Journal of Business Research 101 (2019) 697–706

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Journal of Business Research

journal homepage: www.elsevier.com/locate/jbusres

Green process innovation, green product innovation, and corporate financial T

performance: A content analysis method☆
Xuemei Xiea, , Jiage Huob, Hailiang Zouc,
⁎ ⁎⁎

a
School of Management, Shanghai University, China
b
Department of Industrial and Systems Engineering, The Hong Kong Polytechnic University, Hong Kong
c
SHU-UTS SILC Business School, Shanghai University, China

ARTICLE INFO ABSTRACT

Keywords: Green technology innovation has received continuous attention from the business sector in recent years, yet few
Green process innovation studies have examined the internal mechanisms and contingent conditions that link green technology innovation
Green product innovation to a firm's financial performance. Using data from 209 listed companies that belong to heavily polluting man-
Green subsidies ufacturing industries, collected via the content analysis method, we find that green process innovation has a
Green image
positive impact on green product innovation, and that both green process innovation and green product in-
Content analysis
novation can improve a firm's financial performance. We also find that green product innovation mediates the
relationship between green process innovation and a firm's financial performance, and that a firm's green image
moderates the relationship between green product innovation and financial performance. However, our study
shows that the moderating effect of green subsidies on the relationship between green product innovation and a
firm's financial performance is not supported. Based on these findings, we provide several recommendations for
managers and government entities to effectively implement green technology innovation.

1. Introduction
Green technology innovation has received continuous attention
from the business sector because of the growing concern over the state
of the environment (Abdullah, Zailani, Iranmanesh, & Jayaraman,
2016). In fact, it is essential that manufacturing firms, especially those
in heavily polluting manufacturing industries, shoulder the responsi-
bility of protecting the environment. In addition to benefits from ad-
justing their processes to protect the environment, firms should also
consider customer needs and corporate social responsibility (Woo,
Chung, Chun, Han, & Lee, 2014).
In certain respects, pollution can be seen as evidence of the in-
efficient use of resources (Chen, 2008), which affects firms' profits. New
technology has been credited with solving environmental problems by
mitigating the effects of pollutants (Jaffe, Newell, & Stavins, 2005).
Here, green innovation has been deemed essential in dealing with en-
vironmental issues (Kong, Feng, & Ye, 2016). Environmental sustain-
ability is imperative, and provides an opportunity to improve
competitiveness using win-win logic (Porter & Van der Linde, 1995),
with companies that are pioneers in green innovation strategies po-
tentially achieving and sustaining competitive advantages (Albort-
Morant, Leal-Millán, & Cepeda-Carrión, 2016). According to Rekik and
Bergeron (2017), implementing green practices is beneficial to small
and medium-sized enterprises (SMEs) in terms of both financial per-
formance and environmental performance.
Green technology innovation is expected to produce a double divi-
dend: limiting the environmental burden while contributing to the
technological modernization of the economy (Rennings, Ziegler,
Ankele, & Hoffmann, 2006). According to Ziegler and Nogareda (2009),
particular criteria must be met in order for green technology innovation
to work effectively: first, it must be based on new technological
knowledge, and second, it must already be in place (i.e., new products
must have already been introduced into the market or new processes
must have already been introduced within the firm). Many manu-
facturing firms have started to implement both process-oriented, en-
vironmentally-beneficial strategies and product-oriented,

☆
The authors thank two anonymous referees for their helpful and valuable suggestions. The authors also gratefully acknowledge financial support from the
National Natural Science Foundation of China (71472118, 71772118, 71503160), Shanghai Pujiang Program (18PJC056), and Program for Professor of Special
Appointment (Eastern Scholar) at Shanghai Institutions of Higher Learning.
⁎
Correspondence to: X. Xie, School of Management, Shanghai University, Shanghai 200444, China
⁎⁎
Correspondence to: H. Zou, SHU-UTS SILC Business School, Shanghai University, Shanghai 200231, China
E-mail addresses: xxm1030@126.com (X. Xie), 1072193381@qq.com (J. Huo), zouhailiang@shu.edu.cn (H. Zou).

