Interactive effects of brand reputation and ESG on green bond issues: A sustainable development perspective

This paper shows that brand reputation alone may not be sufficient to help firms successfully issue green bonds and that they may need superior corporate social responsibility performance in the form of high ESG (Environmental, Social, and Governance) scores to unlock the full potential of their brand reputation. Using a sample of 338 international green bond issues across 108 unique firms, we found significant positive effects of ESG disclosure score and its interaction brand reputation on the issuance of green bonds while controlling for other variables, such as fixed effects of industry, region, and time. We also show that it is the S (Social) component of ESG and the interactions of its E (Environmental) and G (Governance) components with brand reputation which drive successful green bond issuance. Besides extending the current research on the impact of brand reputation and ESG on green bonds, these results also have important managerial implications for analysts, fund managers, and firms planning to raise green capital.     

Green intellectual capital and ambidextrous green innovation: The impact on environmental performance

This study relies on a unique synthesis of ambidexterity theory and the natural resource orchestration approach to investigate how green intellectual capital elements, namely green human, structural, and relational capital, along with ambidextrous green innovation, trigger a synergy in favor of environmental performance. In particular, this paper primarily aims to test the mediating role of ambidextrous green innovation in the relationship between green intellectual capital and environmental performance. Based on a survey of 105 Iranian public listed companies, the results indicate that green intellectual capital elements are not directly associated with environmental performance. Instead, they influence environmental performance only through the channel of ambidextrous green innovation as a mediating variable. This is the first study to simultaneously embed the resource orchestration theory in the green intellectual capital and ambidexterity literature. The findings of the current study offer new insights into the issue of how organizations gain maximum benefit from the orchestration of their various green assets and capabilities, including green intellectual capital and ambidextrous green innovation.     

绿色饭店的SWOT分析及对策

面对世界绿色消费市场的蓬勃兴起,推行环保的绿色饭店需要运用绿色管理理念经营企业,将可持续发展观念融入到饭店经营的全过程和各个环节。文章从绿色饭店的理念和发展状况入手,运用SWOT分析法对绿色饭店的内部优势、劣势和外部机会、威胁给予分析,最后提出绿色饭店这个新兴企业赢得消费者和市场的对策。     

Fostering green product innovation through green entrepreneurial orientation: The roles of employee green creativity,green role identity,and organizational transactive memory system

Developing new green products is critical to an organization's achievement of sustainable goals as well as competitive advantage. This study aims to unravel the mechanisms through which organizations with green entrepreneurial orientation (green EO) can foster green product innovation. The dataset for testing these mechanisms was garnered from employees and managers who worked in manufacturing firms based in an Asia-Pacific market. Through a multilevel analysis of the data, the study revealed the positive nexus between organizational green EO and green product innovation. The results of the study further lent credence to employee green creativity as a mediation path for such a relationship. Furthermore, employee green role identity and organizational transactive memory system were found to fortify the linkage between green EO and employee green creativity. These results suggest to organizations how to optimally translate their green entrepreneurial strategy into new green products that met customer preferences and societal expectations.     

The impact of motivation,intention, and contextual factors on green purchasing behavior: New energy vehicles as an example

Green purchasing behavior is of great significance to the realization of carbon reduction goals. Through in-depth interviews, this study uses new energy vehicles to explore the driving factors of green purchase. It applies grounded theory for a qualitative analysis, the results of which show that behavior motivation, behavior intentions, residential characteristics, social norms, behavior ability, and institutional and technological context are the main factors of green purchase, albeit in inconsistent ways. It is found that behavior motivation indirectly affects green purchase through behavior intention; residents' characteristics, behavioral ability, social norms, and the institutional and technological context have moderating effects on the relationship between behavior intention and green purchase, indicating the existence of an “intention–behavior” gap. The study proposes the comprehensive model of Motivation–Intention–Context–Behavior to explain the driving factors for green purchase and provides policy implications on marketing strategy to companies producing green products.     

