The Impact of Environmental Management Capabilities on the Economic Value Added of Industrial Enterprises—Empirical Evidence from China
Abstract
:1. Introduction
2. Literature Review
2.1. The Meaning and Assessment of Corporate Environmental Management
2.2. Economic Value Added
2.3. The Relationship between Corporate Environmental Performance and Economic Outcomes
2.4. The Literature Gap
3. Theoretical Framework and Research Hypotheses
4. Methodology and Research Design
4.1. Sample Selection and Data Source
4.2. Variable Selection
4.2.1. Dependent Variable
4.2.2. Independent Variable
4.2.3. Control Variable
4.3. Model Construction
5. Empirical Testing and Result Analysis
5.1. Descriptive Statistics and Correlation Analysis
5.2. Unit Root Test
5.3. Model Estimation
5.4. Robustness Test
5.5. Heterogeneity Analysis
6. Conclusions and Recommendations
6.1. Research Conclusions
6.2. Recommendations
Author Contributions
Funding
Institutional Review Board Statement
Informed Consent Statement
Data Availability Statement
Conflicts of Interest
References
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Industry Code | Industry Name | Industry Code | Industry Name |
---|---|---|---|
C39 | Computer, communications and other electronic equipment manufacturing industry | C28 | Chemical fibre manufacturing industry |
C26 | Manufacturing of chemical raw materials and chemical products industry | C23 | Printing and recording media reproduction industry |
C38 | Electrical machinery and equipment manufacturing industry | C41 | Other manufacturing industry |
C27 | Pharmaceutical manufacturing industry | C43 | Metal products, machinery, and equipment repair industry |
C35 | Special equipment manufacturing industry | C25 | Petroleum processing, coking, and nuclear fuel processing industries |
C34 | General equipment manufacturing | C21 | Furniture manufacturing industry |
C36 | Automobile manufacturing industry | C42 | Waste resources comprehensive utilisation industry |
C30 | Non-metallic mineral products industry | C24 | Arts, teaching, art, sports, and entertainment goods manufacturing industry |
C22 | Paper and paper products industry | C19 | Leather, fur, feathers, and their products and footwear industry |
C29 | Rubber and plastic products industry | C20 | Wood processing and wood bamboo rattan palm grass products industry |
C32 | Nonferrous metal smelting and rolling industry | B11 | Mining auxiliary activity industry |
C33 | Metal products industry | B09 | Non-ferrous metal mining industry |
C37 | Railway, Marine, aerospace and other transportation equipment manufacturing | B06 | Coal mining and washing industry |
C17 | Textile industry | B07 | Oil and gas extraction industry |
C13 | Agricultural and sideline food processing industry | B08 | Ferrous metal mining industry |
C15 | Wine, beverage, and refined tea manufacturing | B10 | Non-metallic mining and beneficiation industry |
C40 | Instrumentation manufacturing industry | D45 | Gas production and supply industry |
C14 | Food manufacturing industry | D46 | Water production and supply industry |
C31 | Ferrous metal smelting and rolling industry | D44 | Electricity and heat production and supply industry |
C18 | Textile and garment industry |
Variable Symbol | Meaning | Source and Calculation Method | Unit |
---|---|---|---|
Economic Value Added | Equation (1) | RMB | |
Net Operating Profit After Taxes | Equation (2) | RMB | |
Weighted Average Cost of Capital | Equation (4) | 1 | |
Invested Capital | Equation (3) | RMB | |
Operating Revenue | Compiled from annual reports disclosed by listed mining companies | RMB | |
Operating Profit | RMB | ||
Income Tax Expense | RMB | ||
Interest Expense | RMB | ||
Impairment Loss on Assets | RMB | ||
Development Expenditure | RMB | ||
Deferred Income Tax Liabilities | RMB | ||
Deferred Income Tax Assets | RMB | ||
Increase in Deferred Income Tax Liabilities | RMB | ||
Increase in Deferred Income Tax Assets | RMB | ||
Allowance for Asset Impairment | RMB | ||
Short-term Borrowings | RMB | ||
Total Owners’ Equity | RMB | ||
Construction in Progress | RMB | ||
Impairment Provision for Construction in Progress | RMB | ||
Trading Financial Liabilities | RMB | ||
Current Maturities of Non-current Liabilities | RMB | ||
