Аннотация
Введение. Вопрос о том, как компании могут улучшить свои финансовые показатели, одновременно выполняя экологические обязательства и добиваясь долгосрочного стабильного развития, переместился в центр внимания актуальных исследований в сфере устойчивого развития. Цель: на примере китайских компаний выявить взаимосвязь между корпоративной экологической ответственностью и финансовыми показателями, а также обосновать роль корпоративной экологической стратегии как модератора анализируемых взаимосвязей.
Материалы и методы. Кабинетное исследование актуальных публикаций по теме работы, эмпирический анализ данных из баз Wind и CSMAR, анализ ежегодных отчетов китайских листинговых компаний, изучение их отчетов по ESG и корпоративной социальной ответственности. Суть исследовательского подхода заключается в проведении эмпирического анализа данных китайских компаний, котирующихся на бирже, за период с 2013 по 2022 год (5529 наблюдений) с использованием регрессионной модели.
Результаты. Анализ показал, что корпоративная экологическая ответственность оказывает положительное влияние на финансовые показатели компаний. Эффект при этом проявляется с заметной временной задержкой. Кроме того, улучшение финансовых показателей от выполнения экологических обязательств на государственных предприятиях КНР происходит быстрее, чем на частных. По сравнению с центральным и западным регионами Китая, стимулирующее влияние выполнения экологических обязательств на финансовые показатели листинговых компаний в восточном регионе является наиболее значительным. Исследование продемонстрировало, что проактивная экологическая стратегия выступает в роли модератора между рассматриваемыми факторами.
Обсуждение. В исследовании впервые вводится фактор-модератор «корпоративная экологическая стратегия», который расширяет традиционную теоретическую модель взаимосвязей между корпоративной экологической ответственностью и финансовыми показателями и позволяет подойти к ее исследованию более глубоко и в обновлённом ракурсе. Данное исследование имеет важное теоретическое и практическое значение для глубокого понимания взаимосвязи между корпоративной экологической ответственностью и финансовыми показателями. Предполагается, что полученные результаты и выводы будут интересны не только китайским компаниям и правительству – непосредственным объектам исследования, но и российской аудитории журнала, заинтересованной в изучении зарубежного опыта и перспектив его применения в российской экономике.
Библиографические ссылки
Арай Ю. Н., Богатырева К. А., Верховская О. Р. Ориентация предпринимателей на устойчивое развитие: от намерений к действиям // Российский журнал менеджмента. 2023. № 21(2). С. 143-163. DOI 10.21638/spbu18.2023.201. EDN YKIRPM.
Williamson, D., Lynch-Wood, G., Ramsay, J. (2006) Drivers of environmental behavior in manufacturing SMEs and the implications for CSR. Journal of Business Ethics, 67(3), 317-330. DOI 10.1007/s10551-006-9187-1. EDN DVAGCK.
Henriques, I., Sadoraky P. (1999) The relationship between environment commitment and Managerial perceptions of stakeholder importance. Academy of Management Journal, 42(1), 87-99. DOI 10.2307/256876. EDN CYMVUF.
Чжан Ц., Недоспасова О. П. Корпоративная экологическая ответственность: эволюция и тенденции развития // Вестник Томского государственного университета. Экономика. 2023. № 64. С. 134-150. DOI 10.17223/19988648/64/10. EDN WWIQFV.
Zhang, Y., Liu, S., Zeng, Y., Li, B. (2019) Smog pollution, business performance and corporate environmental social responsibility. Chinese Journal of Environmental Management, 11 (4), 39-45. DOI 10.16868/j.cnki.1674-6252.2019.04.039.
Zhang, W., Zhu, B., Li, Y., Yan, D. (2024) Revisiting the Porter hypothesis: a multi-country meta-analysis of the relationship between environmental regulation and green innovation. Humanit Soc Sci Commun, 11, 232. DOI 10.1057/s41599-024-02671-9. EDN FYKVCF.
Zhou, H. (2020) Forward-looking environmental protection, technological innovation and enterprise performance. Contemporary Economic Management, 42(4), 12-18. DOI 10.13253/j.cnki.ddjjgl.2020.04.003.
Zhang, X., Qin, D. (2024) Testing the synergy between ESG performance and financial performance. Finance and Accounting Monthly, 45(12), 43-49. DOI 10.19641/j.cnki.42-1290/f.2024.12.007.
