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1、原文：Green management and financial performanceFrom an empirical point of view, a growing body of quantitative studies has tested this linkage between environmental proactively and firm performance, the results being varied too. Some works find a positive relationship (Judge and Douglas, 1998; King an
2、d Lenox, 2002; Melvyn et al., 2003) but others do not identify a positive impact of environmental proclivity on financial performance (Cordierite and Sardis, 1997; Gilley et al., 2000; Link and Navel, 2006).However, a systematic review of this quantitative empirical literature has not been carried o
3、ut. The aim of this paper is to carry out a literature review of the quantitative studies that have analyzed the impact of green management on financial performance in order to examine the main findings obtained with regard to this relationship. In addition, the environmental variables used, the fin
4、ancial performance variables and the statistical analyses employed are also examined.This article seeks to make a contribution to the debate about the reasons to implement environmental strategies, carrying out an exhaustive review of the green management-financial performance link. In our opinion,
5、ethics and social responsibility in general and green management in particular, should be an integral part of business. But we consider that this integration will be favored when decision makers in the firms realize that the implementation of proactive environmental strategies and pollution preventi
6、on initiatives may help firms to reach a situation in which both the companys financial performance and the environment will benefit.The remainder of this paper is structured as follows. Section 2 presents the main theoretical arguments about the relationship between environmental variables and fina
7、ncial performance. Section 3 describes the methodology. Section 4 shows and reviews the quantitative studies that have analyzed the impact of environment on financial performance. Finally, Section 5 provides implications and some ideas for future research.Firms are facing growing pressure to become
8、responsible and greener. Several stakeholders press companies to reduce their negative impacts on society and natural environment. In fact, social responsibility in general, and environmental management in particular, are becoming an integral part of firm activities. In this respect, an important is
9、sue is the relationship between these aspects and financial performance.However, from an entirely ethical and sustainability focused view, literature has argued that while there may not necessarily be a positive link between social responsibility and financial performance, it is still desirable from
10、 a societys perspective that firms implement good social responsibility and environmental management practices. Bowen (1953) acknowledged that corporate social responsibility is no panacea that will cure the society of all its ills, but he considers it a welcome development that needs to be encourag
11、ed and supported. This author, without taking into account the consequences of social actions of firms on financial performance, pointed out that the social responsibilities of businessmen refer to the obligations of firms to pursue those policies and to follow those lines of action which are desira
12、ble in terms of the objectives and values of our society.The most prominent objection to corporate social responsibility was the classical economic argument proposed by Milton Friedman (Lee, 2008). Friedman (1962) argued that the social responsibility of a corporation is to make money for its shareh
13、olders, Green management 1081 considering social responsibility a subversive doctrine that threatened the very foundation of free enterprise society. This author opposed the idea of social responsibility on the grounds that it imposes an unfair and costly burden on shareholders. Later, Wallach and M
14、cGowan (1970) made an effort to provide reconciliation between the social and economic interests of corporations, recognizing that, without demonstrating that social responsibility is consistent with stockholder interests, corporate social responsibility will always remain controversial. Moreover, w
15、ithin the stakeholder theory (Clarkson, 1995, Jones, 1995), the difference between the social and economic goals of a corporation is no longer relevant, because the central issue is the survival of the corporation, and this survival is affected not only by shareholders, but also various other stakeh
16、olders such as employees, governments and customers (Lee, 2008). In addition, as said above, we consider that implementation of social and environmental strategies will be favored when managers realize that these initiatives may help firms to reach a situation in which both the firms financial performance and the society and environment will benefit.If we focus on the main purpose of our article, the influence exerted by environmental management on firm performance, this inf
