基于Meta分析的企业环境绩效与财务绩效关系研究
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摘要
通过构建一个综合理论模型,并采用多层次线性模型的Meta分析技术,定量综合了国内外51项实证研究的58个独立样本,考察企业环境绩效与财务绩效之间的关系及其影响因素。研究显示,企业环境绩效与财务绩效之间具有显著的正向关系,并存在互为因果的双向作用机制;不同企业的环境绩效测量方法与财务绩效测量方法之间均呈显著正相关关系,且过程基础型企业环境绩效与会计基础型财务绩效的相关程度最高;企业环境绩效与财务绩效关系呈现情境差异,环境战略类型、国家发达程度、行业、研究时间点和数据类型等因素调节二者间关系,但影响效果不尽相同。
Despite the tremendous number of studies on the relationship between corporate environmental performance(CEP)and corporate financial performance(CFP),inconsistent empirical findings exist.Drawing on a hybrid theoretical framework,this study conducts a meta-analysis of Hierarchical Linear Model to analyze the relationship between CEP and CFP by quantitatively integrating the 58 independent samples of 51 domestic and foreign empirical studies.The results confirm that there is a positive and bidirectional relationship between CEP and CFP,and the moderators' analysis reveals that the relationship is significantly influenced by the measuring and situational factors,such as the CEP and CFP measures,the environmental strategy types,the developed level of countries,the industry,the research time and the data types.
Despite the tremendous number of studies on the relationship between corporate environmental performance(CEP)and corporate financial performance(CFP),inconsistent empirical findings exist.Drawing on a hybrid theoretical framework,this study conducts a meta-analysis of Hierarchical Linear Model to analyze the relationship between CEP and CFP by quantitatively integrating the 58 independent samples of 51 domestic and foreign empirical studies.The results confirm that there is a positive and bidirectional relationship between CEP and CFP,and the moderators' analysis reveals that the relationship is significantly influenced by the measuring and situational factors,such as the CEP and CFP measures,the environmental strategy types,the developed level of countries,the industry,the research time and the data types.
引文
[1]PRESTON L E,OBANNON D P.The Corporate Social-Financial Performance Relationship Typology and Analysis[J].Business and Society,1997,36(4):419-429.
[2]KING A,LENOW M.Exploring the Locus of Profitable Pollution Reduction[J].Management Science,2002,48(2):289-299.
[3]HART S L.A Natural Resource-Based View of the Firm[J].Academy of Management Review,1995,20(4):986-1 014.
[4]HART S L,DOWELL G.A Natural-ResourceBased View of the Firm:Fifteen Years after[J].Journal of Management,2011,37(5):1 464-1 479.
[5]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.
[6]BUYSSE K,VERBEKE A.Proactive Environmental Strategies:A Stakeholder Management Perspective[J].Strategic Management Journal,2003,24(5):453-470.
[7]CLARKSON P M,LI Y,RICHARDSON G D,et al.Does It Really Pay to Be Green?Determinants and Consequences of Proactive Environmental Strategies[J].Journal of Accounting and Public Policy,2011,30(2):122-144.
[8]ENDRIKAT J,GUENTHER E,HOPPE H.Making Sense of Conflicting Empirical Findings:A Meta-Analytic Review of the Relationship between Corporate Environmental and Financial Performance[J].European Management Journal,2014,32(5):735-751.
[9]杨静,施建军,刘秋华.学习理论视角下的企业生态创新与绩效关系研究[J].管理学报,2015,12(6):865-872.
[10]SHARMA S.Managerial Interpretations and Organizational Context as Predictors of Corporate Choice of Environmental Strategy[J].Academy of Management Journal,2000,43(4):681-697.
[11]SEIFERT B,MORRIS S A,BARTKUS B R.Having,Giving,and Getting:Slack Resources,Corporate Philanthropy,and Firm Financial Performance[J].Business and Society,2004,43(2):135-161.
[12]DANIEL F,LOHRKE F T,FORNACIARI C J,et al.Slack Resources and Firm Performance:A MetaAnalysis[J].Journal of Business Research,2004,57(6):565-574.
[13]DELMAS M A,ETZION D,NAIRN-BIRCH N.Triangulating Environmental Performance:What Do Corporate Social Responsibility Ratings Really Capture?[J].Academy of Management Executive,2013,27(2):255-267.
