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Although a conventional wisdom claims that larger firms perform better than smaller ones, the conclusions drawn by the literature are ambiguous. This study examines the effect of firm size on productivity, using a dataset on European electricity generators from 2012 to 2020. European electricity generation sectors are particularly interesting given the substantial liberalisations in the past decades and strong subsidisation of electricity generated from renewables. Next to estimating productivity of electricity generators and establishing a link between firm size and performance in this industry, the analysis allows for heterogeneity of impacts of firm size on productivity across various dimensions (e.g., regulation scheme, state ownership), as firm size may attenuate or fuel associated problems and benefits. Besides, it adds to the literature by investigating whether and how renewable subsidies impact reallocation from the technically less efficient to the more productive firms, since they often favour smaller generators in European countries that might be less productive. The overall results highlight that firm size significantly boosts firm performance. Effects, however, diminish with size. Last, renewable subsidies deteriorate allocative efficiency. Hence, renewable subsidies favouring smaller generators are at the cost of allocative efficiency. • The study estimates production functions for electricity generation companies. • It also analyses the firm size-performance relationship in this sector. • It allows for heterogeneity of impacts across various dimensions (e.g., state ownership). • Firm size is measured continuously, allowing to control for unobserved heterogeneity. • I examine the effect of renewable subsidies on reallocation from less to more productive companies. [ABSTRACT FROM AUTHOR]

Small and medium industries (SMEs) savings analysis can help to reduce energy consumptions and greenhouse gas emissions (GHG) and support the individual company to make a better decision to improve facility energy performance. The main idea was to get enough data to recreate simple Excel-based tool so that SMEs could conduct quick energy and GHG emission benchmarking and to come up with potential savings by using their utility bills and plant specifications. Having such knowledge will help these industries to promote energy efficiency, sustainability, and competitiveness in their operation. Energy consumption data of eleven companies have been collected and analyzed. The methodology involves energy benchmarking, separation of process and seasonal energy consumptions, heating degree days estimation, normalized annual energy consumption, and normalized process and seasonal energy consumptions. The leading performance indicator was identified energy intensity of oven. It was estimated, the energy intensity of bake ovens varies from 24 m3/ft3 to 30 m3/ft3, while the energy intensities of ovens with finishing process varies from 8 m3/ft3 to 36 m3/ft3. Potential savings can be realized from retrofits such as the addition of a VFD controller (exhaust loss), insulation (shell loss). Depending on the investment and the type of estimated retrofits, the return on investment can be realized in less than a year or up to ten years. It was also noted that by optimizing production scheduling; 8%–69% of energy consumption could be saved by proper shut-down and scheduling the non-production hours. Flow diagram of research program to investigate energy-saving opportunities of SMEs in the GTA. Image 1092 • Small and Medium Enterprises energy analysis, performance indicators, and savings potential. • Methodology involves heating degree days, normalized annual process and energy consumptions. • The observed energy intensity of ovens varies from 24 m3/ft3 to 30 m3/ft3 (and 8 m3/ft3 to 36 m3/ft3). • Savings can be realized from retrofits of a VFD controller (exhaust loss), insulation (shell loss). • Natural gas savings from the facilities processing varies from 19% to 53%. [ABSTRACT FROM AUTHOR]

Global businesses are facing increasingly significant climate risks. Firms with ESG controversies will likely suffer from higher financing costs and inadequate investment capability, leading to investment inefficiency. We use a newly introduced ESG Controversy Score database to investigate the relationship between ESG controversies and corporate investment efficiency. The results show that ESG controversies significantly reduces firms' overall investment efficiency, and such adverse impact is manifest in underinvestment inefficiency. Further analysis indicates that such a negative effect is more pronounced in firms with larger size and higher analyst coverage. Our findings highlight the significant role of ESG misbehaviour in corporate sustainable development. [ABSTRACT FROM AUTHOR]

In the past few years, there has been increasing awareness regarding the significance of the Green Innovation Strategy (GIS) in the academic and practical fields. Hence, it becomes important to determine the correlation between the GIS and the Corporate Financial Performance (CFP). This study attempted to determine the dynamic correlation between the GIS and the CFP, with regards to the firm size. For this purpose, this study has collected data for 163 international automotive firms, from the CSRHub database, for the period ranging between 2011 and 2017. Furthermore, we also used the dynamic panel data system, i.e., the Generalised Method of Moment (GMM) method, for estimating this relationship. The empirical results indicated that the GIS positively affected the CFP. Interestingly, we also uncovered that the firm size moderated the negative correlation between the GIS and the CFP. The small-sized firms showed higher green innovation investments return than the larger-sized firms, which indicated that these smaller firms were more prone to seek variation and visibility, for accessing better resources. Furthermore, due to the extensive scrutiny of the stakeholders, these small firms could generate higher profits. The implications for managers and the theories in this regard are then discussed. • The relationship between firm-level green innovation strategy and corporate financial performance is investigated. • Green innovation strategy interacts with firm size to affect organisational performance. • The paper controlled for endogeneity that emerges from unobservable heterogeneity of firms using the dynamic method of moments estimator. • Green innovation strategy shows significant positive effect on corporate financial performance. • The small-sized firms shown GIS than the larger-sized firms, which more inclined to pursue variation and visibility, for accessing better resources. [ABSTRACT FROM AUTHOR]

