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eISSN: 2083-5906
ISSN: 1230-1485
ISSN: 1230-1485
ORIGINAL RESEARCH
Impact of Environmental Investment
on Financial Performance: Evidence from
Chinese listed Companies
1
School of Management, Qingdao Agricultural University, Qingdao 266109, China
Submission date: 2019-05-07
Final revision date: 2019-07-17
Acceptance date: 2019-07-24
Online publication date: 2020-02-06
Publication date: 2020-03-31
Corresponding author
Jian Xu
Qingdao Agricultural University, No 700. Changcheng Road, Chengyang District, 266109, Qingdao, China
Qingdao Agricultural University, No 700. Changcheng Road, Chengyang District, 266109, Qingdao, China
Pol. J. Environ. Stud. 2020;29(3):2235-2245
KEYWORDS
TOPICS
ABSTRACT
Using the data of Chinese listed companies during 2012-2016, this study examines the effect
of environmental investment on financial performance, as measured by return on assets (ROA).
We also examine the moderating effect of industry attributes, company ownership, and region
on this relationship. The empirical results show that there exists a U-shaped relationship between
environmental investment and financial performance. However, only 11% of Chinese listed companies
can attain profitable environmental investment. In addition, the impact of environmental investment on
financial performance in state-owned enterprises (SOEs) is higher than that in private-owned enterprises
(POEs), and a company’s environmental investment in China’s eastern regions can do more to promote
financial performance. The findings of this study can help managers to reasonably manage the tensions
between environmental investment in relation to stakeholders and the pursuit of profitability.
CONFLICT OF INTEREST
The authors declare that they have no known competing financial interests or personal relationships that could have appeared to influence the work reported in this paper.
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| eISSN: | 2083-5906 |
| ISSN: | 1230-1485 |
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