76-94.
[27] 李永波. 企业环境战略的形成机制:基于微观动力视角的分析框架[J]. 管理学报,2012,(8):1233-1238.
[28] 李维安,郝臣,崔光耀,郑敏娜,孟乾坤. 公司治理研究40年:脉络与展望[J]. 外国经济与管理,2019,(12):161-185.
[29] Weinberg C.B., Weiss D. L. On the Econometric Measurement of the Duration of Advertising Effect on Sales[J]. Journal of Marketing Research, 1982, 19(4): 585-591.
[30] Schohl F.Persistence of Profits in the Long Run: A Critical Extension of Some Recent Findings[J]. International Journal of Industrial Organization, 1990, 8(3): 385-404.