This study tests the impact of carbon neutrality initiatives on shareholder value and explores how equity returns achieved as a result of carbon neutrality vary across operating environments. Based on 226 carbon neutrality announcements made between 2017 and 2021, we conducted an event study to estimate the impact of carbon neutrality initiatives on Chinese firms' shareholder value. Under the opportunity-motivation-ability (OMA) framework, we further analyzed the heterogeneous effects of distinctive firm characteristics (social rating and firm size), in which carbon neutrality announcements represented opportunity, social rating represented motivation, and firm size represented ability. We further demonstrated how the announcement characteristics and industry differences affected stock market responses. The results indicate that carbon neutrality initiatives have a significant average abnormal return of 0.99% on the announcement date and a positive long-term impact on shareholder value. This equity return is more pronounced for smaller firms with higher social ratings, and the stock market reacts less positively to firms that announce carbon neutrality initiatives in social responsibility reports. The stock market does not react strongly to manufacturing firms' carbon neutrality initiatives. The study provides some important insights toward the CSR-firm performance debate by providing a new measurement of CSR (i.e. carbon neutrality initiative) and examining the relation from an OMA perspective and looking into some contingency factors. [ABSTRACT FROM AUTHOR]

Forest certification, originally introduced to promote sustainable forest management and protect forests from threats such as deforestation, has become a large-scale market tool. There is no consensus in the literature on the impact of forest certification on exports. Few studies have analyzed the impact of forest management certification on exports, and none have analyzed this effect at the firm level, taking into account firm heterogeneity. The current paper aims to fill this gap by analyzing the impact of the difference in the level of forest management certification between an exporting country and importing or destination countries. In particular, we determine how this impact differs by firm size. Our study focuses on the Programme for the Endorsement of Forest Certification (PEFC). We use a panel of exports of wood and wood products at the level of French firms. We find that when the level of forest management certification in the exporting country increases relative to that of the importing countries, exports increase; but this occurs to a lesser extent as firm size increases. This result is robust to the various additional analyses. For example, an increase in the difference in the share of PEFC-certified forests by 0.15 is associated with a 90% increase in the value of exports. We also find heterogeneity by product category, geographic area, and income level of destination countries. Our study highlights the role played by forest certification on exports and the need to develop forest certification in a market-driven manner. [Display omitted] • We analyze the impact of forest management certification on exports. • We use a panel of wood and wood product exports at the level of French firms. • We conduct an empirical analysis and find heterogeneous effects. • Exports are increasing with a higher share of certified forests. • Forest certification must be developed with market requirements in mind. [ABSTRACT FROM AUTHOR]

The increasing importance of corporate social responsibility over recent decades has led research on its drivers to grow exponentially. However, the mystery of different levels of commitment despite comparable firm characteristics related to size, such as financial resources and similar external pressures, has still not been completely unravelled. Given that corporate engagement in social responsibility is not only shaped by firm characteristics but also – and even especially – by the preferences and motivations of its leaders, this study explores how CEOs' reputational ambitions moderate the relationship between firm size and corporate social responsibility. We argue that CEOs who actively manage their reputation are more aware of the reputation-enhancing potential of corporate social responsibility. We test our ideas with a cross-sectional sample of 128 listed companies from seven Western European countries, operationalising CEOs' reputation management with a novel measure based on their self-presentation and posting behaviour on LinkedIn. Our results show support for a weakening influence of CEOs' reputation management on the positive relationship between firm size and corporate social responsibility controversies, but we do not find support for a strengthening effect on corporate social responsibility performance. In light of the fact that adequate corporate social responsibility performance involves more than just staying away from scandals, our findings indicate that CEOs who actively present themselves as environmentally and socially committed are more likely to do so in response to the pressure and current trend of being green and social than out of a real commitment. [Display omitted] • Firm size is positively related to CSR performance as well as CSR controversies. • CEO reputation management weakens the influence of firm size on CSR controversies. • CEO reputation management is not found to moderate the impact of firm size on CSR. • CEOs seem to prevent damage from CSR scandals rather than improve CSR performance. • We introduce a new reputation management measure based on CEOs' LinkedIn profiles. [ABSTRACT FROM AUTHOR]

