绿色管理和财务绩效[文献翻译].doc

1、原文GREENMANAGEMENTANDFINANCIALPERFORMANCEFROMANEMPIRICALPOINTOFVIEW,AGROWINGBODYOFQUANTITATIVESTUDIESHASTESTEDTHISLINKAGEBETWEENENVIRONMENTALPROACTIVELYANDFIRMPERFORMANCE,THERESULTSBEINGVARIEDTOOSOMEWORKSFINDAPOSITIVERELATIONSHIPJUDGEANDDOUGLAS,1998KINGANDLENOX,2002MELVYNETAL,2003BUTOTHERSDONOTIDENTI

2、FYAPOSITIVEIMPACTOFENVIRONMENTALPROCLIVITYONFINANCIALPERFORMANCECORDIERITEANDSARDIS,1997GILLEYETAL,2000LINKANDNAVEL,2006HOWEVER,ASYSTEMATICREVIEWOFTHISQUANTITATIVEEMPIRICALLITERATUREHASNOTBEENCARRIEDOUTTHEAIMOFTHISPAPERISTOCARRYOUTALITERATUREREVIEWOFTHEQUANTITATIVESTUDIESTHATHAVEANALYZEDTHEIMPACTOFG

3、REENMANAGEMENTONFINANCIALPERFORMANCEINORDERTOEXAMINETHEMAINFINDINGSOBTAINEDWITHREGARDTOTHISRELATIONSHIPINADDITION,THEENVIRONMENTALVARIABLESUSED,THEFINANCIALPERFORMANCEVARIABLESANDTHESTATISTICALANALYSESEMPLOYEDAREALSOEXAMINEDTHISARTICLESEEKSTOMAKEACONTRIBUTIONTOTHEDEBATEABOUTTHEREASONSTOIMPLEMENTENVI

4、RONMENTALSTRATEGIES,CARRYINGOUTANEXHAUSTIVEREVIEWOFTHEGREENMANAGEMENTFINANCIALPERFORMANCELINKINOUROPINION,ETHICSANDSOCIALRESPONSIBILITYINGENERALANDGREENMANAGEMENTINPARTICULAR,SHOULDBEANINTEGRALPARTOFBUSINESSBUTWECONSIDERTHATTHISINTEGRATIONWILLBEFAVOREDWHENDECISIONMAKERSINTHEFIRMSREALIZETHATTHEIMPLEM

5、ENTATIONOFPROACTIVEENVIRONMENTALSTRATEGIESANDPOLLUTIONPREVENTIONINITIATIVESMAYHELPFIRMSTOREACHASITUATIONINWHICHBOTHTHECOMPANYSFINANCIALPERFORMANCEANDTHEENVIRONMENTWILLBENEFITTHEREMAINDEROFTHISPAPERISSTRUCTUREDASFOLLOWSSECTION2PRESENTSTHEMAINTHEORETICALARGUMENTSABOUTTHERELATIONSHIPBETWEENENVIRONMENTA

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7、TAKEHOLDERSPRESSCOMPANIESTOREDUCETHEIRNEGATIVEIMPACTSONSOCIETYANDNATURALENVIRONMENTINFACT,SOCIALRESPONSIBILITYINGENERAL,ANDENVIRONMENTALMANAGEMENTINPARTICULAR,AREBECOMINGANINTEGRALPARTOFFIRMACTIVITIESINTHISRESPECT,ANIMPORTANTISSUEISTHERELATIONSHIPBETWEENTHESEASPECTSANDFINANCIALPERFORMANCEHOWEVER,FRO

8、MANENTIRELYETHICALANDSUSTAINABILITYFOCUSEDVIEW,LITERATUREHASARGUEDTHATWHILETHEREMAYNOTNECESSARILYBEAPOSITIVELINKBETWEENSOCIALRESPONSIBILITYANDFINANCIALPERFORMANCE,ITISSTILLDESIRABLEFROMASOCIETYSPERSPECTIVETHATFIRMSIMPLEMENTGOODSOCIALRESPONSIBILITYANDENVIRONMENTALMANAGEMENTPRACTICESBOWEN1953ACKNOWLED