Gjergji, R., Vena, L., Sciascia, S., Cortesi, A. (2021) The effects of environmental, social and governance disclosure on the cost of capital in small and medium enterprises: The role of family business status. Business Strategy and the Environment, 30(1), 683-693. DOI 10.1002/bse.2647. EDN OFMTZG.
1Raimo, N, Rella, A, Vitolla, F, Sánchez-Vicente, M-I, García-Sánchez, I-M. (2021) Corporate social responsibility in the COVID-19 pandemic period: A traditional way to address new social issues. Sustainability, 13(12), 6561. DOI 10.3390/su13126561 EDN RVJMSW.
Gatimbu, K. K., Ogada, M. J., Budambula, N., Kariuki, S. (2018) Environmental sustainability and financial performance of the small-scale tea processors in Kenya. Business Strategy and the Environment, 27(8), 1765-1771. DOI 10.1002/bse.2243.
Zou, S., Zhang, C. (2018) Research on the interrelationship among environmental information disclosure, media coverage and financial performance of listed coal company. China Coal, 44(1), 23-28. DOI 10.19880/j.cnki.ccm.2018.01.004.
Guo, L., Shi, W. (2022) Research on the relationship between environmental cost and firm performance: Evidence from listed companies in heavily polluting industries. Journal of Management, 35(2), 87-102. DOI 10.19808/j.cnki.41-1408/F.2022.0017.
Teng, X., Liu, M., Jiang, Q. (2022) Research on the motivation and performance of environmental protection investment in coal enterprises: Taking China Shenhua as an example. Green Finance and Accounting, (9), 25-29. DOI 10.14153/j.cnki.lsck.2022.09.014.
Gai, T. (2019) Analysis on the relationship between environmental protection investment and financial performance of enterprises: Take the coal industry as an example. Journal of Liaoning Technical University (Social Science Edition), 21(2), 106-112. DOI 10.11955/j.issn.1008-391x.20190204.
Sheng, Y., Liu, Y., Xiao, Y. (2019) An empirical test of the interactive relationship between environmental responsibility and financial performance of listed companies. Statistics & Decision, 35(19), 172-176. DOI 10.13546/j.cnki.tjyjc.2019.19.039.
Zhang, C., Zhang, Z., Bao, L. (2020) A study on the interactive and intertemporal influence and mechanism of corporate environmental responsibility and financial performance. Management Review, 32(2), 76-89. DOI 10.14120/j.cnki.cn11-5057/f.2020.02.007.
Jo, H., Kim, H., Park, K. (2015) Corporate environmental responsibility and firm performance in the financial services sector. Journal of Business Ethics, 131(2), 257-284. DOI 10.1007/s10551-014-2276-7. EDN GDJMJH.
Wang, H., Wei, W. (2020) Coordinating technological progress and environmental regulation in CO2 mitigation: The optimal levels for OECD countries & emerging economies. Energy Economics, 87, 104510. DOI 10.1016/j.eneco.2019.104510. EDN EUZRQW.
Song, W., Han, X., Liu, Q. (2024) Patterns of environmental regulation and green innovation in China. Structural Change and Economic Dynamics, 71, 176-192. DOI 10.1016/j.strueco.2024.07.006. EDN IYQUCW.
Liu, G., Zhang, L., Xie, Z. (2022) Environmental taxes and corporate cash holdings: Evidence from China. Pacific-Basin Finance Journal, 76, 101888. DOI 10.1016/j.pacfin.2022.101888. EDN RJDECW.
Qin, Y., Li, S. (2024) Research on the relationship among inclusive green development, environmental protection and financial performance - Empirical analyses based on the three elements of ESG. Price: Theory & Practice, (2), 164-168. DOI 10.19851/j.cnki.CN11-1010/F.2024.02.048.
Teng, M. J., Wu, S. Y., Chou, S. J. H. (2014) Environmental commitment and economic performance: Short-term pain for long-term gain. Environmental Policy and Governance, 24 (1), 16-27. DOI 10.1002/eet.1634.
He, L., Zhu, F., Chen, Z. (2014) Defining and evaluating corporate environmental responsibility: From the perspective of environmental resource allocation. Journal of Management World, (3), 180-181. DOI 10.19744/j.cnki.11-1235/f.2014.03.021.
Zhang, Q., Yu, Z., Kong, D. (2019) The real effect of legal institutions: Environmental courts and firm environmental protection expenditure. Journal of Environmental Economics and Management, 98, 102254. DOI 10.1016/j.jeem.2019.102254.
