本文欲探討日本上市公司揭露更多實質性環境資訊對其企業價值的影響。以2008至2012年日經500指數成分公司為研究對象，從企業環境行動的三種揭露資訊（成本、創新，減排效益）進行觀察，環境成本聚焦於企業的環境資本支出與費用支出的金額揭露，環境創新則關注企業環境營運流程與環境技術的資訊揭露，減排效益觀察企業碳排密集度（碳強度）資訊，此外，本文採用內容分析法對企業環境創新揭露進行評分，並以迴歸分析進行後續假說驗證。結果發現日本的大公司揭露環境成本的支出資訊不一定能提升其企業價值，然而，環境創新揭露資訊對提升企業價值多半存在正向反應，這項結果或許暗示在像日本這種環境保護的先進國家，環境成本的投入對於企業價值之創造影響不一，然而企業若能在揭露組織營運創新資訊的同時積極揭露環境技術的創新資訊，有助於企業價值創造進一步的提升。此外本文發現日本在環境揭露方面，市場的投資大眾較偏好環境技術面的創新資訊，本文期望借鑒日本資本市場之經驗，協助我國企業瞭解何種環境資訊揭露能使企業釋放出較實質的綠色訊號，吸引市場綠色投資人目光，幫助企業帶來競爭優勢與價值的創造。

This article is to explore the Japanese listed companies disclose more substantial environmental information impact on its firm value. This article takes the Nikkei 500 index component companies from 2008 to 2012 for the study. From three disclosure information of firm environmental action(cost, innovation, emission reduction effect) to observe. The environmental cost focus on the environmental capital and environmental expense　expenditures, the environment innovation is concerned about the organization operating and environmental technology innovation, and the carbon reduction effect observe carbon emission density (carbon intensity).In addition, this article uses content analysis take the exposing score of firm environmental innovation, and subsequent uses regression analysis to verify the hypothesis. It was found that the Japanese listed companies disclosed the information of environmental cost may not be able to enhance the firm’s value. However, disclose the environment innovation information to enhance firm’s value most have a positive reaction. This result may imply the advanced countries in environmental protection such as Japan, invest environmental cost to innovative the firm’s value are not necessarily have an impact. However, if the firm to expose the actual operating process of environment information and disclose environmental technology information, it is more helpful to create firm’s value. Environment disclosure is a bridge that firm express itself is an environmentally responsible company to the public, and has become a global trend, in our country is no exception. This article is to explore which environmental information is market investing public like, and expect learn from the experience of the Japanese market to help our country development of environmental information disclosure in the future.

目錄
第壹章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 4
第三節 研究架構流程 5
第貳章 文獻探討	8
第一節 環境揭露與日本環境法規制度 8
第二節 象徵性與實質性 14
第三節 環境保護支出與環境創新 21
第四節 建立研究假說 31
第參章 研究方法 37
第一節 研究架構 37
第二節 研究模型與變數的衡量 38
第三節 樣本及資料來源 44
第四節 研究資料的分析與方法 45
第肆章 實證結果及分析 46
第一節 敘述性統計分析 47
第二節 相關分析 48
第三節 實證結果分析 49
第伍章 結論與建議 55
第一節 研究結論 55
第二節 研究貢獻 56
第三節 研究限制與建議 57
參考文獻 59

表目錄
表2-1：日本環境法規之重要立法的演進與事件 12
表2-2：象徵性行動影響企業價值之相關文獻 15
表2-3：實質性行動影響企業價值之相關文獻 17
表2-4：營業活動相應的環保成本分類(大項分類) 23
表2-5：營業活動相對應的成本分類(中小項分類) 24
表3-1：組織營運的創新衡量指標 41
表3-2：環保技術的創新衡量指標 41
表3-3：各變數之定義 44
表4-1：研究樣本的選取 46
表4-2：敘述性統計 47
表4-3：各自變數間之Pearson相關係數矩陣 48
表4-4：當期主要變數與當期市場價值(Tobin’s Q)之實證結果 50
表4-5：前期主要變數與次期市場價值(Tobin’s Q)之實證結果 51
表4-6：環保技術創新揭露得分表 53
表4-7：組織營運創新揭露得分表 53
表4-8：實證結果與假說對照表 54

圖目錄
圖1-1：研究流程圖 7
圖2-1：利害關係人原始模型 19
圖2-2：本研究認為利害關係人與實質性行動揭露之關聯 20
圖3-1：研究架構 37

參考文獻
中文文獻
西尾哲茂，2013，日本的低碳社會建設：目標與對策，中日低碳發展比較研究，北京：中國環境出版社。
郭惠雯，2014，企業營運的效率性整合環境投資的評估，淡江大學會計研究所未出版碩士論文。
顧曼蘋，2010，公司環境資訊傳遞與環境合理性：以日本企業為例，淡江大學會計研究所未出版碩士論文。
英文文獻
Aden J., K. H. Ahn, and M.T.Rock. 1999. What is driving the pollution abatement expenditure behavior of manufacturing plants in Korea. World Dev27(7):1203–1214.