https://doi.org/10.1016/j.jbusres.2019.01.010
Received 11 June 2018; Received in revised form 7 January 2019; Accepted 9 January 2019
Available online 15 January 2019
0148-2963/ © 2019 Elsevier Inc. All rights reserved.
X. Xie et al.
environmentally-beneficial strategies.
Generally, green technology innovation is often divided into green
process innovation and green product innovation (Salvadó, de Castro,
Verde, & López, 2012, p.39). Previous research has examined the im-
pacts of different types of green technology innovation, suggesting that
both green process innovation and green product innovation are per-
formance predictors (e.g., Chan, Yee, Dai, & Lim, 2016; Cheng, Yang, &
Sheu, 2014; Kam-Sing Wong, 2012; Xie, Huo, Qi, & Zhu, 2016). How-
ever, much of the literature has ignored the internal mechanisms and
contingent conditions of the relationships between green technology
innovation and firm performance (e.g., Chang, 2011; Chen, Lai, & Wen,
2006; Chiou, Chan, Lettice, & Chung, 2011; Kam-Sing Wong, 2012;
Sezen & Çankaya, 2013). Part of the problem is that green technology
innovation involves a lot of uncertainty because of the so-called
“double externality” problem (Rennings, 2000): on the one hand, the
potential positive effect of green innovation on a firm's financial per-
formance takes time to materialize (Aguilera-Caracuel & Ortiz-de-
Mandojana, 2013), while on the other hand, the transformation of
green technology innovation into financial rewards depends on many
underlying mechanisms and contingent conditions. Given that innova-
tion failure has become an increasingly important topic, especially
pertaining to heavily polluting industries (Dai & Zhang, 2017), it is
worth investigating the factors that can affect firms' financial returns
after applying green strategies. Thus, two research questions are ad-
dressed in this study: (a) First, what are the relationships between green
process innovation, green product innovation, and firms' financial
performance? (b) Second, are there contingent factors that affect the
relationship between green product innovation and firms' financial
performance?
Theoretical and empirical evidence suggests that the rate and di-
rection of technological advances are influenced by market and reg-
ulatory incentives, as well as by economic, incentive-based policies
(Jaffe et al., 2005). The present study first investigates the im-
plementation of green product innovation from the perspective of
market incentives resulting from the interaction between innovation
and sustainability (Dangelico & Pujari, 2010). Next, our study focuses
on the perspective of regulatory incentives. According to Jaffe et al.
(2005), market failures provide a strong rationale for a suite of public
policies that foster emissions reductions, as well as the development
and adoption of environmentally beneficial technology. In this way,
green subsidies are viewed as important tools that governments can use
to motivate and support green innovation strategies (Xie et al., 2016),
accomplished by decreasing the financial burden on firms during the
implementation of green innovations.
According to Chen (2010), appearing “green,” or presenting a
“green image” is defined as “a set of perceptions of a brand in a con-
sumer's mind that is linked to environmental commitments and en-
vironmental concerns” (p.309). A green image can help firms attract
more customers by affecting consumer choice and improving consumer
brand loyalty (Chang & Fong, 2010). Many consumers want to buy
products from environmentally friendly firms, although there are, of
course, some who will not pay premium prices for green products
(Dangelico & Pujari, 2010). Nonetheless, generally speaking, having a
green image is more important than ever for firms to win over more
customers who are willing to pay more for the newest green products.
To fill the aforementioned research gap and to extend our under-
standing of how green technology innovation can improve firms' fi-
nancial performance, we propose a comprehensive theoretical frame-
work that examines the mediating mechanisms and contingent
conditions of the relationship between green technology innovation and
financial performance. This study thus expands our current under-
standing of the ways in which firms can improve the financial returns
from green technology innovation by examining the mediating effect of
green product innovation and the moderating effects of a firm's green
image and green subsidies. Next, we measure green process innovation
and green product innovation at the firm level by using the content
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Journal of Business Research 101 (2019) 697–706
analysis method, thus making our findings more specific and more
meaningful. Finally, we provide a discussion of the implications for
firms and governments that implement green technology innovation
and increase the financial rewards of applying green technology in-
novation, which can help policymakers design more powerful tools to
guide green innovation practices.
2. Theoretical framework and hypotheses
2.1. The two types of green technology innovation
Green technology innovation includes two primary strategies: green
process innovation and green product innovation (Salvadó et al., 2012,
p.39). Green product innovation aims to change or modify product
designs by using nontoxic compounds or biodegradable materials
during the production process in order to reduce the disposal impact on
the environment and to improve energy efficiency (Lin, Tan, & Geng,
2013). Green product innovation requires a fresh view of the product
life cycle, from the manufacturing process to distribution, and from use
to disposal or reuse/recycling—in other words, a “cradle to grave”
approach (Noci & Verganti, 1999). More specifically, green product
innovation includes improvements in the durability or recyclability of
products, the reduction of raw materials, the selection of en-
vironmentally healthier raw materials, and the removal of hazardous
substances (Kivimaa & Kautto, 2010). Meanwhile, green process in-
novation aims to reduce energy consumption during the production
process or during the process that converts waste into an article of value
(Salvadó et al., 2012, p.39). Particularly, green process innovation in-
cludes reducing air or water emissions, lessening water consumption,
improving resource and energy efficiency, and switching from fossils
fuels to bioenergy (Kivimaa & Kautto, 2010). By doing so, those firms
pioneering green technology innovation strategies can achieve and
sustain various competitive advantages (Albort-Morant et al., 2016),
obtaining not only cost efficiency but also profitability (Chan et al.,
2016).
Prior research has suggested that a firm's process innovation is
closely linked to its product innovation (Oke, 2007). We posit that a
firm's green process innovation is positively related to its green product
innovation for several reasons. First, because green process innovation
requires systematic improvements to the entire operational and man-
agerial processes to improve the efficiency of resources (Li et al., 2017),
it may also promote the design and production of green products while
laying the foundations for implementing green product innovation.
According to Kam-Sing Wong (2012), green process innovation can
help firms achieve success in producing new green products by devel-
oping a green product competitive advantage. Second, process in-
novation can help firms improve their product quality, widen product
assortment, or produce entirely new products, thus allowing them to
enhance their market share (Bigliardi & Ivo Dormio, 2009; Damanpour,
2010). Hence, process innovation plays an important role in product
innovation (Martinez-Ros, 1999). Thus, we advance the following hy-
pothesis:
Hypothesis 1. The level of a firm's green process innovation is
positively correlated to its level of green product innovation.
2.2. Green process innovation and a firm's financial performance
Green process innovation tends to be more internally sourced and
costlier to implement, but has also proven to be more effective than
other green practices (Gopalakrishnan, Bierly, & Kessler, 1999). Green
process innovation can be an additive solution (e.g., smokestack
scrubbers) or can be integrated into the production process through
substituting inputs, optimizing production, or reclaiming outputs
(Rennings, 2000).
Previous research has shown that green process innovation has a
X. Xie et al.
positive impact on firms' competitive advantage and sustainability
(Chen et al., 2006; Cheng et al., 2014; Sezen & Çankaya, 2013). Thus,
overall, it makes good business sense for firms to invest in green process
innovation (Li et al., 2017). Therefore, we posit that a firm's green
process innovation practices are conducive to enhancing its financial
performance. First, green process innovation improves existing pro-
duction processes or adds new processes to reduce adverse environ-
mental impacts, thus improving a firm's environmental compliance and
bringing differentiation advantages (Cheng et al., 2014). Furthermore,
Xie et al. (2016) found that clean technologies and end-of-pipe tech-
nologies that are essential aspects of green process innovation are po-
sitively related to financial performance. Thus, we hypothesize:
Hypothesis 2. A firm's green process innovation is positively correlated
to its financial performance.
2.3. The mediating role of green product innovation
Green product innovation or the introduction of new or improved
products, such as improvements in technical components or materials
(Cheng et al., 2014; Pujari, 2006), aims to reduce environmental im-
pacts during a product's life cycle (Christensen, 2011), and satisfy
market needs by creating new products (Cheng et al., 2014). In recent
years, green product innovation has been recognized as one of the key
factors in achieving growth and environmental sustainability
(Dangelico & Pujari, 2010).
Additionally, investing in green product innovation can help pre-
vent companies from facing environmental protests and legal penalties
while also allowing them to develop new market opportunities and
achieve new green product success (Chiou et al., 2011; Kam-Sing Wong,
2012). Moreover, green product innovation is critical for developing
green competency, strengthening a firm's green image, and improving
its financial performance (Ar, 2012; Chen et al., 2006; Cheng et al.,
2014; Huang & Jim Wu, 2010; Lin et al., 2013).
As discussed in H1 and H2, we hypothesize that green process in-
novation is key for improving a firm's financial performance and fa-
cilitating green product innovation. When high levels of product in-
novation are simultaneously backed by high levels of manufacturing
process innovation, this strategy provides the strongest competitive
advantage by far (Kotabe & Murray, 1990). In addition, according to
Damanpour (2010), the integrative view of research on green process
innovation and green product innovation reflects the so-called “re-
source-based view” (RBV), in which the synergistic influence of a firm's
internal resources—including its product and process knowledge re-
sources—positively impacts the firm's competitive advantage and per-
formance.
Green process innovation requires the systematic improvement of
the whole operational and managerial process, which demands high
levels of financial investment (Li et al., 2017). This type of innovation is
also time-consuming and can produce effects that are not always per-
fectly direct or evident (Li et al., 2017). Despite this, we propose that
green process innovation can promote green product innovation (see
H1), which can be invested into producing new products, thus easily
translating into increased revenue and technological advantage (Li
et al., 2017). Hence, we argue that green process innovation can im-
prove a firm's financial performance by encouraging green product
innovation, leading to the following hypothesis:
Hypothesis 3. Green product innovation mediates the relationship
between green process innovation and a firm's financial performance.
2.4. The moderating role of a green image
A firm's corporate image can be understood as the desired general
impression of the firm in the minds of its key stakeholders (Amores-
Salvadó, Martín-de Castro, & Navas-López, 2014). A firm's corporate
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Journal of Business Research 101 (2019) 697–706
green image involves the stakeholders' perception of the firm's positive
environmental or green characteristics. A green image is viewed as an
important determinant of consumer satisfaction, and firms that invest
in improving their green image not only avoid the potential trouble of
environmental protests and legal penalties but also enhance consumer
expectations about environmental friendliness and sustainability (Chen,
2010). What is more, a green image can help firms generate a more
positive public image, which, in turn, can enhance sales and increase
stock prices (Zhu & Sarkis, 2006). Many companies in China have re-
cently tried to establish themselves as “green” due to increasing en-
vironmental awareness and greater public pressure (Zhu & Sarkis,
2006).
Green product innovation has a positive impact on firm perfor-
mance (Lin et al., 2013). However, a firm's green product innovation
efforts only pay off when they are adequately promoted (Amores-
Salvadó et al., 2014). According to both De Medeiros, Ribeiro, and
Cortimiglia (2014) and Lin, Zeng, Ma, Qi, and Tam (2014), consumer
pressure and expectation fulfillment are success factors. However,
Rehfeld, Rennings, and Ziegler (2007) found that the higher prices—not
lower quality or diminished reliability—of green products appear to be
one of the major reasons for low market performance. According to
Dangelico and Pujari (2010), consumers are often not willing to pay a
premium price for green product attributes. Thus, maintaining or im-
proving customer loyalty can be a challenge when firms begin to im-
plement green product strategies.
In this regard, a firm's corporate image could be an important cri-
terion to judge the quality of an unfamiliar product (Chang & Fong,
2010), and it may lead to increased consumer trust and, in turn, greater
influence over consumers' purchasing decisions (Chen, 2010). A green
image might also lead consumers to feel an increased affinity for a
company or a specific product, causing brand loyalty to grow (Zhu &
Sarkis, 2006). As a consequence, a firm's green image can potentially
increase overall customer satisfaction (Chang & Fong, 2010)—meaning
the more favorably a customer perceives a company's corporate image,
the more positively they will perceive the company's reputation
(Foroudi, Melewar, & Gupta, 2014; Heinberg, Ozkaya, & Taube, 2018).
Given that customer loyalty and corporate reputation are crucial factors
that influence potential return (Chang & Fong, 2010; Dangelico, 2016),
a firm with a better green image can gain more economic return from
its green product innovation, leading us to the following hypothesis:
Hypothesis 4. A green image moderates the relationship between a
firm's green product innovation and its financial performance.
2.5. The moderating role of green subsidies
Green product innovation, which involves minimizing environ-
mental impacts by conserving energy and resources (Lee & Kim, 2011),
is viewed as an important factor in achieving environmental and eco-
nomic success. Amores-Salvadó et al. (2014), however, found that a
firm's commitment to green product innovation has a positive, but not
statistically significant effect on performance, suggesting that any fi-
nancial compensation resulting from the initial product innovation in-
vestment could be considered insufficient by some managers. Thus,
determining what green product technologies might achieve technical
and commercial success is not without significant risk and uncertainty
(Dangelico & Pujari, 2010; Lin, Zeng, Ma, & Chen, 2015). It is also
important to note that a substantial investment in resources is necessary
to obtain strong green product development performance (Chen,
Chang, Lin, Lai, & Wang, 2016). Because of the high costs, only those
companies with deep pockets can afford to invest in green product in-
novation (Dangelico & Pujari, 2010). Adding to the challenge, many
consumers exert continuous pressure on firms to encourage green
product innovation (Lin et al., 2014), yet they are often unwilling to
pay premium prices for green product attributes (Dangelico & Pujari,
2010).
X. Xie et al.
H2 (+)
Green technology innovation
H3 (+)
Green process H1 (+) Green product
innovation innovation
Fig. 1. Conceptual model.
Environmental law and policy are critical for the implementation of
green product innovation (Chen, 2001; De Medeiros et al., 2014;
Rehfeld et al., 2007). While a meaningful internal or external en-
vironmental standard is needed, unilaterally pursuing environmental
goals without considering economic incentives could put firms in the
“danger zone,” where stricter standards may lead to lower overall en-
vironmental quality (Chen, 2001). Green subsidies—subsidies that
manufacturing industries receive from the government to fund or aid
their environmental practices (Xie et al., 2016)—can address market
failures (Green, 2006). They can also be an effective way to balance
regulatory strictness and innovation-friendliness. First, green subsidies
can help firms internalize environmental costs while rewarding green
investment (Horbach, Rammer, & Rennings, 2012; Xie et al., 2016), as
well as mitigate financial pressures triggered by investing in green
practices, which, in turn, encourages firms to develop greener products
and practices. Second, green subsidies can help firms internalize green
innovation practices (Horbach, 2008), support ecological responsibility,
and fuel the active engagement of the resources necessary for devel-
oping green products.
Overall, green subsidies can help firms smooth away the difficulties
caused by developing green products and encourage them to invest
more resources in green product innovation, which, in turn, allow them
to benefit more from green product innovation, which leads to the
following hypothesis:
Hypothesis 5. Green subsidies moderate the relationship between a
firm's green product innovation and its financial performance.
The conceptual model is shown in Fig. 1.
3. Data and variables
3.1. Data
For our research, we used the industry classification results of listed
firms on the China Securities Regulatory Commission official website,1
choosing an initial 1585 manufacturing firms from the list. Based on the
environmental protection verification status of industries published by
the Ministry of Environmental Protection of the People's Republic of
1 2
http://www.csrc.gov.cn/pub/newsite/scb/ssgshyfljg/201304/t20130402_
223006.html.
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Journal of Business Research 101 (2019) 697–706
Green image
H4 (+)
Financial
performance
H5 (+)
Green subsidies
China (2008, no. 373),2 we chose 17 manufacturing industries in need
of environmental protection verification. Companies listed as special
treatment (ST) and particular transfer (PT) firms were omitted because
these firms had experienced unusual financial performance. We also
omitted firms that did not publish Corporate Social Responsibility Reports
in 2013, which we needed to obtain data pertaining to green process
innovation, green product innovation, and green image. Finally, using
the content analysis method, we obtained a data set of 209 firms listed
in the publication Stock A Markets of Shanghai or Shenzhen Stock Ex-
change in 2013. Data concerning green subsidies, financial perfor-
mance, financial constraints, total assets turnover, age, and size of firms
were obtained from the firms' annual reports.
3.2. Variables
3.2.1. Dependent variable: financial performance
Return on assets (ROA) is a standard accounting measure of fi-
nancial performance commonly used in the green innovation literature,
indicating the outcomes of specific past and present actions (Amores-
Salvadó et al., 2014). ROA is more stable than sales growth or return on
sales in measuring financial performance because of both the man-
agerial effect of short-term activities and uncertainty about the external
environment in emerging markets (Li & Wong, 2003). Thus, because of
its stability and reliability, we used ROA to measure the financial per-
formance of the firms.
3.2.2. Independent variable: green process innovation
In this study, green process innovation was divided into clean
technologies and end-of-pipe technologies (del Río González, 2005;
Rennings et al., 2006; Salvadó et al., 2012). According to Frondel,
Horbach, and Rennings (2007), Hammar and Löfgren (2010), Klassen
and Whybark (1999), and Lee and Rhee (2005), clean technologies
were measured by three indexes, and following del Río González
(2005), Frondel et al. (2007), and Hart (1995), end-of-pipe technologies
were measured by two indexes (see Table 1). Data from both items were
determined according to the description of a firm's Corporate Social
Responsibility Report by using the content analysis method, whereby
each item was scored 0 to 2: 0 if there was no related description; 1 if
http://www.zhb.gov.cn/gkml/hbb/bgth/200910/t20091022_174891.
htm#.
X. Xie et al. Journal of Business Research 101 (2019) 697–706

Table 1
Variables and measurements.
Variables Measurements Data sources Sources

Firm size Total assets (billion) Firms' Annual Reports Lin et al. (2015)
Financial constraints Asset-liability ratio Firms' Annual Reports Xie et al. (2016)
Total assets turnover Ratio of main business income to total assets Firms' Annual Reports Lucas and Noordewier (2016)
Firm age Number of years listed in the Chinese stock market to year 2013 Firms' Annual Reports Lin et al. (2015)
Green process innovation PROC1. Aiming to reduce the consumption of resources and Firms' Corporate Social Frondel et al. (2007); Klassen and Whybark
energy and improve resource and energy efficiency Responsibility Reports (1999)
PROC2. Using recycled materials, recycling techniques, and
environmental technologies
PROC3. Applying environmental campaigns
PROC4. Using pollution-control equipment Frondel et al. (2007); del Río González
PROC5. Adopting pollution-control projects and technologies (2005)
Green product innovation PROD1. Making changes to product designs in order to avoid Firms' Corporate Social Amores-Salvadó et al. (2014); Chiou et al.
polluting or toxic compounds within production processes Responsibility Reports (2011); Kam-Sing Wong (2012)
PROD2. Improving and designing environmentally-friendly
packaging for existing and new products
PROD3. Making product design modifications aimed to improve
energy efficiency during usage
Green image GI1. Complying with environmental regulations and having a high Firms' Corporate Social Amores-Salvadó et al. (2014)
awareness of environmental risks Responsibility Reports
GI2. Demonstrating strength in improving energy efficiency via
corresponding environmental performance
GI3. Demonstrating the ability to reduce waste via corresponding
environmental performance
Green subsidies Amount of subsidies related to environmental protection (billion) Firms' Annual Reports Lin et al. (2015)
Financial performance Return on assets (ROA) Firms' Annual Reports Amores-Salvadó et al. (2014); Li and Wong
(2003)

there was only a plain description without implementation details (e.g.,
detailed plans, an implementation process, or quantitative terms, thus
indicating a firm was indeed conducting a related type of innovation);
and 2 if there was a related description with rich details (i.e., numerical
indicators to describe corresponding environmental practices). We
computed the value of green process innovation as the average of clean
technologies and end-of-pipe technologies.
3.2.3. Mediator: green product innovation
According to Amores-Salvadó et al. (2014), Chiou et al. (2011), Lin
et al. (2013), and Kam-Sing Wong (2012), we measured green product
innovation using three indexes (see Table 1). In our study, the three
items were scored using the content analysis method described above.
3.2.4. Moderators
3.2.4.1. Green image. Amores-Salvadó et al. (2014) used items related
to a firm's awareness of environmental risks and environmental
achievements to capture their green image. Thus, in our study, green
image was measured using three items (see Table 1). The three items
were also scored using the content analysis method.
3.2.4.2. Green subsidies. Subsidies are most frequently used in
environmental policy instruments by the government to incentivize
environmental practices (Lin et al., 2015). Using the firms' annual
reports, green subsidies were measured by the number of government
subsidies related to environmental protections (Lin et al., 2015).
firm's operational performance. Following Lucas and Noordewier
(2016), we used the ratio of main business income to total assets to
measure total assets turnover in order to assess a firm's financial per-
formance at the firm-level. The fourth control variable was firm age, as
firms can lose their ability to compete and innovate over time, even
though they can also bring knowledge, skills, and specialization to in-
novation (Isidro & Sobral, 2015). Following Lin et al. (2015), we
measured firm age using the number of years from its initial listing in
the Chinese stock market to the year 2013.
3.3. Reliability test
The data on green process innovation, green product innovation,
and green image were obtained by using the content analysis method
manually. The data were then coded by two coders. Following Hussain,
Rigoni, and Orij (2018), we calculated the Krippendorff's alpha as the
reliability measure for the data of the three variables discussed above;
the value of alpha should have registered > 0.67 for us to draw useful
conclusions. Following Hayes and Krippendorff (2007), we used
KALPHA macro in SPSS to compute the Krippendorff's alpha.3 Initially,
60 reports were coded by the two coders, and the inter-coder reliability
was measured by these data. The values of Krippendorff's alpha for the
indexes on green process innovation, green product innovation, and
green image were all greater than the threshold value of 0.67, and thus,
the reliability of the data was supported.
4. Results

