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| 1 |
ID:
178838
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| Summary/Abstract |
This paper aims to provide new evidence on the relationship between green investment and firm performance through micro-level data. Data of energy listed firms in China from 2008 to 2017 are used here to explore this relationship. The research results show that green investment has a significant and positive correlation with financial performance, that is, increasing green investment helps improve financial performance. In the third year after investment in energy conservation and emission reduction, financial performance has been significantly improved. Additionally, environmental tax, government subsidies, and technological innovation have different positive moderating effects on green investment in promoting financial performance, and this result is more obvious in the long-term performance. Lastly, this paper finds that green investment helps reduce environmental violations and promote environmental performance, and environmental performance can strengthen the impact of green investment in improving the long-term performance of firms. This conclusion implies that firms should take environmental investment as its long-term strategy.
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| 2 |
ID:
183132
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| Summary/Abstract |
Exploring innovation efficiency (IE) and technology heterogeneity within the new energy vehicle (NEV) industry is significant for advising industrial growth and healthy development. This paper embeds a two-stage network slacks-based measure (NSBM) approach into a three-hierarchy meta-frontier framework to evaluate the value chain's IE and the technology heterogeneity under the industrial chain structure. The observations were as follows. The industrial IE was low, particularly in the product creation stage, and the downstream IE ranked at the top, followed by the midstream and upstream. Furthermore, technological heterogeneities existed within the industry; the upstream technology level aligned with that of the industry, whereas the gaps between midstream, downstream, and industry were significant. Analogously, the battery enterprises' gap was minor upstream; nevertheless, the gaps between electric engine, electric control enterprises, and upstream were more pronounced. Additionally, management inefficiency contributed more to the industrial innovation inefficiency than the technology gaps inefficiency. Finally, industrial productivity declined sharply due to the technology gaps' change, except in battery enterprises. Our work will provide valuable insights for industrial policies' evaluation and improvement.
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