1、本科毕业论文（设计）外文翻译原文TRACKINGTHERELATIONSHIPBETWEENENVIRONMENTALMANAGEMENTANDNANCIALPERFORMANCEINTHESERVICEINDUSTRYATTENTIONTOTHERELATIONSHIPBETWEENENVIRONMENTALMANAGEMENTPRACTICESANDNANCIALPERFORMANCEHASBECOMEINCREASINGLYWIDESPREADINBOTHACADEMICTHEORYANDCORPORATEPRACTICESTRICTERENVIRONMENTALLAWSANDREGUL
2、ATIONS,INCREASEDSOCIETALAWARENESSOFTHEECOLOGICALIMPACTSOFBUSINESSACTIVITIES,ANDMOUNTINGPRESSURESFROMINVESTORSHAVELEDRMSTORETHINKTHEIRAPPROACHTOWARDTHENATURALENVIRONMENTANDTOBETTERUNDERSTANDTHEIMPACTOFENVIRONMENTALMANAGEMENTONTHERMSBOTTOMLINEUNTILTHERECENTPAST,PROACTIVELYINVESTINGINEFFORTSTOPRESERVET
3、HENATURALENVIRONMENTWASTHOUGHTTOBEANACTOFCORPORATEALTRUISM,SOMETHINGTHATWOULDPROVIDEFEWNANCIALBENETSTOTHECORPORATEBOTTOMLINECROOK2005INDEED,MANYOBSERVERSCONTINUETOVIEWENVIRONMENTALMANAGEMENTSOLELYASCOMPLIANCEWITHENVIRONMENTALREGULATIONSMOSTLYTHROUGHPOLLUTIONCONTROLORENDOFPIPETECHNOLOGIES,ANDTHUS,ASN
4、EGATIVELYIMPACTINGNANCIALPERFORMANCEWALLEYANDWHITEHEAD1994INTHISCOSTAVOIDANCECONTEXT,EXTERNALITIESTHECOSTSOFAIR,WATER,ANDSOILPOLLUTIONTHATMIGHTHAVEBEENOTHERWISEAVOIDEDORBORNEBYOTHERS,WEREINCURREDBYTHERM,DIVERTINGRESOURCESFROMOTHERPRODUCTIVEINVESTMENTS,RAISINGOPERATINGCOSTS,ANDHURTINGPROTABILITYWADDO
5、CKANDGRAVES1997BUTTHISCONVENTIONALVIEWOFENVIRONMENTALMANAGEMENTISCHANGINGFORAGROWINGNUMBEROFCOMPANIES,ENVIRONMENTALMANAGEMENTNOWGOESBEYONDJUSTCOMPLIANCEANDCANBEVIEWEDASALLEFFORTSUNDERTAKENBYTHERMTOMINIMIZETHENEGATIVEEFFECTSOFITSACTIVITIESONTHENATURALENVIRONMENTCHRISTMANN2000KLASSENANDWHYBARK1999FORS
6、OME,ITREMAINSAMORALMANDATE，WHILEFOROTHERS,ITISANECESSARYEVILTOMAINTAINLEGITIMACYANDTHERIGHTTOOPERATEHARTANDMILSTEIN2003,P56REGARDLESSOFTHEMOTIVATIONFORCHANGE,EVIDENCEISMOUNTINGTHATTHEEFFECTIVEINTEGRATIONOFENVIRONMENTALPRACTICESINTOOPERATIONSCAN,ANDDOES,AFFECTTHENANCIALPERFORMANCEOFTHERMTHROUGHBOTHMA
7、RKETREVENUEANDCOSTPATHWAYSKLASSENANDMCLAUGHLIN1996ONTHECOSTSIDE,RMSTHATINVESTINENVIRONMENTALMANAGEMENTCANPOTENTIALLYREDUCETHEIRFUTURECOSTSBYPROMOTINGWASTEREDUCTIONSANDPROCESSEFCIENCIESHARTANDAHUJA1996,UNCOVERINGPROCESSIMPROVEMENTOPPORTUNITIESHART1995RUSSOANDFOUTS1997,LOWERINGCOMPLIANCECOSTS,ANDMINIM