3.2.5. Controls
We controlled for the following variables that may influence fi-
nancial performance. This first variable was firm size, used to consider
the tendency of larger firms to achieve better performance (Chun, Shin,
Choi, & Kim, 2013). Following Lin et al. (2015), we used a firm's total
assets to measure its size. The second variable was financial constraints,
used to control for the effect of a firm's financial structure and any lack
of resources (Chun et al., 2013). Following Xie et al. (2016), we used
the asset-liability ratio to measure financial constraints, which reflects
the extent to which a firm's assets are financed by debt. The third
variable was total assets turnover, which is an important indicator of a
Table 2 presents the descriptive statistics and Pearson correlation
coefficients of the variables. The results show that green process in-
novation is significantly correlated with green product innovation. The
results also show that a firm's green image and green subsidies are
significantly related to its green process innovation, as well as to its
green product innovation.
Table 3 illustrates the regression results of the green product in-
novation's mediating effect. The results of model 5 in Table 3 show that
3
The macro is available at http://www.afhayes.com.

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X. Xie et al. Journal of Business Research 101 (2019) 697–706

Table 2
Descriptive statistics and correlations.
Variables Descriptive statistics Correlations

Mean S.D. 1 2 3 4 5 6 7 8 9

1. Financial performance 0.042 0.057 1.000

2. Firm size 20.443 39.368 −0.031 1.000
3. Financial constraints 0.469 0.206 −0.516⁎⁎⁎ 0.295⁎⁎⁎ 1.000
4. Total assets turnover 0.838 0.653 0.118⁎ 0.088 0.011 1.000
5. Firm age 17.153 4.137 0.074 0.013 0.043 0.024 1.000
6. Green process innovation 0.959 0.412 0.048 0.250⁎⁎⁎ 0.198⁎⁎⁎ −0.017 0.090 1.000
7. Green product innovation 0.359 0.394 0.104 0.245⁎⁎⁎ 0.081 0.025 −0.034 0.245⁎⁎⁎ 1.000
8. Green image 1.014 0.549 0.094 0.175⁎⁎ 0.234⁎⁎⁎ 0.011 0.105 0.405⁎⁎⁎ 0.196⁎⁎⁎ 1.000
9. Green subsidies 0.095 0.218 0.015 0.619⁎⁎⁎ 0.232⁎⁎⁎ 0.052 −0.043 0.221⁎⁎⁎ 0.247⁎⁎⁎ 0.163⁎⁎ 1.000

⁎⁎⁎
Correlation is significant at the 0.01 level (2-tailed).
⁎⁎
Correlation is significant at the 0.05 level (2-tailed).
⁎
Correlation is significant at the 0.1 level (2-tailed).

Table 3
Regression results of the mediating effect of green product innovation.
Variables Financial performance Green product innovation

Model 1 Model 2 Model 3 Model 4 Model 5

Controls
Firm size 0.122⁎⁎ (1.993) 0.094 (1.513) 0.073 (1.161) 0.242⁎⁎⁎ (3.398) 0.199⁎⁎⁎ (2.777)
Financial constraints −0.558⁎⁎ (−9.114) −0.575⁎⁎⁎ (−9.406) −0.574⁎⁎⁎ (−9.424) 0.011 (0.157) −0.016 (−0.221)
Total assets turnover 0.111⁎ (1.898) 0.117⁎⁎ (2.004) 0.115⁎⁎ (1.991) 0.004 (0.062) 0.012 (0.183)
Firm age 0.094 (1.602) 0.083 (1.424) 0.088 (1.527) −0.038 (−0.554) −0.054 (−0.812)

Predictors
Green process innovation 0.133⁎⁎ (2.192) 0.111⁎ (1.810) 0.204⁎⁎⁎ (2.92)
Green product innovation 0.105⁎ (1.732)
R squared 0.304 0.320 0.330 0.062 0.100
Adjusted R squared 0.291 0.304 0.310 0.043 0.077
F-value 22.297⁎⁎⁎ 19.131⁎⁎⁎ 16.6⁎⁎⁎ 3.353⁎⁎ 4.486⁎⁎⁎
Change in R2 0.304 0.016 0.010 0.062 0.038
Change in F-statistic 22.297⁎⁎⁎ 4.804⁎⁎ 3.000⁎ 3.353⁎⁎ 8.525⁎⁎⁎

⁎⁎⁎
p < 0.01.
⁎⁎
p < 0.05.
⁎
p < 0.10.

green process innovation is positively related to green product in-
novation, thus providing support for H1. Innovation types (such as
process innovation and product innovation) are complementary, and
influence organizations jointly; hence, each type cannot truly be un-
derstood without understanding its interrelationship with other types
(Damanpour, 2010). Unlike Klepper (1996), who argued that devoting
more effort to process innovation will make product innovation shrink,
we believe that green process innovation can facilitate green product
innovation. Product innovation typically refers to an assembled product
that can be sold to a consumer when manufactured, whereas process
innovation creates new products or enhances the cost/performance
attributes of existing products (Maine, Lubik, & Garnsey, 2012). It is
important to note that, according to Lin et al. (2013), the success of
green product innovation depends on sustainable business operations.
Green process innovation is such a process, in which all aspects ex-
perience deep change with the aim of reducing the environmental im-
pact of production, beginning at the source (Gopalakrishnan et al.,
1999). Because of this, green process innovation lays the foundation for
other environmental practices, including green product innovation.
From RBV, we know that a firm's resources and capabilities are key
determinants of their competitive advantage and success. Conse-
quently, the efficient use of resources is of great value to firms. Because
green process innovation can facilitate green product innovation, firms
can begin with green process innovation when they implement en-
vironmental strategies in order to leverage it to make full use of firm
resources.
The results of model 2 in Table 3 demonstrate that green process
innovation is significantly related to financial performance. Thus, H2 is
supported. Both green process innovation and green product innovation
have a positive influence on financial improvement (see models 2 and
3). From RBV, when firms conduct green process innovation and green
product innovation, they can accumulate product and process knowl-
edge resources, thereby improving their financial performance by in-
creasing their unique and valuable resources. As one can see, the two
green innovation strategies used in tandem promote better financial
performance overall.
Moreover, the results show that green product innovation mediates
the relationship between green process innovation and financial per-
formance (Baron & Kenny, 1986). On one side, green process innova-
tion is positively associated with financial performance (see model 2 in
Table 3), and has a positive influence on green product innovation (see
model 5 in Table 3). On the other side, green product innovation is
positively associated with financial performance (see model 3 in
Table 3), with the coefficient of green process innovation becoming
smaller when green product innovation is entered into model 3. From
this, we find that H3 is supported. The results demonstrate that green
process innovation not only has the potential to affect financial per-
formance directly but also to influence financial performance via green
product innovation. As a differentiation strategy, green product in-
novation can enable firms to create new businesses, seize green op-
portunities, and lead in their markets (Chang, 2016). Green process
innovation can help firms develop greater competency (e.g., by using
innovative tools, devices, and knowledge) when upgrading required
manufacturing processes for new green product development, which, in

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X. Xie et al. Journal of Business Research 101 (2019) 697–706

Table 4
Regression results of moderating effects.
Variables Financial performance

Model 1 Model 2 Model 3 Model 4 Model 5

Controls
Firm size 0.122⁎⁎ (1.993) 0.073 (1.161) 0.054 (0.705) 0.055 (0.730) 0.027 (0.320)
Financial constraints −0.558⁎⁎ (−9.114) −0.574⁎⁎⁎ (−9.424) −0.566⁎⁎⁎ (−9.152) −0.560⁎⁎⁎ (−9.078) −0.561⁎⁎⁎ (−9.089)
Total assets turnover 0.111⁎ (1.898) 0.115⁎⁎ (1.991) 0.116⁎⁎ (1.996) 0.121⁎⁎ (2.096) 0.122⁎⁎ (2.114)
Firm age 0.094 (1.602) 0.088 (1.527) 0.095 (1.623) 0.100⁎ (1.711) 0.097⁎ (1.663)

Predictors
Green process innovation 0.111⁎ (1.810) 0.130⁎⁎ (1.990) 0.133⁎⁎ (2.033) 0.134⁎⁎ (2.052)
Green product innovation 0.105⁎ (1.732) 0.108⁎ (1.755) 0.106⁎ (1.727) 0.106⁎ (1.724)

Moderators
Green image −0.062 (−0.951) −0.058 (−0.906) −0.061 (−0.942)
Green subsidies 0.036 (0.486) 0.020 (0.268) 0.107 (0.816)
Green image × green product innovation 0.099⁎ (1.702) 0.106⁎ (1.801)
Green subsidies × green product innovation −0.087 (−0.809)
R squared 0.304 0.330 0.334 0.344 0.346
Adjusted R squared 0.291 0.310 0.307 0.314 0.313
F-value 22.297⁎⁎⁎ 16.6⁎⁎⁎ 12.535⁎⁎⁎ 11.57⁎⁎⁎ 10.46⁎⁎⁎
Change in R2 0.304 0.010 0.004 0.010 0.002
Change in F-statistic 22.297⁎⁎⁎ 3.000⁎ 0.558 2.898⁎ 0.654

⁎⁎⁎
p < 0.01.
⁎⁎
p < 0.05.
⁎
p < 0.10.

turn, can lead to new green products in the marketplace (Cheng et al.,
2014). Consequently, green process innovation encourages green pro-
duct innovation by increasing product differentiation. Further, firms
willing to undertake green product innovation can take advantage of
the positive effect of green process innovation, thereby developing a
greater competitive advantage. Therefore, it is clear that firms should
enhance their green process innovation and green product innovation
jointly in order to improve their financial performance.
The results of model 4 in Table 4 show that green image enhances
the relationship between green product innovation and financial per-
formance. Thus, H4 is supported. Fig. 2 illustrates that the positive
impact of green product innovation on financial performance is
stronger among firms with a better green image, indicating that green
product innovation is more beneficial when firms have a better green
image. However, as Amores-Salvadó et al. (2014) showed, green pro-
duct innovation efforts only yield dividends when those efforts are
adequately promoted. In China, environmental regulation has grown
increasingly rigorous, and a firm's green image is more important than
ever, especially because of the rise of environmentally conscious con-
sumers and strict international environmental protection regulations
(Chen, 2010). A firm's green image is now a crucial factor affecting
strategy and performance, and those firms with a better green image
will have less trouble with either environmental protests or legal
punishments (Chen, 2010). Additionally, a company's green image is an
important criterion when judging the quality of an unfamiliar product,
so a better green image can yield a higher level of customer satisfaction
(Chang & Fong, 2010). Because of this, a better green image will help
firms undertake green product innovation in order to increase their
market performance, and will, if promoted effectively, attract en-
vironmentally conscious consumers who want to buy green products,
thus further encouraging firms to implement green product innovation.
Interestingly, we found that green subsidies did not moderate the
relationship between green product innovation and financial perfor-
mance (see model 5 in Table 4). Thus, we find that H5 is not supported.
This result is consistent with previous research that indicated that green
subsidies might weaken the positive relationship between green process
innovation and financial performance (Xie et al., 2016). There are
several possible reasons for this. First, most Chinese manufacturing
firms are still in the beginning stages of implementing green product
innovation. With rising environmental awareness, the government has
just begun to use green subsidies as a tool to motivate environmentally
friendlier strategies. However, thus far, motivation is somewhat lim-
ited, and it will never be enough to support firms' reluctance to invest in
what they perceive to be risky practices or to depend on green subsidies
alone. Further, given that green production requires more time and
money than traditional methods, the use of green subsidies is not a
great incentive for firms just starting green practices, as they are faced
with far more capital investment. Second, in addition to financial bar-
riers, there are technological barriers that also prevent firms from
conducting green product innovation thoroughly and successfully.
Third, due to the general higher price of green products, there are
plenty of consumers who are unwilling to pay extra for the green pro-
duct attributes after the products have been produced (Dangelico &
Pujari, 2010). Hence, the use of green subsidies is not a powerful en-
ough incentive for many Chinese manufacturing firms just beginning to
implement green innovation strategies (Xie et al., 2016).