Construction industries have significant impacts on the economy, society and environment. To transform construction industry towards sustainability, construction enterprises' perceptions and performance on sustainability needs to be understood and evaluated, which has not be fully explored by existing studies. This paper holistically examines the Chinese construction enterprises’ attitude towards and performance on various aspects of sustainability (e.g. the economic, social and environmental aspects) in order to identify those aspects the firms perceive to be the most and least important and those aspects the firms perform best and worst on. The associations among the sustainability attitude, sustainability performance, and firm size are also explored. The findings show that quality management and customer service are perceived as the most important as well as the best-performed aspects by the firms while supporting community development is the least important and worst-performed aspect. Sustainability attitude is positively correlated with performance, and larger firms tend to have better sustainability performance than that of small ones. However, larger construction firms do not necessarily perceive sustainability more important. This study provides a useful reference for policy makers and researchers to understand how sustainability is perceived and implemented by the Chinese construction firms. [ABSTRACT FROM AUTHOR]

The enforcement of environmental regulation relies on the willingness and capacity of the regulator. The willingness could be disabled by regulatory capture which is widespread, and that how many public resources should be invested in environmental regulation is always debatable. We develop a 3-stage game to analyze the nonlinear effects and mechanism of regulatory capture and regulatory capacity on environmental regulatory welfare. Our model suggests that the importance of the regional economy to government, the firm size, and the customer’s disutility on pollution emissions will influence the possibility of regulatory capture. Furthermore, the dynamic research suggests that when the regulatory capture is controlled, with the improvement of governmental regulatory capacity, the regulator’s and customer’s welfare continues to grow until the capacity achieves a threshold. Beyond the threshold, the regulatory capacity will be redundant. [ABSTRACT FROM AUTHOR]

The size and number of firms in a region represent key characteristics of that regional economic ecosystem, but few studies have linked such characteristics with the stringency of local environmental regulation. In this study, we discuss the effects of local firm scale on environmental regulation and its mechanism, and the optimal strategic choices theoretically and empirically for environmental regulation in regions with different firm scale. We find that when government capacity is insufficient, regional environmental regulation will be relatively more stringent when dealing with fewer but larger firms because of the government scale effect. When government capacity is sufficient, firm size has no influence on environmental regulation. Our results are robust and offer insights for government decision makers to improve local environmental regulation efficiency. [ABSTRACT FROM AUTHOR]

This study examines whether Chief Executive Officer (CEO) temporal focus—the extent to which CEOs devote their attention to the past, present, and future—is related to firms' identification and interpretation of grand challenges. Using the exemplary grand challenge of water scarcity, we adapt mechanisms of the temporal focus literature to the particularities of grand challenges and propose that CEO temporal focus is related to whether firms identify water scarcity as an issue and whether they interpret the identified issue as an opportunity. In our empirical analysis of 727 firm-year observations for the years 2002–2012, we find no support for the hypothesis that firms' identification of water scarcity is related to CEO temporal focus. However, we show that having a CEO high in future focus is positively, and a CEO high in past or high in present focus is negatively related to interpreting water scarcity as an opportunity. • We investigate differences in firms' responses to water scarcity. • Managers' temporal focus matters for firms' interpretation of water scarcity. • Industry, time, and firm size matter in identifying water scarcity as an issue. • Results are based on German firms from 2002 to 2012, resulting in 727 observations. [ABSTRACT FROM AUTHOR]

Exploring the drivers of declining energy intensity is necessary in order to accelerate the transition to a low-carbon economy in China. To date, studies have typically adopted case analysis to link enterprise features and energy-saving performance. The impact of internal industrial configuration in terms of size and ownership structure on aggregate energy intensity remains to be examined. To fill this research gap, this paper tests the impact of the internal structure of industries on city-level energy intensity, by employing a unique panel dataset of 283 cities for the period 2005 to 2010. The Driscoll-Kraay method and instrumental variable are used to treat residual cross-sectional dependence and endogeneity, respectively. Results suggest that small-scale enterprises exerts a negative effect on energy intensity. A 1% increase in the output-value proportion of small-sized firms will lead to a decrease in total energy intensity of 0.067%. In contrast, the same change by medium enterprises will raise energy intensity by 0.031%. A negative and/or non-significant coefficient suggests that for most energy-intensive large and state-owned enterprises, China's 2006 top-down energy-saving regulation has been quite effective in targeting key energy-intensive enterprises in China. The findings reveal that state-owned enterprises (SOEs) can act as promoters of, rather than barriers to, low-carbon policy implementation in China. Given that the effectiveness of energy-saving regulation will be undermined as a result of diluted regulatory strength in each enterprise, market-oriented energy price reform is proposed as a fundamental driver for guaranteeing a continual decline in energy intensity. [ABSTRACT FROM AUTHOR]