Albornoz, F., M. A. Cole,R. J. R. Elliott, and M. G.Ercolani. 2009. In search of environmental spillovers.World Economy 32: 136–163.
Amaeshi, K. M., and A. Crane.2006. Stakeholder engagement: a mechanism for sustainable aviation. Corporate Social Responsibility and Environmental Management 13(5): 245–260.
Ambec, S., and P.Lanoie.2008. Does it pay to be green? A systematic overview.The Academy of Management Perspectives 22(4): 45–62.
Amores-Salvado, J., Martin-de Castro, G., and Navas-Lopez, J. E. 2014. Green corporate image: moderating the connection between environmental product innovation and firm performance. Journal of Cleaner Production 83: 356-365.
Aravind, D., and P.Christmann. 2008. Institutional and resource‐based determinants of substantive implementation of ISO 14001. Proceedings of the Academy of Management: 1–6.
Arundel, A., R. Kemp, and S. Parto. 2003. Indicators for environmental innovation: What and how to measure, in International Handbook on Environment and Technology Management (ETM), edited by David Annandale, John Phillimoreand Dora Marinova, Edward Elgar, Cheltenham.
Azuma, Kentaro, and Nobuyuki Miyazaki.2013. Toward Mandatory Environmental Disclosure for Capital Markets: Discussion and Empirical Evidence from Japan.社会科学= The Journal of Social Science 76: 55-66.
Bansal, P., and W. C. Bogner. 2002.Deciding on ISO 14001: Economics, institutions, and context.Long Range Planning 35(3): 269.
Bansal, P., and I.Clelland. 2004.Talking trash: Legitimacy, impression management, and unsystematic risk in the context of the natural environment. Academy of Management Journal47(1): 93–103.
Barla, P. 2007. ISO 14001 certification and environmental performance in Quebec’s pulp and paper industry. Journal of Environmental Economics and Management 53: 291–306.
Barth, M. and M, McNichols.1994.Estimation and Market Valuation of Environmental Liabilities Relating to Superfund Sites.Journal of Accounting Research 32: 177–209.
Berrone, P., L.Gelabert, and A.Fosfurri. 2009.The impact of symbolic and substantive actions on environmental legitimacy.Working Paper-778 IESE Business School, University of Navarra. http://www.iese.edu/research/pdfs/DI-0778-E.pdf.
Berrone, P., and L. R.Gomez-Mejia. 2009. Environmental performance and executive compensation: An integrated agency institutional perspective.Academy of Management Journal 52(1): 103–126.
Bewley, K. andY. Li. 2000. Disclosure of environmental information by Canadian manufacturing companies: a voluntary disclosure perspective, Advances in Environmental Accounting and Management1: 206-226.
Bos-Brouwers, H. E. J. 2010. Corporate sustainability and innovation in SMEs: Evidence of themes and activities in practice. Business Strategy and the Environment 19(7): 417–435.
Bosetti, V., C. Carraro, and M. Galeotti. 2006. The dynamics of carbon and energy intensity in a model of endogenous technical change. Energy Journal1: 191–205.
Boyd, J. 1998. Searching for the profit in pollution prevention: case studies in the corporate evaluation of environmental opportunities 98(30).DIANE Publishing.
