Does It Pay to Be Green? Financial Benefits of Environmental Labeling among Chinese Firms, 2000-2005

作者：Wang, Lihua^*; Cui, Zhiyu; Liang, Xiaoya

来源：Management and Organization Review, 2015, 11(3): 493-519.

DOI：10.1017/mor.2014.8

• China
• economic performance
• environmental labeling
• green management
• sustainability

Drawing on economic, sociological, and strategic perspectives, we use data of a large sample of 936 Chinese manufacturing firms in the period from 2000 to 2005 to examine how environmental labeling may affect a firm's financial performance. We argue that reducing information asymmetry, increasing legitimacy, and differentiating strategically through environmental labeling may prompt customers to patronize the firm, thereby enhancing firm performance. However, not all firms benefit equally; environmental labeling conveys fewer benefits for larger firms and for firms listed in a stock market, because they are less threatened by information asymmetry or insufficient organizational legitimacy. Our findings suggest that environmental labeling has generally limited influence on financial performance, but for small and unlisted firms, environmental labeling increases sales.

• 出版日期2015-9
• 单位复旦大学