Advanced search
Publication Cover
Cogent Business & Management Volume 10, 2023 - Issue 1
Submit an article Journal homepage
2,306
Views
2
CrossRef citations to date
0
Altmetric
ACCOUNTING, CORPORATE GOVERNANCE & BUSINESS ETHICS

Environmental regulation and corporate performance: The effects of green financial management and top management’s environmental awareness

Suijun Chen1 College of Graduate Studies, Walailak University, Nakhon Si Thammarat80160, Thailand
,
Pankaewta Lakkanawanit2 Logistics and Business Analytics Center of Excellence (LOGBIZ), Walailak University, Nakhon Si Thammarat80160, ThailandCorrespondence[email protected]
ORCID Iconhttps://orcid.org/0000-0002-8609-6132
ORCID Icon,
Muttanachai Suttipun3 Faculty of Management Sciences, Prince of Songkla University, Songkhla90112, Thailand
&
He Xue4 College of Management, Wuzhou University, Guangxi543002, China
Article: 2209973 | Received 12 Mar 2023, Accepted 24 Apr 2023, Published online: 08 May 2023

References

  • aBenevene, I., & Buonomo, I. (2020). Green human resource management: An evidence- based systematic literature review. Sustainability, 12(15), 5974.
  • Anderson, J. C., & Gerbing, D. W. (1988a). Structural Equation Modeling in Practice: A Review and Preferences. The Journal of Consumer Research, 27(2), 233–17.
  • Anderson, J. C., & Gerbing, D. W. (1988b). Structural Equation Modeling in Practice: A Review and Recommended Two-step Approach. Psychological Bulletin, 103(3), 411–423. https://doi.org/10.1037/0033-2909.103.3.411
  • Auer, B. R. (2016). Do socially responsible investment policies add or destroy European stock portfolio value ? Journal of Business Ethics, 135(2), 381–397. https://doi.org/10.1007/s10551-014-2454-7
  • Bi, Q., & Yu, L. (2016). Research on the Green Investment Effect of Environmental Taxes: An Empirical Study Based on Panel Quantile Regression. China Population? Resources and Environment, 03, 76–82. CNKI:SUN:ZGRZ.0.2016-03-010
  • Chawla, V. K., Chhabra, D., Gupta, P., & Shrikant Karande, V. (2020).Evaluation of green operations management by fuzzy analytical hierarchy process. Materials Today: Proceedings (4), https://doi.org/10.1016/j.matpr.2020.07.200.
  • Chen, P., Ding, Z., & Wang, J. (2022). The role of green finance in promoting the high-quality development of Zhejiang’s real economy——An analysis of the mediation effect based on the Bootstrap method. Business Economics, 12, 164–168+196. https://doi.org/10.19905/j.cnki.syjj1982.2022.12.059
  • Chen, X., Huang, B., & Lin, C. T. (2019). Environmental awareness and environmental Kuznets curve. Economic Modelling, 77, 2–11. https://doi.org/10.1016/j.econmod.2019.02.003
  • Costa, J. Carrots or Sticks: Which Policies Matter the Most in Sustainable Resource Management?. (2021). Resources, 10(2), 12. MDPI AG Retrieved from. https://doi.org/10.3390/resources10020012
  • Du, L., & Zheng, L. (2020). Research on the Quality Evaluation of China’s Green Finance Policy. Journal of Wuhan University (Philosophy and Social Sciences Edition), 03, 115–129. https://doi.org/10.14086/j.cnki.wujss.2020.03.012