Brammer, S., and S.Pavelin. 2008.Factors influencing the quality of corporate environmental disclosure.Business Strategy and the Environment17(2): 120–136.
Brinkman, M. W., N.Hoffman, and J. M.Oppenheim. 2008. How climate change could affect corporate valuations. McKinsey Quarterly 29: 1-7.
Brown, S., and S. A.Hillegeist. 2006. How disclosure quality affects the long-run level of information asymmetry. Retrieved from SSRN: http://ssrn.com/abstract=297371.
Burnett, R., and D. Hansen. 2008. Ecoefficiency: Defining a role for environmental cost management. Accounting, Organizations and Society 33(6): 551–81.
Busch, T., and V. H. Hoffmann. 2007. Emerging carbon constraints for corporate risk management. Ecological Economics 62(3): 518–528.
Busch, T., and V. H. Hoffmann. 2011. How Hot is your Bottom Line? Linking Carbon and Financial Performance.Business and Social 50(2): 233-265.
Butner, K., D.Geuder, and J.Hittner. 2008. Mastering carbon management: Balancing trade-offs to optimize supply chain efficiencies. IBM Institute for Business Value vol. GBE03011-USEN-00.
Campbell D. 2003. Intra- and inter-sectorial effects in environmental disclosures: evidence for legitimacy theory? Business Strategy and the Environment 12(6): 357–371.
Chen, J. P.Charles, and B.Jaggi. 2000. Association between independent non-executive directors, family control and financial disclosures in Hong Kong.Journal of Accounting and Public Policy19(4): 285–310.
Chen Y., S. Lai, and C.Wen. 2006. The influence of green innovation performance on corporate advantage in Taiwan.Journal of Business Ethics 67: 331–339.
Cho, H. Charles, M.Freedman, and D. M.Patten. 2012. Corporate disclosure of environmental capital expenditures: A test of alternative theories. Accounting, Auditing and Accountability Journal 25(3): 486-507.
Christini G,and M.Fetsko. 2004. Environmental management systems and ISO 14001 certification for construction firms.Journal of Construction Engineering and Management 130: 330–336.
Christmann, Petra, Taylor,and Glen. 2006. Firm self-regulation through international certifiable standards: Determinants of symbolic versus substantive implementation. Journal of International Business Studies 37: 863–878.
Chung, K. H., and S. W.Pruitt 1994.A simple approximation of Tobins-Q.Financial Management 23(3): 70-74.
Clarkson M. 1995. A stakeholder framework for analyzing and evaluating corporate social performance.Academy of Management Review 20(1): 92–117.
Clarkson P., Y.Li, and G.Richardson. 2004. The market valuation of environmental capital expenditures by pulp and paper companies.Accounting Review 79(2): 329–353.
Clarkson, M.Peter, Y.Li, Richardson, D.Gordon, and F. P.Vasvari. 2008.Revisiting the relation between environmental performance and environmental disclosure.An empirical analysis. Accounting, Organizations and Society33(4): 303–327.
Cormier, D., and I. M. Gordon. 2001.An examination of social and environmental reporting strategies.Accounting, Auditing and Accountability Journal 14(5):   587-616.
Cormier, D., and M.Magnan. 1999. Corporate environmental disclosure strategies: Determinants, costs and benefits. Journal of Accounting, Auditing and Finance 14(4): 429–451.
Crowe, D., and L.Brennan. 2007. Environmental considerations within manufacturing strategy: an international study. Business Strategy and the Environment 16(4): 266–289.
Darnall, N., and S.Sides. 2008. Assessing the performance of voluntary environmental programs: Does certification matter.Policy Studies Journal 36: 95–117.
Dean, T. J., and R. L. Brown. 1995. Pollution regulation as a barrier to new firm entry: Initial evidence and implications for future research. Academy of Management Journal 38: 288–303.
Ditlev-Simonsen, C. D., and A.Midttun. 2011. What motivates managers to pursue corporate responsibility? A survey among key stakeholders.Corporate Social Responsibility and Environmental Management 18(1): 25–38.
