| Environmental management certification is crucial to the global green development and sustainable development,as the new era of industrial revolution and technical revolution,the economic deglobalization,even the adjustment of global industrial supply chain and the game of big countries.Green industrial policy,as a coercive pressure,is the internal driving force to promote national green development,social green progress and enhance the comprehensive competitiveness of the manufacturing industry.Moreover,the peer effect as a mimetic pressure is also important to promote global green development,social green footprint and to meet the manufacturing demands.Putting forward higher requirements on the boundaries of traditional manufacturing enterprises,the green responsibility has become an inevitable challenge and breakthrough opportunity for China’s manufacturing industry to accelerate the improvement of the quality of corporate Environmental management certification.The studies of industrial policy and the peer effect meet the needs of improving Chinese Environmental management certification quality,also are the objective requirements for China’s manufacturing industry to achieve globalization,historic and realistic major opportunities and challenges for breakthroughs.Furthermore,the study on the impact of environmental management certification on the stock prices of manufacturing companies provides important reference information for the survival,development,and green breakthrough of traditional Chinese manufacturing.It is a strategy for our nation shifting from "scale expansion" to "structural upgrading",from "high-carbon growth" to "eco-friendly development",from "catching-up in quantity" to "catching-up in quality".At the mentioned background,the empirical studies give some explanations to the following questions:（1）Does green industrial policy really create a good institutional environment? Is there any robust mechanism in which it can play a useful role?（2）For the government or industry regulatory agencies,how to enhance the level of exemplary and leading role? What kind of mechanism can promote the leading role more effectively?（3）As an institutionalized,legitimacy and labeling practice,is there any method to improve the profitability of environmental management certification?Based on the rare Chinese Environmental management certification data and CSMAR data,the empirical studies focus on the green industrial policy and peer effect on the adoption of environmental management certification using mediating models and the impacts of the green certification on stock price to test the process of adoption and diffusion of green certification.Furthermore,the results of the three empirical studies,based on the neo-institutional theory and signal theory,give some optimum suggestions to the government.The main conclusions of this study are as following.First,this study tests the adopted processes of environmental management certification from the green industry policies perspective,provides the micro evidence of green practices,and expands the boundaries of the coercive pressure.To improve the quality of environmental management certification,green industrial policy plays a crucial role.Within the scope of China’s manufacturing industry,the development strategy of environmental management certification needs to be further expanded and updated,because that quantity advantage cannot keep the pace of the new round of the revolution of science,technology and industry.Considering the background of economic deglobalization and the adjustment of global industrial supply chain,environmental management certification upgrading from quantity to quality must be strategic to focusing on the state-owned enterprises and the political-associated executives of the publicity and supervision of the enterprise,to the continuous development of enterprise environmental management certification.Therefore,under the precondition of published papers illustrating of the coercive pressure overall,the innovation of this study focusing on green industrial policy is that detailed analysis of the coercive pressure from stateowned enterprises and political-associated executives to analysis the adoption of green certification using micro evidence.Moreover,this study builds a realistic,logic,clear conceptual model for testing the coercive pressure on environmental management certification.Second,based on the researches of wholly test the construct of mimetic pressure,this study detailly analyzed the mimetic pressure on the environmental management certification,provided the explanation of the diffusion,and gave an innovative conceptual framework.We found that peer effect of leading enterprises plays an important role in the diffusion of environmental management certification.Moreover,managers` reputation and innovation learning capability conduct a moderator role in the diffusion of the green certification.Furthermore,the peer effect of green certification is different within different traits industry.The government and the regulators should focus on the high-competitive and low-growth industry to enhance the quality of environmental management certification.It illustrates a necessary and efficient method of environmental management certification upgrading from quantity to quality.Accordingly,the innovation of this paper is that introducing the peer effect in education and financial management subject,even the diffusion of green certification in practice.So,based on the analysis of mimetic pressure on green certification wholly,this paper focuses on the peer effect,and reveals the mask of mimetic pressure through building a conceptual model including industrial difference,manager reputation and manager innovation learning capability.Third,the results of the impacts of green certification on the stock market price give us an interesting and idealistic views.It showed that the environmental management certification plays a negative effect on the stock price.Considering the assumption of the neo-institutional theory,environmental management certification is an institutionalized,legitimacy and labeling practice.It gives us important explanations for this interesting result.Moreover,signaling theory could illustrate the findings,because of that green certification sends a negative signal to the stakeholders.Therefore,environmental management certification needs to overcome difficult,namely across the gap of institutionalization.Continuous sending effective signals to the stakeholders is an effective way to the new development patterns shifting from "catching-up in quantity" to "catching-up in quality".Consequently,because of that the impacts of green certification on financial performance need to be further discussion in previous papers through mediator or moderate effect model,the innovation of this paper directly analyses the stock market reaction of green certification using event study method in the field of accounting.Moreover,this study solves the questions of whether the green certification is useful? Rethinking the assumption of neo-institutional theory and signaling theory,this study gives some important and practical suggestions under the background of the new era transformation and upgrading. |
