Journal
RESOURCES CONSERVATION AND RECYCLING
Volume 139, Issue -, Pages 40-47Publisher
ELSEVIER
DOI: 10.1016/j.resconrec.2018.07.019
Keywords
Industrial waste; Recycling; Financial performance; Reuse and recovery; Propensity score matching
Categories
Funding
- National Natural Science Foundation of China [71774014, 91746208, 71403021, 71573016, 71521002]
- National Science Fund for Distinguished Young Scholars [71625003]
- National Key Research and Development Program of China [2016YFA0602504]
- Humanities and Social Science Fund of Ministry of Education of China [17YJC630145]
- China Postdoctoral Science Foundation [2017M620648]
- Beijing Municipal Commission of Education
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This paper empirically examines the relationship between corporate financial performance and adoption of industrial waste recycling in Chinese chemical industry. We employ an event study methodology with the application of propensity score matching to establish the comparison group for our analyses. The result shows that corporate internal operating characteristics such as cost intensity and asset turnover, rather than environmental management experience, are key determinants of industrial waste recycling adoption. Reputation effect from industrial waste recycling adoption is significant as evidenced with an increase of sales growth at the adoption year from our data analyses. However, the reputation effect lapses without significant change after the adoption year. There is a lack of performance effect of industrial waste recycling adoption with corporate cost saving and profitability for Chinese chemical industries to enhance their competency in these performance parameters.
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