Improving the green technology innovation capability of enterprises is an important way for industrial enterprises to improve product quality and production efficiency and reduce industrial pollution and energy consumption. Based on the Porter hypothesis, this paper took the data of listed companies of the heavy polluting industry in Chinese A-shares from 2011–2018 as a study sample, and a difference-in-differences (DID) model was constructed to explore the impact of environmental management system certification (EMSC) on enterprises’ green innovation. This paper also studied the differential impact between the EMSC and enterprises’ green innovation from the perspective of enterprise heterogeneity. It was found that the EMSC has a significant promotion effect on the enterprises’ green innovation; this promotion changes with the size and ownership of the enterprise and the lifecycle of the enterprise. Meanwhile, customer, shareholder, and creditor satisfaction all play a positive moderating role in the process of EMSC affecting green innovation, while the moderating role of supplier satisfaction is not significant. The findings of this paper have important implications for the understanding of the role of EMSC in promoting green innovation in enterprises.
Against the background of sustainable development, landfill covers can consist of a range of materials, from clay to geocomposite and polymer composites. Given engineering and environmental requirements, we analyzed the performance and sustainability of four sanitary landfill cover materials, namely clay, HDPE, PVC, and GCL. Within the principles of environmentally sustainable design, we constructed a material selection index based on the performance as well as the economic and environmental impacts of the materials. In addition, using a data envelopment analysis (DEA) model with an analytic hierarchical process (AHP) preference cone, we developed a C2WH model to evaluate the performance of the selected materials. Through the calculation, we found that the comprehensive indexes of the four covering materials were E1 = 0.2600, E2 = 0.5757, E3 = 0.7815, and E4 = 1.0000, respectively. Our results indicated that the investigated materials could be ranked according to performance as follows: GCL > PVC > HDPE > clay. Thus, our results showed that GCL, with the highest efficiency value, was the optimal cover of the investigated materials. The multiobjective decision model developed in our study can be used as a technical reference and offers support for the selection of eco-friendly landfill cover materials.
Environmental information disclosure has become a widely-used tool to encourage the participation of multiple market players in environmental governance. However, it remains unclear whether it can promote the efficiency of capital allocation in enterprises. This study uses econometric modeling and data from heavily polluting enterprises in Chinese A-shares between 2013 and 2020 to explore the impact of environmental information disclosure on capital allocation efficiency, as well as its mechanisms. It is found that environmental information disclosure significantly and robustly enhances the efficiency of capital allocation, and the effect varies by firm’s size, ownership, life cycle, and region. Nevertheless, employees and creditors are found to have a negative moderating role in this effect. These findings have important implications for the simultaneous improvement of environmental performance and capital allocation efficiency in the context of China’s ecological civilization system and high-quality economic development and for promoting a “win-win” situation for environmental protection and economic growth.
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