Su, F., Liang, X., Chen, S., Sun, Y. (2022) How institutional pressure affects corporate environmental responsibility: Evidence from Chinese listed companies. Chinese Journal of Environmental Management, 14(4), 91-101. DOI 10.16868/j.cnki.1674-6252.2022.04.091.
Song, Q., Lu, T., Zheng, L. (2024) Voluntary environmental regulation and high quality development of enterprises. Economic Review, (4), 38-52. DOI 10.19361/j.er.2024.04.03.
Yu, X., Li, Q., Zhang, L. (2024) Major government customer and corporate environmental responsibility: Evidence from China. Journal of Business Research, 183, 1-18. DOI 10.1016/j.jbusres.2024.114853. EDN ESJUDU.
Zhao, J., Zhang, C., Wu, Y., Zhu, J., Ji, Y., Sun, J. (2024) The influence mechanism of multi-government environmental regulation synergy on corporate environmental responsibility. Economic Analysis and Policy, 82, 1296-1319. DOI 10.1016/j.eap.2024.05.010. EDN GYYUXU.
Zhou, H., Deng, S. (2017) Executive compensation and environmental performance: From a perspective of the external governance environment of listed companies. Journal of Shanghai University of Finance and Economics, 19(5), 27-39. DOI 10.16538/j.cnki.jsufe.2017.05.003.
Qian, X., Xu, C. (2022) Research on the dynamic influence of corporate environmental strategy on competitive advantages. Contemporary Finance & Economics, (12), 89-98. DOI 10.13676/j.cnki.cn36-1030/f.2022.12.007.
Si, L., Cao, H. (2022) Does green credit policies improve corporate environmental social responsibility - The perspective of external constraints and internal concerns. China Industrial Economics, (4), 137-155. DOI 10.19581/j.cnki.ciejournal.2022.04.009.
Wen, S., Zhou, L. (2017) The influencing mechanism of carbon disclosure on financial performance: "Inverted U-shaped" moderating role of media governance. Management Review, 29(11), 183-195. DOI 10.14120/j.cnki.cn11-5057/f.2017.11.016.
Hou, D. (2020) The impact of social responsibility fulfillment and media supervision on financial performance - A study based on coal enterprise data. Journal of Tongling Vocational & Technical College, 19(4), 27-38. DOI 10.16789/j.cnki.1671-752x.2020.04.007.
Blundell, R., Bond, S. (1998) Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics, 87(1), 115-143. DOI 10.1016/S0304-4076(98)00009-8. EDN GXGQFN.
Tian, H., Wang, Y. (2019) The impact of corporate environmental strategy on corporate triple performance. Journal of Xi'an Jiaotong University (Social Sciences), 39(4), 19-26. DOI 10.15896/j.xjtuskxb.201904003.
3Liu, Y., Xi, B., Wang, G. (2021) The impact of corporate environmental responsibility on financial performance - based on Chinese listed companies. Environ Sci Pollut Res, 28, 7840-7853. DOI 10.1007/s11356-020-11069-4. EDN MKEZEY.
Aray, Yu. N., Bogatyreva, K. A., Verkhovskaya, O. R. (2023) Sustainability orientation of entrepreneurs: from intentions to actions. Russian Management Journal, 21(2), pp. 143-163. https://doi.org/10.21638/spbu18.2023.201. https://elibrary.ru/ykirpm.
Williamson, D., Lynch-Wood, G., Ramsay, J. (2006) Drivers of environmental behavior in manufacturing SMEs and the implications for CSR. Journal of Business Ethics, 67(3), pp. 317-330. https://doi.org/10.1007/s10551-006-9187-1. https://elibrary.ru/dvagck.
Henriques, I., Sadoraky, P. (1999) The relationship between environment commitment and Managerial perceptions of stakeholder importance. Academy of Management Journal, 42(1), pp. 87-99. https://doi.org/10.2307/256876. https://elibrary.ru/cymvuf.
Zhang, J., Nedospasova, O. P. (2023) Corporate environmental responsibility: Historical evolution, current status, and development trends. Tomsk State University Journal of Economics, (64), pp. 134-150. https://doi.org/10.17223/19988648/64/10. https://elibrary.ru/wwiqfv.
Zhang, Y., Liu, S., Zeng, Y., Li, B. (2019) Smog pollution, business performance and corporate environmental social responsibility. Chinese Journal of Environmental Management, 11 (4), pp. 39-45. https://doi.org/10.16868/j.cnki.1674-6252.2019.04.039.