Adopting the contingency theory framework, this study investigated the extent to which Malaysian public listed companies (PLCs) implement environmental management accounting (EMA) and whether the implementation varies across corporate characteristics. Five corporate characteristics, namely, environmental sensitivity of industry, company size, ownership status, Environmental Management System (EMS) adoption and the proportion of non-executive directors (NEDs), were examined. The results, derived from postal questionnaires, indicate that the extent of EMA implementation was moderate and that more emphasis was placed on environmental cost effectiveness activities. The results also imply that complying with environmental regulations is more important than incorporating EMA information into performance measurement, control and reporting. Except for ownership status, the extent of EMA implementation, however, did not vary among corporate characteristics, and thus, provides limited support to contingency theory in explaining the extent of EMA implementation among Malaysian PLCs. [ABSTRACT FROM AUTHOR]

The existing literature has highlighted the importance of entrepreneurs' status for corporate decisions over social issues. However, our understanding of the differential effects of entrepreneurs' multiple statuses on corporate environmental actions remains limited. This study draws upon status research and upper echelons theory and empirically explores how two types of entrepreneurs' status affect corporate environmental actions in different ways. We collected data from 11,339 Chinese private enterprises through six rounds of a large-scale national survey from 2006 to 2016. The ordinary least squares regression and robustness analyses were employed to test our research model and hypotheses. The empirical results show that while entrepreneurs' political status positively affects corporate environmental actions, economic status has a U-shaped relationship with corporate environmental actions. Furthermore, we find that firm size can strengthen the effect of political status and weaken the effect of economic status on corporate environmental actions. These findings reveal the complex effects of entrepreneurs' status on corporate environmental actions. • The article highlights the importance of entrepreneurs' status for corporate environmental actions. • Two different statuses (economic status vs. political status) are considered and discussed. • Entrepreneurs' political status has a positive linear relationship with corporate environmental actions. • Entrepreneurs' economic status has a U-shaped relationship with corporate environmental actions. • Firm size can strengthen effect of political status and weaken effect of economic status on corporate environmental actions. [ABSTRACT FROM AUTHOR]

The existing literature has highlighted the importance of entrepreneurs' status for corporate decisions over social issues. However, our understanding of the differential effects of entrepreneurs' multiple statuses on corporate environmental actions remains limited. This study draws upon status research and upper echelons theory and empirically explores how two types of entrepreneurs' status affect corporate environmental actions in different ways. We collected data from 11,339 Chinese private enterprises through six rounds of a large-scale national survey from 2006 to 2016. The ordinary least squares regression and robustness analyses were employed to test our research model and hypotheses. The empirical results show that while entrepreneurs' political status positively affects corporate environmental actions, economic status has a U-shaped relationship with corporate environmental actions. Furthermore, we find that firm size can strengthen the effect of political status and weaken the effect of economic status on corporate environmental actions. These findings reveal the complex effects of entrepreneurs' status on corporate environmental actions. • The article highlights the importance of entrepreneurs' status for corporate environmental actions. • Two different statuses (economic status vs. political status) are considered and discussed. • Entrepreneurs' political status has a positive linear relationship with corporate environmental actions. • Entrepreneurs' economic status has a U-shaped relationship with corporate environmental actions. • Firm size can strengthen effect of political status and weaken effect of economic status on corporate environmental actions. [ABSTRACT FROM AUTHOR]

The German government aims at generating 80 percent of the country's electricity from renewable sources by 2050. In the German liberalized electricity market, customers can support this target by purchasing green electricity (GE), i.e., electricity produced from renewable energy sources. Yet, the demand for GE has remained low among small and medium-sized enterprises (SMEs), which represent the country's biggest electricity customer group. Based on a review of the relevant literature, this article investigates factors that determine SMEs' decisions whether to adopt GE. For this purpose, thematic interviews with GE providers and representatives of SMEs are performed and qualitatively analyzed. The results of the interview analysis form the basis for a conceptual framework that reflects the GE adoption decisions of German SMEs and lay the groundwork for future analysis in this area. [ABSTRACT FROM AUTHOR]