Downie, John, and W. Stubbs. 2013. Evaluation of Australian companies’ scope 3 greenhouse gas emissions assessments. Journal of Cleaner Production 56: 156-163.
Duncan, E. 2007. June. Cleaning up: A special report on business and climate change.The Economist: 1-2.
Elias, A. A., and Cavana, R. Y. 2000.Stakeholder analysis for systems thinking and modeling. In Victoria University of Wellington, New Zealand.Conference paper.
Evans, M. F., S. M.Gilpatric, and L. R.Liu. 2009.Regulation with direct benefits of information disclosure and imperfect monitoring, Journal of Environmental Economics and Management 57(3): 284–292.
Fauzi, H. 2010. Corporate social and financial performance: Empirical evidence from American companies.Working paper, Sebelas Maret University.
Freedman, M., and B.Jaggi. 1982.Pollution disclosures, pollution performance and economic performance.Omega 10(2): 167–176.
Freedman, M., and B. Jaggi. 1988. An analysis of the association between pollution disclosure and economic performance. Accounting, Auditing and Accountability 1 (2): 43-58.
Freeman, R.E.. 1984. Strategic management: A Stakeholder Approach.Boston: Pitman Publishing.
Freeman, R. E., and D. L. Reed. 1983. Stockholders and stakeholders: A new perspective on corporate governance. California Management Review 25: 88–106.
Frondel,Manuel, J.Horbach, and K.Rennings. 2007. End-of-pipe or cleaner production?An empirical comparison of environmental innovation decisions across OECD countries.Business Strategy and the Environment 16: 571–584.
Fryxell G, L. C. Wing‐Hung, S. Chung.2004. Influence of motivations for seeking ISO 14001 certification on perceptions of EMS effectiveness in China. Environmental Management 33: 239–251.
García-Sánchez, I. M., and Prado-Lorenzo, J. M. 2012.Greenhouse gas emission practices and financial performance.International Journal of Climate Change Strategies and Management 4(3): 260-276.
González-Benito, J., and González-Benito, Ó. 2005.A study of the motivations for the environmental transformation of companies.Industrial Marketing Management 34(5): 462-475.
Govindarajan, V. 1989.Implementing Competitive Strategies at the Business Unit Level - Implications of Matching Managers to Strategies.Strategic Management Journal 10(3): 251-269.
Gray, R., Javad, M., Power, D. M., and Sinclair, C. D., 2001. Social and environmental disclosure and corporate characteristics: A research note and extension, Journal of Business Finance and Accounting 28(3–4): 327–356.
Gray, R., R. Kouhy, and S. Lavers. 1995. Corporate social and environmental reporting: A review of the literature and a longitudinal study of UK disclosure. Accounting, Auditing and Accountability Journal 8(2): 47–77.
Guenster, N., R.Bauer., J.Derwall., and K.Koedijk. 2010. The economic value of corporate eco-efficiency.European Financial Management 17 (4): 679-704.
Hall, J., and M. Wagner. 2012. Integrating sustainability into firms' processes: Performance effects and the moderating role of business models and innovation.Business Strategy and the Environment 21(3): 183-196.
Haller, S. A., and L.Murphy. 2012.Corporate expenditure on environmental protection.Environmental and Resource Economics 51(2): 277-296.
Hamilton, J. T. 1995. Pollution as news: Media and stock market reactions to the toxics release inventory data. Journal of Environmental Economics and Management 28: 98–113.
Hart, S. L. 1995. A natural-resource-based view of the firm.Academy of Management Review 20(4): 986–1014.
Hart, S. L., andG. Ahuja.1996. Does it pay to be green? An empirical examination of the relationship between emission reduction and firm performance.BusinessStrategy and the Environment 5: 30–37.
Henriques, I., and P.Sadorsky. 2007. Environmental technical and administrative innovations in the Canadian manufacturing industry.Business Strategy and the Environment 16: 119–132.
Hoffmann, V. H., and T. Busch. 2008. Corporate carbon performance indicators: Carbon intensity, dependency, exposure, and risk. Journal of Industrial Ecology12: 505-520.
Horbach, J. 2008. Determinants of environmental innovation--New evidence from German panel data sources.Research Policy 37: 163–173.