8、IZINGTHERISKOFFUTUREENVIRONMENTALLIABILITIESPORTERANDVANDERLINDE1995INSHORT,RMSTHATGOBEYONDCOMPLIANCEAREBETTERPOSITIONEDTOMEETTIGHTERENVIRONMENTALSTANDARDSINTHEFUTUREONTHEREVENUESIDE,CONSUMERPREFERENCESARESHIFTINGTOWARDMOREENVIRONMENTALLYRESPONSIBLEPRODUCTSANDORGANIZATIONSSHRIVASTAVA1995ASDEMANDGROW
9、SFORDIFFERENTORMOREEFCIENTWAYSTOUSETHENATURALENVIRONMENT,ITALSOPROVIDESTHERMWITHINCENTIVESFORINNOVATIONANDWITHNEWBUSINESSOPPORTUNITIESTHROUGHPRODUCTANDSERVICEDIFFERENTIATIONANDNICHEMARKETINGFINALLY,BYCAPITALIZINGONTHEPUBLICSINTERESTINGREENISSUES,THEORGANIZATIONSIMPROVEDIMAGENOTONLYATTRACTBETTERWORKE
10、RS,BUTALSOLEADTOENHANCEDLOYALTYOFKEYCUSTOMERSANDSTAKEHOLDERSMOSTSTUDIESTHATEXPLORETHENATUREOFTHERELATIONSHIPBETWEENENVIRONMENTALMANAGEMENTANDNANCIALPERFORMANCEHAVEDONESOWITHINTHECONTEXTOFMANUFACTURINGINDUSTRIESASSALZMANN2000POINTSOUT,OURCURRENTVISIONOFENVIRONMENTALMANAGEMENTHASBEENFRAMEDBYSMOKESTACK
11、INDUSTRIESONECANEASILYCOMPREHENDHOWTHECREATIONOFPHYSICALGOODSCONSUMESSCARCERESOURCES,REQUIRESPRODUCTIONPROCESSES,ANDGENERATESUNDESIREDBYPRODUCTSTHESEACTIVITIESWITHPOTENTIALLYHARMFULEFFECTSONTHENATURALENVIRONMENTAREMOREVISIBLETHESERVICESECTOR,ONTHEOTHERHAND,CONSISTSOFAMUCHMOREHETEROGENEOUSCOLLECTIONO
12、FECONOMICACTIVITIES,INCLUDINGTRANSPORTATIONANDPUBLICUTILITIES,WHOLESALEANDRETAILTRADE,BANKSANDNANCIALSERVICES,HOSPITALITY,ENTERTAINMENTANDBUSINESSSERVICES,HEALTHSERVICES,ANDGOVERNMENTSERVICESBECAUSEOFTHISDIVERSITY,ITISMOREDIFCULTTODISCERNTHEBOTTOMLINEDRIVERSOFENVIRONMENTALMANAGEMENTPRACTICETHEDISTIN
13、CTIVECHARACTERISTICSOFSERVICESASCOMPAREDTOGOODS,SUCHASTHEIRINTANGIBLENATUREORTHEIRSIMULTANEOUSPRODUCTIONANDCONSUMPTION,MAKEITELUSIVETOGRASPPOTENTIALLYHARMFULENVIRONMENTALEXTERNALITIESKASSINISANDSOTERIOU2003BUT,ASGROVEETAL1996NOTE,WHILETHEPROCESSESTHATAREREECTEDASSERVICEPRODUCTSMAYBEINTANGIBLE,PERISH
14、ABLE,ANDCONSUMEDASTHEYOCCUR,THEYOFTENINVOLVETHESUPPORTOFAWIDESPECTRUMOFPHYSICALCOMPONENTSANDRELIANCEONNATURALRESOURCESACLASSICEXAMPLEISTHECARBONEMITTEDWHILETRANSPORTINGPASSENGERSFROMONELOCATIONTOANOTHERORCONSULTANTSFROMONECLIENTTOANOTHERTHUS,THESERVICEINDUSTRYMERITSCONSIDERATIONBOTHASASOURCEOFENVIRO