5. Discussion and conclusions

In this study, using the content analysis method to capture the data
of listed firms in China, we find that green process innovation has a
Fig. 2. Moderating effect of green image on the relationship between green positive impact on green product innovation and, further, that both
product innovation and a firm's financial performance. kinds of innovation can improve firms' financial performance. The

703
X. Xie et al.
theory of RBV, institutional theory, and stakeholder theory can help
explain the positive impact of green technology innovation on firms'
financial performance (Prakash, 2002). According to RBV, green pro-
cess innovation and green product innovation can be seen as two types
of organizational resources (Cheng et al., 2014). Since green process
innovation is process-oriented and green product innovation is product-
oriented, the implementation of these two complementary innovations
will bring a greater competitive advantage to those firms applying both.
From the perspectives of both institutional theory and stakeholder
theory, green innovation strategies will help a firm gain the trust and
support of external institutions and key stakeholders by taking into
account the interests of external parties rather than just the firm's
economic goals (Prakash, 2002).
We also find that green product innovation mediates the relation-
ship between green process innovation and financial performance.
Green process innovation facilitates the implementation of green pro-
duct innovation, with the latter helping to translate the former into
revenue. Hence, green process innovation should be complemented
with green product innovation in order to ensure substantial profits
from green technology innovation.
Moreover, we find that a green image moderates the relationship
between green product innovation and firms' financial performance,
but that a lack of customer awareness can prove a key challenge that
firms must overcome (Dangelico & Pujari, 2010). In this case, a better
green image can influence purchasing decisions (Chen, 2010) and can
increase the demand for green products. Thus, a firm's investment in its
green image will pay off by achieving more financial gains from its
green product innovation.
Unexpectedly, there is no empirical evidence supporting the mod-
erating effect of green subsidies on the relationship between green
product innovation and financial performance. According to Hou, Chen,
and Xu (2017), the overall level of green innovation growth in China's
manufacturing sector is relatively low, so manufacturing firms in China
are short of effective support and suffer from high risk and uncertainty.
Furthermore, because environmental policies in developing countries
change periodically (Dai & Zhang, 2017), manufacturing firms should
increase their numbers of green products rather than depending heavily
on external factors (e.g., subsidies) (Yu, Han, & Hu, 2016).
5.1. Theoretical contributions
The theoretical contributions of our study are twofold. First, our
findings extend previous research (e.g., Lin et al., 2013; Xie et al., 2016)
by investigating the indirect effect of green process innovation on firms'
financial performance. In our study, we divide green technology in-
novation into “green process innovation” and “green product innova-
tion” and then explore the relationship between these two kinds of
innovation, as well as the mediation effect of green product innovation
in the process, which helps bridge the gap between different types of
green strategies by conducting in-depth analysis on the relationship
between them.
The second contribution of our study lies within our framework of
the theoretical and empirical analyses by examining how a firm's green
image and green subsidies interaction with green product innovation
can have profound effects on financial performance. The external im-
plementation environment of green product innovation is still some-
what uncertain, and thus far, firms have done little to motivate con-
sumers to buy their more expensive green products (Rehfeld et al.,
2007). Yet, our results reveal that a firm's green image can strengthen
the positive impact of green product innovation on its financial per-
formance, which shed light on the contingent mechanism that green
product innovation improves financial performance.
5.2. Managerial implications
There are several managerial implications that can be drawn from
704
Journal of Business Research 101 (2019) 697–706
this study. First, in recent years, companies have faced growing pres-
sure to be “greener” and more environmentally friendly (Sezen &
Çankaya, 2013). Because of this, firms should take advantage of both
kinds of green technology innovation to improve their financial per-
formance. In addition, since green process innovation can promote
green product innovation, firms should prioritize green process in-
novation, especially when there are resource constraints.
Second, firms should attach more importance to cultivating a green
image, which will increase consumers' willingness to pay for green
products; in so doing, firms can increase their market share and im-
prove their financial performance. However, a huge challenge here is
how companies can incorporate their environmental vision into their
corporate strategies, rather than seeking ways to promote their green
brands alone (Chen, 2010). Furthermore, to build a better green image,
firms should advertise their environmental practices—such as how they
recycle, conserve water and energy, avoid disposable goods, or reduce
emissions released into the air, water, and soil—to consumers (Han,
Hsu, & Lee, 2009).
Third, the government should design more effective tools beyond
green subsidies to motivate and support green strategies, and should
investigate why green subsidies have not been as effective as expected.
Firms receiving green subsidies should be placed under scrutiny in
order to increase the probability that the subsidies are being used in the
most advantageous ways (Lin et al., 2015). Next, instead of designing
policies drawn from a particular theory, government authorities should
spend time listening to practitioners to better understand the difficulties
that firms face when implementing green strategies.
5.3. Limitations and further research
This study provides an important theoretical framework for green
innovation management in transition economies. However, there are
some limitations that need to be addressed. First, the measurements of
green process innovation, green product innovation, and green image
are based solely on the content in the firms' Corporate Social
Responsibility Reports. Future research should seek more valid mea-
surements and collect panel data to measure these variables to better
explore the dynamic relationship between green technology innovation
and firms' financial performance. Second, due to limited data, we only
examine the effects of green process innovation and green product in-
novation. Green management innovation, which is another kind of
green innovation (Wahba, 2008), needs to be analyzed as well. Parti-
cularly, the interdependence between these three kinds of green in-
novation should be examined in the future in order to provide a more
holistic understanding of green innovation. Third, future studies could
use more variables to measure firm performance, for instance, applying
Tobin's Q ratio.
In spite of these limitations, our research is crucial for both firms
and government agencies, as the desire to have greener enterprises to
protect the earth seems likely to continue unabated.
Acknowledgements
This research was supported by the National Natural Science
Foundation of China (Grant number: 71472118; 71772118; 71503160),
Shanghai Pujiang Program (Grant number: 18PJC056), and Program
for Professor of Special Appointment (Eastern Scholar) at Shanghai
Institutions of Higher Learning.
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Xuemei Xie is currently a Professor at School of Management, Shanghai University. Her
research interests include collaborative innovation, knowledge management, and green
innovation. Her articles have appeared in more than thirty journals, such as Journal of
Business Ethic, Technovation, Journal of Business Research, Business and Society, Psychology
& Marketing, IEEE Transactions on Engineering Management, Technology Analysis & Strategic
Management, Journal of Cleaner Production, and Total Quality Management & Business
Excellence, among others.
Jiage Huo is currently a Ph.D Candidate at Hong Kong Polytechnic University. Her
current research interests include green innovation management. Her articles have ap-
peared in journals such as the Journal of Business Research and IEEE Transactions on
Engineering Management, among others.
Hailiang Zou is an Assistant Professor in global strategic management at the SHU-UTS
SILC Business School in Shanghai University, Shanghai, China. He has taught and re-
searched on business strategy, with a particular interest in corporate social responsibility
(CSR) and corporate governance in emerging country contexts. He has published in
Journal of Business Research, Business Strategy and Environment, Business & Society, Journal
of Cleaner Production, and Management Decision.
 JurnalPenelitianBisnis101(2019)697–706

Daftarisi tersediadi SainsLangsung

JurnalRisetBisnis
berandajurnal:www.elsevier.com/locate/jbusres

Inovasi Proses Hijau,Produk Hijau Dan Kinerja Keuangan

Perusahaan:Metode Analisis Konten ☆
XuemeiXieA,kan,JiageHuoB,HailiangZouC,kan
ASekolahManajemen,UniversitasShanghai,Cina
B Departemen TeknikIndustri dan Sistem, UniversitasPoliteknik Hong Kong, Hong Kong
CSekolahBisnisSHU-UTSSILC,UniversitasShanghai,Cina

INFOARTIKEL ABSTRAK

Katakunci: Inovasi teknologi hijau telah menerima perhatian terus menerus dari sektor bisnis dalam beberapa tahun terakhir,
InovasiproseshijauIn namunbeberapapenelitiantelahmenelitimekanismeinternaldankondisikontingenyangmenghubungkaninovasiteknologihijaudenga
ovasiprodukhijauSu nkinerjakeuanganperusahaan.Menggunakandatadari209perusahaanterdafta ryangtermasukdalamindustrimanufakturyangsangat
bsidi berpolusi,dikumpulkanmelaluimetodeanalisiskonten,kamimenemukanbahwainovasiproses hijau memiliki dampak positif pada
hijaugambarhijau
inovasi produk hijau, dan bahwa inovasi proses hijau dan inovasi produk hijau
Analisis konten
dapatmeningkatkankinerjaperusahaan.kinerjakeuangan.Kamijugamenemukanbahwainovasiprodukhijaumemediasihubunganant
arainovasiproseshijaudankinerjakeuanganperusahaan,danbahwaperusahaan'Citrahijaumemoderasihubunganantarainovasiprod
ukhijaudankinerjakeuangan.Namun,penelitiankamimenunjukkanbahwaefekmoderasidarisubsidihijaupadahubunganantarainovas
iprodukhijaudankinerjakeuanganperusahaantidakdidukung.Berdasarkantemuan ini, kami memberikan beberapa rekomendasi
bagi manajer dan entitas pemerintah untuk menerapkan inovasiteknologihijausecaraefektif.

1. Perkenalan
Inovasi teknologi hijau telah mendapat perhatian terus menerus
darisektor bisnis karena meningkatnya kepedulian terhadap
keadaanlingkungan (Abdullah, Zailani, Iranmanesh, & Jayaraman, 2016).
Faktanya,adalah penting bahwa perusahaan manufaktur, terutama yang
berada
diindustrimanufakturyangsangatberpolusi,memikultanggungjawabuntukm
elindungilingkungan.Selainmanfaatdarimenyesuaikanprosesmerekauntukmeli
ndungilingkungan,perusahaanjugaharusmempertimbangkankebutuhanpelang
gandantanggungjawabsosialperusahaan(Woo,Chung,Chun,Han,&Lee,2014
).
Dalambeberapahal,polusidapatdilihatsebagaibuktipenggunaansumberdaya
yang tidak efisien (Chen, 2008), yang mempengaruhi
keuntunganperusahaan.Teknologibarutelahdikreditkandenganmemecahkanmasal
ahlingkungan dengan mengurangi efek polutan (Jaffe, Newell, & Stavins, 2005).
Disini,inovasihijautelahdianggappentingdalammenanganimasalahlingkungan(Kong,
Feng,
&Ye,2016).Kelestarianlingkungansangatpenting,danmemberikankesempatanuntuk
meningkatkan
dayasaingdenganmenggunakanlogikawin-
win(Porter&VanderLinde,1995),denganperusahaanyangmerupakan
pionirdalam
strategiinovasihijauyangberpotensimencapaidanmempertahankankeung
gulankompetitif(Albort-Morant,Leal-Millan,&Cepeda-Carrión,2016).
BerdasarkanRekik dan Bergeron (2017), menerapkan
praktikhijaubermanfaatbagiusahakecildanmenengah(UKM)baikdarisegiki
nerjakeuanganmaupunkinerjalingkungan.
Inovasiteknologihijaudiharapkanmenghasilkankeuntunganganda:me
mbatasibebanlingkungansekaligusberkontribusipadamodernisasiteknolo
giekonomi(Rennings,Ziegler,Ankele,&Hoffmann, 2006).
BerdasarkanZiegler dan Nogareda (2009),
kriteriatertentuharusdipenuhiagarinovasiteknologihijaubekerjasecaraefek
tif:pertama,harusdidasarkanpadapengetahuanteknologibaru,dan kedua,
harus sudah ada (yaitu, produk baru harus
sudahdiperkenalkankepasaratauprosesbaruharussudahdiperkenalkandi
dalamperusahaan).Banyakperusahaanmanufakturtelahmulaimenerapka
nstrategiyangberorientasipadaproses,menguntungkanlingkungandanber
orientasipadaproduk,