9、GEDTHATCORPORATESOCIALRESPONSIBILITYISNOPANACEATHATWILLCURETHESOCIETYOFALLITSILLS,BUTHECONSIDERSITAWELCOMEDEVELOPMENTTHATNEEDSTOBEENCOURAGEDANDSUPPORTEDTHISAUTHOR,WITHOUTTAKINGINTOACCOUNTTHECONSEQUENCESOFSOCIALACTIONSOFFIRMSONFINANCIALPERFORMANCE,POINTEDOUTTHATTHESOCIALRESPONSIBILITIESOFBUSINESSMENR

10、EFERTOTHEOBLIGATIONSOFFIRMSTOPURSUETHOSEPOLICIESANDTOFOLLOWTHOSELINESOFACTIONWHICHAREDESIRABLEINTERMSOFTHEOBJECTIVESANDVALUESOFOURSOCIETYTHEMOSTPROMINENTOBJECTIONTOCORPORATESOCIALRESPONSIBILITYWASTHECLASSICALECONOMICARGUMENTPROPOSEDBYMILTONFRIEDMANLEE,2008FRIEDMAN1962ARGUEDTHATTHESOCIALRESPONSIBILIT

11、YOFACORPORATIONISTOMAKEMONEYFORITSSHAREHOLDERS,GREENMANAGEMENT1081CONSIDERINGSOCIALRESPONSIBILITYASUBVERSIVEDOCTRINETHATTHREATENEDTHEVERYFOUNDATIONOFFREEENTERPRISESOCIETYTHISAUTHOROPPOSEDTHEIDEAOFSOCIALRESPONSIBILITYONTHEGROUNDSTHATITIMPOSESANUNFAIRANDCOSTLYBURDENONSHAREHOLDERSLATER,WALLACHANDMCGOWA

12、N1970MADEANEFFORTTOPROVIDERECONCILIATIONBETWEENTHESOCIALANDECONOMICINTERESTSOFCORPORATIONS,RECOGNIZINGTHAT,WITHOUTDEMONSTRATINGTHATSOCIALRESPONSIBILITYISCONSISTENTWITHSTOCKHOLDERINTERESTS,CORPORATESOCIALRESPONSIBILITYWILLALWAYSREMAINCONTROVERSIALMOREOVER,WITHINTHESTAKEHOLDERTHEORYCLARKSON,1995,JONES

13、,1995,THEDIFFERENCEBETWEENTHESOCIALANDECONOMICGOALSOFACORPORATIONISNOLONGERRELEVANT,BECAUSETHECENTRALISSUEISTHESURVIVALOFTHECORPORATION,ANDTHISSURVIVALISAFFECTEDNOTONLYBYSHAREHOLDERS,BUTALSOVARIOUSOTHERSTAKEHOLDERSSUCHASEMPLOYEES,GOVERNMENTSANDCUSTOMERSLEE,2008INADDITION,ASSAIDABOVE,WECONSIDERTHATIM

14、PLEMENTATIONOFSOCIALANDENVIRONMENTALSTRATEGIESWILLBEFAVOREDWHENMANAGERSREALIZETHATTHESEINITIATIVESMAYHELPFIRMSTOREACHASITUATIONINWHICHBOTHTHEFIRMSFINANCIALPERFORMANCEANDTHESOCIETYANDENVIRONMENTWILLBENEFITIFWEFOCUSONTHEMAINPURPOSEOFOURARTICLE,THEINFLUENCEEXERTEDBYENVIRONMENTALMANAGEMENTONFIRMPERFORMA

15、NCE,THISINFLUENCEMAYRESULTFROMTHEPOSITIVEIMPACTONFIRMCOSTSANDDIFFERENTIATIONLEVELSPREVENTINGPOLLUTIONMAYENABLETHEFIRMTOSAVECONTROLCOSTS,INPUT,ANDENERGYCONSUMPTION,ANDTOREUSEMATERIALSTHROUGHRECYCLINGHART,1997TAYLOR,1992THUS,ECOEFFICIENCYINVOLVESPRODUCINGANDDELIVERINGGOODSWHILESIMULTANEOUSLYREDUCINGTH

16、EECOLOGICALIMPACTANDUSEOFRESOURCESSCHMIDHEINY,1992STRIKEANDMARCUS,2000THEGENERATIONOFPOLLUTIONISTHUSREGARDEDASASIGNOFINEFFICIENCYPORTERANDVANDEERLINDA,1995COMPANIESMUSTLEARNTOVIEWENVIRONMENTALIMPROVEMENTINTERMSOFRESOURCEPRODUCTIVITYMANAGERSWHOFOCUSALMOSTEXCLUSIVELYONTHECOSTSOFELIMINATINGORTREATINGPO