Zhang, W., Zhu, B., Li, Y., Yan, D. (2024) Revisiting the Porter hypothesis: a multi-country meta-analysis of the relationship between environmental regulation and green innovation. Humanities and Social Sciences Communications, 11, 232. https://doi.org/10.1057/s41599-024-02671-9. https://elibrary.ru/fykvcf.
Zhou, H. (2020) Forward-looking environmental protection, technological innovation and enterprise performance. Contemporary Economic Management, 42(4), pp. 12-18. https://doi.org/10.13253/j.cnki.ddjjgl.2020.04.003.
Zhang, X., Qin, D. (2024) Testing the synergy between ESG performance and financial performance. Finance and Accounting Monthly, 45(12), pp. 43-49. https://doi.org/10.19641/j.cnki.42-1290/f.2024.12.007.
Gjergji, R., Vena, L., Sciascia, S., Cortesi, A. (2021) The effects of environmental, social and governance disclosure on the cost of capital in small and medium enterprises: The role of family business status. Business Strategy and the Environment, 30(1), pp. 683-693. https://doi.org/10.1002/bse.2647. https://elibrary.ru/ofmtzg.
Raimo, N, Rella, A, Vitolla, F, Sánchez-Vicente, M-I, García-Sánchez, I-M. (2021) Corporate social responsibility in the COVID-19 pandemic period: A traditional way to address new social issues. Sustainability, 13(12), 6561. https://doi.org/10.3390/su13126561. https://elibrary.ru/rvjmsw.
Gatimbu, K. K., Ogada, M. J., Budambula, N., Kariuki, S. (2018) Environmental sustainability and financial performance of the small-scale tea processors in Kenya. Business Strategy and the Environment, 27(8), pp. 1765-1771. https://doi.org/10.1002/bse.2243.
Zou, S., Zhang, C. (2018) Research on the interrelationship among environmental information disclosure, media coverage and financial performance of listed coal company. China Coal, 44(1), pp. 23-28. https://doi.org/10.19880/j.cnki.ccm.2018.01.004.
Guo, L., Shi, W. (2022) Research on the relationship between environmental cost and firm performance: Evidence from listed companies in heavily polluting industries. Journal of Management, 35(2), pp. 87-102. https://doi.org/10.19808/j.cnki.41-1408/F.2022.0017.
Teng, X., Liu, M., Jiang, Q. (2022) Research on the motivation and performance of environmental protection investment in coal enterprises: Taking China Shenhua as an example. Green Finance and Accounting, (9), pp. 25-29. https://doi.org/10.14153/j.cnki.lsck.2022.09.014.
Gai, T. (2019) Analysis on the relationship between environmental protection investment and financial performance of enterprises: Take the coal industry as an example. Journal of Liaoning Technical University (Social Science Edition), 21(2), pp. 106-112. https://doi.org/10.11955/j.issn.1008-391x.20190204.
Sheng, Y., Liu, Y., Xiao, Y. (2019) An empirical test of the interactive relationship between environmental responsibility and financial performance of listed companies. Statistics & Decision, 35(19), pp. 172-176. https://doi.org/10.13546/j.cnki.tjyjc.2019.19.039.
Zhang, C., Zhang, Z., Bao, L. (2020) A study on the interactive and intertemporal influence and mechanism of corporate environmental responsibility and financial performance. Management Review, 32(2), pp. 76-89. https://doi.org/10.14120/j.cnki.cn11-5057/f.2020.02.007.
Jo, H., Kim, H., Park, K. (2015) Corporate environmental responsibility and firm performance in the financial services sector. Journal of Business Ethics, 131(2), pp. 257-284. https://doi.org/10.1007/s10551-014-2276-7. https://elibrary.ru/gdjmjh.
Wang, H., Wei, W. (2020) Coordinating technological progress and environmental regulation in CO2 mitigation: The optimal levels for OECD countries & emerging economies. Energy Economics, 87, 104510. https://doi.org/10.1016/j.eneco.2019.104510. https://elibrary.ru/euzrqw.
Song, W., Han, X., Liu, Q. (2024) Patterns of environmental regulation and green innovation in China. Structural Change and Economic Dynamics, 71, pp. 176-192. https://doi.org/10.1016/j.strueco.2024.07.006. https://elibrary.ru/iyqucw.
Liu, G., Zhang, L., Xie, Z. (2022) Environmental taxes and corporate cash holdings: Evidence from China. Pacific-Basin Finance Journal, 76, 101888. https://doi.org/10.1016/j.pacfin.2022.101888. https://elibrary.ru/rjdecw.