☆ Penulisberterimakasihkepadaduawasitanonimatassaranmerekayangbermanfaatdanberharga.Parapenulisjugaberterimakasihatasdukunganke uangandariNational Natural

Science Foundation of China (71472118, 71772118, 71503160), Shanghai Pujiang Program (18PJC056), dan Program untuk Profesor
PengangkatanKhusus(SarjanaTimur)diShanghaiInstitutionsofHigherLearning.
kanKorespondensike:X.Xie,SekolahManajemen,UniversitasShanghai,Shanghai200444,Cina
kanKorespondensidengan:H.Zou,SHU-UTSSILCBusinessSchool,UniversitasShanghai,Shanghai200231,Cina

Alamatemail:xxm1030@126.com(X.Xie),1072193381@qq.com(J.Huo),zouhailiang@shu.edu.cn(H.Zou).

https://doi.org/10.1016/j.jbusres.2019.01.010
Diterima11Juni2018;Diterimadalambentukrevisi7Januari2019;Diterima9Januari2019
Tersediaonline15Januari2019
0148-2963/ © 2019Elsevier Inc.Semua hak dilindungiundang-undang.
X.Xiedkk.
strategiyangbermanfaatbagilingkungan.
Secaraumum,inovasiteknologihijauseringdibagimenjadiinovasiproses
hijau dan inovasi produk hijau (Salvado, de Castro, Verde,
&López,2012,hal.39).Penelitiansebelumnyatelahmenelitidampakdariberb
agaijenisinovasiteknologihijau,menunjukkanbahwainovasiproseshijaudan
inovasiprodukhijauadalahprediktorkinerja(misalnya,Chan,Yee,Dai,&Lim,2
016;Cheng,Yang,&Sheu,2014;Kam-Sing Wong, 2012; Xie, Huo, Qi, &
Zhu, 2016). Namun, banyak
literaturtelahmengabaikanmekanismeinternaldankondisikontingendarihu
bunganantarainovasiteknologihijaudankinerjaperusahaan(misalnya,Chan
g,2011;Chen,Lai,&Wen,2006;Chiou,Chan,Lettice,&Chung,2011;Kam-
SingWong,2012;
Sezen & ankaya, 2013). Sebagian dari masalahnya adalah bahwa
inovasiteknologihijaumelibatkanbanyakketidakpastiankarenaapayangdisebut
masalah “eksternalitas ganda” (Renning, 2000): di satu sisi, potensi
efekpositifinovasihijaupadakinerjakeuanganperusahaanmembutuhkanwaktuu
ntuk terwujud(Aguilera-Caracuel&Ortiz-de-
Mandojana,2013),sementaradisisilain,transformasiinovasiteknologihijaumenj
adiimbalanfinansial bergantung pada banyak mekanisme dankondisi
yangmendasarinya.Mengingatbahwakegagalaninovasitelahmenjaditopikyang
semakinpenting,terutamayangberkaitandenganindustriyangsangatberpolusi(
Dai&Zhang,2017),adabaiknyamenyelidikifaktor-
faktoryangdapatmempengaruhipengembaliankeuanganperusahaansetelahm
enerapkanstrategihijau.Dengandemikian,duapertanyaanpenelitiandibahas
dalampenelitianini:(a)Pertama,apahubunganantarainovasiproses
hijau,inovasiprodukhijau, dankinerjakeuanganperusahaan?
(b)Kedua,apakahadafaktorkontingenyangmempengaruhihubunganantarainov
asiprodukhijaudankinerjakeuanganperusahaan?
Buktiteoretisdanempirismenunjukkanbahwalajudanarahkemajuantek
nologidipengaruhiolehinsentifpasardanperaturan,sertaolehkebijakaneko
nomiberbasisinsentif(Jaffeetal.,2005).Studiinipertamamenyelidikiimplem
entasiinovasiprodukhijaudariperspektifinsentifpasaryangdihasilkandariin
teraksiantarainovasidan keberlanjutan (Dangelico& Pujari,2010).
Selanjutnya,
penelitiankamiberfokuspadaperspektifinsentifperaturan.BerdasarkanJaff
edkk.
(2005),kegagalanpasarmemberikanalasanyangkuatuntukserangkaiankebijaka
n publik yang mendorong pengurangan emisi,
sertapengembangandanadopsiteknologiyangbermanfaatbagilingkungan.Deng
ancaraini,subsidihijaudipandangsebagaialatpentingyangdapatdigunakanpeme
rintahuntukmemotivasidanmendukungstrategiinovasihijau (Xieet
al.,2016),dicapai denganmengurangibeban
keuanganpadaperusahaanselamaimplementasiinovasihijau.
BerdasarkanChen(2010),tampil“hijau”,ataumenampilkana
"citrahijau"didefinisikansebagai"satusetpersepsimerekdibenakkonsumenyangterkait
dengankomitmenlingkungandanmasalahlingkungan"(hal.309).Citrahijaudapatmemb
antuperusahaanmenariklebihbanyakpelanggandenganmemengaruhipilihankonsum
endanmeningkatkanloyalitasmerekkonsumen(Chang&Fong,2010).Banyakkonsume
ninginmembeliprodukdariperusahaanramahlingkungan,meskipuntentusajaadabeber
apayangtidakmaumembayarhargapremiumuntukprodukramahlingkungan(Dangel
ico&Pujari,2010).
Meskipun demikian, secara umum, memiliki citra hijau lebih penting
daripadasebelumnyabagiperusahaanuntukmemenangkanlebihbanyakpelangganya
ngbersediamembayarlebihuntukprodukramahlingkunganterbaru.
Untukmengisikesenjanganpenelitiantersebutdanuntukmemperluaspema
haman kita tentang bagaimana inovasi teknologi hijau
dapatmeningkatkankinerjakeuanganperusahaan,kamimengusulkankerangka
teoritisyangkomprehensifyangmenelitimekanismemediasidankondisikontinge
nhubunganantarainovasiteknologihijaudankinerjakeuangan.Studiinidengande
mikianmemperluaspemahamankitasaatinitentangcara-
caradimanaperusahaandapatmeningkatkanpengembalianfinansialdariinovasi
teknologihijaudenganmemeriksaefekmediasiinovasiprodukhijaudanefekmod
erasidaricitrahijauperusahaandansubsidihijau.
Selanjutnya,kamimengukurinovasiproseshijaudaninovasiprodukhijauditingka
tperusahaandenganmenggunakankonten
698
JurnalPenelitianBisnis101(2019)697–706
metodeanalisis,sehinggamembuattemuankamilebihspesifikdanlebihbermak
na. Akhirnya, kami memberikan diskusi tentang implikasi
bagiperusahaandanpemerintahyangmenerapkaninovasiteknologihijaudanm
eningkatkanimbalanfinansialdaripenerapaninovasiteknologihijau,yangdapat
membantupembuatkebijakanmerancangalatyanglebihkuatuntukmemandupr
aktikinovasihijau.
2. Kerangkateoridan hipotesis
2.1. Duajenisinovasiteknologihijau
Inovasiteknologihijaumencakupduastrategiutama:inovasiproseshija
udaninovasiprodukhijau(Salvadodkk.,2012,
hal.39).Inovasiprodukhijaubertujuanuntukmengubahataumemodifikasidesain
produkdenganmenggunakansenyawatidakberacunataubahanbiodegradables
elamaprosesproduksiuntukmengurangidampakpembuanganterhadaplingkun
gandanmeningkatkanefisiensienergi(Lin,Tan, & Geng, 2013).Inovasi produk
ramah
lingkunganmemerlukanpandanganbarutentangsiklushidupproduk,dariproses
manufakturhinggadistribusi,dandaripenggunaanhinggapembuanganataupeng
gunaankembali/daurulang—
dengankatalain,pendekatan“dariawalhinggaakhir”(Noci&Verganti,1999).Lebih
khususlagi,inovasiprodukhijaumencakuppeningkatandayatahanataudaurulan
gproduk,penguranganbahanbaku,pemilihanbahanbakuyanglebihramahlingku
ngan, dan penghilanganzat berbahaya.Kivimaa& Kautto, 2010).
Sementaraitu,inovasiproseshijaubertujuanuntukmengurangikonsumsienergis
elamaprosesproduksiatauselamaprosesyangmengubahlimbahmenjadi
barang yang bernilai (Salvado dkk., 2012, hal.39). Khususnya,inovasi
proseshijau mencakuppengurangan emisiudara
atauair,pengurangankonsumsiair,peningkatanefisiensisumberdayadanenergi
,danperalihandaribahanbakarfosilkebioenergi(Kivimaa&Kautto,2010).Denga
ndemikian,perusahaan-
perusahaanperintisstrategiinovasiteknologihijaudapatmencapai dan
mempertahankan berbagaikeunggulankompetitif(Albort-
Morantetal.,2016),memperolehtidakhanyaefisiensibiayatetapijugaprofitabilita
s(Chanetal.,2016).
Penelitiansebelumnyatelahmenyarankanbahwainovasiprosesperusahaanterkai
teratdenganinovasiproduknya(Oke,2007).Kamiberpendapatbahwainovasiproseshij
auperusahaanberhubunganpositif dengan inovasi
produkhijaukarenabeberapaalasan.Pertama,karenainovasiproseshijaumemerlukan
perbaikansistematispadaseluruhprosesoperasionaldanmanajerialuntukmeningkatk
anefisiensisumberdaya(Lidkk.,2017),jugadapatmempromosikandesaindanproduksi
produkhijausambilmeletakkandasaruntukmenerapkaninovasi produk hijau.
BerdasarkanKam-Sing Wong (2012), inovasi proses
hijaudapatmembantuperusahaanmencapai keberhasilan dalam
memproduksiprodukhijaubarudenganmengembangkankeunggulankompetitifproduk
hijau.Kedua,inovasiprosesdapatmembantuperusahaanmeningkatkankualitasproduk
mereka,memperluaspilihanproduk,ataumenghasilkanprodukyangsamasekalibaru,s
ehinggamemungkinkanmerekauntukmeningkatkanpangsapasarmereka.Bigliardi&Iv
oDormio,2009;Damanpour,2010).Olehkarenaitu,inovasiprosesmemainkanperanpe
ntingdalaminovasiproduk(Martinez-
Ros,1999).Jadi,kamimengajukanhipotesisberikut:
Hipotesis1.Tingkatinovasiproseshijauperusahaanberkorelasipositifden
gan tingkat inovasi produk hijaunya.
2.2. Inovasiproseshijaudankinerjakeuanganperusahaan
Inovasiproseshijaucenderunglebihbersumbersecarainternaldanlebih
mahaluntukditerapkan,tetapijugaterbuktilebihefektifdaripada praktik hijau
lainnya (Gopalakrishnan, Bierly, & Kessler,
1999).Inovasiproseshijaudapatmenjadisolusiaditif(misalnya,scrubbercer
obongasap)ataudapatdiintegrasikankedalamprosesproduksimelaluisubst
itusiinput,optimalisasiproduksi,ataureklamasioutput(Renning,2000).
Penelitiansebelumnyatelahmenunjukkanbahwainovasiproseshijaumemiliki
X.Xiedkk.
dampakpositifpadakeunggulankompetitifdankeberlanjutanperusahaan(Chendkk.,2006;
Cheng dkk., 2014; Sezen & ankaya, 2013). Dengan demikian, secara
keseluruhan,masukakalbisnisyangbaikbagiperusahaanuntukberinvestasidalaminovasipros
eshijau (Lidkk.,2017). Olehkarenaitu, kamiberpendapatbahwa
praktikinovasiproseshijauperusahaankondusifuntukmeningkatkankinerjakeuangannya.Pert
ama,inovasiproseshijaumeningkatkanprosesproduksiyangadaataumenambahkanprosesba
ruuntukmengurangidampaklingkunganyangmerugikan,sehinggameningkatkankepatuhanli
ngkunganperusahaandanmembawakeuntungandiferensiasi(Chengdkk.,2014).Lebih-
lebihlagi,
Xiedkk.(2016)menemukanbahwateknologibersihdanteknologiujung
pipayangmerupakanaspekpentingdariinovasiproseshijauberhubunganpositifd
engankinerjakeuangan.Jadi,kamiberhipotesis:
Hipotesis2.Inovasiproseshijauperusahaanberkorelasipositifdengankin
erjakeuangannya.
2.3. Peranmediasiinovasiprodukhijau
Inovasi produk hijau atau pengenalan produk baru atau
yangditingkatkan,sepertiperbaikankomponenataubahanteknis(Chengdkk.,20
14; Pujari, 2006), bertujuan untuk mengurangi dampak
lingkunganselamasiklushidupproduk(Christensen,2011),danmemenuhikebut
uhanpasar denganmenciptakan produkbaru(Cheng
dkk.,2014).Dalambeberapatahunterakhir,inovasiprodukhijautelahdiakuisebag
aisalahsatufaktorkuncidalammencapaipertumbuhandankelestarianlingkungan
(Dangelico&Pujari,2010).
Selain itu, berinvestasi dalam inovasi produk hijau dapat
membantumencegahperusahaanmenghadapiproteslingkungandanhukumanhuku
m,sementarajugamemungkinkanmerekauntukmengembangkanpeluangpasarbaru
dan mencapai kesuksesan produk hijau baru (Chiou dkk., 2011; Kam-SingWong,
2012). Selain itu, inovasi produk hijau sangat penting
untukmengembangkankompetensihijau,memperkuatcitrahijauperusahaan,danmen
ingkatkankinerjakeuangannya(Ar,2012;Chendkk.,2006;Chengdkk.,2014;Huang&Ji
mWu,2010;Linetal.,2013).SepertiyangdibahasdalamH1danH2,
kamiberhipotesisbahwaproseshijaudi-
inovasiadalahkunciuntukmeningkatkankinerjakeuanganperusahaandanmemf