17、LLUTIONSHOULDRETHINKTHEIRAPPROACH,ANDPAYATTENTIONTOTHEOPPORTUNITYCOSTSOFPOLLUTIONWASTEDRESOURCES,WASTEDEFFORT,ANDDIMINISHEDPRODUCTVALUETOTHECUSTOMERBYUSINGPROACTIVEENVIRONMENTALSTRATEGIES,FIRMSCANELIMINATEENVIRONMENTALLYHAZARDOUSPRODUCTIONPROCESSES,REDESIGNEXISTINGPRODUCTSYSTEMSTOREDUCELIFECYCLEIMPA

18、CTS,ANDDEVELOPNEWPRODUCTSWITHLOWERLIFECYCLECOSTSHART,1995MOREADVANCEDENVIRONMENTALSTRATEGIESCANASSISTTHEWHOLEORGANIZATIONINACHIEVINGGREATERORGANIZATIONALEFFICIENCYINFACT,FIRMSMAYSAVECOSTSBYRESPONDINGTOMARKETPRESSURESFORGREATERPRODUCTIONEFFICIENCYANDGATHERINGTHE“LOWHANGINGFRUIT”ASSOCIATEDWITHREDUCING

19、EXCESSIVEWASTES,MATERIAL,ANDENERGYUSEHARTANDABUJA,1996ASFORDIFFERENTIATION,REDUCINGPOLLUTIONMAYALSORESULTININCREASEDDEMANDFROMENVIRONMENTALLYSENSITIVECONSUMERS,BECAUSETHEECOLOGICALCHARACTERISTICSOFPRODUCTSARELIKELYTOBEAPPRECIATEDBYTHESE“GREEN”CUSTOMERSELLINGTON,1994MOREOVER,AFIRMTHATSHOWSGOODENVIRON

20、MENTALINITIATIVESWILLMOSTPROBABLYACQUIREAHIGHECOLOGICALREPUTATIONMILESANDCOLVIN,2000FIRMSTHATADOPTPROACTIVEENVIRONMENTALSTRATEGIESMAYBENEFITFROMPREMIUMPRICINGANDINCREASEDSALESBECAUSEOFENHANCEDMARKETLEGITIMACYANDGREATERSOCIALAPPROVALSUCHAPPROVALMAYALLOWENVIRONMENTALLYCONSCIOUSORGANIZATIONSTOMARKETTHE

21、IRMANAGEMENTPROCEDURESASSELLINGPOINTSFORTHEIRPRODUCTS,ANDCREATEAMEANSTODIFFERENTIATETHEIRPRODUCTSFROMTHEIRCOMPETITORSRIVERA2002THEREFORE,GREENMANAGEMENTCANPROVIDEOPPORTUNITIESTOREDUCECOSTSANDINCREASEREVENUESAMEBICANDLANAI2008POINTOUTTHATTHEREAREFOUROPPORTUNITIESCOMPANIESCANMAKEUSETOREDUCECOSTSRISKMA

22、NAGEMENTANDRELATIONSWITHEXTERNALSTAKEHOLDERSCOSTOFMATERIAL,ENERGY,ANDSERVICESCOSTOFCAPITALANDCOSTOFLABORANDTHREEOPPORTUNITIESTOINCREASEREVENUESBETTERACCESSTOCERTAINMARKETSDIFFERENTIATINGPRODUCTSANDSELLINGPOLLUTIONCONTROLTECHNOLOGYMOREBROADLY,ENVIRONMENTALMANAGEMENTCANIMPROVESTAKEHOLDERRELATIONSHIPSA

23、NDPREVENTCOSTLYSTAKEHOLDERCONFLICTSHULLANDROTHENBERG,2008STAKEHOLDERANDINSTITUTIONALTHEORIESSHAREACONCEPTUALIZATIONOFORGANIZATIONSBEINGEMBEDDEDWITHINAWIDERSOCIALSYSTEMTHATSHAPESTHEIRBEHAVIORANORGANIZATIONSRELATIONSHIPSWITHINSTITUTIONSANDSTAKEHOLDERSAREASSUMEDTOPLAYASIGNIFICANTROLEINBOTHTHEDEFINITION