[14]吕峻.公司环境披露与环境绩效关系的实证研究[J].管理学报,2012,9(12):1 856-1 863.
[15]卫武.基于“Meta分析”视角的企业社会绩效与企业财务绩效之间的关系研究[J].管理评论,2012,24(4):141-149.
[16]NADKARNI S,BARR P S.Environmental Context,Managerial Cognition,and Strategic Action:An Integrated View[J].Strategic Management Journal,2008,29(13):1 395-1 427.
[17]SHARMA S,VREDENGURG H.Proactive Corporate Environmental Strategy and the Development of Competitively Valuable Organizational Capabilities[J].Strategic Management Journal,1998,19(8):729-753.
[18]ORLITZKY M,BENJAMIN J D.Corporate Social Performance and Firm Risk:A Meta-Analytic Review[J].Business and Society,2001,40(4):369-396.
[19]陈收,施秀搏,吴世园.互补资源与创新资源协同对企业绩效的影响——环境动态性的调节作用[J].系统工程,2015,33(1):61-67.
[20]DESS G G,BEARD D W.Dimensions of Organizational Task Environment[J].Administrative Science Quarterly,1984,29(1):52-73.
[21]张骁,胡丽娜.创业导向对企业绩效影响关系的边界条件研究——基于元分析技术的探索[J].管理世界,2013(6):99-110.
[22]RUSSO M V,FOUTS P A.A Resource-Based Perspective on Corporate Environmental Performance and Profitability[J].Academy of Management Journal,1997,40(3):534-559.
[23]COMBS J G,KETCHEN J D,RUSSELL C T,et al.Assessing Cumulative Evidence within‘Macro’Research:Why Meta-Analysis Should Be Preferred over Vote Counting[J].Journal of Management Studies,2011,48(1):178-197.
[24]BANSAL P,KNOX-HAYES J.The Time and Space of Materiality in Organizations and the Natural Environment[J].Organization and Environment,2013,26(1):61-82.
[25]迟楠,李垣,郭婧洲.基于元分析的先动型环境战略与企业绩效关系的研究[J].管理工程学报,2016,30(3):9-14.
[26]曹花蕊,范秀成,王莹.文化对服务质量与顾客感知价值关系的影响——基于Meta分析[J].山西财经大学学报,2008,30(10):69-75.
[27]HUNTER J E,SCHMIDT F L.Methods of MetaAnalysis Corrected Error and Bias in Research Findings[J].Journal of the American Statistical Association,2004,20(7):236-237.
[28]TARI J J,LOPEZ-GAMERO M D,CLAVERCORTES E,et al.Green Management and Financial Performance:A Literature Review[J].Management Decision,2009,47(7):1 080-1 100.
[29]PORTER M E,VAN DER LINDE C.Green and Competitive:Ending the Stalemate[J].Long Range Planning,1995,28(1):128-129.
(1)囿于篇幅,文中没有列出各研究样本的所有编码信息(如CEP与CFP测量方式、时滞期、企业环境战略类型、国家、行业、统计方法等),如有兴趣可向笔索取。
(1)注:rc值大于0.8表示高度相关;rc值在0.5左右表示中度相关;rc值在0.2左右表示低度相关。
[2]KING A,LENOW M.Exploring the Locus of Profitable Pollution Reduction[J].Management Science,2002,48(2):289-299.
[3]HART S L.A Natural Resource-Based View of the Firm[J].Academy of Management Review,1995,20(4):986-1 014.
[4]HART S L,DOWELL G.A Natural-ResourceBased View of the Firm:Fifteen Years after[J].Journal of Management,2011,37(5):1 464-1 479.
[5]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.
[6]BUYSSE K,VERBEKE A.Proactive Environmental Strategies:A Stakeholder Management Perspective[J].Strategic Management Journal,2003,24(5):453-470.
[7]CLARKSON P M,LI Y,RICHARDSON G D,et al.Does It Really Pay to Be Green?Determinants and Consequences of Proactive Environmental Strategies[J].Journal of Accounting and Public Policy,2011,30(2):122-144.
[8]ENDRIKAT J,GUENTHER E,HOPPE H.Making Sense of Conflicting Empirical Findings:A Meta-Analytic Review of the Relationship between Corporate Environmental and Financial Performance[J].European Management Journal,2014,32(5):735-751.