I propose a model of firm heterogeneity and limited managerial commitment within an industrial equilibrium, where firms use natural resource and produce greenhouse gases. Firms are allowed to merge and commit to reducing greenhouse gas emissions. Greenhouse gas levels produce climate shocks that can close firms. Three hypotheses are produced from the model that are empirically verified. First, firm value is negatively related to the overall greenhouse gas levels in the atmosphere, at 0.9% per year. Second, that the power-law distribution exponent of firm size is negatively related to the rising greenhouse gas levels in the atmosphere. Third, the exponent of the power-law distribution of greenhouse gas emissions is higher than that of firm size and declines with the overall level of greenhouse gas in the atmosphere. • Due to the climatic disasters caused by rising greenhouse gas levels and limited managerial commitment I propose a model that produces three hypothesis supported by empirical data: • The cost of firm equity is raised by 0.9% per year directly by greenhouse gas levels in the atmosphere, thus lowering firm value for all firms and lowering economic growth. • Firms grow bigger as greenhouse gas levels rise as managers seek to protect themselves by building up capital in case of firm failure. • The exponent of the power-law distribution of greenhouse gas emissions is higher than that of firm size and declines with the overall level of greenhouse gas in the atmosphere. [ABSTRACT FROM AUTHOR]

The present study attempts to empirically establish the global environmental impacts of press freedom and internet access while controlling for the role of industry. This is based on the premise that the press' role as information disseminator can be strategic to the sustainable development paradigm. The study employs a generalized method of moment technique and a bias corrected fixed effects estimator within a panel dataset of 153 countries over the 2002 to 2016 study period. The present study finds that when the moderation effect of industry is not controlled for, a 1% increase press freedom is associated with a 0.022% decrease in CO 2 emissions. When the non-linear effect of internet access is not controlled for, a 1% increase in internet access is associated with a 0.018% increase in CO 2 emissions. With the incorporation of non-linearities, internet access has an inverted U-shape relationship with CO 2 emissions with a required access penetration of 76.2% before its carbon mitigation threshold can be attained. Also, press freedom constrains emissions in economies with a small industry size but induces emissions in economies with a large industry size. Sub-sample estimations show inter-alia —that while internet access is environmentally degrading in lower-middle income countries, it mitigates pollution in high income countries. Policy implications include the improvement of internet access penetration on a global scale to attain the threshold required to counterbalance the effect of global warming as well as engaging media stakeholders on the need to identify with cleaner production practices and transmission of same practices to the greater society in order to enhance sustainable development. • The dynamic linkages between press freedom, internet access and CO 2 emissions are investigated. • Press freedom degrades (improves) the environment in countries with higher (lower) industry shares. • Internet access has an inverted U-shape relationship with CO 2 emissions with a turning point of 76.2% access penetration. • The 76.2% required access penetration rate has been attained in mostly high income countries. [ABSTRACT FROM AUTHOR]

Abstract: The sustainable use of water resources bring nowadays challenges related to the production and consumption phases of water intensive related goods such as food and beverages, not only in terms of technological improvements, but also of management practices considered at the level of the water use cycle. This study focuses on the water footprint assessment of one 750 mL bottle of wine produced in a medium-size wine production plant in Romania, evaluated for a 4-year period with different precipitation regimes. The assessment is based on the production-chain diagram, presenting the relevant process stages from the source to the final product, as well as the current emissions and environmental impacts, considering the existent equipments and actual water related practices. The wine trade-offs socio-economic potential, and the evaluation of the national water footprint scheme related to Romanian wine production and consumption were assessed. The findings of this study indicated that almost 99% of the total water footprint is related to the supply-chain water use, out of which 82% green, 3% blue and 15% grey. In addition, suggestions of sustainable practices for the winemaking industry have been selected and briefly discussed based on international relevant cases. Such practices may contribute to savings in water, energy, raw materials, diminished emissions and waste generation and a more efficient use of personnel time, with benefits for the decrease of business costs, the increase of profit and competitiveness. At the level of the studied Romanian company, due to the current economic and environmental issues, only few of these practices have been applied for the last three years, e.g.: waste monitoring and treatment, soil, plant and pest management, waste minimization, water resources efficiency program, integrated management programmes. [Copyright &y& Elsevier]

Abstract: Pressures to recycle are an increasingly prevalent influence on firms. Understanding of factors however that will lead firms to both: a. successfully capture or reuse their waste, and b. benefit from the practice, is still in a nascent form. Whether regulatory instruments such as recycling laws or increased disposal costs influence firms’ environmental performance is an area of active debate. Firm’s internal capabilities in particular, such as their experience and expertise, may limit the performance outcomes of such pressure. In this study, the impact of recycling pressures on firms’ environmental performance was assessed relative to their use of knowledge resources. Using a sample of U.S.-based manufacturers, knowledge resources were identified as a significant mediator of the influence of regulations, industry practices and disposal costs on firms’ environmental performance. Firm size, industry and ISO14001 certification were used as control variables. These findings have policy implications as well as contribute to understanding of the impact of increased institutional and economic pressures on firms to recycle their waste. [Copyright &y& Elsevier]