asilitasi inovasi produk hijau. Ketika inovasi produk tingkat
tinggisecarabersamaandidukungolehinovasiprosesmanufakturtingkattinggi,str
ategiinimemberikankeunggulankompetitifterkuatsejauhini(Kotabe&Murray
,1990).Selainitu,menurut
Damanpour(2010),pandanganintegratifpenelitiantentanginovasiproseshijau
dan inovasi produk hijau mencerminkan apa yang
disebut"pandanganberbasissumberdaya"(RBV),dimanapengaruhsinergisdari
sumber daya internal perusahaan—termasuk sumber daya
pengetahuanproduk dan prosesnya—berdampak positif keunggulan
kompetitif dankinerjaperusahaan.
Inovasiproseshijaumembutuhkanperbaikansistematisdarikeseluruhanprosesop
erasionaldanmanajerial,yangmenuntuttingkatinvestasikeuanganyang tinggi (Li dkk.,
2017). Jenis inovasi ini juga memakan waktu dan
dapatmenghasilkanefekyangtidakselalulangsungataunyatasecarasempurna(Lidkk.,
2017).Meskipundemikian,kamimengusulkanbahwainovasiproseshijaudapatmempr
omosikaninovasiprodukhijau(lihat
H1),yangdapatdiinvestasikanuntukmenghasilkanprodukbaru,sehinggadenganmud
ahditerjemahkankedalampeningkatanpendapatandankeunggulanteknologi(Lidkk.,
2017).Olehkarenaitu,kamiberpendapatbahwainovasiproseshijaudapatmeningkatk
ankinerjakeuanganperusahaandenganmendoronginovasiprodukhijau,yangmenga
rahkehipotesisberikut:
Hipotesis 3. Inovasi produk hijau memediasi hubungan antara
inovasiproseshijaudankinerjakeuanganperusahaan.
2.4. Peranmoderasidarigambarhijau
Citraperusahaansuatuperusahaandapatdipahamisebagaikesanumumyangdiinginkand
ariperusahaandibenakparapemangkukepentinganutamanya(Amores-Salvado,Martín-
deCastro,&Navas-López,2014).Sebuahperusahaanperusahaan
699
JurnalPenelitianBisnis101(2019)697–706
citra hijau melibatkan persepsi pemangku kepentingan tentang
lingkunganpositifataukarakteristikhijauperusahaan.Citrahijaudipandangsebagaipen
entupenting kepuasan konsumen, dan perusahaan yang berinvestasi
dalammeningkatkan citra hijau mereka tidak hanya menghindari potensi
masalahprotes lingkungan dan hukuman hukum tetapi juga meningkatkan
harapankonsumententangkeramahandankeberlanjutanlingkungan(Chen,2010).
Terlebihlagi,citrahijaudapatmembantuperusahaanmenghasilkancitrapublikyanglebihp
ositif,yangpadagilirannyadapatmeningkatkanpenjualandanmeningkatkanhargasaham
(Zhu&Sarkis,2006).BanyakperusahaandiCinabaru-baru ini mencoba memantapkan
dirimereka sebagai "hijau" karena
meningkatnyakesadaranlingkungandantekananpublikyanglebihbesar(Zhu&Sarkis,2
006).
Inovasiprodukhijaumemilikidampakpositifpadakinerjaperusahaan( Lin et
al., 2013). Namun, upaya inovasi produk hijau perusahaan
hanyaterbayarketikamerekadipromosikansecaramemadai(Amores-
Salvadoetal., 2014). Menurut keduanyaDe Medeiros, Ribeiro, dan Cortimiglia
(2014)dan Lin, Zeng, Ma, Qi, dan Tam (2014), tekanan konsumen dan
pemenuhanharapanmerupakanfaktorkeberhasilan.Namun,
Rehfeld,Rennings,danZiegler(2007)menemukanbahwahargayanglebihtinggi—bukankualitas yang
lebih rendah atau keandalan yang berkurang—dari produk ramah
lingkungantampaknyamenjadisalahsatualasanutamakinerjapasaryangrendah.Berdasarkan Dang
elico dan Pujari (2010),konsumen seringkali tidakbersedia membayar
hargapremiumuntukatributprodukramahlingkungan.Dengandemikian,mempertahank
anataumeningkatkanloyalitaspelanggandapatmenjaditantanganketikaperusahaanmulaim
enerapkanstrategiprodukhijau.
Dalamhalini,citraperusahaandapatmenjadikriteriapentinguntukmenilai
kualitasprodukyangtidakdikenal(Chang&Fong,2010),danitudapatmenyebabkanpeningkata
nkepercayaankonsumendan,padagilirannya,pengaruhyanglebihbesarataskeputusanpemb
eliankonsumen(Chen,2010).Citrahijaujugadapatmembuatkonsumenmerasakanafinitasya
ngmeningkatterhadapperusahaanatauproduktertentu,menyebabkanloyalitasmerektumbuh
(Zhu&Sarkis,2006).Akibatnya,citrahijauperusahaanberpotensimeningkatkankepuasanpel
anggansecarakeseluruhan(Chang&Fong,2010)—
artinyasemakinbaikpersepsipelangganterhadapcitraperusahaan,semakinpositifmerekaak
anmempersepsikanreputasiperusahaan(Foroudi,Melewar,&Gupta,2014;Heinberg,Ozkaya
,&Taube,2018).Mengingatbahwaloyalitaspelanggandanreputasiperusahaanmerupakanfak
torpentingyangmempengaruhi potensi pengembalian (Chang & Fong, 2010; Dangelico,
2016),perusahaandengancitrahijauyanglebihbaikdapatmemperolehpengembalianekonom
iyanglebihbanyakdariinovasiprodukhijaunya,yangmengarahkankamikehipotesisberikut:
Hipotesis4.Citrahijaumemoderasihubunganantarainovasiprodukhijaupe
rusahaandankinerjakeuangannya.
2.5. Peranmoderatdarisubsidihijau
Inovasi produk hijau, yang melibatkan meminimalkan
dampaklingkungandenganmenghematenergidansumberdaya(Lee&Kim,2011)
,dipandang sebagai faktor penting dalam mencapai
keberhasilanlingkungan dan ekonomi. Amores-Salvado dkk. (2014),
bagaimanapun,menemukan bahwa komitmen perusahaan untuk inovasi
produk hijaumemiliki efek positif, tetapi tidak signifikan secara statistik
pada
kinerja,menunjukkanbahwakompensasifinansialyangdihasilkandariinvestasiin
ovasi produk awal dapat dianggap tidak mencukupi oleh
beberapamanajer.Dengandemikian,menentukanteknologiprodukhijauapayan
gmungkinmencapaikesuksesanteknisdankomersialbukantanparisikodanketid
akpastian yang signifikan (Dangelico & Pujari, 2010; Lin, Zeng, Ma, &Chen,
2015). Penting juga untuk dicatat bahwa investasi besar dalamsumber daya
diperlukan untuk mendapatkan kinerja pengembanganproduk hijau yang
kuat (Chen, Chang, Lin, Lai, & Wang, 2016). Karenabiayanya yang tinggi,
hanya perusahaan yang berkantong tebal
yangmampuberinvestasidalaminovasiprodukramahlingkungan(Dangelico&Pu
jari,2010).Menambahtantangan,banyakkonsumenmemberikantekananterus-
meneruspadaperusahaanuntukmendoronginovasiprodukhijau(Linetal.,2014),
namunmerekaseringtidakmaumembayarhargapremiumuntukatributprodukhij
au(Dangelico&Pujari,2010).
X.Xiedkk.
H2(+)
Inovasiteknologihijau
H3(+)
Proseshijau H1(+) produkhijau
inovasi inovasi
Gambar1.Modelkonseptual.
Hukumdankebijakanlingkungansangatpentinguntukimplementasiinovasipr
odukhijau(Chen,2001;DeMedeirosdkk.,2014;
Rehfeldetal.,2007).Sementarastandarlingkunganinternalataueksternalyangberartidiperluka
n, mengejar tujuan lingkungan secara sepihak tanpa
mempertimbangkaninsentifekonomidapatmenempatkanperusahaandi"zonabahaya",dima
nastandaryanglebihketatdapatmenyebabkankualitaslingkunganyanglebihrendahsecarakes
eluruhan(Chen,2001).Subsidihijau—
subsidiyangditerimaindustrimanufakturdaripemerintahuntukmendanaiataumembantupraktik
lingkunganmereka(Xieetal.,2016)
— 2013. Data mengenai subsidi hijau, kinerjakeuangan, kendala keuangan,
dapatmengatasikegagalanpasar(Hijau,2006).Merekajugadapatmenjadicarayangefektifunt
ukmenyeimbangkankeketatanperaturandankeramahaninovasi.Pertama,subsidihijaudapat
membantuperusahaanmenginternalisasibiayalingkungansambilmenghargai investasi hijau
(Horbach, Rammer, & Rennings, 2012; Xie et al., 2016), sertamengurangi tekanan
keuangan yang dipicu oleh investasi dalam praktik
ramahlingkungan,yang,padagilirannya,mendorongperusahaanuntukmengembangkanprod
ukdanpraktikyanglebihramahlingkungan.Kedua,subsidihijaudapatmembantuperusahaanm
enginternalisasipraktikinovasihijau(Horbach,2008),mendukungtanggung jawab ekologis,
dan mendorong keterlibatan aktif sumber daya
yangdiperlukanuntukmengembangkanprodukhijau.
Secarakeseluruhan,subsidihijaudapatmembantuperusahaanmengatasikesulitanyangdisebabk
anolehpengembanganprodukhijaudanmendorongmerekauntukmenginvestasikanlebihbanyaksumb
erdayadalaminovasiprodukhijau,yang,padagilirannya,memungkinkanmerekamemperolehmanfaatle
bihbanyakdariinovasiprodukhijau,yangmengarahpadahipotesisberikut:
Hipotesis5.Subsidihijau memoderasihubunganantarainovasi
produkhijauperusahaandankinerjakeuangannya.
ModelkonseptualditunjukkanpadaGambar1.
3. DatadanVariabel
3.1. Data
Untuk penelitian kami, kami menggunakan hasil klasifikasi industri
dariperusahaanyangterdaftardisituswebresmiKomisiPengaturanSekuritasChina, 1m
emilih1585perusahaanmanufakturawaldaridaftar.Berdasarkan
statusverifikasiperlindunganlingkungandariindustriyangditerbitkan
olehKementerianPerlindunganLingkunganRepublikRakyat
1http://www.csrc.gov.cn/pub/newsite/scb/ssgshyfljg/201304/t20130402_223006.ht
ml.
700
JurnalPenelitianBisnis101(2019)697–706
gambarhijau
H4(+)
Keuangan
pertunjukan
H5(+)
Subsidihijau
Tiongkok(2008,no.373), 2kamimemilih17industrimanufakturyangmembutuhkanverifikasiperlindunga
nlingkungan.Perusahaanyangterdaftarsebagaiperusahaanperlakuankhusus(ST)danperusahaantra
nsfertertentu(PT)dihilangkankarenaperusahaantersebutmengalamikinerja keuangan yang tidak
biasa. Kami juga menghilangkan perusahaan yang
tidakmenerbitkanLaporanTanggungJawabSosialPerusahaan
padatahun2013,yangkamibutuhkanuntukmendapatkandatayangberkaitandengan
inovasiproseshijau,inovasiprodukhijau,dancitrahijau.Akhirnya,denganmenggunakan
metodeanalisiskonten,kamimemperolehkumpulandatadari209perusahaanyangterd
aftardalampublikasiBursaAPasarShanghaiatauBursa Efek Shenzhen pada tahun
perputaran total aset, usia, dan
ukuranperusahaandiperolehdarilaporantahunanperusahaan.
3.2. Variabel
3.2.1. Variabelterikat:kinerjakeuangan
Return on assets (ROA) adalah ukuran akuntansi standar
kinerjakeuangan yangbiasadigunakandalamliteratur
inovasihijau,yangmenunjukkanhasildaritindakanspesifikdimasalaludansaatini(
Amores-Salvado et al., 2014). ROA lebih stabil daripada pertumbuhan
penjualan ataulaba ataspenjualandalammengukurkinerjakeuangan
karenaefekmanajerialdariaktivitasjangkapendekdanketidakpastiantentangling
kungan eksternal di pasar negara berkembang (Li & Wong, 2003).
Jadi,karena stabilitas dan keandalannya, kami menggunakan ROA
untukmengukurkinerjakeuanganperusahaan.
3.2.2.Variabelindependen:inovasiproseshijau
Dalamstudiini,inovasiproseshijaudibagimenjaditeknologibersih
dan teknologi ujung pipa (del Río González,
2005;Renningsetal.,2006;Salvadodkk.,2012).BerdasarkanFrondel,
Horbach, dan Rennings (2007), Hammar dan Löfgren (2010),
KlassendanWhybark(1999),danLeedanRhee(2005),teknologibersihdiukur
dengantigaindeks,danberikut:delRíoGonzález
(2005), Frondel dkk. (2007), dan Hart (1995), teknologi ujung pipa
diukurdenganduaindeks(lihatTabel1).Datadarikeduaitemditentukansesuaidenga
ndeskripsiperusahaanLaporanTanggungJawabSosialPerusahaandenganmenggu
nakanmetodeanalisisisi,dimanasetiapitemdiberiskor0sampai2:0jikatidakadades
kripsiterkait;1jika
2 http://www.zhb.gov.cn/gkml/hbb/bgth/200910/t20091022_174891. htm#.
X.Xiedkk. JurnalPenelitianBisnis101(2019)697–706

