Is environmental labeling certification a “green passport” for firm exports in emerging economies? Evidence from China |
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Institution: | 1. China Academy for Rural Development (CARD), School of Public Affairs, Zhejiang University, Hangzhou 310058, PR China;2. School of Economics and Center of Social Welfare and Governance, Zhejiang University, Hangzhou 310058, PR China |
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Abstract: | As the demand for more environmentally friendly products continues to increase, environmental label certification (ELC), as a voluntary environmental practice (VEP), has become a commonly used strategy by firms responding the green demands of the international market. While ELC is playing an increasingly important role in global trade, how ELC affects firms’ exports, especially how it affects the exports of those firms in emerging economies, remains unknown. This study explores the impact of ELC on firms’ exports. Insights are provided from resource-based views (RBV) by analysing China's A-share listed manufacturing firms to estimate the impact of China's ELC on exports. Our empirical results show that ELC can promote firms’ exports, because ELC emphasizes firms to reduce pollutant from the source, thereby, brings about cost advantage and green product differentiated advantage to boost high-quality exports. Using a series of robustness tests, we provide corroborating evidence for our hypotheses. The export-enhancing effect of ELC is impacted by the institutional context of emerging economies, as specialized market intermediaries and greater openness to the global market strengthen the export-enhancing effect of ELC. This research not only contributes to the literature, but also provides a reference for policy-makers and managers in using ELC to develop green trade. |
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Keywords: | Voluntary environmental practice (VEP) Environmental labelling certification (ELC) Firms’ exports Economic openness (OPEN) Market intermediaries (MI) |
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