Huang, C. L., and F. H. Kung. 2010. Drivers of environmental disclosure and stakeholder expectation: Evidence from Taiwan, Journal of Business Ethics 96(2): 435–451.
Hull, C.E. and S.Rothenberg. 2008.Firm performance: the interactions of corporate social performance with innovation and industry differentiation.Strategic Management Journal Vol. 29: 781-789.
Iwasaki, H. 2008. Overcoming pollution in Japan and the lessons learned. Ministry of the Environment. Japan.
Japan Environmental Agency. Environmental Accounting Guidelines, 2005.
Jiang, J.Ruihua, and P.Bansal. 2003.Seeing the need for ISO 14001.Journal of Management Studies 40(4): 1047–1067.
Johnston, D. 2005.An investigation of regulatory and voluntary capital expenditures.Journal of Accounting and Public Policy 24(3): 175–206.
Jose, A., and S. M.Lee. 2007. Environmental reporting of global corporations: A content analysis based on website disclosures.Journal of Business Ethics 72: 307-321.
Kammerer, D. 2009. The effects of customer benefit and regulation on environmental product innovation.Empirical evidence from appliance manufacturers in Germany.Ecological Economics 68: 2285–2295.
Kanter, R. M. 1999. From spare change to real change: The social sector as a beta site for business innovation. Harvard Business Review 77 (3): 123-132.
Karim, K. E., M. J.Lacina, and R. W. Rutledge. 2006. The association between firm characteristics and the level of environmental disclosure in financial statement footnotes, Advances in Environmental Accounting and Management 3(3): 77–109.
Khanna, M., and L. Damon. 1999. EPA's voluntary 33/50 Program: impact on toxic releases and economic performance of firms.Journal of Environmental Economics and Management Vol. 37 (1):1-25.
King, A., and Lenox, M. 2002. Exploring the locus of profitable pollution reduction. Management Science 48: 289-299.
King, A. A., and M. J. Lenox. 2000. Industry self-regulation without sanctions: The chemical industry’s responsible care program. Academy of Management Journal 43(4): 698–716.
King, A. A., M. J. Lenox, and A.Terlaak. 2005. The strategic use of decentralized institutions: Exploring certification with the ISO 14001 management standard. Academy of Management Journal 48: 1091–1106.
Kleindorfer, P. R., and E. W. Orts. 1998.Information regulation of environmental risks.Risk Analysis 18(2): 155–170.
Konar, S., and M. A. Cohen. 1997. Information as regulation: The effect of community right to know laws on toxic emissions. Journal of Environmental Economics and Management 32(1): 109-124.
Konar, S., and M. A. Cohen. 2001. Does the market value environmental performance? Review of Economics and Statistics 83(2): 281–289.
Laidroo, L. 2009. Association between ownership structure and public announcements’ disclosures.Corporate Governance: An International Review 17(1): 13–34.
Li, Y. 2014. Environmental innovation practices and performance: moderating effect of resource commitment. Journal of Cleaner Production 66: 450-458.
Lifset, R. 2007. Cement, yogurt, and mercury. Journal of Industrial Ecology 11(3): 1–3.
Lindblom, C. 1994. The implications of organizational legitimacy for corporate social performance disclosure.Paper presented at the Critical Perspectives on Accounting Conference, New York.
Lo, S. F., and H-J.Sheu. 2007. Is corporate sustainability a value-increasing strategy for business? Corporate Governance: An International Review 15(2): 345–358.
Lo, S. F. 2010. Performance evaluation for sustainable business: a profitability and marketability framework. Corporate Social Responsibility and Environmental Management 17(6): 311–319.
Margolis, J. D., and J. P. Walsh. 2003. Misery loves companies: Rethinking social initiatives by business. Administrative Science Quarterly 48(2): 268–305.
Matsumura, E. Mae, R. Prakash, and S. C. Vera-Muñoz.2014. Firm-value effects of carbon emissions and carbon disclosures. The Accounting Review 89(2): 695-724.
McWilliams, A. and D. Siegel. 2000. Corporate social responsibility and financial performance: correlation or misspecification?Strategic Management Journal Vol. 21 (5): 603-609.