Tabel1
Variabeldanpengukuran.
Variabel Pengukuran Sumberdata Sumber

Uku ranpe rusahaan Totalaset (miliar) Laporan Tahunan Lindkk.(2015)

Kendalakeuangan Rasioaset-kewajiban PerusahaanLaporan Tahunan Xiedkk.(2016)
Perputarantotalaset Rasiopendapatanbisnisutamaterhadaptotalaset PerusahaanLaporan Tahunan LucasdanNoordewier(2016)Lind
usiaperusahaan JumlahtahunterdaftardipasarsahamCinahinggatahun2013PROC1.Bertuj PerusahaanLaporan Tahunan kk.(2015)
Inovasiproseshijau uan untuk mengurangi konsumsi sumber daya dan energi Perusahaan Laporan Tanggung Frondeldkk.(2007);KlassendanWhybark(19
danmeningkatkanefisiensisumberdayadanenergi JawabSosialPerusahaanPerusa 99)
PROC2.Menggunakanbahandaurulang,teknikdaurulang, haan
danteknologilingkungan
PROC3.MenerapkankampanyelingkunganPROC4.Menggunakanpe
ralatanpengontrolpolusi Frondeldkk.(2007);delRíoGonzález(2005)
PROC5.Mengadopsiproyekdanteknologipengendalianpolusi Amores-
Inovasiprodukhijau PROD1.Melakukanperubahandesainprodukuntukmenghindaripolusiata Salvadodkk.(2014);Chioudkk.(2011);Kam-
usenyawaberacundalamprosesproduksiPROD2. Laporan Tanggung SingWong(2012)
Memperbaikidanmerancangkemasanramahlingkunganuntukprodukyan JawabSosialPerusahaanPerusa
gsudahadadanyangbaru haan
PROD3.Melakukanmodifikasidesainprodukyangbertujuanuntukmeningkatkan
efisiensienergiselamapenggunaan
gambarhijau GI1.Mematuhiperaturanlingkungandanmemilikikesadaranyangting Amores-Salvadodkk.(2014)
giakanrisikolingkungan
GI2.Menunjukkankekuatandalammeningkatkanefisiensienergime Laporan Tanggung
laluikinerjalingkunganyangsesuai JawabSosialPerusahaanPerusa
GI3.Mendemonstrasikankemampuanuntukmengurangilimbahmelalui kinerjaling haan
kunganyangsesuai
Subsidi Jumlahsubsiditerkaitperlindunganlingkungan(miliar) Lindkk.(2015)Amores-Salvadodkk.(2014);
hijauKinerjakeua Labaatasaset(ROA) Li dan
ngan Wong(2003)
Laporan Tahunan

PerusahaanLaporanTahunanP

erusahaan

hanyaadadeskripsisederhanatanpadetailimplementasi(misalnya,rencan kinerjaoperasionalperusahaan.MengikutiLucasdanNoordewier (2016),kam

a detail, proses implementasi, atau istilah kuantitatif,
yangmenunjukkanbahwaperusahaanmemangmelakukanjenisinovasiter
kait);dan2jikaadadeskripsiterkaitdengandetailyangkaya(yaitu,indikator
numerik untuk menggambarkan praktik lingkungan
yangsesuai).Kamimenghitungnilaiinovasiproseshijausebagairata-
ratateknologibersihdanteknologiujungpipa.
3.2.3. Mediator:inovasiprodukhijau
imenggunakanrasiopendapatanbisnisutamaterhadaptotalasetuntukmengukurtotalp
erputaranasetuntukmenilaikinerjakeuanganperusahaan
ditingkatperusahaan.Variabelkontrolkeempatadalahusiaperusahaan,karenaperusa
haandapatkehilangankemampuanuntukbersaingdanberinovasidariwaktukewaktu,m
eskipunmerekajugadapatmembawapengetahuan, keterampilan, dan spesialisasi
ke inovasi (Isidro & Sobral,
2015).MengikutiLindkk.(2015),kamimengukurusiaperusahaanmenggunakanjumlah
tahundaripencatatan awaldi pasarsaham Chinahingga tahun2013.

Berdasarkan Amores-Salvado dkk. (2014), Chiou dkk. (2011), Lin

dkk.(2013), dan Kam-Sing Wong (2012), kami mengukur inovasi produk
hijaumenggunakantigaindeks(lihatTabel1).Dalampenelitiankami,tigaitemdiber
iskormenggunakanmetodeanalisisisiyangdijelaskandiatas.
3.2.4. Moderator
3.2.4.1. gambar hijau. Amores-Salvado dkk. (2014)item yang digunakan
terkaitdengankesadaranperusahaanakanrisikolingkungandanpencapaianlingkunga
nuntukmenangkapcitrahijaumereka.Jadi,dalampenelitiankami,citrahijaudiukurmeng
gunakantigaitem(lihatTabel1).Ketigaitemtersebutjugadinilaidenganmenggunakanm
etodeanalisisisi.
3.2.4.2. Subsidihijau.Subsidipalingseringdigunakandalaminstrumenkebij
akan lingkungan oleh pemerintah untuk mendorong
praktiklingkungan (Lin dkk., 2015). Menggunakan laporan
tahunanperusahaan,subsidihijaudiukurdenganjumlahsubsidipemerintah
yangterkaitdenganperlindunganlingkungan(Lindkk.,2015).
3.3. Teskepercayaan
Datainovasiproseshijau,inovasiprodukhijau,dancitrahijaudiperolehde
nganmenggunakanmetodeanalisisisisecaramanual.Datatersebutkemudi
andikodekanolehduacoders.MengikutiHussain,Rigoni,andOrij(2018),kam
imenghitungalfaKrippendorffsebagaiukuranreliabilitasuntukdatadaritigav
ariabelyangdibahasdiatas;nilaialphaseharusnyaterdaftar>0,67bagikitaun
tukmenarikkesimpulanyangbermanfaat.MengikutiHayesdanKrippendorff(
2007)
, kami menggunakan makro KALPHA di SPSS untuk menghitung
alfaKrippendorff.3 Awalnya,60laporandikodekanolehduapembuatkode,da
nkeandalanantarpembuatkodediukurdengandataini.NilaiKrippendorff'sal
phauntukindekspadainovasiproseshijau,inovasiprodukhijau,dancitrahijau
semuanyalebihbesardarinilaiambang0,67,dandengandemikian,keandala
ndatadidukung.
4.Hasil

3.2.5. Kontrol
Meja2menyajikanstatistikdeskriptifdankoefisienkorelasiPearsondari
Kamimengontrolvariabelberikutyangdapatmempengaruhikinerjakeuangan.
variabel.Hasilpenelitianmenunjukkanbahwainovasiproseshijauberkorela
Variabelpertamainiadalahukuranperusahaan,digunakanuntukmempertimbangkankecende
sisignifikandenganinovasiprodukhijau.
runganperusahaanyanglebihbesaruntukmencapaikinerjayanglebihbaik(Chun, Shin, Choi,
Hasilnya juga menunjukkan bahwa citra hijau dan subsidi
& Kim, 2013). MengikutiLin dkk. (2015), kami menggunakan total
hijauperusahaansecarasignifikanterkaitdenganinovasiproseshijaunya,s
asetperusahaanuntukmengukurukurannya.Variabelkeduaadalahkendalakeuangan,diguna
ertainovasiprodukhijaunya.
kanuntukmengontrolpengaruhstrukturkeuanganperusahaandankekurangansumberday
Tabel3menggambarkanhasilregresiefekmediasiinovasiprodukhijau.
a(Chundkk.,2013).MengikutiXiedkk.(2016),kamimenggunakanrasioaset-
Hasilmodel5inTabel3menunjukkanbahwa
kewajibanuntukmengukurkendalakeuangan,yangmencerminkansejauhmanaaset

701
X.Xiedkk.
perusahaandibiayaiolehutang.Variabelketigaadalahperputarantotalaset,yang JurnalPenelitianBisnis101(2019)697–706
merupakanindikatorpentingdaria 3 Makrotersediadihttp://www.afhayes.com.

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X.Xiedkk. JurnalPenelitianBisnis101(2019)697–706

Meja2
Statistikdeskriptifdankorelasi.
Variabel Statistikdeskriptif Korelasi

Berarti SD 1 2 3 4 5 6 7 8 9

1.Kinerjakeuangan 0,042 0,057 1.000

2. Ukuran perusahaan 20,443 39.368 0,031 1.000
3.Kendalakeuangan 0,469 0,206 0,516 kan 0.295 kan 1.000
4.Totalperputaranaset 0,838 0,653 0.118kan 0,088 0,011 1.000
5.Usiaperusahaan 17,153 4.137 0,074 0,013 0,043 0,024 1.000
6.Inovasi proses hijau 0,959 0,412 0,048 0.250 kan 0.198 kan 0.017 0,090 1.000
7.Inovasiprodukhijau 0,359 0,394 0.104 0.245 kan 0,081 0,025 0,034 0.245 kan 1.000
8.Gambar hijau 1.014 0,549 0,094 0,175kan 0.234 kan 0,011 0.105 0,405 kan 0.196 kan 1.000
9.Subsidihijau 0,095 0.218 0,015 0,619 kan 0,232 kan 0,052 0,043 0.221 kan 0.247 kan 0,163kan 1.000

kan Korelasi signifikan pada level 0,01 (2-

tailed).kan Korelasi signifikan pada tingkat 0,05 (2-
tailed).kan Korelasisignifikanpadalevel0,1(2-tailed).

Tabel3
Hasilregresiefekmediasiinovasiprodukhijau.