24、ANDDETERMINATIONOFSUCCESSDONALDSONANDPRESTON,1995EFFECTIVEMANAGEMENTOFRELATIONSHIPSWITHKEYSTAKEHOLDERSCANCONTRIBUTETOENHANCEDFINANCIALPERFORMANCETHROUGHTHECREATION,DEVELOPMENT,ORMAINTENANCEOFTIESTHATPROVIDEIMPORTANTRESOURCESTOCOMPANIESJONES,1995BRAMMERANDMILLINGTON,2008POLLUTIONPREVENTIONCANCONSEQUE

25、NTLYHELPFIRMSTOREACHAWINWINSITUATIONINWHICHBOTHTHEFIRMANDTHEENVIRONMENTWILLBENEFITTHISIDEA,WHICHREFLECTSANAPPROACHTOTHEEFFECTSOFTHEENVIRONMENTONFIRMCOMPETITIVENESSANDPROFITABILITY,ISREFERREDTOASTHE“PORTERHYPOTHESIS”PORTERANDVANDERLINDE,1995NEVERTHELESS,THISPOSITIVEVIEWCOEXISTSWITHAMORETRADITIONALSTA

26、NCE,WHICHPOSTULATESTHATANIMPROVEMENTINTHEENVIRONMENTALIMPACTCAUSEDBYANENTERPRISELEADSTOAREDUCTIONINITSPROFITABILITYITISSUGGESTEDTHATCOMPLIANCEWITHENVIRONMENTALREGULATIONSINCURSSIGNIFICANTCOSTS,REDUCINGTHECAPACITYTOCOMPETEJAFFEETAL,1995FURTHERMORE,THISTRADITIONALVIEWRESPONDSTOTHECLAIMSMADEBYTHESUPPOR

27、TERSOF“THEPORTERHYPOTHESIS”BYSAYINGTHAT,ALTHOUGHCOSTSAVINGSCANEASILYBEOBTAINEDWITHANUMBEROFSIMPLEPREVENTIONMEASURES,THEMOSTAMBITIOUSPREVENTIONMEASURESMAYINVOLVECOSTSTHATEXCEEDTHESAVINGSTOBEDERIVEDFROMTHEMWALLEYANDWHITEHEAD,1994THOSESUGGESTINGANEGATIVERELATIONSHIPBETWEENENVIRONMENTALMANAGEMENTANDFINA

28、NCIALPERFORMANCEARGUETHATFIRMSTRYINGTOENHANCEENVIRONMENTALPERFORMANCEDRAWRESOURCESANDMANAGEMENTEFFORTAWAYFROMCOREAREASOFTHEBUSINESS,RESULTINGINLOWERPROFITSINTHISVIEW,MANAGERSCANNOTMAKEBOTHENVIRONMENTALANDCOMPETITIVEIMPROVEMENTSHULLANDROTHENBERG,2008KLASSENANDWHYBARK,1999AGENCYPERSPECTIVESONCORPORATE

29、SOCIALANDENVIRONMENTALPERFORMANCEARGUETHATABSENTSTRONGCONTROLFROMSHAREHOLDERS,MANAGERSCANOPPORTUNISTICALLYUSECORPORATERESOURCESTOPURSUEGOALSTHATENHANCETHEIROWNUTILITYINWAYSTHATAREUNLIKELYTOPROVIDESIGNIFICANTRETURNSTOCOMPANIESCONSEQUENTLY,GOODSOCIALANDENVIRONMENTALPERFORMANCECOMEATTHEEXPENSEOFGOODFIN

30、ANCIALPERFORMANCEBECAUSESOCIALANDENVIRONMENTALPERFORMANCEMAKEUSEOFFIRMRESOURCESINWAYSTHATCONFERSIGNIFICANTMANAGERIALBENEFITSRATHERTHANDEVOTINGTHOSERESOURCESTOALTERNATIVEINVESTMENTPROJECTSORRETURNINGTHEMTOSHAREHOLDERSTOEXAMINETHERELATIONSHIPBETWEENGREENMANAGEMENTANDFINANCIALPERFORMANCE,EMPIRICALLITER