15、NMENTALHARMANDASAPOTENTIALINSTRUMENTTOREDUCEENVIRONMENTALIMPACTSSALZMANN2000THEPURPOSEOFTHISSTUDYISTOLLTHEGAPINTHELITERATUREANDFOCUSOURATTENTIONONTHERELATIONSHIPBETWEENENVIRONMENTALMANAGEMENTANDNANCIALPERFORMANCEINTHECONTEXTOFSERVICEINDUSTRIESANUMBEROFEMPIRICALSTUDIESHAVEINVESTIGATEDTHEIMPACTOFENVIR
16、ONMENTALMANAGEMENTONPERFORMANCEINTHECONTEXTOFMANUFACTURING,CHEMICAL,ANDHEAVYINDUSTRIESTYPICALLY,PREVIOUSRESEARCHERSHAVEASSESSEDTHEEXTENTOFTHERMSENVIRONMENTALEFFORTSBASEDONITSENVIRONMENTALPERFORMANCE,ASMEASUREDBYITSLEVELOFEMISSIONSOFTOXICCHEMICALSHARTANDAHUJA1996,THEINCIDENCEOFSPILLSANDOTHERACCIDENTS
17、KLASSENANDMCLAUGHLIN1996,THENUMBEROFLAWSUITS,ORTHERMSPARTICIPATIONINENVIRONMENTALMANAGEMENTSTANDARDSDOWELLETAL2000ORTHIRDPARTYRATINGSRUSSOANDFOUTS1997SOMEOTHERSTUDIESHAVELOOKEDSPECICALLYATENVIRONMENTALMANAGEMENTPRACTICES,ANDHAVEQUALIEDTHEIMPLEMENTATIONOFENVIRONMENTALEFFORTSONACONTINUUM,RANGINGFROMLE
18、GALCOMPLIANCETOENVIRONMENTALPROACTIVITYAGROWINGNUMBEROFEMPIRICALSTUDIESHAVEFOUNDAPOSITIVERELATIONSHIPBETWEENENVIRONMENTALMANAGEMENTANDNANCIALPERFORMANCESEVERALEVENTSTUDIESTHATINVESTIGATETHERELATIVECHANGESINRMVALUATIONFOLLOWINGSOMEENVIRONMENTALEVENTSHOWTHATENVIRONMENTALMANAGEMENTLEADSTOIMPROVEDNANCIA
19、LPERFORMANCEKINGANDLENOX2001KLASSENANDMCLAUGHLIN1996FOREXAMPLE,KLASSENANDMCLAUGHLIN1996FOCUSONTHEEFFECTOFPUBLICANNOUNCEMENTSOFENVIRONMENTALCRISESANDAWARDSONTHERMSSTOCKPRICEANDNDAPOSITIVERELATIONSHIPBETWEENTHEENVIRONMENTALEVENTPOSITIVEORNEGATIVEANDTHERESULTINGCHANGEINSTOCKPRICEOTHEREMPIRICALSTUDIESHA
20、VEUSEDREGRESSIONTECHNIQUESTODEMONSTRATETHEIMPACTOFENVIRONMENTALMANAGEMENTONNANCIALPERFORMANCEFOREXAMPLE,HARTANDAHUJA1996SHOWTHATCHANGESINPOLLUTIONBYRMSPRECEDECHANGESINTHEIRNANCIALPERFORMANCEBYONEORMOREYEARSMORESPECICALLY,THEYSHOWTHATEFFORTSTOPREVENTPOLLUTIONANDREDUCEEMISSIONSAREPOSITIVELYLINKEDTOMEA
21、SURESOFNANCIALPERFORMANCEASMEASUREDBYRETURNONSALESANDRETURNONASSETS,WITHTHEGREATESTCHANGESINNANCIALPERFORMANCEEXPERIENCEDBYTHOSERMSWITHTHEHIGHESTEMISSIONLEVELSSIMILARLY,RUSSOANDFOUTS1997,INTHEIRSTUDYOF243RMS,NDTHATENVIRONMENTALPERFORMANCEASMEASUREDBYATHIRDPARTYENVIRONMENTALINDEXANDRETURNONASSETSROAA