  • Edwards, J. R., & Lambert, L. S. L. (2007). Methods for Integrating Moderation and Mediation: A General Analytical Framework using Moderated Path Analysis. Psychological Methods, 12(1), 1–22. https://doi.org/10.1037/1082-989X.12.1.1
  • Elmagrhi, Elmagrhi, M. H., Ntim, C. G., Elamer, A. A., & Zhang, Q. (2019). A study of environmental policies and regulations, governance structures and environmental performance: The role of female directors. Business Strategy and the Environment, 28(1), 206–220. https://doi.org/10.1002/bse.2250)
  • Fornell, C., & Larcker, D. F. (1981). Evaluating structural equation models with unobservable variables and measurement error. Journal of Marketing Research, 24(2), 337–346. https://doi.org/10.1177/002224378702400401
  • Fowowe, B. (2017). Access to finance and firm performance: Evidence from African countries. Review of Development Finance, 1(1), 6–17. https://doi.org/10.1016/j.rdf.2017.01.006
  • Fu, J. (2006). The impact of environmental regulation on trade patterns and its policy coordination (PhD dissertation, Jinan University). https://kns.cnki.net/KCMS/detail/detail.aspx?dbname=CDFD9908&filename=2007045601.nh
  • Geng, Y., & Doberstein, B. (2008). Developing the circular economy in China: Challenges and opportunities for achieving leapfrog development. International Journal of Sustainable Development & World Ecology, 15(3), 231–239. https://doi.org/10.3843/SusDev.15.3:6
  • Gholami, R., Sulaiman, A. B., Ramayah, T., & Molla, A. (2013). Senior managers’ perception on green information systems (is) adoption and environmental performance: Results from a field survey. Information & Management, 50(7), 431–438. https://doi.org/10.1016/j.im.2013.01.004
  • Hayes, A. F. (2013). Introduction to Mediation, Moderation, and Conditional Process Analysis: A Regression-Based Approach. The Guilford Press.
  • Huang, S. Z., Lu, J. Y., Chau, K. Y., & Zeng, H. L. (2020). Influence of ambidextrous learning on eco-innovation performance of startups: Moderating effect of top management’s environmental awareness. Frontiers in Psychology, 11.
  • Hu, L., & Bentler, P. M. (1999). Cutoff Criteria for Fit Indexes in Covariance Structure Analysis: Conventional Criteria versus New Alternatives. Structural Equation Modeling, 6(1), 1–55. https://doi.org/10.1080/10705519909540118
  • Hu, X., Li, R. Y. M., Kumari, K., Ben Belgacem, S., Fu, Q., Khan, M. A., & Alkhuraydili, A. A. (2023). Relationship between Green Leaders’ Emotional Intelligence and Employees’ Green Behavior: A PLS-SEM Approach. Behavioral Sciences, 13(1), 25. https://doi.org/10.3390/bs13010025
  • Hunt, R. G., Franklin, W. E., & Hunt, R. G. (1996). LCA— How it came about. The International Journal of Life Cycle Assessment, 1(1), 4–7. https://doi.org/10.1007/BF02978624
  • Indriastuti, M., Chariri, A., & McMillan, D. (2021). The role of green investment and corporate social responsibility investment on sustainable performance. Cogent Business & Management, 8(1). https://doi.org/10.1080/23311975.2021.1960120
  • Jin, X., & Shen, Z. (2010). The “quota-trading” model of newly added construction land management—a comparative study with the emission trading system. China Population. Resources and Environment, 07, 86–91.