Impact investing in biodiversity conservation with bonds: An analysis of financial and environmental risk

Impact investments have the dual goals of generating profit and environmental and/or social impact from the same project or enterprise. This article examines recent impact investments in biodiversity conservation—specifically, debt finance in the form of conventional bonds and impact bonds. The proceeds of these bonds finance projects aiming to enhance forest management, sustainable agriculture, endangered species protection, ecosystem service provision, and nature-based solutions to climate change such as REDD+. The article scrutinises whether these dual goals are achievable by evaluating the financial risks and impact risks within each bond's theory of change. Risks stem from projects with vague cashflow forecasts, project sites with low or ambiguous threat statuses, and simplified impact metrics that may measure activities or outputs—rather than impact. Risk mitigation strategies involve using baselines and counterfactuals to establish additionality, and guarantors to protect investors if revenues are insufficient. Implications for biodiversity management and for-profit conservation are discussed.     

The influence of managers' awareness of climate change,perceived climate risk exposure and risk tolerance on the adoption of corporate responses to climate change

Uncertainties posed by climate change limit companies' ability to understand implications of global warming on business and society at large, hampering the adoption of tangible organizational responses to climate change. Understanding climate action thus requires to investigate influential factors of decision-making under uncertainty, which implies acknowledging managerial interpretations and perceptions about climate issues. Drawing insights from the literature on climate inaction and from corporate sustainability literature, the present study examines awareness of climate change and perceived exposure to climate risks as antecedents of corporate responses to climate change, drawing on a survey of managers of Italian manufacturing companies. In addition, the study tests the moderation of risk tolerance on the relation between perceived climate risk exposure and climate action, suggesting that risk attitudes are a significant factor of decision-making under climate uncertainty. The results support the hypothesis of the model and thus provide several contributions to the literature on business and climate change. Managerial implications and avenues for future research are also discussed.     

Bridging the gap between corporate social responsibility and new green product success: The role of green organizational identity

In this study we explore the relationship between corporate social responsibility and new green product success based on organizational identity theory. The hypotheses are tested on a sample of 150 companies in China. The results indicate that corporate social responsibility positively affects both green organizational identity and green adaptive ability. We also find that green organizational identity and green adaptive ability are positively influences on new green product success. In addition, we find that green organizational identity partially mediates the relationship between corporate social responsibility and green adaptive ability. Moreover, green organizational identity fully mediates the link between corporate social responsibility and new green product success. This means that corporate social responsibility indirectly and positively affects new green product success through green organizational identity. These results suggest that managers should seek to enhance their organizational sense of green identity and improve their organizational green adaptive ability, which will facilitate their firm's sustainable development. The theoretical and practical implications of these findings for environmental policy are also discussed.     

The oxymoron of ‘sustainable oil production’: the case of the Norwegian oil industry

Many oil companies have adopted the concept of sustainable development and claim that their production is sustainable. This might seem odd given that the oil industry depletes a non‐renewable resource and that oil production also contributes to climate change. This paper analyses how the industry attempts to resolve this paradox, using the Norwegian oil industry as a case study. It is demonstrated how four rhetorical operations are used. By employing the topic of definition, the industry argues that it is sustainable because it (1) strives to cut its emissions and (2) manages oil resources with a long‐term perspective until such time as technology will provide solutions. The industry then uses the topic of comparison to (3) discredit other energy sources as ‘unrealistic’ options and (4) compare the production in Norway with more polluting oil production elsewhere. Understanding this type of rhetoric is crucial for validating or criticizing the sustainability claims of the industry. Copyright © 2006 John Wiley & Sons, Ltd and ERP Environment.     

Firms’ Response to Climate Change: The Interplay of Business Uncertainty and Organizational Capabilities

With climate change emerging as one of the most important issues increasing uncertainty in the business circle, firms have shown different reactions. Why do firms differ in adopting and implementing carbon management practices (CMPs) in response to the global warming issue? This paper attempts to explore this question with particular attention to two factors: external business uncertainty and internal organizational capabilities. This study investigated whether business uncertainty, organizational learning and lean production capabilities influenced the adoption and implementation of CMPs as well as examining how organizational capabilities moderate the relationships between business uncertainty and the level of CMPs. The results of a cross‐sectional survey and hierarchical regression analyses indicate that perceived business uncertainty decreases the adoption of CMPs, organizational learning and lean production capabilities strongly facilitate the adoption and implementation of CMPs, and lean production capability positively moderates the impacts of business uncertainty on the adoption of CMPs. This study provides guidance for managers and academics considering how to identify, design and manage the dimensions of a firm's practices in response to the global warming issue within the organization as well as with other organizations. Copyright © 2015 John Wiley & Sons, Ltd and ERP Environment     