31、ATUREHASUSEDQUALITATIVEANDQUANTITATIVEMETHODSSOMEEMPIRICASTUDIESADDRESSINGTHEAPPLICATIONOFENVIRONMENTALMANAGEMENTWERECASESTUDIES,USINGAQUALITATIVEAPPROACHTHESESTUDIESANALYZEDPARTICULARFIRMSANDLACKSTATISTICALGENERALIZATIONSBLANCOETAL,2009FOREXAMPLE,SHRIVASTAVA1995EXPLAINEDTHECONCEPTOFENVIRONMENTALTEC

32、HNOLOGIES,ANDTHEPRACTICALAPPLICATIONOFTHESETECHNOLOGIESWASILLUSTRATEDUSINGAMINICASEEXAMPLEOF3MCORPORATIONHUTCHINSON1996ANALYZEDTHEINTEGRATIONOFENVIRONMENTALPOLICYWITHBUSINESSSTRATEGYSTUDYINGSEVERALFIRMSPROCTERANDGAMBLE,RANKXEROXANDTHECOOPERATIVEBANKMARCUSANDGEFFEN1998STUDIEDTHEPROCESSESBYWHICHDISTIN

33、CTIVECOMPETENCIESAREACQUIREDBASEDONTHECASEOFPOLLUTIONPREVENTIONINELECTRICGENERATIONENZANDSIGUAW1999EXAMINEDFOURHOTELSTHATAGREEDTHATCOSTSAVINGS,OPERATINGEFFICIENCIESANDEXCELLENTMARKETINGOPPORTUNITIESDERIVEDFROMTHEIRENVIRONMENTALINITIATIVESALONGWITHTHESEQUALITATIVESTUDIES,STATISTICALMETHODSHAVEBEENUSE

34、DTOANALYZETHELINKAGEBETWEENENVIRONMENTALMANAGEMENTANDFINANCIALPERFORMANCETHISARTICLEFOCUSESONTHESEQUANTITATIVESTUDIES,ANDTHEYAREPRESENTEDANDEXAMINEDINTHENEXTSECTIONSALONGWITHTHEMAINFINDINGSDESCRIBEDABOVEWITHREGARDTOOURLITERATUREREVIEWABOUTTHELINKAGEBETWEENENVIRONMENTALVARIABLESANDFINANCIALPERFORMANC

35、E,SEVERALISSUESMAYBEEMPHASIZEDFIRSTLY,THEIMPACTOFENVIRONMENTALMANAGEMENTONPERFORMANCEMAYNOTBEANIMMEDIATEONEFOREXAMPLE,HARTANDAHUJA1996ANDKINGANDLENOX2002EXAMINEDTHEINFLUENCEOFENVIRONMENTALVARIABLESONFIRMPERFORMANCEUSINGMEASURESOFTHEFORMERFORASPECIFICYEAR,ANDMEASURESOFTHELATTERFORTHEFOLLOWINGYEARSINF

36、ACT,NEHRT1996POINTEDOUTTHATSOMEENVIRONMENTALTASKSTAKETIME,ANDDISECONOMIESFORTHEFIRMAPPEARWHENMOREMANPOWERORMONEYAREUSEDTOACCELERATETHEIRCOMPLETIONANIMPORTANTASPECTISTHATSOMETIMESENVIRONMENTALVARIABLESREFERTOENVIRONMENTALMANAGEMENT,ANDATTIMESVARIABLESREFERTOENVIRONMENTALPERFORMANCESECOND,ANIMPORTANTI

37、SSUEISTHEPOSSIBLETWOWAYINTERACTIONBETWEENENVIRONMENTALVARIABLESANDFINANCIALPERFORMANCESTUDIESABOUTTHERELATIONSHIPBETWEENENVIRONMENTANDFINANCIALPERFORMANCEHAVEMAINLYFOCUSEDONTHEIMPACTOFENVIRONMENTALVARIABLESONFINANCIALPERFORMANCEHOWEVER,FINANCIALPERFORMANCEMAYALSOINFLUENCEENVIRONMENTALMANAGEMENTWAGNE