  • Li, Y. (2013). Green financial management in enterprises. Modernization of Shopping Malls, 24, 176. CNKI:SUN:SCXH.https://doi.org/10.2013/24/108
  • Liao, Y., An, G., Shang, J., & Masai. (2021). Report on the Operation of China’s “Substantially Green” Bond Market in 2020. Bonds, 02, 49–55. https://CNKI:SUN:ZHQU.0.2021-02-014
  • Li, W., Li, Y., & Lu, M. (2018). The Impact of Environmental Regulation on Financing Efficiency: Based on the Comparison of Heavy Polluting and Non-heavy Polluting Industries. Journal of Hubei University of Technology, 03, 9–14. CNKI:SUN:HBGX.0.2018-03-003
  • Liu, Y., & He, J. (2020). Environmental Regulation, Financing Efficiency and R&D Investment. Accounting Communications, 10, 49–52. https://doi.org/10.16144/j.cnki.issn1002-8072.2020.10.009
  • Luo, J. (2019). Application of Balanced Scorecard in Performance Management of Small and Medium-sized Enterprises. Hunan Social Sciences, 01, 120–125. CNKI:SUN:FLSH.https://doi.org/10.2019/01/017
  • Lv, M., & Xu, G. (2020). Equity Refinancing, Environmental Regulation and Corporate Environmental Protection Investment. Business Accounting, 19, 12–15. https://CNKI:SUN:SYKI.0.2020-19-005
  • Ma, Y. (2021). Research on the driving factors of corporate green investment behavior. Environmental Economic Research, 02, 57–79. https://doi.org/10.19511/j.cnki.jee.2021.02.005
  • Markowitz, E. M., Goldberg, L. R., Ashton, M. C., & Lee, K. (2012). Profiling the pro-environmental individual: A personality perspective. Journal of Personality, 80(1), 81–111. https://doi.org/10.1111/j.1467-6494.2011.00721.x
  • Marsh, H. W., & Hocevar, D. (1985). Application of Confirmatory Factor Analysis to the Study of Self Concept: First and Higher-Order Factor Models and Their Invariance Across Groups. Psychological Bulletin, 97(3), 562–582. https://doi.org/10.1037/0033-2909.97.3.562
  • Nagarjuna, L. (2015). Green Financial Management Practices in the Public and Private sector Banks - a Case study of SBI & ICICI. International Multidisciplinary E-Journal, 295–306.
  • National Development and Reform Commission’s Economic System and Management Research Institute “my country’s Circular Economy Development Strategy Research” research group. (2005). The development of circular economy is an important way to implement the scientific concept of development. Macroeconomic Research (04), 3–8. https://doi.org/10.16304/j.cnki.11-3952/f.2005.04.001
  • NDRC of China. (2019, march 8).The Development and Reform Commission answers questions about the “Green Industry Guidance Catalogue”. Website of the Central People’s Government of the People’s Republic of China. Retrieved from http://www.gov.cn/fuwu/2019-03/08/content_5371892.htm
  • Ngniatedema, T., Li, S., Li, S., & Illia, A. (2014). Understanding the Impact of Green Operations on Organizational Financial Performance: An Industry Perspective. Environmental Quality Management, 1(1), 45–59. https://doi.org/10.1002/tqem.21379
  • Nunnally, J. C., & Bernstein, I. H. (1994). Psychometric Theory (3rd ed.). McGraw-Hill.
  • Panova, S., Shaydurova, A., Fedosova, R., & Zlotnikova, G. (2018). Investment attractiveness of “green” financial instruments. Journal of Reviews on Global Economics, 7, 711.
  • Pei, Q. (2020). The Influence of Environmental Regulation on Enterprises’ Willingness to Adopt Green Technology (Master’s Thesis, Wuhan University of Technology). https://kns.cnki.net/KCMS/detail/detail.aspx?dbname=CMFD202102&filename=1021652843. nh.
  • Peng, X., & Wei, J. (2015). Stakeholders’ environmental protection orientation and corporate ecological innovation - the moderating role of executives’ environmental protection awareness. Scientific Research, 07, 1109–1120. https://doi.org/10.16192/j.cnki.1003-2053.2015.07.018
  • Podsakoff, P. M., MacKenzie, S. B., Lee, J. Y., & Podsakoff, N. P. (2003). Common Method Biases in Behavioral Research: A Critical Review of the Literature and Recommended Remedies. The Journal of Applied Psychology, 88(5), 879–903. https://doi.org/10.1037/0021-9010.88.5.879
  • Qian, D. (2021). On the origin of green financial management. Accountants, 02, 5–6. https://CNKI:SUN:KJSZ.0.2021-02-003
  • Qiu, Y., Zhang, M., Zhu, L., & Peng, G. (2020). Research on the Impact of Green Finance Development on Innovation Performance——Based on the Perspective of Invested Subjects. Northern Finance, 06, 9–16. https://doi.org/10.1645/9j
  • Schindehutte, M., Morris, M. H., & Kuratko, D. F. (2000). Triggering events, corporate entrepreneurship and the marketing function. Journal of Marketing Theory and Practice, 8(2), 18–30.