22、REPOSITIVELYASSOCIATEDANDTHATTHISRELATIONSHIPISMODERATEDBYINDUSTRYGROWTH,WITHHIGHERRETURNSFORHIGHGROWTHINDUSTRIESONLYALIMITEDNUMBEROFSTUDIESHAVEBEENCONDUCTEDINTHESERVICESECTORAND,ASARESULT,THEREISLIMITEDEVIDENCEONTHENATUREOFTHERELATIONSHIPBETWEENTHEIMPLEMENTATIONOFENVIRONMENTALMANAGEMENTPRACTICESAND
23、NANCIALPERFORMANCEINTHECONTEXTOFSERVICEOPERATIONSACCORDINGTOKASSINISANDSOTERIOU2003,GIVENTHESIZEOFTHEUSSERVICESECTORANDITSIMPORTANCETOTHEOVERALLUSECONOMY,ITISSURPRISINGTHATSOLITTLEISKNOWNABOUTTHEENVIRONMENTALIMPACTOFSERVICEOPERATIONS,ABOUTTHEWAYSINWHICHENVIRONMENTALMANAGEMENTPRACTICESAREADOPTEDINTOS
24、ERVICEOPERATIONSTOREDUCETHENEGATIVEEFFECTSOFTHERMSACTIVITIES,ANDABOUTTHEIMPACTTHESEPRACTICESHAVEONSERVICERMSPERFORMANCEKASSINISANDSOTERIOU2003AFEWCASESTUDIESHAVEBEENCONDUCTEDTOUNDERSTANDTHEIMPORTANCEOFENVIRONMENTALMANAGEMENTINTHECONTEXTOFSERVICEORGANIZATIONSGROVEETAL1996ENZANDSIGUAW1999FOSTERETAL200
25、0GOODMAN2000THESECASESTUDIESPROVIDESOMEANECDOTALEVIDENCEOFTHEPOSITIVEIMPLICATIONSOFENVIRONMENTALMANAGEMENTMEASURESONPERFORMANCETHEYPOINTOUTNANCIALBENETSSUCHASCOSTREDUCTIONSANDRESOURCESAVINGS,INADDITIONTOCUSTOMERRETENTIONANDLOYALTY,ANDIMPROVEDEMPLOYEEMORALETHESERESULTSARE,UNFORTUNATELY,DIFCULTTOGENER
26、ALIZEONEANALYSISBYKASSINISANDSOTERIOU2003EMPIRICALLYTESTSTHERELATIONSHIPBETWEENTHEADOPTIONOFENVIRONMENTALMANAGEMENTPRACTICESANDNANCIALPERFORMANCETHISSTUDYSHOWSTHATENVIRONMENTALMANAGEMENTPRACTICESAREPOSITIVELYRELATEDTOPERFORMANCETHROUGHTHEMEDIATINGEFFECTOFENHANCEDCUSTOMERSATISFACTIONANDLOYALTYLIKEWIS
27、E,HOWEVER,THISANALYSIS,CONDUCTEDINTHECONTEXTOFTHEEUROPEANHOSPITALITYINDUSTRY,CANNOTEASILYBEGENERALIZEDOURREVIEWOFTHELITERATURESHOWSAGROWINGBODYOFEVIDENCELINKINGENVIRONMENTALMANAGEMENTTOIMPROVEDNANCIALPERFORMANCEINTHEMANUFACTURINGSECTORTOEXPLORETHISRELATIONSHIPMOREDEEPLYFORTHESERVICEINDUSTRY,WEFOCUSO
28、NTWOGROUPSOFRMSWITHOPPOSITEENVIRONMENTALBEHAVIORENVIRONMENTALLEADERS,DENEDASTHOSERMSTHATHAVEEXPERIENCEDNOENVIRONMENTALVIOLATIONSANDENGAGEINATLEASTONEENVIRONMENTALMANAGEMENTINITIATIVEANDENVIRONMENTALLAGGARDS,HEREDENEDASSERVICEORGANIZATIONSTHATHAVEEXPERIENCEDATLEASTONEENVIRONMENTALVIOLATION,BUTDONOTEN