Abstract: Because textile industry is the second largest industry in Egypt and as small and medium-sized enterprises (SMEs) make up a great proportion of the total industry therein, it is desirable to attempt to decrease the pollution resulting from them for both economical and environmental advantages. In this regard a case was investigated which dealt with pollution prevention of cotton-cone reactive dyeing by several options, namely: dye reduction, soda ash minimization, acid substitution and finally their integration. Based on criteria such as product quality, effluent analysis, material balance, heat balance as well as cost estimation, the integrated process was found to be the most favorable that lead to cost saving of one million EGP per year. [Copyright &y& Elsevier]

Managers in the competitive automotive sector face growing pressures in terms of sustainability and environmental performance. While most efficiency studies focus on traditional financial and operating indicators, this study broadens the scope of analysis to include Environmental, Social, and Governance (ESG) activities. The well-known Data Envelopment Analysis (DEA)-Malmquist method is employed to estimate the technical efficiency of 33 global automakers from 2014 to 2017, including their ESG scores as outputs in the model. Our findings show that ESG-adjusted efficiencies tend to be higher than the traditional ones, with the Governance-adjusted model achieving the highest efficiency scores, followed by the Environmental and the Social models. The results of a second-stage bootstrapped truncated regression reveal the significant impact of the automakers' size, degree of innovation and geographical region on the ESG-adjusted efficiencies. Finally, this study has valuable implications for managers in the industry, as well as investors interested in creating sustainable portfolios. • We carry out a DEA study of the efficiency of 33 global carmakers from 2014 to 2017. • We combine financial indicators with Environmental, Social, and Governance scores. • Governance-adjusted efficiencies are highest, followed by the Environmental ones. • Firm size, R&D, and geographical region affect ESG-adjusted efficiencies. • European firms are the most efficient in Environmental and Governance aspects. [ABSTRACT FROM AUTHOR]

In the context of the popular development of the low-carbon economy, the "high energy consumption, high pollution, and high emissions" of the manufacturing industry have resulted in unprecedented difficulties in the development of this industry. To achieve nationally determined contribution targets, China has formulated a series of low carbon development plans for heavy industry to reduce carbon emissions. Among these, low-carbon technological innovation has been used a new means for manufacturing enterprises to achieve sustainable development, which is highly valued by management practice. Taking Chinese manufacturing companies as an example, the present study investigates the mediating effect of green core competence on the relationship between low-carbon technological innovation and enterprise performance and evaluates the moderating impact of firm size on this relationship. In this study, 438 valid data points were empirically analyzed, and the results indicate that low-carbon technological innovation significantly and positively affects enterprise performance of manufacturing. Green core competence plays a mediating role in the positive effect of low-carbon technological innovation on enterprise performance. Firm size has a positive moderating effect on the relationship between low-carbon technological innovation and enterprise performance. Meanwhile, firm size also moderates the relationship between low-carbon technological innovation and green core competence. Namely, a larger firm size correlates with a more positive effect on the cultivation of green core capabilities from the low-carbon technological innovation of manufacturing companies and in stronger enterprise performance. Finally, this work provides constructive guidance for Chinese manufacturing companies on how to practice low-carbon production and achieve sustainable development. [Display omitted] • Low-carbon technological innovation promotes enterprise performance of Chinese manufacturing. • We examined the model using a large sample of Chinese manufacturers. • This relationship is partially mediated by green core competence, and moderated by firm size. • Firm size exerts a positive moderating effect on low-carbon technological innovation and green core competence. [ABSTRACT FROM AUTHOR]