Melnyk, S. A., R.P.Sroufe, R. L.Calantone, and F. L.Montabon. 2002. Assessing the effectiveness of US voluntary environmental programmes: an empirical study.International Journal of Production Research 40: 1853–1878.
Menguc, B., and L.Ozanne. 2005. Challenges of the green imperative: a natural resource-based approach to the environmental orientation-business performance relationship.Journal of Business Research Vol. 58 (4): 430-438.
Miles, M. P., and J. G.Covin. 2000. Environmental marketing: A source of reputational, competitive, and financial advantage. Journal of Business Ethics 23(3): 299–311.
Miller, D. 1988.Relating porter business strategies to environment and structure-analysis and performance implications.Academy of Management Journal 31 (2): 280-308.
Mishura, S. and D.Suar. 2010. Does corporate social responsibility influence firm performance of Indian companies?Journal of Business Ethics 95(4): 571-601.
Nakazawa, H. 2006. Between the global environmental regime and local sustainability: a local review on the inclusion, failure and reinventing process of the environmental governance. International Journal of Japanese Sociology 15: 69-85
Nameroff T.J., R. J.Garant, and M. B. Albert. 2004. Adoption of green chemistry: an analysis based on US patents. Research Policy 33: 959–974.
Naveh, E., and A. Marcus. 2005. Achieving competitive advantage through implementing a replicable management standard: Installing and using ISO 9000. Journal of Operations Management 24: 1–26.
Neu, D., H.Warsame, and K.Pedwell. 1998. Managing public impressions: Environmental disclosures in annual reports. Accounting, Organizations and Society 23(3): 265–282.
Orlitzky, M., F. L. Schmidt, and S. L.Rynes. 2003. Corporate social and financial performance: A meta-analysis. Organization Studies 24(3): 403–441.
Perkins, R., and E.Neumayer. 2009. Transnational linkages and the spillover of environment-efficiency into developing countries. Global Environmental Change 19: 375–383.
Perkins, R., and E.Neumayer. 2010. Geographic variations in the early diffusion of corporate voluntary standards: Comparing ISO 14001 and the Global Compact. Environment and Planning A 42: 347–365.
Peters, G.P. 2008. From production-based to consumption-based national emission inventories.Ecological Economics 65 (1): 13-23.
Pfeffer, J., G. Salancik. 2003. The External Control of Organizations: A Resource Dependence Perspective. Stanford University Press.
Porter, M. E. 1980. Competitive strategy: Techniques for analyzing industries and competitors. Free Press, New York.
Porter, M. E., and F. L. Reinhardt. 2007.A strategic approach to climate.Harvard Business Review 85(10): 22-26.
Porter, M. E., and van der Linde, C. 1995.Toward a new conception of the environment-competitiveness relationship.Journal of Economic Perspectives 9(4): 97–118.
Prencipe, A. 2004. Proprietary costs and determinants of voluntary segment disclosure: Evidence from Italian listed companies.European Accounting Review13(2): 319–340.
Qi, G. Y., L.Y. Shen, S.X. Zeng, and O.J. Jorge. 2010. The drivers for contractors’ green innovation: an industry perspective. Journal of Cleaner Production 18: 1358–1365.
Ramus, C. A., and I.Montiel. 2005. When are corporate environmental policies a form of green-washing? Business and Society 44(4): 377–414.
Raupach, M. R., G. Marland, P. Ciais, C. L. Qu´er´e, J. G. Canadell, G. Klepper, and C. B. Field. 2007. Global and regional drivers of accelerating CO2 emissions. Proceedings of the National Academy of Sciences 104(24): 10288-10293.
Rennings, K. 2000. Redefining innovation - Eco-innovation research and the contribution from ecological economics.Ecological Economics 32(2): 319-332.
Roberts, R. W. 1992. Determinants of corporate social responsibility disclosure: An application of stakeholder theory. Accounting,Organizations and Society 17(6): 595–612.
Russo, M. V., and P. A. Fouts.1997.A resource-based perspective on corporate environmental performance and profitability.Academy of Management Journal40(3): 534–559.