29、GAGEINANYENVIRONMENTALMANAGEMENTINITIATIVEOURPROPOSITIONISSIMPLE,YETFUNDAMENTALWEPOSITTHATENVIRONMENTALSERVICELEADERS,WITHTHEIRIMPROVEDABILITYTOFACETHENEWENVIRONMENTALCHALLENGESANDTOEMBRACETHENEWENVIRONMENTALOPPORTUNITIES,WILLTENDTOSHOWHIGHERNANCIALPERFORMANCECOMPAREDTOENVIRONMENTALSERVICELAGGARDSTH
30、ISISCAPTUREDINTHEFOLLOWINGTESTABLEHYPOTHESISFORTHESERVICEINDUSTRYHYPOTHESIS1ENVIRONMENTALLEADERSWILLBEASSOCIATEDWITHHIGHERNANCIALPERFORMANCETHANENVIRONMENTALLAGGARDSHYPOTHESIS2ORGANIZATIONSINCLEANERSERVICESECTORSWILLBEASSOCIATEDWITHHIGHERNANCIALPERFORMANCETHANORGANIZATIONSINDIRTIERIE,SMOKESTACKSERVI
31、CESECTORSHYPOTHESIS3ENVIRONMENTALLEADERSINCLEANERSERVICESECTORSWILLBEASSOCIATEDWITHHIGHERNANCIALPERFORMANCETHANENVIRONMENTALLAGGARDSIN“CLEANERSERVICESECTORSHYPOTHESIS4ENVIRONMENTALLEADERSINCLEANERSERVICESECTORSWILLBEASSOCIATEDWITHHIGHERNANCIALPERFORMANCETHANENVIRONMENTALLEADERSIN“DIRTIERIE,SMOKESTAC
32、KSERVICESECTORSHYPOTHESIS5SERVICEORGANIZATIONSWITHHIGHERENVIRONMENTALRATINGSWILLBEASSOCIATEDWITHHIGHERNANCIALPERFORMANCEUSINGACROSSSECTIONALSAMPLEOF1,228SERVICEORGANIZATIONSSPANNINGAWIDERANGEOFBUSINESSACTIVITIES,WETESTASERIESOFVEHYPOTHESIZEDRELATIONSHIPSUSINGBOTHUNIVARIATEANDMULTIVARIATEANALYSESTHER
33、ESULTSAREROBUSTACROSSTHEDATASETANDSHOWCONCLUSIVELYTHATENVIRONMENTALMANAGEMENTDOESINDEEDPOSITIVELYAFFECTNANCIALPERFORMANCEINTHESERVICESECTORINTHISANALYSIS,WENOTONLYPROVIDEADDITIONALSUPPORTIVEEVIDENCETHATTHEIMPLEMENTATIONOFENVIRONMENTALMANAGEMENTPRACTICESISPOSITIVELYASSOCIATEDWITHIMPROVEDNANCIALPERFOR
34、MANCE,BUTWEALSOSHOWTHATTHISRELATIONSHIPHOLDSINTHESERVICEINDUSTRYASWELLITTHUSAPPEARSTHATINCONTRASTTOCONVENTIONALWISDOM,ALTHOUGHRMSINTHESERVICESECTORARENOTGENERALLYPERCEIVEDTOHAVEALARGEENVIRONMENTALFOOTPRINTCOMPAREDTOTHEIRMANUFACTURINGANDHEAVYINDUSTRYCOUNTERPARTS,THEYTOOFACEMEANINGFULOPPORTUNITIESFORE
35、NHANCINGCOMPETITIVEADVANTAGETHROUGHTHEPURSUITOFPROACTIVEENVIRONMENTALMANAGEMENTSTRATEGIESTHEEVIDENCESHOWNHERESUGGESTSTHATTHEIMPLEMENTATIONOFSUCHSTRATEGIESWILLINTURNLEADTOAPOSITIVEEFFECTONTHENANCIALBOTTOMLINEMOREOVER,BUILDINGONKINGANDLENOXS2001INSIGHTSFORTHEMANUFACTURINGSECTOR,OURRESULTSCLEARLYSHOWTH