With reference to assessing Circular Economy (CE) at the firm level, available literature reviews do not clarify what and how has to be actually assessed, while many assessment methods do not take into account the latest developments in the field. Furthermore, CE indicators are not explicitly linked to the firm's organizational functions involved in CE assessment. In order to address these issues and to favor practice-oriented CE assessments at the firm level, the present paper collects and analyses CE assessment indicators at their finest level of granularity, i.e. the CE metrics. By means of a systematic literature review, the work gathers insights from 130 documents belonging to scientific and practitioners' literature, reviews existing CE metrics, and organizes them according to a new circular Value Chain framework. More in details, 365 different firm-level metrics have been identified and classified through said circular Value Chain framework, articulated into 23 categories. The vast majority of CE metrics are sufficiently general and applicable in assessment procedures irrespective of the firm size, the geographic location, the industrial domain and the selling strategy of the company. This aspect facilitates the fine-tuning of comprehensive CE assessment methods, which, as a result, can largely neglect contingency factors of the investigated firms. The framework and its categories help match CE metrics and organizational functions, thus facilitating the individuation of firms' players involved in CE assessment. As the review highlights a remarkable fragmentation of current CE assessment models and diverging interpretations of CE's scopes, further implications on research and practice are discussed. • A systematic literature review on CE assessment at firm level is presented. • 365 different firm-level metrics from 130 works have been collected and classified. • Starting from Porter's Value Chain (VC), a new circular VC framework is proposed. • The organizational functions more involved in CE assessment are identified. • The field is fragmented, and different interpretations of CE scopes are remarked. [ABSTRACT FROM AUTHOR]

This study develops a framework of internal and external factors that influence the adoption of eco-innovation. We studied 80 adoption processes in the Dutch brewing industry and the Dutch paper industry and analysed the relative importance of different factors. We find that internal factors were more important than external factors. The analysis also shows differences between the industries. The financial advantage was important for both industries, but especially for the paper industry. For the brewing industry, ethical responsibility and stakeholders played a more important role in the adoption. The analysis also revealed differences for small and large firms. Ethical responsibility and stakeholders are relatively more often mentioned by small firms, whereas clear objectives and regulations were mentioned more by large firms. Our study highlights that the adoption of eco-innovation is a complex process and the position in the supply chain as well as the size of a firm influence what is important in the adoption of eco-innovation. • Many different internal and external factors influence the adoption of eco-innovation. • Internal factors are more important than external factors. • Ethical considerations and stakeholders seem more important for smaller firms. • The position in the supply chain influences which factors are important. • Firms visible to consumers are influenced by ethical considerations and stakeholders. [ABSTRACT FROM AUTHOR]

In scientific journals published all over the world, the economic performance of firms with ISO 14001 certification is a highly controversial topic. This controversy is particularly evident in developing countries. With regard to this topic, we maintain a neutral position in this paper. Using the data of 63 firms from the Shenzhen and Shanghai Stock Exchanges in China during the period of 2003–2018, and employing the difference-in-difference method, we analyze the influence of ISO 14001 certification on firms' financial performance. We also examine the moderating effect of firm size and age, considering the time factor. In addition, we test the influence of ISO 14001 certification on exports, using China's provincial data from 2008 to 2018. The results indicate that ISO 14001 certification negatively affects the financial performance of firms; also, the negative effects decrease in line with the increase of certification time. Firm size and age are positively related to the relationship between ISO 14001 certification and a firm's financial performance. At the same time, ISO 14001 certification can effectively improve a firm's competitiveness in the international market. The study combines two opposing positions found in existing literature regarding the effectiveness of ISO 14001 certification. The results show that ISO 14001 certification will ultimately have a positive impact on China's economy, but that influence should be correctly evaluated in terms of the effect on small and medium-sized enterprises. Some suggestions for firm managers and the government are then discussed. [ABSTRACT FROM AUTHOR]

Recent research suggests that the relationship between family business ownership and cleaner production is contingent. This article makes two contributions to this scientific literature. First, the authors conjecture that the relationship between family business ownership and cleaner production (measured by energy and water consumption, waste disposal and environmental performance of suppliers) is weaker for large firms than for small firms. Second, the authors surmise that the involvement of family members in management moderates the relationship between family business ownership and cleaner production in a non-linear rather than linear way. Based on a sample of 3,816 European companies, the authors find support for both hypotheses. The results imply that the difference in environmental performance between family owned and non-family owned enterprises is largest for small companies managed by a combination of family and non-family members. Image 10 • The effect of family business ownership on cleaner production is contingent. • This effect depends on company size and on family involvement in management. • This effect is positive for small companies and negative for large companies. • This effect is negative for family firms only managed by family members. • It is positive for firms jointly managed by both family and non-family members. [ABSTRACT FROM AUTHOR]