Qin, Y., Li, S. (2024) Research on the relationship among inclusive green development, environmental protection and financial performance - Empirical analyses based on the three elements of ESG. Price: Theory & Practice, (2), pp. 164-168. https://doi.org/10.19851/j.cnki.CN11-1010/F.2024.02.048.
Teng, M. J., Wu, S. Y., Chou, S. J. H. (2014) Environmental commitment and economic performance: Short-term pain for long-term gain. Environmental Policy and Governance, 24 (1), pp. 16-27. https://doi.org/10.1002/eet.1634.
He, L., Zhu, F., Chen, Z. (2014) Defining and evaluating corporate environmental responsibility: From the perspective of environmental resource allocation. Journal of Management World, (3), pp. 180-181. https://doi.org/10.19744/j.cnki.11-1235/f.2014.03.021.
Zhang, Q., Yu, Z., Kong, D. (2019) The real effect of legal institutions: Environmental courts and firm environmental protection expenditure. Journal of Environmental Economics and Management, 98, 102254. https://doi.org/10.1016/j.jeem.2019.102254.
Su, F., Liang, X., Chen, S., Sun, Y. (2022) How institutional pressure affects corporate environmental responsibility: Evidence from Chinese listed companies. Chinese Journal of Environmental Management, 14(4), pp. 91-101. https://doi.org/10.16868/j.cnki.1674-6252.2022.04.091.
Song, Q., Lu, T., Zheng, L. (2024) Voluntary environmental regulation and high quality development of enterprises. Economic Review, (4), pp. 38-52. https://doi.org/10.19361/j.er.2024.04.03.
Yu, X., Li, Q., Zhang, L. (2024) Major government customer and corporate environmental responsibility: Evidence from China. Journal of Business Research, 183, pp. 1-18. https://doi.org/10.1016/j.jbusres.2024.114853. https://elibrary.ru/esjudu.
Zhao, J., Zhang, C., Wu, Y., Zhu, J., Ji, Y., Sun, J. (2024) The influence mechanism of multi-government environmental regulation synergy on corporate environmental responsibility. Economic Analysis and Policy, 82, pp. 1296-1319. https://doi.org/10.1016/j.eap.2024.05.010. https://elibrary.ru/gyyuxu.
Zhou, H., Deng, S. (2017) Executive compensation and environmental performance: From a perspective of the external governance environment of listed companies. Journal of Shanghai University of Finance and Economics, 19(5), pp. 27-39. https://doi.org/10.16538/j.cnki.jsufe.2017.05.003.
Qian, X., Xu, C. (2022) Research on the dynamic influence of corporate environmental strategy on competitive advantages. Contemporary Finance & Economics, (12), pp. 89-98. https://doi.org/10.13676/j.cnki.cn36-1030/f.2022.12.007.
Si, L., Cao, H. (2022) Does green credit policies improve corporate environmental social responsibility - The perspective of external constraints and internal concerns. China Industrial Economics, (4), pp. 137-155. https://doi.org/10.19581/j.cnki.ciejournal.2022.04.009.
Wen, S., Zhou, L. (2017) The influencing mechanism of carbon disclosure on financial performance: "Inverted U-shaped" moderating role of media governance. Management Review, 29(11), pp. 183-195. https://doi.org/10.14120/j.cnki.cn11-5057/f.2017.11.016.
Hou, D. (2020) The impact of social responsibility fulfillment and media supervision on financial performance - A study based on coal enterprise data. Journal of Tongling Vocational & Technical College, 19(4), pp. 27-38. https://doi.org/10.16789/j.cnki.1671-752x.2020.04.007.
Blundell, R., Bond, S. (1998) Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics, 87(1), pp. 115-143. https://doi.org/10.1016/S0304-4076(98)00009-8. https://elibrary.ru/gxgqfn.
Tian, H., Wang, Y. (2019) The impact of corporate environmental strategy on corporate triple performance. Journal of Xi'an Jiaotong University (Social Sciences), 39(4), pp. 19-26. https://doi.org/10.15896/j.xjtuskxb.201904003.
Liu, Y., Xi, B., Wang, G. (2021) The impact of corporate environmental responsibility on financial performance - based on Chinese listed companies. Environmental Science and Pollution Research, 28, pp. 7840-7853. https://doi.org/10.1007/s11356-020-11069-4. https://elibrary.ru/mkezey.
Это произведение доступно по лицензии Creative Commons «Attribution-NonCommercial» («Атрибуция — Некоммерческое использование») 4.0 Всемирная.
Copyright (c) 2025 Вопросы управления