[9]杨静,施建军,刘秋华.学习理论视角下的企业生态创新与绩效关系研究[J].管理学报,2015,12(6):865-872.
[10]SHARMA S.Managerial Interpretations and Organizational Context as Predictors of Corporate Choice of Environmental Strategy[J].Academy of Management Journal,2000,43(4):681-697.
[11]SEIFERT B,MORRIS S A,BARTKUS B R.Having,Giving,and Getting:Slack Resources,Corporate Philanthropy,and Firm Financial Performance[J].Business and Society,2004,43(2):135-161.
[12]DANIEL F,LOHRKE F T,FORNACIARI C J,et al.Slack Resources and Firm Performance:A MetaAnalysis[J].Journal of Business Research,2004,57(6):565-574.
[13]DELMAS M A,ETZION D,NAIRN-BIRCH N.Triangulating Environmental Performance:What Do Corporate Social Responsibility Ratings Really Capture?[J].Academy of Management Executive,2013,27(2):255-267.
[14]吕峻.公司环境披露与环境绩效关系的实证研究[J].管理学报,2012,9(12):1 856-1 863.
[15]卫武.基于“Meta分析”视角的企业社会绩效与企业财务绩效之间的关系研究[J].管理评论,2012,24(4):141-149.
[16]NADKARNI S,BARR P S.Environmental Context,Managerial Cognition,and Strategic Action:An Integrated View[J].Strategic Management Journal,2008,29(13):1 395-1 427.
[17]SHARMA S,VREDENGURG H.Proactive Corporate Environmental Strategy and the Development of Competitively Valuable Organizational Capabilities[J].Strategic Management Journal,1998,19(8):729-753.
[18]ORLITZKY M,BENJAMIN J D.Corporate Social Performance and Firm Risk:A Meta-Analytic Review[J].Business and Society,2001,40(4):369-396.
[19]陈收,施秀搏,吴世园.互补资源与创新资源协同对企业绩效的影响——环境动态性的调节作用[J].系统工程,2015,33(1):61-67.
[20]DESS G G,BEARD D W.Dimensions of Organizational Task Environment[J].Administrative Science Quarterly,1984,29(1):52-73.
[21]张骁,胡丽娜.创业导向对企业绩效影响关系的边界条件研究——基于元分析技术的探索[J].管理世界,2013(6):99-110.
[22]RUSSO M V,FOUTS P A.A Resource-Based Perspective on Corporate Environmental Performance and Profitability[J].Academy of Management Journal,1997,40(3):534-559.
[23]COMBS J G,KETCHEN J D,RUSSELL C T,et al.Assessing Cumulative Evidence within‘Macro’Research:Why Meta-Analysis Should Be Preferred over Vote Counting[J].Journal of Management Studies,2011,48(1):178-197.
[24]BANSAL P,KNOX-HAYES J.The Time and Space of Materiality in Organizations and the Natural Environment[J].Organization and Environment,2013,26(1):61-82.
[25]迟楠,李垣,郭婧洲.基于元分析的先动型环境战略与企业绩效关系的研究[J].管理工程学报,2016,30(3):9-14.
[26]曹花蕊,范秀成,王莹.文化对服务质量与顾客感知价值关系的影响——基于Meta分析[J].山西财经大学学报,2008,30(10):69-75.
[27]HUNTER J E,SCHMIDT F L.Methods of MetaAnalysis Corrected Error and Bias in Research Findings[J].Journal of the American Statistical Association,2004,20(7):236-237.
[28]TARI J J,LOPEZ-GAMERO M D,CLAVERCORTES E,et al.Green Management and Financial Performance:A Literature Review[J].Management Decision,2009,47(7):1 080-1 100.
[29]PORTER M E,VAN DER LINDE C.Green and Competitive:Ending the Stalemate[J].Long Range Planning,1995,28(1):128-129.
(1)囿于篇幅,文中没有列出各研究样本的所有编码信息(如CEP与CFP测量方式、时滞期、企业环境战略类型、国家、行业、统计方法等),如有兴趣可向笔索取。
(1)注:rc值大于0.8表示高度相关;rc值在0.5左右表示中度相关;rc值在0.2左右表示低度相关。