Relationships between eco-innovation and financial performance – evidence from publicly traded companies in Poland and Hungary
Relationships between eco-innovation and financial performance – evidence from publicly traded companies in Poland and Hungary
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DOI：
10.1016/j.jclepro.2014.11.034
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发表时间：
2015-03
影响因子：
11.1
通讯作者：
J. Przychodzen;Wojciech Przychodzeń
中科院分区：
文献类型：
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作者：
J. Przychodzen;Wojciech Przychodzeń
虽然分析生态创新活动与财务绩效之间的联系是现有文献中的一个热门话题，但有关这些关系的许多问题，特别是在中东欧转型经济体（CEE）中，仍然没有答案。在本文中，我们探讨了四种类型的生态创新（产品，工艺，市场和供应来源）及其对会计为基础的财务业绩的衡量标准的影响，使用波兰和匈牙利上市公司的数据，从2006年至2013年。我们的研究结果表明，生态创新者的特点一般是较高的资产和股本回报率和较低的收入保留。此外，引入生态创新的公司规模也要大得多，更有可能面临更低的财务风险，更有可能拥有比传统公司更多的自由现金流。研究结果表明，强大的资产和金融能力是发展生态创新的相关先决条件，有必要制定环境政策，为中小企业增加这一领域的活动创造明确的激励措施。总的来说，本研究通过关注环境创新领域，扩展了对创新财务绩效影响的理解。
While the analysis of the linkages between eco-innovative activities and financial performance is a popular topic in the existing body of literature, many questions about these relationships, especially in transition economies in Central and Eastern Europe (CEE), remain unanswered. In this paper, we explore four types of eco-innovation (product, process, market and sources of supply) and their impact on accounting-based measurers of financial performance using the data on Polish and Hungarian publicly traded companies from the years 2006–2013. Our results indicated that eco-innovators were generally characterized by higher returns on assets and equity and lower earnings retention. Additionally, companies that introduce eco-innovation were also significantly larger, more likely to face lower financial risk exposure and more likely to possess greater free cash flow than conventional firms. The findings suggest that strong asset and financial capabilities are relevant pre-conditions for the development of eco-innovativeness and that there is a need for environmental policy to create clear incentives for SMEs to increase activities in that area. Overall, this study extends the understanding of financial performance implications of innovation by focussing on the area of environmental innovation.