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'It Pays to be Green' - A Premature Conclusion?

机译:“绿色值得”-一个过早的结论?

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摘要

It has been claimed that good environmental performance can improve firms' economic performance. However, because of e.g. data limitations, the methods applied in most previous quantitative empirical studies on effects of environmental performance on economic performance of firms suffer from several shortcomings. We discuss these shortcomings and conclude that previously applied methods are unsatisfactory as support for a conclusion that it pays for firms to be green. Then we illustrate the consequences of these shortcomings by performing several regression analyses of the effect of environmental performance on economic performance using a panel data set of Norwegian plants. A pooled regression where observable firm characteristics like e.g. size or industry are controlled for, confirms a positive effect of environmental performance on economic performance. However, the estimated positive effect could be due to omitted unobserved variables like management or technology. When the regression model controls for unobserved plant heterogeneity, the effect is generally no longer statistically significant. Hence, although greener plants tend to perform economically better, the analysis provides little support for the claim that it is because they are greener. These empirical findings further indicate that a conclusion that it pays to be green is premature.
机译:有人声称,良好的环境绩效可以改善企业的经济绩效。但是,由于由于数据的局限性,在以前的大多数定量实证研究中,环境绩效对企业经济绩效的影响都采用了一些方法。我们讨论了这些缺点,并得出结论认为先前采用的方法不能令人满意地支持得出的结论,即它为企业绿色化付出了代价。然后,我们使用挪威工厂的面板数据集,通过对环境绩效对经济绩效的影响进行几项回归分析,来说明这些缺陷的后果。可以观察到的公司特征(例如规模或行业受到控制,证实了环境绩效对经济绩效的积极影响。但是,估计的积极影响可能是由于省略了诸如管理或技术等未观察到的变量。当回归模型控制未观察到的植物异质性时,效果通常不再具有统计学意义。因此,尽管绿色植物往往在经济上表现更好,但该分析却很少支持这种说法,因为它们是绿色植物。这些经验发现进一步表明,结论是绿色是不成熟的。

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