Coupled with the increasing concern toward sustainability and sustainable development issues, environmental innovation practices have been of burgeoning interest among both scholars and practitioners. Building on this, the main purpose of this study is to quantitatively aggregate the extant empirical research on eco‐innovation and firm performance and to assess the role of moderating factors in this theoretical relationship by pursuing a meta‐analytic approach. To serve this objective, 196 effects based upon 70 studies including more than 25,000 firms (N = 25,412) were meta‐analytically examined. Quantitative evidence drawn from the meta‐analysis indicates that organizational eco‐innovation exerts the strongest influence on firm performance. Moreover, the meta‐analytic findings suggest that significant variations in the correlation between eco‐innovation and firm performance exist across different performance types, and the magnitude of the eco‐innovation–firm performance association is stronger in developing compared with developed countries. This meta‐analytic review is expected to considerably contribute to the pertinent literature by means of improving the understanding of the relevance of eco‐innovation typology to firm performance.
Ownership Concentration, Managerial Ownership and Firm Performance: Evidence from TurkeyThis study examines the effects of ownership concentration and managerial ownership on the profitability and the value of non-financial firms listed on the Istanbul Stock Exchange (ISE) in the context of an emerging market. We measure the firm's performance by Return on Assets (ROA) and Tobin's Q ratios, where the former measures profitability and the latter the value of the firm. In addition, we give detailed information on the main characteristics of the ownership structures of the firms in our sample and find that ownership of Turkish firms is highly concentrated. In addition, the unlisted holding companies have the highest average percentage of shares, which supports the belief that individuals or families establish the holding companies in order to control their listed firms. After controlling for investment intensity, leverage, growth and size, we find that ownership concentration has a significantly positive effect on both firm value and profitability, while managerial ownership has a significantly negative effect on firm value.
The paper analyses determinants of stock market development in thirty advanced and emerging countries within the period between 1960 and pre-financial global meltdown (2007). Our explanatory variables are foreign direct investment (FDI), remittances and bank credits to private sector. The application of SUR estimation disclosed that all variables had significant positive effects on market development measured by market capitalization. The obtained results unfolded the necessity for the countries to develop policies and regulations on facilitating FDI, remittances and bank credits.
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