دانلود رایگان مقاله انگلیسی عملکرد محیطی و مالی. شواهد از تولیدات یونانی - الزویر 2018

Abstract

 There is a long standing debate regarding the link between environmental and financial performance. To date, this debate results controversial findings, triggering for further research in different industries and countries. The specific study examines the relationship between environmental and financial performance in Greek manufacturing. Environmental performance is measured according to accounting data following the Eco Management and Auditing Scheme guidelines and ISO certification. Return on assets and return on sales ratios are used as indicators of financial performance. Empirical findings suggest that there seems to be a link between these dimensions irrespectively of the particular sector of activity. Contrary to similar studies a “virtuous circle” does not exist, as the avoidance of environmental improving investments is related to a better financial performance. On the other hand, firms with superior financial performance seem to achieve a better environmental performance. At the same time, firm specific and market characteristics significantly affect this relationship. These findings provide evidence that governmental and corporate actions are necessary in order to lead to a more sustainable corporate performance in the long run.

6. Conclusions

The relationship between corporate environmental and financial performance has received a high degree of attention in research literature and the results are still contradictory. In this study the relationship between corporate environmental and financial performance was examined. Based on the empirical analysis of Greekmanufacturing plants, the findings support Friedman’s aversion to the deviation from the main corporate goal as the changes in production methods that are necessary for improving corporate environmental performance does not lead in improvements in the future financial condition. In advance, slack resource theory was confirmed as difficult to imitate resources, such as financial ones, are necessary for a firm to engage in environmental performance improving projects. These results imply that firms improve their financial performance by avoiding “green” investments due to their high costs, the long and uncertain payback period and the limited advantages gained from the creation of an ethical corporate image.