Long-term Borrowings | RMB | ||
Bonds Payable | RMB | ||
Long-term Payables | RMB | ||
Debt Capital | RMB | ||
Equity Capital | RMB | ||
Cost of Bond Capital | One-year loan interest rate | RMB | |
Cost of Equity Capital | Based on the capital asset pricing model | RMB |
Indicator | Method of Valuation |
---|---|
Implementation of the “Three Simultaneous” System | Disclose the company’s implementation of the “Three Simultaneities” system. Assign 1 if applicable; otherwise, assign 0. |
Pollutant Emission Compliance | Assign 1 if pollutant emissions meet standards; otherwise, assign 0. |
Exhaust Gas Emission Reduction Management | 0 = No description; 1 = qualitative description; 2 = quantitative description. |
Wastewater Emission Reduction Management | |
Dust and Smoke Control Management | |
Waste Recycling and Disposal Situation | |
Management of Noise, Light Pollution, Radiation, etc. | |
Environmental Protection Concepts | Disclose the company’s environmental concepts, environmental policies, environmental management organisational structure, development models for circular economy, and green development initiatives. Assign 1 if applicable; otherwise, assign 0. |
Environmental Protection Goals | Disclose the company’s past environmental goal achievements and future environmental goals. Assign 1 if applicable; otherwise, assign 0. |
Environmental Education and Training | Disclose the company’s participation in environmental education and training. Assign 1 if applicable; otherwise, assign 0. |
Environmental Management Systems | Disclose the series of management systems established by the company, including relevant environmental management systems, frameworks, regulations, and responsibilities. Assign 1 if applicable; otherwise, assign 0. |
Environmental Incident Emergency Mechanism | Disclose the establishment of emergency mechanisms for significant environmental incidents by the company, including emergency measures taken and the treatment of pollutants. Assign 1 if applicable; otherwise, assign 0. |
Special Environmental Protection Actions | Disclose the company’s participation in special environmental activities and other social welfare activities related to environmental protection. Assign 1 if applicable; otherwise, assign 0. |
Implementation of Clean Production | 0 = No Description; 1 = Qualitative Description; 2 = Quantitative Description. |
ISO 14001 Certification | Assign 1 if certified; otherwise, assign 0. |
Environmental Honors or Awards | Disclose the honours or awards received by the company in environmental protection. Assign 1 if applicable; otherwise, assign 0. |
Emergency Environmental Incidents | Assign 0 if such events exist; otherwise, assign 1. |
Environmental Violations | |
Environmental Petition Cases | |
Disclosure of Annual Reports by Listed Companies | Indicate whether environment-related information is disclosed. 1 = Yes; 0 = No. |
Disclosure of Social Responsibility Reports | |
Disclosure of Environmental Reports | Indicate whether the listed company separately discloses an environmental report. 1 = Yes; 0 = No. |
Variable Properties | Variable Symbol | Meaning |
---|---|---|
Explained Variables | The economic value-added (EVA) of the listed company in the year | |
Explanatory Variables | The environmental management capability index (EMI) of the listed company in the year. | |
Control Variables | The debt-to-net-worth ratio of the listed company in the year | |
The operating income growth rate of the listed company in the year. | ||
The increase rate of main business revenue of the listed company in the year | ||
The natural logarithm of total assets at the end of the year of the listed company in the year | ||
The total assets growth rate of the listed company in the year |
Variable | N | Maximum | Minimum | Mean | Std. Dev. |
---|---|---|---|---|---|
31,843 | 1041.038 | −621.3602 | 2.104485 | 25.86897 | |
31,843 | 28.00000 | 2.000000 | 9.190748 | 4.818786 | |
31,843 | 178.3455 | −0.194698 | 0.438491 | 1.298748 | |
31,843 | 944.0996 | −1.000000 | 0.419429 | 8.881446 | |
31,843 | 108.3657 | −51.29776 | 0.034297 | 0.791679 | |
31,843 | 28.63649 | 13.07597 | 21.99464 | 1.301169 | |
31,843 | 45.46043 | −1.000000 | 0.223074 | 0.723578 |
Covariance Probability | EVA | EMI | LEV | OIGR | ROA | SIZE | TAGE |