  • Shang, J. (2020). 2019 China Green Bond Operation Report. Bond, 01, 37–41. https://CNKI:SUN:ZHQU.0.2020-01-012
  • Song, W., & Yu, H. (2018). Green innovation strategy and green innovation: The roles of green creativity and green organizational identity. Corporate Social Responsibility and Environmental Management, 25(2), 135–150. https://doi.org/10.1002/csr.1445
  • Song, X., Zhou, Y., & Jia, W. (2019). How do economic openness and R&D investment affect green economic growth? - evidence from China. Resources Conservation and Recycling, 146, 405–415. https://doi.org/10.1016/j.resconrec.2019.03.050
  • Sumayya, R. I., Amna S, C., & Shoaib, A. (2022). Does green finance matter for environmental safety? empirical evidence from the atomic power states. Cogent Business & Management. https://doi.org/10.1080/23311975.2022.2098638
  • Tang, G., Li, L., & Wu, D. (2013). Environmental regulation, industry attributes and corporate environmental protection investment. Accounting Research, 06, 83–89+96. https://CNKI:SUN:KJYJ.0.2013-06-014
  • Teng, M., & He, X. (2019). Air quality levels, environmental awareness and investor trading behavior: Evidence from stock market in China. Journal of Cleaner Production, 244, 118663. https://doi.org/10.1016/j.jclepro.2019.118663
  • Wang, L. (2021). Research on the Impact of Environmental Regulation on Enterprises’ Strategic Green Innovation (Master’s Thesis, Shandong University of Finance and Economics). https://kns.cnki.net/KCMS/detail/detail.aspx?dbname=CMFD202102&filename=1021585587.nh
  • Wang, Z. (2022). Research on Enterprise Financial Management under Environmental Protection. Environmental Engineering, 01, 293. CNKI:SUN:HJGC.https://doi.org/10.2022/01/079
  • Wang, M., & Li, Y. (2020). Government Market Regulation Drives Enterprise Green Technology Innovation Mechanism. China Science and Technology Forum, 06, 85–93. https://doi.org/10.13580/j.cnki.fstc.2020.06.016
  • Wang, B., & Sh, Q. (2016). The technological innovation effect of market-based and command-based policy tools on energy conservation and emission reduction—Empirical evidence based on Chinese industrial patent data. China Industrial Economy, 06, 91–108. https://doi.org/10.19581/j.cnki.ciejournal.2016.06.008
  • Wen, S., Xue, B., & Shi, L. (2017). Project investment decision-making method and application based on circular economy. Friends of Accounting, 16, 132–136. CNKI:SUN:KJZY.https://doi.org/10.2017/16/026
  • Williams, J., & MacKinnon, D. P. (2008). Resampling and distribution of the product methods for testing indirect effects in complex models. Structural Equation Modeling, 15(1), 23–51. https://doi.org/10.1080/10705510701758166
  • Xia, J. (2012). Research on the application of circular economy in financial management. The China Business Review, 35, 82–83. CNKI:SUN:ZGSM.https://doi.org/10.2012/35/042
  • Xiao, L., & Li, X. (2020). The impact of green securities on corporate green investment efficiency: Based on the test of listed companies in six high-energy-consuming industries. Financial Supervision Research, 12, 78–97. https://doi.org/10.13490/j.cnki.frr.2020.12.006
  • Yam, C. M., Guan, J. C., Pun, K. F., & Tang, P. Y. (2004). An Audit of Technological Innovation Capabilities in Chinese firms: Some Empirical findings in Beijing, China. Research Policy, 33(8), 1123–1250. https://doi.org/10.1016/j.respol.2004.05.004
  • Yang, L. (2017). Construction of Green Financial Management Mechanism of Listed Companies. Enterprise Reform and Management, 02, 122–123. https://doi.org/10.13768/j.cnki.cn11-3793/f.2017.0691
  • Yang, Y., Chen, Y., Zheng, X., Zhang, Y., & Hou, T. (2020). Research on the Classification of China’s Economic Development Status. Cooperative Economy and Technology, 632(09), 6–8.
