Research On The Relationship Between Enterprise Environmental Management And Financial Performance Based On Meta-analysis

With the frequent occurrence of environmental problems,the United Nations has held several meetings on environmental protection,calling on countries to actively pay attention to environmental issues.In the academic world,the research on the relationship between corporate environmental management and financial performance has also received extensive attention,but failed to form a unified conclusion,the positive,negative,non-linear and even irrelevant relationship between environmental management and financial performance has been reported.However,the exploration of the true relationship between corporate environmental management and financial performance helps to understand the mechanism of interaction between corporate environmental management and financial performance,enabling policy makers to formulate relevant laws and regulations,promote the implementation of corporate environmental management,and achieve the ultimate goal of environmental protection.This paper intends to explore the relationship between corporate environmental management and financial performance through meta-analysis,a quantitative literature review method,and reconsider the contradictory issues of previous research from the aspects of variable types,evaluation methods,industry differences and national differences.Based on Fayol's definition of “management”,this paper expands the interpretation of the “control” function of “management”,including not only the comparative control of management results and forecasting,but also the external stakeholders' supervision of the enterprise environment.The enterprise environmental management in this paper includes environmental management internal efforts,environmental performance and environmental information disclosure.Through the screening,reading and coding of 352 domestic and foreign studies on the relationship between corporate environmental management and financial performance published so far,97 empirical studies were included in the final meta-analysis to explore the overall correlation between corporate environmental management and financial performance,exploring the overall correlation between corporate environmental management and financial performance,the explain of the types of environmental management and financial performance,data collection methods,variable evaluation methods,country differences and industry differences to the differences in previous research on the relationship between environmental management and financial performance.The results show that there is a significant positive correlation between overall corporate environmental management and financial performance,but there are regulatory variables regulating this relationship.The results show that there is a significant positive correlation between overall corporate environmental management and financial performance,but there are regulatory variables that regulate this relationship.The relationship between internal efforts of enterprise environmental management and financial performance is stronger than that between environmental performance and financial performance,and that between environmental information disclosure and financial performance.The relationship between corporate environmental management and accountingbased financial performance is stronger than the relationship between corporate environmental management and market-based financial performance.At the same time,the data collection methods of enterprise environmental management and financial performance as well as the regulating effect of industry differences were verified,and the evaluation methods of enterprise environmental management and financial performance and the national differences partly explained the differences between the studies.Through theoretical analysis,this paper explores the relationship between the concept of corporate environmental management and environmental performance and environmental information disclosure,and solves the debate in the theoretical community on whether corporate environmental management and environmental performance should be separated.The test of regulation plays a clear and reasonable boundary condition for the study of the relationship between environmental management and financial performance of enterprises.The comparative analysis between China and the United States determines the research plan of the relationship between environmental management and financial performance of enterprises that are more suitable for the national conditions of the two countries,and provides a reference for the focus of the development of environmental management laws and regulations in both countries.