Supported by preferential policies and government funding, the technological innovation of China's photovoltaic industry has been improved greatly. As a capital-intensive practice, will innovation activities in China's photovoltaic industry be affected by the continuous decline of government subsidies in recent years? Therefore, it is essential to study the relationship between government subsidies and innovation performance of Chinese photovoltaic industry. However, there is less empirical research on this topic. In this context, this study aims to supplement existing studies by proposing a micro-level perspective to measure the innovation performance based on the data of Chinese listed photovoltaic companies from 2012 to 2016. Moreover, we assess the effects of government subsidies and other influencing factors on innovation performance. The findings reveal that, firstly, the average innovation efficiency of Chinese listed photovoltaic companies is over 0.9, which is relatively high. Secondly, government subsidies make a positive influence on innovation performance. Thirdly, financial leverage and ownership concentration have significant positive impacts, while firm size has a significant negative effect on the innovation efficiency of China's photovoltaic industry. The findings will serve as a reference for policy-making to promote further technological progress and sustainable development of China's photovoltaic industry. • This paper estimates the innovation performance of China's photovoltaic industry based on the micro perspective. • This paper conducts a comprehensive analysis by a two-stage DEA-Tobit model. • The overall innovation efficiency of Chinese photovoltaic enterprises is high relatively but still has progress potential. • Government subsidies make a positive influence on technological innovation efficiency of China's photovoltaic industry. • The findings will serve as a reference for policy-making of government and enterprises. [ABSTRACT FROM AUTHOR]

Natural resources are limited and society has long been unwisely consuming them, while Earth has been longing for care. Most existing businesses are based on linear models and a transition to Circular Business Models is necessary. Circular Business Models are business models that enable systems that are regenerative by nature; they seek maintaining resource value at its maximum for as long as feasible, and eliminating or reducing resource leakage, by closing, slowing, or narrowing resource flows. For a transition to circular business models to happen, researchers and practitioners need to know how to implement and manage them. Therefore, this paper's aim is threefold: (i) identify researchers, topics of highlight and journals housing research on Circular Business Models worldwide, (ii) identify the main aspects that influence Circular Business Model implementation, and (iii) point the unaddressed subjects in the existing literature on Circular Business Models. To that end, a systematic literature review was conducted. The EndNote, Microsoft Power BI, and the VOSviewer software tools were used to manage references and build visual maps, respectively. Resource flow management, considerations on surpluses, system orientation, challenges to circular business models, system design aspects, influence of company size, possible rebound effects, customer consideration, company's culture and behavior, and capacity building for CE have been the main aspects of current concern on circular business model investigation. The importance of increasing circularity through circular business models is mainly addressed through the importance of top management support and its action from the company's core to the outside. Further investigations and partnerships from theoreticians and practitioners are expected to assist the evolution of the theme. • CBM advance seems to have begun in 2014. • The main topics of current concern on CBM implementation are identified. • Subjects not addressed in the existing literature on CBM are pointed. [ABSTRACT FROM AUTHOR]

Although discussions on eco-innovation are ongoing and the concept is evolving, its central idea is highly stimulating. Thus, a great number of studies has been conducted in recent years around the world based on different perspectives, contexts and outcomes. Therefore, the identification and analysis of factors related to eco-innovation are essential if knowledge in this field is to be improved and consolidated. This research aimed to advance our understanding of the different dimensions of eco-innovation through a meta-analytical review of its antecedents or drivers, consequents and moderators. Thus, a total of 71 studies was analysed, generating 818 effect sizes and 220,582 cumulative samples. The main findings revealed that barriers, company capabilities, environmental regulation, market turbulence, information sources, R&D and company size were significant antecedents to eco-innovation. It was also noted that a significance relationship exists between eco-innovation and firm performance. Regarding the moderating effect, it was observed that culture, the economic situation of the country and context influence the relationship between eco-innovation and performance. The results revealed that countries with a lower HDI presented stronger effects between eco-innovation and firm performance than countries with a higher HDI. These findings were interesting because they could demonstrate that eco-innovation tends to promote more competitive advantage in countries with environmental problems and consequently a lower HDI. [ABSTRACT FROM AUTHOR]

Reconstruction projects in the aftermath of events such as natural disasters require proper allocation of scarce resources to multiple projects that need to run concurrently according to a planned schedule. Project deadlines are specified based on the urgency and importance of the infrastructure being rebuilt. Construction companies within the locality of the site may have insufficient capacity to cope with all the reconstruction projects. In such cases, external construction companies from other regions supplement local reconstruction efforts. Use of such external resources incurs environmental penalties (e.g., greenhouse gas emissions) due to the transport of heavy equipment, material supplies, and workers, over greater distances. It is necessary to assign companies suitably to minimize the carbon footprint of accomplishing the tasks. A multi-period source-sink model is developed to optimize the assignment of construction companies to multiple projects along a planned time horizon, using earliest finish time during reconstruction campaign. The model is formulated as a Mixed Integer Linear Program whose objective function is to minimize total carbon footprint during reconstruction while taking into account company size and classification, as well as project deadlines. A case study on urban reconstruction in the southern Philippines is solved using the model. [ABSTRACT FROM AUTHOR]