36、AT,NOTONLYDOESITPAYFORSERVICESECTORRMSTOIMPLEMENTENVIRONMENTALMANAGEMENTPRACTICESANDHAVECLEANRUNNINGFACILITIES,BUTTHATITALSOPAYSTOHAVETHESEFACILITIESRUNNINGINCLEANERSERVICEINDUSTRIESONECLEARIMPLICATIONISTHATTHEREWILLLIKELYBEBESTINCLASSENVIRONMENTALPERFORMERSWHOCANBEIDENTIEDWITHINTHECLEANSERVICEINDUS
37、TRY,JUSTASTHEREAREBESTINCLASSPERFORMERSFORMANUFACTURINGANDHEAVYINDUSTRIESTHEOTHERIMPLICATIONISTHAT,SINCETHEIMPLEMENTATIONOFENVIRONMENTALMANAGEMENTPRACTICESLEADSTOBETTERNANCIALRESULTSINSOMESECTORSASCOMPAREDTOOTHERS,UNDERSTANDINGTHECHARACTERISTICSOFDIFFERENTSECTORSANDTHEIRENVIRONMENTALCONTEXTBECOMESCR
38、ITICALTHENDINGSFROMOURTESTSAREBOTHCONSISTENTANDSTATISTICALLYROBUSTASTHEYHOLDACROSSDISTINCTSERVICEORGANIZATIONGROUPSINBOTHUNIVARIATEONETOONECOMPARISONSANDINALARGERMULTIVARIATECONTEXT,CONTROLLINGFORINDUSTRYWIDEEFFECTSHOWEVER,WEEMPHASIZETHATFUTUREEMPIRICALRESEARCHUSINGADDITIONALMEASURESOFENVIRONMENTALM
39、ANAGEMENTPRACTICESANDNANCIALPERFORMANCEISWARRANTEDTOVALIDATETHEOBSERVATIONSCONTAINEDHERESUCHRESEARCHMIGHTEXPANDONTHESETOFENVIRONMENTALMANAGEMENTPRACTICESTOBECONSIDEREDINTHEANALYSISSOTHATITISMORESERVICESECTORORIENTEDMOREOVER,ASRESEARCHERS,WENEEDTOWORKTOBETTERUNDERSTANDWHICHENVIRONMENTALMANAGEMENTPRAC
40、TICESAREBESTSUITEDFORCERTAINSECTORS,ANDMUSTALSOACCOUNTFORTHECOMPLEXINTERACTIONSTHATMIGHTEXISTAMONGDIFFERENTTYPESOFENVIRONMENTALMANAGEMENTPRACTICESSUCHSYSTEMWIDEEFFECTSARESIMPLYNOTCAPTUREDBYTHELINEARENVIRONMENTALINDEXESUSEDINTHISANALYSISFINALLY,THEACCOUNTINGBASEDMEASUREOFNANCIALPERFORMANCEUSEDHERENPM
41、REECTSMOSTLYTHEINTERNALBENETS,THROUGHTHEDEVELOPMENTOFINTERNALCAPABILITIESANDORGANIZATIONALEFCIENCY,DERIVEDFROMTHEIMPLEMENTATIONOFENVIRONMENTALMANAGEMENTTHEEXTERNALEFFECTSOFENVIRONMENTALMANAGEMENTON,FOREXAMPLE,THEREPUTATIONOFTHERM,MAYBEMOREDIFCULTTOGRASPANDTHEREFOREMAYREQUIREADDITIONALMEASURESOFPERFO
42、RMANCENOTINCLUDEDINTHISANALYSISINSUMMARY,ASSERVICESECTORCOMPANIESWORLDWIDEFACEMORESTRINGENTENVIRONMENTALLAWSANDREGULATIONS,INCREASEDSOCIETALAWARENESSOFTHEECOLOGICALIMPACTSOFTHEIRBUSINESSACTIVITIES,ANDMOUNTINGPRESSURESFROMINVESTORSTORETHINKTHEIRSTANCETOWARDENVIRONMENTALISSUESLIKECLIMATECHANGE,THEDATA