38、RETAL,2002INFACT,AFIRMWITHAGOODFINANCIALPERFORMANCECANALLOCATEMORERESOURCESTOPREVENTIONORIENTEDTECHNOLOGIES,PRACTICESANDINITIATIVESWAGNERETAL2002DIDNOTFINDEVIDENCEOFSIGNIFICANTIMPACTOFANYECONOMICPERFORMANCEVARIABLEONENVIRONMENTALPERFORMANCE,BUTNAKAOETAL2007FOUNDTHATFINANCIALPERFORMANCEHASAPOSITIVEIM

39、PACTONENVIRONMENTALPERFORMANCEINANYCASE,USINGTOFFELS2006TERMINOLOGY,ATREATMENTEFFECTTHEEXPOSTIMPROVEMENTEFFECTOFENVIRONMENTALINITIATIVESONFINANCIALPERFORMANCEANDASELECTIONEFFECTTHEEXANTESELECTIONMECHANISMWHEREBETTERPERFORMINGFIRMSHAVEAGREATERPROPENSITYTOCARRYOUTENVIRONMENTALINITIATIVESMAYEXISTTHIRD,

40、ASSAIDABOVE,TABLEISHOWSONLYSTUDIESTHATINCLUDESOMEMEASUREOFFINANCIALPERFORMANCE,ANDTHENOURREVIEWFOCUSESONTHEIMPACTOFENVIRONMENTALMANAGEMENTAND/ORENVIRONMENTALPERFORMANCEONFINANCIALPERFORMANCETABLEIDOESNOTCONTAINSTUDIESTHATANALYZETHEINFLUENCEOFENVIRONMENTALMANAGEMENTONENVIRONMENTALPERFORMANCEBARLA,200

41、7DARNALLANDSIDES,2008JOHNSTONEETAL,2004RUSSO,NDSZYMANSKIANDTIWARI,2004MOREOVER,THEREAREALSOSOMESTUDIESNOTINCLUDEDINTABLEITHATANALYZETHEIMPACTOFENVIRONMENTALMANAGEMENTORENVIRONMENTALPERFORMANCEONOPERATIONALPERFORMANCE,SUCHASMANUFACTURINGPERFORMANCEORCOMPETITIVEADVANTAGECHRISTMANN,2000KLASSENANDWHYBAR

42、K,1999PAGELLETAL,2004THEREFORE,ITMAYBEINTERESTINGFORFUTURERESEARCHTOANALYZETHECAUSALRELATIONSHIPSBETWEENDIFFERENTVARIABLES,CONSIDERINGTHEROLEOFMEDIATINGANDCONTROLVARIABLESINTHELINKAGEBETWEENGREENMANAGEMENTANDFINANCIALPERFORMANCECOMPETITIVEADVANTAGEANDFIRMRESOURCESMAYPLAYANIMPORTANTROLEFOREXAMPLE,ABE

43、TTERENVIRONMENTALPERFORMANCECANPROVIDECOMPETITIVEADVANTAGESLOWCOSTANDDIFFERENTIATION,WHICHWILLSUBSEQUENTLYIMPROVEFINANCIALPERFORMANCEKLASSENANDMCLAUGHLIN,1996SHARMAANDVREDENBURG,1998INADDITION,USINGTHERESOURCEBASEDVIEW,APROACTIVEATTITUDEOFTHEFIRMTOWARDSTHEENVIRONMENTWILLPROBABLYFAVORTHEDEVELOPMENTOF

44、NEWRESOURCESANDCAPABILITIESTHATINTURNMAYHELPTOACHIEVECOMPETITIVEADVANTAGESRUSSOANDFOUTS,1997SOURCEJOSEFMOLINAAZORIN,ENRIQUECLAVERCORTES,2010“GREENMANAGEMENTANDFINANCIALPERFORMANCE”MANAGEMENTDECISION,VOL47,NO7,PP10801100译文绿色管理和财务绩效通过实证的观点来看，已经有越来越多的定量研究测试了积极的绿色管理与企业绩效之间的联系，得出的结果是不同的。有的作品认为他们之间存在正相关关系

45、（道格拉斯法官，1998年；国王和和论诺克斯，2002；梅尔文等，2003），但有些人不认为积极主动的环境措施会在财务业绩方面产生有利的影响（克劳迪罗和斯克斯，1997；格雷等，2000；林克和诺问，2006）。然而，我们还没有对实证文献进行一次系统定量的回顾与审核。本文的主要目的在对于对那些研究分析了绿色管理对财务业绩的影响并通过定量研究得出主要结果的文献进行回顾。此外，也进行了采用环境变量和财务绩效变量的就业统计分析。本文旨在对推行环境战略原因的争论做出一些成果，并弄清绿色管理和财务绩效的根本关系。在我们看来，普遍的道德与社会责任，尤其是绿色管理，应该成为企业不可或缺的一部分。我们认为，当