Salzmann, O., A.Ionescu-somers, and U. Steger. 2005. The business case for corporate sustainability: Literature review and research options. European Management Journal 23(1): 27–35.
Sharma, S, and I.Henriques. 2005. Stakeholder influences on sustainability practices in the Canadian forest products industry. Strategic Management Journal 26: 159–180.
Silva-Gao, L. 2012. The Disclosure of Environmental Capital Expenditures: Evidence from the Electric Utility Sector in the USA. Corporate Social Responsibility and Environmental Management 19(4): 240-252.
Solomon, J. F., and A. Solomon. 2006.Private social, ethical and environmental disclosure.Accounting, Auditing and Accountability Journal 19(4): 564–591.
Stanwick, S. D., and P. A.Stanwick. 2000. The relationship between environmental disclosures and financial performance: An empirical study of US firms.Eco-Management and Auditing 7(4): 155–164.
Stevens, J. M., H. K.Steensma, D. A. Harrison, and P. L. Cochran. 2005.Symbolic or substantive document? The influence of ethics codes on financial executives’ decisions. Strategic Management Journal 26(2): 181–195.
Suchman, M. C. 1995. Managing legitimacy: Strategic and institutional approaches. Academy of Management Review 20(3): 571–610.
Terlaak, A. 2007. Order without law? The role of certified management standards in shaping socially desired firm behaviors. Academy of Management Review 32: 968–985.
Ullmann, A. A. 1985. Data in search of a theory: A critical examination of the relationships among social performance, social disclosure, and economic performance of US firms.Academy of Management Review 10(3): 540–557.
Waddock, S. A., and S. B.Graves. 1997.The corporate social performance-financial performance link.Strategic Management Journal 18(4): 303-319.
Wagner, M. 2007. The link between environmental innovation, patents, and environmental management.DRUID(Copenhagen Business School),Denmark.
Wagner, M. 2008. Empirical influence of environmental management on innovation: Evidence from Europe. Ecological Economics 66: 392–402.
Walker, K., and F. Wan.2012. The harm of symbolic actions and green-washing: Corporate actions and communications on environmental performance and their financial implications. Journal of Business Ethics 109(2): 227–242.
Ward, P. T., and R. Duray. 2000. Manufacturing Strategy in Context: Environment, Competitive Strategy and Manufacturing Strategy. Journal of Operations Management 18(2): 123-138.
Weaver, G. R., L. K. Trevino, and P. L. Cochran.1999. Integrated and decoupled corporate social performance: Management commitments, external pressures, and corporate ethics practices. Academy of Management Journal 42(5): 539–552.
Westphal, J. D., and E. J. Zajac.1994. Substance and symbolism in CEOs’ long-term incentive plans.Administrative Science Quarterly 39(3): 367–390.
Westphal, J. D., and E. J.Zajac. 2001.Decoupling policy from practice: The case of stock repurchasing programs. Administrative Science Quarterly 46: 202–228.
Wood, D. J., and R. E. Jones.1995. Stakeholder mismatching: A theoretical problem in empirical research on corporate social performance. International Journal of Organizational Analysis 3: 229-267.
World Business Council for Sustainable Development. 2000a.Eco-efficiency: creating more value with less input. North Yorkshire, UK.
World Business Council for Sustainable Development. 2000b.Measuring eco-efficiency: a guide to reporting company performance. North Yorkshire, UK.
Yalabik, B., & Fairchild, R. J. 2011.Customer, regulatory, and competitive pressure as drivers of environmental innovation.International Journal of Production Economics 131(2), 519-527.
Yin, H. T., Ma CB. 2009. International integration: a hope for a greener China? International Marketing Review 26: 348–367.
Yin, H. T., P. J. Schmeidler.2009. Why do standardized ISO 14001 environmental management systems lead to heterogeneous environmental outcomes? Business Strategy and the Environment 18: 469–486.
Zott, C., and Q. N.Huey. 2007. How entrepreneurs use symbolic management to acquire resources. Administrative Science Quarterly 52: 70–105.
Zajac, E. J., and J. D.Westphal. 1995. Accounting for the explanations of CEO compensation: Substance and symbolism. Administrative Science Quarterly 40(2): 283–308.