43、PRESENTEDINTHISANALYSISSUGGESTTHATTHOSECOMPANIESWHOTAKEAPROACTIVESTANCEANDAVOIDENVIRONMENTALRISKWILLACTUALLYGAIN,NOTLOSE,NANCIALADVANTAGEOVERTHEIRCOMPETITORSINTHEMARKETPLACETHUS,ASCONSUMERPREFERENCESSHIFTTOWARDMOREENVIRONMENTALLYRESPONSIBLEPRODUCTSANDDEMANDGROWSFORCLEANERWAYSTOUSETHENATURALENVIRONME
44、NT,THEDATAREVIEWEDHEREPROVIDESERVICEINDUSTRYPROVIDERSWITHCLEARNANCIALINCENTIVESFORENVIRONMENTALMANAGEMENTINNOVATIONANDEXPLORINGNEWBUSINESSOPPORTUNITIESTHROUGHPRODUCTSERVICEDIFFERENTIATIONANDNICHEMARKETINGSOURCEMARILYNTLUCAS,MATTHEWAWILSON,2008“TRACKINGTHERELATIONSHIPBETWEENENVIRONMENTALMANAGEMENTAND
45、NANCIALPERFORMANCEINTHESERVICEINDUSTRY”SERVICEBUSINESS,VOL2,NO3,PP203218译文探索环境管理和财务绩效在服务行业的关系在学术理论和企业实践中，环境管理实践与财务业绩的关系已经受到了日益广泛的关注。严格的环境法规、增加的经营活动方面生态安全的社会意识以及从投资者那里形成的压力已经促使公司重新考虑他们针对自然环境所采取的措施并更好地理解环境管理在公司底线上的影响。直到最近的几年，积极主动地维护自然环境的投资已经被认为是一个企业利他主义的行为，所以在公司底线上看不到财务效益（克鲁克，2005）。事实上，许多评论家仍旧把环境管理看成仅
46、仅遵守环境法规（大多通过控制污染和“尾管”技术），因此，对财务业绩产生了负面影响（瓦莱和怀特海，1994）。在这个成本避免的文章中，成本的外部性空气、水和油污这些“可以避免或他人承担”的因素，以及挪用其他生产性投资资源，提高经营成本和损害盈利能力的行为，这些是由公司来支付的（华道克和格雷夫斯，1997）。但这样的环境管理的传统观点正在发生变化。对于越来越多的公司来说，现在进行的环境管理超越了“只遵守规定”，而被看待成公司作出的所有努力就是为了降低经营活动在自然环境上的负面影响的现象（克里斯曼，2000；克拉森和怀巴克，1999）。对一些人来说，它仍然是一个“道德的任务”，但是对其他人来说，这是
47、“一个必要的措施，以维持合法性和经营权”（哈特和米尔斯坦，2003）。有效的环境整合融入业务操作，必将能够“通过市场（收益）和成本这两条途径”来影响公司的财务业绩（克拉森和麦来夫林，1996）。在成本方面，公司在环境管理上的投资通过减少浪费和提高加工生产能力（哈特和阿胡加，1996），发掘过程改进机会（哈特，1995；罗苏和福茨，1997），降低守法成本，以及尽量避免未来的环境负债的风险（波特和范德林德，1995）这些措施来有效地减少未来的成本。总之，公司的发展超越现行规定是为了更好地满足未来更严格的环保标准。在市场方面，消费者的偏好正在转向对环境更负责任的产品和组织（桑杰，1995）。随着需
48、求的增长，环境整合业务操作以更有效的方式利用自然环境，向公司提供了创新的激励措施并通过产品及服务分化与利基营销产生了新的业务机会。最后，随着大众对环保问题的关注日益资本化，需要环保组织改进的想法不仅仅是更好地吸引员工，而且是引导加强重点客户和利益相关者的忠诚度。大多数关于环境管理和财务绩效之间关系的研究已经在制造行业中得到印证。根据萨尔茨曼（2000）的观点，我们目前有关环境管理的视野已经“被浓烟工业所蒙蔽。”我们可以很容易得出的一点就是如何创造实物消耗的稀缺资源，需要的生产流程，并产生受欢迎的再产品，对自然环境存在潜在的有害影响的活动是显而易见的。在另一方面，由一种更具有异质的经济活动的集合
49、组成的服务行业，包括运输及公用事业、批发和零售贸易、银行和金融服务、餐饮、娱乐和商业服务、医疗服务和政府服务等，由于这种多样性，更难以辨别影响环境管理实践底线的因素。与商品相比，服务的特色是诸如他们无形的自然属性以及与之同步的联产品和消费，使其难以让人捉摸的是掌握潜在的有害外部环境（凯斯尼斯和所特勒，2003）。但是，正如格罗夫等人所言，“当过程体现为服务性产品可能以无形的、易腐坏的以及发生时即被消费掉的形态出现，那么他们通常包含着大量的物理组件的支持和自然资源的依赖”。最典型的例子就是将旅客从一地转移运输到另一地或者从一个客户端到另一端进行咨询时的碳排放。因此，服务行业“在危害环境的一个来源和在降低环境影响的一个潜在手段上都是值得关注的”（赛尔斯曼，2000）。本研究之目的是为弥补有关文献的不足，并把注意力集中在环境管理和服务行业财务绩效之间的关系。从一些关于环境管理在制造业、化工行业和重工业方面的财务绩效影响的实证研究来看，先前的研究人员已经