创新驱动与绿色发展的理论思考

当今世界正处在从经济复苏迈向新的发展阶段的关键时期,绿色发展是保护环境与发展经济的重要结合点。以能源与环境技术、绿色低碳技术为代表的绿色技术创新和以绿色经济制度体系构建为代表的制度创新,将为我国经济社会与资源环境可持续发展提供新引擎。本文通过分析绿色创新的特点与正反馈机制,找出创新与绿色发展的关系,并剖析了创新驱动与绿色发展的相互促进机制。最后从实践角度探讨了世界各国的绿色技术创新政策。     

Green human resource management and the enablers of green organisational culture: Enhancing a firm's environmental performance for sustainable development

Scholars have shown that green human resource management (GHRM) practices enhance a firm's environmental performance. However, existing studies fail to explain how GHRM initiatives can enable a green organisational culture or how such a culture affects the environmental performance and sustainable development of the firm. This paper examines the relationship between GHRM practices, the enablers of green organisational culture, and a firm's environmental performance. We conduct a large‐scale survey of 204 employees at Chinese manufacturing firms. Our findings suggest that proenvironmental HRM practices including hiring, training, appraisal, and incentivisation support the development of the enablers of green organisational culture. We suggest the key enablers of green organisational culture include leadership emphasis, message credibility, peer involvement, and employee empowerment. Our paper contributes to HRM theory in terms of originality and utility of research by explaining that the enablers of green organisational culture positively mediate the relationship between GHRM practices and environmental performance. Managers are provided with a detailed understanding of the GHRM practices needed to enable an organisational culture of environmentally aware employees. Finally, we address potential implications of this work for teaching green organisational culture to future generations of responsible managers.     

Boundary‐spanning search and firms' green innovation: The moderating role of resource orchestration capability

Building on resource‐based theory and resource orchestration theory, we investigate the impact of two characteristics of boundary‐spanning search, search breadth and search depth, on firms' exploitative and exploratory green innovations. We also examine the moderating role of resource orchestration capability. The results of data analysis from 186 manufacturing firms in China show that both search breadth and search depth have inverted U‐shaped relationships with exploitative and exploratory green innovations. Furthermore, resource orchestration capability is found to moderate the inverted U‐shaped relationship between boundary‐spanning search and green innovation. Specifically, with high resource orchestration capability, the inverted U‐shaped relationships of search breadth with exploitative and exploratory green innovations are flattened, whereas the relationships of search depth with exploitative and exploratory green innovations are almost linear. Our research contributes to the literature on green innovation by uncovering the complex effects of boundary‐spanning search on exploitative and exploratory green innovations.     

The Impact of Climate Change on Agriculture in the Southwestern United States: The Ricardian Approach Revisited

This paper estimates a Ricardian model of farmland value across the counties of the semiarid Southwestern United States. Compared to previous contributions, we focus on one climate zone and include the presence of extreme weather events and of farm subsidies in our analysis. We also control for heterogeneity and for various types of spillover effects. Once calibrated, the model is used to project changes due to future climate conditions. We find that the probability of a decrease is great in highland counties while an increase or decrease is equally probable in lowland counties where climate impacts farmland value less.     

Risk assessment of China's foreign direct investment in "One Belt,One Road": Taking the green finance as a research perspective

With the active promotion of the "the Belt and Road" initiative, overseas investment has shown a market prospect of explosive growth in various countries and has received continuous attention from scholars at home and abroad. With the proposal of the goal of carbon neutrality in countries and regions along the Belt and Road, green investment has become a new driving force for foreign investment. Based on the theory of quality function deployment (QFD) and the G1 entropy method in fuzzy mathematics, this paper constructs 10 risk indicators of China's foreign investment from the perspective of green from the four levels of economic risk, environmental risk, social and cultural risk and political risk, and studies 61 countries along the line. The results show that the four types of risks have an important impact on China's foreign investment. Therefore, Chinese government and enterprises should strengthen the comprehensive evaluation of the overall situation of the host country when investing. Our research has not only achieved theoretical improvement and practical innovation, but also put forward targeted suggestions for China to strengthen risk prevention and control of investment in countries along the "Belt and Road" from the perspective of green finance.     

