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The effects of environmental performance and green innovation on corporate venture capital

Author

Listed:
  • Ramzi Benkraiem

    (Audencia Business School)

  • Emmanuelle Dubocage

    (IRG - Institut de Recherche en Gestion - UPEC UP12 - Université Paris-Est Créteil Val-de-Marne - Paris 12 - Université Gustave Eiffel)

  • Yann Lelong

    (Universidade Católica Portuguesa, Catolica Lisbon School of Business and Economics,)

  • Fatima Shuwaikh

    (IRG - Institut de Recherche en Gestion - UPEC UP12 - Université Paris-Est Créteil Val-de-Marne - Paris 12 - Université Gustave Eiffel)

Abstract

The aim of this study is to provide investors, policymakers and others with information on how greenhouse gas (GHG) emissions and green innovation affect corporate financial performance. Although reporting by corporate venture capital (CVC) firms on GHG emissions as well as their green innovation has increased significantly, especially in the last two decades, little is known about how these two factors affect financial performance. To fill this gap, this article investigates the relationships between environmental performance, green innovation, and financial performance in CVC investments in the US over an 18-year period between 2002 and 2019. The results show the effects of GHG-emission reduction and green innovation, both separately and combined, on the financial performance of CVC firms. These findings contribute to the ongoing debate on the role of corporations in the efforts to reach net-zero emissions. The results indicate that emission reductions give firms a financial advantage over time and that there is a financial interest for corporate investors to drive green innovation. These results have important implications for research and practice and illustrate the importance for corporate investors of including ecological considerations in their overall business strategies to create competitive advantage.

Suggested Citation

  • Ramzi Benkraiem & Emmanuelle Dubocage & Yann Lelong & Fatima Shuwaikh, 2023. "The effects of environmental performance and green innovation on corporate venture capital," Post-Print halshs-04711337, HAL.
    • Handle: RePEc:hal:journl:halshs-04711337
    DOI: 10.1016/j.ecolecon.2023.107860
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    Citations

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    Cited by:

    1. Zhou, Jing & Wu, Kaiwen & Li, Youwei, 2025. "Does firm internationalization improve ESG performance? Evidence from China," International Review of Economics & Finance, Elsevier, vol. 101(C).
    2. Ma, Yong & Chen, Diandian, 2025. "How green credit policies drive green innovation: evidence from a natural experiment in China," Journal of Economic Behavior & Organization, Elsevier, vol. 239(C).
    3. Liu, Xin & Xu, Hui, 2025. "Going green with digital media attention: Evidence from Chinese A-share listed companies’ environmental performance," Research in International Business and Finance, Elsevier, vol. 73(PA).
    4. Zhou, Tao & Huang, Ziling & Huang, Junkang & Duan, Junshan & Liu, Gang, 2025. "Venture capital intervention and intelligent empowerment: Drivers of corporate green innovation," International Review of Financial Analysis, Elsevier, vol. 104(PA).
    5. Wang, Xing & Li, Pengyu & Yuan, Yangguang & Zhang, Qianxiang, 2025. "The impact of the carbon trading market on corporate employment: Theoretical and empirical evidence," Energy, Elsevier, vol. 320(C).
    6. Li, Lu & Gan, Yufei & Bi, Shuochen & Fu, Haokai, 2025. "Substantive or strategic? Unveiling the green innovation effects of pilot policy promoting the integration of technology and finance," International Review of Financial Analysis, Elsevier, vol. 97(C).
    7. Gu, Jiafeng, 2025. "Did supply chain digitization contribute to corporate green energy innovation? The mediating role of asset receivable management and policy spillovers," Energy Economics, Elsevier, vol. 143(C).
    8. Xu, Mengmeng & Wang, Zihao & Zhou, Yanjiao & Wang, Feng & Wu, Zhan, 2025. "Environmental information transparency and firms' sustainable development: Evidence from automatic environment monitoring and information disclosure in China," Energy Economics, Elsevier, vol. 150(C).
    9. Aamir Azeem & Muhammad Akram Naseem & Rizwan Ali & Shahid Ali, 2025. "How Does Environmental Performance Contribute to Firm Financial Performance in a Multi-country Study? Mediating Role of Competitive Advantage and Moderating Role of Voluntary Environmental Initiatives," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 16(2), pages 7688-7721, June.
    10. Zhang, Ping & Ma, Binbin & Chi, Chuenyu, 2025. "Institutional investors and ESG performance: Evidence from China," Economic Analysis and Policy, Elsevier, vol. 86(C), pages 1159-1181.
    11. Zhang, Ruchuan & Li, Aijun & Wu, Xuenan & Wang, Yao, 2025. "Evaluating the corporate performance in sustainable development of China's listed companies: a new series-parallel structure based on network DEA and BoD models," Energy, Elsevier, vol. 338(C).
    12. Hameed, Touseef & Alemayehu, Fikru Kefyalew & Kumbhakar, Subal C., 2024. "Green innovation in Norwegian firms: Navigating the complexity of productivity and performance," Technological Forecasting and Social Change, Elsevier, vol. 209(C).

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