Do the ecoinnovation and ecodesign strategies generate value added in munificent environments?

Within innovation strategies, ecodesign and ecoinnovation are becoming very relevant in recent years as they seek to reduce the environmental impact of both products and production processes by using new technologies and ways of working that contribute to sustainable development and at the same time...

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Bibliographic Details
Published in:Business strategy and the environment 2020-03, Vol.29 (3), p.1021-1033
Main Authors: García‐Sánchez, Isabel‐María, Gallego‐Álvarez, Isabel, Zafra‐Gómez, José‐Luis
Format: Article
Language:English
Subjects:
Capital markets
Competitiveness
ecodesign
ecoinnovation
Economic development
Economic growth
Economics
Environmental impact
Generalized method of moments
Impact analysis
Innovations
Market value
Method of moments
munificence
New technology
Product design
Profitability
Resource availability
Sustainable design
Sustainable development
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Summary:Within innovation strategies, ecodesign and ecoinnovation are becoming very relevant in recent years as they seek to reduce the environmental impact of both products and production processes by using new technologies and ways of working that contribute to sustainable development and at the same time help to promote the competitiveness of companies. In this framework, the objective of this paper is to analyze the impact that the strategies of environmental innovation in products and processes have on the profitability and the market value of the companies, considering the moderating role that the munificence of the industry has in this relationship. Using the generalized method of moments, the results obtained from a sample of 6,454 international companies during the period 2002–2017 show that although environmental innovation strategies do not entail higher returns, they are well valued by the capital market. This was especially true in environments with greater economic growth and availability of resources, that is, in munificent environments.
ISSN:0964-4733
1099-0836
DOI:10.1002/bse.2414