沿边民族地区绿色物流发展中面临的障碍及对策——基于云南瑞丽市的分析

瑞丽作为国家重点开发开放实验区,但在绿色物流发展中,还存在着思想观念落后、政策法规滞后、技术和信息化水平不高、标准化薄弱、专业人才匮乏等问题;并指出亟需树立全新的绿色物流发展理念、大力开发和采用绿色物流技术、拓新传统物流作业方式、加强物流信息系统和标准化体系建设、培养绿色物流专业人才,以推进瑞丽绿色物流又好又快发展。     

商业银行个人理财：产品创新、风险表现及建议

本文总结了商业银行个人理财产品创新的＂三化＂特征,揭示了商业银行个人理财产品创新中的风险表现,提出了促进银行理财业务健康发展的建议。     

Investigating the link between managers' green knowledge and leadership style,and their firms' environmental performance: The mediation role of green creativity

Despite extensive literature on green hotel management and sustainability, scant attention has been given on the role of managers to solve environmental related issues. This study's aim is to assess the effects of managers' green knowledge and green transformational leadership on firms' environmental performance with the mediating effect of green creativity. The study analyzes the perceptions of 363 employees in different managerial positions of the hotel industry employing Partial Last Square Structural Equation Modeling. The findings of the study show a positive effect of green knowledge and green transformational leadership on green creativity and green transformational leadership on environmental performance. Furthermore, green creativity is also found to have significant mediating effect between green knowledge and environmental performance, and green transformational leadership and environmental performance relations. The main implication of the current research is that managers' green concerns might help the stakeholders in the hotel industry to respond through appropriate green initiatives for their organizations. Further suggestions for literature and practice are discussed.     

The impact of environmental corruption on green consumption: A quantitative analysis based on China's Judicial Document Network and Baidu Index

In developing countries, green consumption is still in its infancy, and the institutional environment is very important for it. In the implementation of environmental policies to stimulate green consumption, environmental corruption may affect production cost or residents' environmental responsibility. This paper aims to reveal the impact of environmental corruption on green consumption, quantify environmental corruption by collecting the cases of China's Judicial Document Network, and quantify green consumption by constructing an evaluation index system based on Baidu Index. First, baseline results show that environmental corruption is negatively correlated with green consumption. Second, impact path test is carried out from production side, sales side and consumption side. In the production side, environmental corruption inhibits green consumption by weakening green products quality and environmental investment. In the sales side, environmental corruption suppresses green consumption by weakening sales expenses and market share of green products. In the consumption side, environmental corruption inhibits green consumption by reducing government information disclosure and environmental responsibility. Third, threshold effect test is carried out from the perspective of economic basis and human capital basis. The impact of environmental corruption on green consumption is not significant as per capita GDP is lower than 9600 yuan. As the per capita GDP is higher than 13000 yuan, the inhibition of environmental corruption on green consumption is weakened. As the average education is more than 8.14 years, the inhibition effect is significantly weakened. Fourth, this paper compares the spatial impact of different types of environmental corruption on surrounding green consumption by building a spatial Durbin model. Environmental bribery has a higher inhibition on local green consumption, and environmental malfeasance has a higher negative impact on surrounding green consumption.     

Relating Environmental,Social, and Governance scores and sustainability performances of firms: An empirical analysis

Environmental, Social, and Governance (ESG) scores can act as an indicator for sustainability performance of organizations. This paper explores an empirical evidence for the relationship binding ESG scores and sustainability performances of firms. We observe and evaluate the ESG performance scores of 1,820 firms globally for 5 years, from 2014 to 2018 on 10 major themes and over 400 different indicators, as listed by Thomson Reuters and is captured from the Bloomberg terminal data. We posit five hypotheses to check the relations binding ESG scores and the total sustainability performances of firms. A Partial Least Square (PLS) analysis and standard bootstrapping using Smart PLS 3.0 software is used to observe the results and to evidence the direct and moderating effects among latent variables contributing to sustainability performances. We observe a significant and negative moderating effect of ESG performances, independently over the all direct relations, considering their relationship to ESG performances. One of the major implications of this research is in the direction of assigning priorities while considering environmental‐, social‐, and governance‐related themes in the implementation of any strategies or policies into practice.