46、这种整合受到青睐时，即企业决策者认识到积极的环境战略和污染防治措施的实施有助于公司的发展时，那么财务表现与环境都将受益。本文的其余部分的结构如下。第2节介绍了关于环境变量之间的关系和财务表现的主要理论观点。第3节讲了描述的方法。第4节评论分析了环境对财务绩效影响的定量研究。最后，第五节提供了一些研究规定，以及对未来研究的一些想法。面对更负责和更环保的要求，企业的压力越来越大。一些利益相关者要求公司减少对社会和自然环境的负面影响。事实上，普遍的社会责任，特别是环境管理责任正在成为企业活动的组成部分。在这方面，一个重要的问题是这以上些方面和财务绩效之间的关系。然而，从一个完全道德和可持续集中的角度

47、来看，学术认为虽然有可能不一定是一种社会责任和财务业绩的积极关系，但落实好企业社会责任和环境管理实践仍然是一个社会所期望的。鲍文（1953）承认，企业的社会责任并不是灵丹妙药，他不能治愈所有的社会弊病。但他认为这种进步是值得欢迎的，更需要加以鼓励和支持。这个作者没有考虑到社会行动对公司财务绩效的后果，指出商人的社会责任指的是企业的义务，而采取这些政策，并在理想的条件遵循这些原则的行动是我们的社会价值目标。米尔顿弗里德曼（李，2008）提出，古典经济论点最反对企业社会责任。弗里德曼（1962）反对一个企业的社会责任是为股东挣钱，考虑社会责任是威胁到自由企业系统根基的颠覆性理论。这位作者反对的理由

48、是它对股东不公平的规定和高昂的社会责任负担观念。后来，瓦拉赫和麦高恩（1970）在对企业的社会和经济利益之间的协调平衡作出了一定努力。的确，如果没有证明社会责任，企业的利益是与股东利益相一致的，那么企业的社会责任将始终存在争议。此外，在利益相关者理论（克拉克森，1995年；琼斯，1995年）中，一家公司的社会和经济之间的目标不再适用，因为企业的核心问题是生存，而企业的生存不仅影响股东，也影响包括雇员，政府和客户等各种其他利益相关者（李，2008）。此外，正如上面所说的，我们认为，社会和环境战略的实施将受到当管理者青睐，他们将认识到这些措施可以帮助企业达成无论是公司财务绩效还是社会环境都受益的情

49、况。如果我们将焦点集中在我们文章的主要目的上，聚焦在由环境管理对公司绩效施加的影响上，就能发现这是由于企业成本和差异化水平而产生的积极影响。防止污染可以使公司节约控制成本、投入原料和能源消耗，并回收再次利用材料（哈特，1997年泰勒，1992）。因此，生态效率不仅涉及到货物的生产和交付，同时也能减少影响生态环境和使用资源（斯密德亨尼，1992；打击和马库斯，2000）。而排污的方式也将被定为判断效率是否低下的标志（鹿琳达，1995）。企业必须学会通过生产力和资源来改善环境。完全着眼于消除或处理污染的经理应该反思一下他们的方法，并关注污染的机会成本（资源浪费，精力，且减少给客户的产品价值）。通过使用主动环境战略，企业可以消除对环境有害的生产流程，重新设计现有的产品体系，以减少生命周期对产品的影响，从而发展生命周期成本更低的的新产品（哈特，1995年）。更先进的环保战略可以帮助整个组织获得更大的效率。事实上，企业可以通过加大生产效率压力和减少多余浪费、原料和能源使用而获得唾手可得成本来减少支出（哈特和阿布贾，1996年）。至于减少污染也可能导致来自对环境敏感的消费者的需求增加，因为生态特征产品有可能得到这些“绿色”客户（灵顿，1994）。此外，公司具有良好的环保措施，将最有可能获得高生态声誉（英里和科尔文，2000）。企业采取积极的环保策略会抬高定价和增加销售量并因此获