The main purpose of this study was to investigate the relation between green innovation and firm financial performance. Previous research on the topic of green innovation primarily portrayed positive outcomes on a firm’s financial returns (Chen et al., 2006; Chen, 2008; Zhu
& Sarkis, 2004). This study extends existing literature in the field of green innovation by showing that increased financial results do not occur immediately. The negative results from the regression indicate that, in the same year, investing in green innovation does not have a positive effect on a firm’s bottom line. The first research gap, which addressed the inconclusive findings regarding the relationship between green innovation and financial performance, has been tightened by the contributed statistical results and related arguments.
Moreover, this study puts forward important managerial implications regarding the engineering and construction industry, since the industry specific regression pointed out that for this industry green patent investment results in immediate financial returns.
Moreover, the study aimed to shed new light on the possible contingency effects that could either positively or negatively moderate the main relationship. Whilst we are unable to find significant findings with regards to the moderating effect of a firm’s internationalization scale and home-country corruption levels, we did partially substantiate why these variables did not have a significant influence. Leveraging green innovations across different markets with different institutional frameworks can be challenging and, therefore, not significantly contributing to the effect of green innovation on financial performance (Zhang & Zhu, 2019).
Moreover, earlier studies indicated that firms tend to be biased in their choice of locations in which to set up innovation facilities. This results in firms deciding to establish an innovation location in preferably a country that can be considered less corrupt (Abdullah et al., 2016;
Fissman & Svensson. 2007; Porter & Stern, 2001). The insignificant findings of the current study could be attributed to the main absence of firm data on innovation facilities in highly
corrupt countries, since firms simply do not pick corrupt locations to execute green innovations.
Furthermore, the research extends the scientific knowledge on the direct effects of a firm’s internationalization scale and home-country corruption levels on the firm’s financial performance. By providing marginally significant results the study makes valuable contributions to managers. First, the negative effect of internationalization scale indicates that the more of a firm’s sales are generated outside of the home-country, the lower the financial return. Second, due to stable and trustworthy institutional frameworks, locating headquarters or subsidiaries in non-corrupt countries would significantly improve firm financial returns.
The evidence from the marginally significant findings suggest that managers should be cautious when expanding operations abroad and that they should take the degree of corruption into account when considering entering a country.
More research is recommended to understand which factors affect the relationship between green innovation and financial performance in order for managers to obtain valuable insights for strategic decision-making. Numerous scholars previously explored the time lag between green innovation expense and financial pay-out, but there is neither a conclusive answer on the exact duration of this time lag, nor are there clear guidelines on the discrepancy of this lag between firms, industries, and countries (Azevedo Rezende et al., 2019; Dixon-Fowler et al., 2013; Ernst, 2011). Future research can tap into this existent research gap. This study would like to point out that even though financial results are not instantaneous, managers are advised to also value the expected ameliorated environmental and social performance resulting from green patenting. As Marcus and Fremeth (2009) remark in their research, green management should matter for ethical reasons, regardless of the financial returns. Future research could incorporate a more wide-ranging look at performance and investigate how green innovation can benefit society and the world at large.
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