Keywords:Green research and development (R&D) Eco-innovation Resource-based view Natural resource-based view Carbon emissions Firm performance a b s t r a c t Over the past four decades, the results of the debates about the relationship between corporate environmental performance and corporate financial performance have remained inconclusive, due to the lack of theoretical underpinning and availability of data. This paper examines the impact of green research and development investment for eco-innovation on environmental and financial performance. The research is based on the resource-based view and the natural resource-based view, which explicitly recognize the importance of resources and capabilities. Using a sample of Japanese manufacturing firms during the period of 2001e2010, the study focuses on green research and development investment as a key proxy of eco-innovation and carbon emissions in environmental performance. Our results show the presence of a negative relationship between green research and development and carbon emissions, while green research and development is positively related to financial performance at the firm level. Our findings explicitly support that, in order for firms to adopt a proactive environmental strategy to manage their environmental and financial performance to the best advantage, they urgently need to organise unique resources and capabilities. The findings of this study provide valuable insights and basis of scientific debate on how firms to engage unique organizational resources and capabilities for superior corporate environmental and financial performance.
We examine the relationship between globalisation, corporate governance and firm productivity. The results, using longitudinal data from Korea, indicate that the positive effect of liberalising equity ownership on firms' total factor productivity (TFP) was reinforced by indirect managerial effects when a firm improved its corporate governance. Our findings also confirm that the interaction of the managerial effect with increased foreign equity ownership is more significant than interaction with exports, suggesting that liberalising foreign investment in the host market is more effective in capitalising on the potential benefits of corporate governance reform than increasing exports to overseas markets, reflected in learning by exporting.
We investigate whether the introduction of a mandated independent director system affected firm ownership structure in South Korea, where the governance system changed significantly after the 1997 financial crisis. Results indicate that foreign investors place considerable value on the appointment of independent directors. An increase in foreign ownership, associated with an improvement in the corporate governance system, occurred after controlling home bias and firm size. Further, the positive effect of an outside director system on foreign ownership was greater for independent firms than it was for conglomerates (chaebols) and their affiliates. The results are robust under a range of endogeneity tests.
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