CSR・循環経済実践・グリーン投資によるグリーン企業パフォーマンスの向上：エコイノベーションと炭素取引規制の役割

Unofficial AI-generated summary based on the public title and abstract. Not an official translation.

🔬研究者:炭素規制を静的な背景ではなく、イノベーションと業績を増幅する動的な境界条件として理論化した点が、GX経営研究の枠組み構築に有用。

🏢実務担当者:炭素価格が厳格化する市場では、CSR・循環経済・グリーン投資をエコイノベーションに結びつけることが業績向上に直結する可能性を示す。

🏛政策担当者:ETSは排出上限だけでなく、炭素価格の厳格性と執行を維持し、グリーン金融政策と組み合わせることでエコイノベーションを構造的に促せる。

ABSTRACT The escalating global pressure on industrial firms to align their operations with environmental sustainability imperatives has intensified scholarly interest in the antecedents of green firm performance (GFP). Despite the proliferation of fragmented studies on individual sustainability drivers, a significant theoretical void remains regarding how multiple environmental strategies interact within a unified mechanism to drive performance. This study examines the influence of corporate social responsibility (CSR) practices, circular economy practices (CEP) and green investment (GI) on GFP within China's rapidly evolving regulatory landscape. Drawing on stakeholder theory, the natural resource‐based view (NRBV) and institutional theory, the research conceptualises eco‐innovation (EI) as a mediating mechanism through which CSR, CEP and GI translate into superior environmental performance outcomes. Furthermore, carbon trading regulations (CTR) are proposed as a boundary condition that moderates the EI–GFP relationship. Using a quantitative cross‐sectional survey design, data were collected from 283 managers and executives employed in Chinese manufacturing and energy firms subject to the national emission trading scheme (ETS). Structural equation modelling (SEM) via AMOS was employed to test the hypothesised relationships. Findings confirm that CSR, CEP and GI each positively influence GFP, with EI serving as a significant partial mediator for all three antecedents. Notably, CTR significantly strengthens the EI–GFP nexus, confirming that stringent regulatory market mechanisms act as vital catalysts that amplify the performance dividends of innovation. The study offers novel theoretical insights by going beyond the prevailing siloed approach to sustainability research. By formally integrating stakeholder theory, the NRBV and institutional theory into a single, empirically validated framework, this study uncovers the ‘black box’ of green performance by establishing EI as a parallel transmission mechanism for multiple sustainability practices, while theoretically repositioning CTR from a static contextual backdrop to a dynamic boundary condition that amplifies the innovation‐to‐performance payoff. Practically, these findings provide critical guidance for policymakers: rather than relying on ETS solely to cap pollution, regulators must actively maintain high carbon price stringency and enforcement rigour to structurally incentivise eco‐innovation. Furthermore, policymakers are advised to synergise carbon market mechanisms with green finance policies to reduce the cost of GIs, thereby accelerating the virtuous cycle of corporate sustainability, innovation and achieving national dual‐carbon goals.

• openalex https://doi.org/10.1002/csr.71006first seen 2026-09-25 04:41:15
• semanticscholar https://doi.org/10.1002/csr.71006first seen 2026-09-26 05:04:07 · last seen 2026-09-29 05:13:10