---|---|---|---|---|---|---|---|
EVA | 1 | ||||||
----- | |||||||
EMI | 0.131312 | 1 | |||||
0 | ----- | ||||||
LEV | −0.008508 | −0.000674 | 1 | ||||
0.1291 | 0.9044 | ----- | |||||
OIGR | 0.002915 | −0.014424 | 0.002104 | 1 | |||
0.6031 | 0.0101 | 0.7074 | ----- | ||||
ROA | 0.026263 | 0.009094 | −0.332864 | 0.002415 | 1 | ||
0 | 0.1048 | 0 | 0.6666 | ----- | |||
SIZE | 0.257331 | 0.47155 | −0.006164 | 0.00665 | 0.011414 | 1 | |
0 | 0 | 0.2716 | 0.2355 | 0.0418 | ----- | ||
TAGE | 0.014093 | −0.063764 | −0.036046 | 0.06994 | 0.028016 | −0.021317 | 1 |
0.0119 | 0 | 0 | 0 | 0 | 0.0001 | ----- |
Variable | ||||
---|---|---|---|---|
0.0000 | 0.0000 | 0.0000 | 0.0000 | |
0.0000 | 0.0000 | 0.0000 | 0.0000 | |
0.0000 | 0.0000 | 0.0000 | 0.0000 | |
0.0000 | 0.0000 | 0.0000 | 0.0000 | |
0.0000 | 0.0000 | 0.0000 | 0.0000 | |
0.0000 | 0.6547 *** | 0.0001 | 0.0000 | |
0.0000 | 0.0000 | 0.0000 | 0.0000 |
Variable | Coefficient | Std. Error | t-Statistic | Prob. |
---|---|---|---|---|
0.334829 | 0.000724 | 462.6607 | 0.0000 | |
0.923902 | 0.057012 | 16.2053 | 0.0000 | |
6.871911 | 1.098377 | 6.256423 | 0.0000 | |
0.324388 | 0.21052 | 1.540884 | 0.1234 | |
36.38219 | 3.822326 | 9.518337 | 0.0000 | |
−1.732957 | 0.232215 | −7.46272 | 0.0000 | |
4.87777 | 0.746296 | 6.535972 | 0.0000 | |
Mean dependent var | 0.174288 | S.D. dependent var | 16.52153 | |
S.E. of regression | 37.09420 | Sum squared resid | 33,463,830 | |
J-statistic | 385.9647 | Instrument rank | 210 | |
Prob(J-statistic) | 0.000000 |
Variable | Fixed Effects Model | Mixed Effects Model | ||
---|---|---|---|---|
Coefficient | p-Value | Coefficient | p-Value | |
−39.39625 | 0.0000 | −108.8811 | 0.0000 | |
0.133888 | 0.0001 | 0.075535 | 0.0222 | |
0.060328 | 0.4704 | 0.029621 | 0.7958 | |
0.020629 | 0.0937 | 0.00003 | 0.9985 | |
0.747621 | 0.0000 | 0.75864 | 0.0001 | |
1.820867 | 0.0000 | 5.005069 | 0.0000 | |
0.701359 | 0.0000 | 0.706685 | 0.0003 | |
Durbin-Watson stat | 1.210567 | 0.461062 | ||
0.645555 | 0.067277 | |||
0.595574 | 0.067101 |
Test Order | m-Statistic | rho | SE(rho) | Prob. |
---|---|---|---|---|
−2.817628 | −8,069,000.016 | 2,863,756.307 | 0.0048 | |
−0.562815 | −574,577.8552 | 1,020,899.956 | 0.5736 |
Variable | Coefficient | Std. Error | t-Statistic | Prob. |
---|---|---|---|---|
0.358855 | 0.000532 | 674.0974 | 0.0000 | |
1.708911 | 0.040043 | 42.67639 | 0.0000 | |
26.05241 | 2.24139 | 11.62333 | 0.0000 | |
0.250234 | 0.14837 | 1.686547 | 0.0917 | |
95.0614 | 4.637622 | 20.49788 | ||
−3.282878 | 0.366469 | −8.958137 | 0.0000 | |
8.182731 | 1.568786 | 5.215963 | 0.0000 | |
0.358855 | 0.000532 | 674.0974 | 0.0000 | |
Mean dependent var | 0.364429 | S.D. dependent var | 22.42847 | |
S.E. of regression | 51.76067 | Sum squared resid | 29,816,450 | |
J-statistic | 282.6828 | Instrument rank | 210 | |
Prob(J-statistic) | 0.000183 |
Variable | Coefficient | Std. Error | t-Statistic | Prob. |
---|---|---|---|---|
0.179689 | 0.003650 | 49.22358 | 0.0000 | |
0.246987 | 0.035154 | 7.025858 | 0.0000 | |
1.713456 | 0.528463 | 3.242340 | 0.0012 | |
0.886480 | 0.152972 | 5.795046 | 0.0000 | |
7.247469 | 1.667615 | 4.346008 | ||
−0.768585 | 0.161781 | −4.750778 | 0.0000 | |
1.104109 | 0.310581 | 3.554983 | 0.0000 | |
0.179689 | 0.003650 | 49.22358 | 0.0004 | |
Mean dependent var | 0.001774 | S.D. dependent var | 8.524356 | |
S.E. of regression | 13.35598 | Sum squared resid | 2,294,531 | |
J-statistic | 275.6335 | Instrument rank | 210 | |
Prob(J-statistic) | 0.000521 |
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Feng, K.; Bao, C. The Impact of Environmental Management Capabilities on the Economic Value Added of Industrial Enterprises—Empirical Evidence from China. Sustainability 2024, 16, 3356. https://doi.org/10.3390/su16083356
Feng K, Bao C. The Impact of Environmental Management Capabilities on the Economic Value Added of Industrial Enterprises—Empirical Evidence from China. Sustainability. 2024; 16(8):3356. https://doi.org/10.3390/su16083356
Chicago/Turabian StyleFeng, Ke, and Cunkuan Bao. 2024. "The Impact of Environmental Management Capabilities on the Economic Value Added of Industrial Enterprises—Empirical Evidence from China" Sustainability 16, no. 8: 3356. https://doi.org/10.3390/su16083356