The Influencing Factors of the Relationship between Corporate Environmental Performance and Corporate Financial Performance: Based on a Meta-Analysis Concerned with Measuring and Situational Factors
Abstract Despite the tremendous number of studies on the relationship between corporate environmental performance (CEP) and corporate financial performance (CFP), inconsistent empirical findings exist. Drawing on a hybrid theoretical framework, this study conducts a meta-analysis of Hierarchical Linear Model to analyze the relationship between CEP and CFP by quantitatively integrating the 58 independent samples of 51 domestic and foreign empirical studies. The results confirm that there is a positive and bidirectional relationship between CEP and CFP, and the moderators’ analysis reveals that the relationship is significantly influenced by the measuring and situational factors, such as the CEP and CFP measures, the environmental strategy types, the developed level of countries, the industry, the research time and the data types.