  • Yuan, Z., Bi, J., & Moriguichi, Y. (2006). The circular economy: A new development strategy in China. Journal of Industrial Ecology, 10(1‐2), 4–8. https://doi.org/10.1162/108819806775545321
  • Yu, X., & Gu, S. (2015). Research on the technical and economic paths of emission reduction in different types of regions. Science and Technology Management Research, 35(16), 5.
  • Yu, H., & Li, Y. (2021). The Impact of Environmental Protection Investment on Corporate Performance under Financing Constraints——Based on Empirical Data of Listed Companies with Heavy Pollution. Business Accounting, 02, 70–75. https://CNKI:SUN:SYKI.0.2021-
  • Zhang, D. (2017). Environmental Regulation, Industry Characteristics and Corporate Financing Efficiency (Master’s Thesis, Hubei University of Technology). https://kns.cnki.net/KCMS/detail/detail.aspx?dbname=CMFD201702&filename=1017815604.nh
  • Zhang, M. (2020). Research on the Spatial Effect of Green Investment on High-quality Economic Development in the Process of Marketization——Empirical Analysis Based on Spatial Durbin Model. Journal of Guizhou University of Finance and Economics, 04, 89–100. CNKI:SUN:GZCB.0.2020-04-011
  • Zhang, Y. (2016). Research on Green Financing in Environmental Protection Industry (Master’s Thesis, Shaanxi Normal University) https://kns.cnki.net/KCMS/detail/detail.aspx?dbname=CMFD201701&filename=1017040729.nh
  • Zhang, Y., & Wan, X. (2020). Research on the Design of Green Financial Management System of Chinese Enterprises. Chinese Collective Economy, 650(30), 132–133.
  • Zhang, B., Wang, Z. H., & Lai, K. H. (2015). Mediating effect of managers’ environmental concern: Bridge between external pressures and firms’ practices of energy conservation in China. Journal of Environmental Psychology, 43(01), 203–215. https://doi.org/10.1016/j.jenvp.2015.07.002
  • Zhang, L., & Yi, Y. (2021). Development Status and Countermeasures of Enterprise Green Accounting. Brand Research, 000(010), 129–133,136.
  • Zhong, L., & Zheng, J. (2014). Green management driving force model and innovation path research under institutional isomorphism. Science and Technology Progress and Countermeasures, 12, 12–17.
  • Zhou, G., Sun, Y., Luo, S., & Liao, J. (2021). Corporate social responsibility and bank financial performance in China: The moderating role of green credit. Energy Economics, 97(4), 105+190.’. https://doi.org/10.1016/j.eneco.2021.105190
  • Zhu, Q., Sarkis, J., & Lai, K. H. (2017). Institutional-based antecedents and performance outcomes of internal and external green supply chain management practices. Journal of Purchasing & Supply Management, 19(2), 106–117. https://doi.org/10.1016/j.pursup.2012.12.001
  • Zuo, L. (2016). Problems and Countermeasures of Enterprises Implementing Green Financial Management Model. Chinese Market, 50, 155+170. https://doi.org/10.13939/j.cnki.zgsc.2016.50.155

Related research

People also read lists articles that other readers of this article have read.

Recommended articles lists articles that we recommend and is powered by our AI driven recommendation engine.

Cited by lists all citing articles based on Crossref citations.
Articles with the Crossref icon will open in a new tab.