Variabel Kinerjakeuangan Inovasiprodukhijau

Model1 Model2 Model3 Model4 Model5

Kontrol
Uku ranpe rusahaan 0,122kan(1.993) 0,094(1,513) 0,073(1,161) 0,242kan(3.398) 0.199kan(2,777)
Kendalakeuangan 0.558 kan(−9.114) 0.575 kan(−9.406) 0.574 kan(−9.424) 0,011(0,157) 0,016(−0,221)
Perputarantotalaset 0.111kan(1.898) 0.117kan(2.004) 0,115kan(1.991) 0,004(0,062) 0,012(0,183)
usiaperusahaan 0,094(1,602) 0,083(1,244) 0,088(1,527) 0,038(−0,554) 0,054(−0,812)
Prediktor
Inovasiproseshijau 0,133kan(2.192) 0.111kan(1.810) 0,204kan(2.92)
Inovasiprodukhijau 0.105kan(1.732)
Rkuadrat 0,304 0,320 0.330 0,062 0,100
Disesuaikan Rkuadrat 0,291 0,304 0.310 0,043 0,077
F-nilai 22.297kan 19.131kan 16.6kan 3.353kan 4.486 kan
UbahR 2 0,304 0,016 0,010 0,062 0,038
UbahF-statistik 22.297kan 4.804kan 3.000kan 3.353kan 8.525 kan

kanP<0,01.
kanP<0,05.
kanP<0,10.

inovasiproseshijauberhubunganpositifdenganinovasiprodukhijau,sehingga
memberikandukungan untukH1.Jenis
inovasi(sepertiinovasiprosesdaninovasiproduk)salingmelengkapi,danmempe
ngaruhiorganisasi secarabersama-sama;karenanya, setiapjenistidak
dapatbenar-
benardipahamitanpamemahamiketerkaitannyadenganjenislain(Damanpour,
2010). Tidak sepertiKlepper (1996), yang berpendapat
bahwamencurahkanlebihbanyakupayauntukmemprosesinovasiakanmembuat
inovasiprodukmenyusut,kamipercayabahwainovasiproseshijaudapatmemfasil
itasiinovasiprodukhijau.Inovasiprodukbiasanyamengacupadaprodukrakitanya
ngdapatdijualkepadakonsumensaatdiproduksi,sedangkaninovasiprosesmenci
ptakanprodukbaruataumeningkatkanatributbiaya/kinerjaprodukyangsudahada
(Maine,Lubik,&Garnsey,2012
).Pentinguntukdicatatbahwa,menurutLindkk.(2013),keberhasilaninovasiprodu
khijautergantungpadaoperasibisnisyangberkelanjutan.Inovasiproses hijau
adalah suatu proses, di mana semua aspek
mengalamiperubahanmendalamdengantujuanmengurangidampaklingkungan
dariproduksi, mulaidarisumbernya (Gopalakrishnanetal.,
1999).Karenaitu,inovasiproseshijaumeletakkandasarbagipraktiklingkunganlai
nnya,termasukinovasiprodukhijau.DariRBV,kitatahubahwasumberdayadanka
pabilitasperusahaanmerupakanpenentuutamakeunggulandankesuksesankom
petitifmereka.Akibatnya,penggunaansumberdayayangefisiensangatbernilaiba
giperusahaan.Karenainovasiproseshijaudapatmemfasilitasiinovasiprodukhijau
,perusahaandapatmemulaidenganinovasiproseshijauketikamerekamenerapka
nstrategilingkunganuntukmemanfaatkannyauntukmemanfaatkans epenuhnyas
umberdayaperusahaan.
Hasildarimodel2diTabel3mendemonstrasikanproseshijauitu
inovasisecarasignifikanterkaitdengankinerjakeuangan.Dengandemikian,H2didukung.
Baik inovasi proses hijau maupun inovasi produk hijau
memilikipengaruhpositifterhadappeningkatankeuangan(lihatmodel2dan
3). Dari RBV, ketika perusahaan melakukan inovasi proses hijau dan inovasi produk
hijau,merekadapatmengumpulkansumberdayapengetahuanprodukdanproses,sehinggame
ningkatkankinerjakeuanganmerekadenganmeningkatkansumberdayaunikdanberhargamer
eka.Sepertiyangdapatdilihat,duastrategiinovasihijauyangdigunakanbersama-sama
mendorongkinerja keuanganyanglebih baiksecara keseluruhan.
Selain itu, hasil menunjukkan bahwa inovasi produk
hijaumemediasi hubungan antara inovasi proses hijau dan
kinerjakeuangan (Baron & Kenny, 1986). Di satu sisi, inovasi proses
hijauberhubungan positif dengan kinerja keuangan (lihat model 2 di
.).Tabel3),danmemilikipengaruhpositifpadainovasiprodukhijau(lihatmode
l 5di .)Tabel 3).Di sisilain, inovasiproduk
hijauberhubunganpositifdengankinerjakeuangan(lihatmodel3di.).
Tabel3),dengankoefisieninovasiproseshijaumenjadilebihkecilketikainovasiprodukhijaudima
sukkankedalammodel3.Darisini,kamimenemukanbahwaH3didukung.Hasilnya
menunjukkan bahwa inovasi proses hijau tidak hanya
berpotensimempengaruhikinerjakeuangansecaralangsungtetapijugamempengaruhikinerj
akeuanganmelaluiinovasiprodukhijau.Sebagaistrategidiferensiasi,inovasiprodukhijaudapat
memungkinkanperusahaanuntukmenciptakanbisnisbaru,menangkappeluanghijau,danme
mimpindipasarmereka(Chang,2016).Inovasiproseshijaudapatmembantuperusahaanmeng
embangkankompetensiyanglebihbesar(misalnya,denganmenggunakanalat,perangkat,dan
pengetahuaninovatif)ketikameningkatkanproses manufaktur yang diperlukan untuk
pengembangan produk hijau baru, yang,dalam

703
X.Xiedkk. JurnalPenelitianBisnis101(2019)697–706

Tabel4
Hasilregresidariefekmoderasi.

Variabel Kinerjakeuangan

Model1 Model2 Model3 Model4 Model5

Kontrol
Uku ranpe rusahaan 0,122kan(1.993) 0,073(1,161) 0,054(0,705) 0,055(0,730) 0,027(0,320)
Kendalakeuangan 0.558 kan(−9.114) 0.574 kan(−9.424) 0,566 kan(−9.152) 0.560 kan(−9.078) 0.561 kan(−9.089)
Perputarantotalaset 0.111kan(1.898) 0,115kan(1.991) 0,116kan(1.996) 0,121kan(2.096) 0,122kan(2.114)
usiaperusahaan 0,094(1,602) 0,088(1,527) 0,095(1,623) 0,100kan(1.711) 0,097kan(1.663)

Prediktor
Inovasiproseshijau 0.111kan(1.810) 0,130kan(1.990) 0,133kan(2.033) 0,134kan(2.052)
Inovasiprodukhijau 0.105kan(1.732) 0.108kan(1.755) 0.106kan(1.727) 0.106kan(1.724)

Moderator
gambarhijau 0,062(−0,951) 0,058(−0,906) 0,061(−0,942)
Subsidihijau 0,036(0,486) 0,020(0,268) 0,107(0,816)
Citrahijau×inovasiprodukhijauSubsidi 0,099kan(1.702) 0.106kan(1,801)
hijau×inovasiprodukhijau 0,087(−0,809)
Rkuadrat 0,304 0.330 0,334 0,344 0,346
Disesuaikan Rkuadrat 0,291 0.310 0.307 0,314 0.313
F-nilai 22.297kan 16.6kan 12.535kan 11.57 kan 10.46 kan
UbahR 2 0,304 0,010 0,004 0,010 0,002
UbahF-statistik 22.297kan 3.000kan 0,558 2.898kan 0,654

kanP<0,01.
kanP<0,05.
kanP<0,10.

gilirannya,dapatmenghasilkanprodukhijaubarudipasar(Chengdkk.,2014).Akib hukuman (Chen,2010). Selainitu, citrahijau perusahaanmerupakan

atnya,inovasiproseshijaumendoronginovasiprodukhijaudenganmeningkatkan
diferensiasiproduk.Selanjutnya,perusahaanyangbersediamelakukaninovasipr
odukhijaudapatmemanfaatkanefekpositifdariinovasiproseshijau,sehinggamen
gembangkankeunggulankompetitifyang lebih besar. Oleh karena itu, jelas
bahwa perusahaan
harusmeningkatkaninovasiproseshijaudaninovasiprodukhijaubersama-
samauntukmeningkatkankinerjakeuanganmereka.
Hasildarimodel4inTabel4menunjukkanbahwacitrahijaumeningkatkanhubungan
antarainovasiprodukhijaudankinerjakeuangan.Dengandemikian,H4didukung.Gamb
ar2.menggambarkanbahwadampakpositifinovasiprodukhijaupadakinerjakeuanganl
ebihkuatdiantaraperusahaandengancitrahijauyanglebihbaik,menunjukkanbahwaino
vasiprodukhijaulebihbermanfaatketikaperusahaanmemilikicitrahijauyanglebihbaik.N
amun,sebagaiAmores-
Salvadodkk.(2014)menunjukkan,upayainovasiprodukhijauhanyamenghasilkandivid
enketikaupayatersebutdipromosikansecaramemadai.DiCina,peraturanlingkungante
lahtumbuhsemakinketat,dancitrahijauperusahaanlebihpentingdarisebelumnya,terut
amakarenamunculnyakonsumenyangsadarlingkungandanperaturanperlindunganlin
gkunganinternasional yangketat(Chen,2010).Citra
hijauperusahaansekarangmenjadifaktorpentingyangmempengaruhistrategidankiner
ja,danperusahaandengancitrahijauyanglebihbaikakanmemilikilebihsedikitmasalahd
enganproteslingkunganatauhukum.
kriteriapentingketikamenilaikualitasprodukyangtidakdikenal,sehinggacitrahijauyangl
ebihbaikdapatmenghasilkantingkatkepuasanpelangganyanglebihtinggi (Chang &
Fong, 2010). Oleh karena itu, citra hijau yang lebih baik
akanmembantuperusahaanmelakukaninovasiprodukhijauuntukmeningkatkankinerj
a pasarmereka, danjikadipromosikan secaraefektif,akan
menarikkonsumensadarlingkunganyanginginmembeliprodukhijau,sehinggasemakin
mendorong perusahaanuntuk menerapkaninovasiproduk hijau..
Menariknya,kamimenemukanbahwasubsidihijautidakmemoderasihubungananta
rainovasiprodukhijaudankinerjakeuangan(lihatmodel5di.).Tabel4).Dengandemikian,k
amimenemukanbahwaH5tidakdidukung.Hasilinikonsistendenganpenelitiansebelumn
yayangmenunjukkanbahwasubsidihijaudapatmelemahkanhubunganpositifantaraino
vasiproseshijaudankinerjakeuangan(Xieetal.,2016).Adabeberapakemungkinanalasa
nuntukini.
Pertama,sebagianbesarperusahaanmanufakturChinamasihdalamtahapawalmenera
pkaninovasiprodukhijau.Denganmeningkatnyakesadaranlingkungan, pemerintah
baru saja mulai menggunakan subsidi hijau sebagai alat untukmemotivasi
strategi ramah lingkungan. Namun, sejauh ini, motivasi agakterbatas, dan itu
tidak akan pernah cukup untuk mendukung
keenggananperusahaanuntukberinvestasidalamapayangmerekaanggapsebagaipra
ktikberisikoataubergantungpadasubsidihijausaja.Lebihlanjut,mengingatbahwaprodu
ksi hijau membutuhkan lebih banyak waktu dan uang daripada
metodetradisional, penggunaan subsidi hijau bukanlah insentif yang besar
bagiperusahaanyangbarumemulaipraktikhijau,karenamerekadihadapkanpadainvest
asi modal yang jauhlebih banyak. Kedua,selain hambatan
finansial,adahambatanteknologiyangjugamencegahperusahaanmelakukaninovasipr
odukhijausecaramenyeluruhdanberhasil.Ketiga,karenahargaprodukhijausecaraumu
m lebih tinggi, banyak konsumen yang tidak mau membayar ekstra
untukatributprodukhijausetelahprodukdiproduksi(Dangelico&Pujari,2010).Olehkaren
a itu, penggunaan subsidi hijau bukanlah insentif yang cukup kuat
bagibanyakperusahaanmanufakturChinayangbarumulaimenerapkanstrategiinovasi
hijau(Xieetal.,2016).

5. Diskusidankesimpulan

Dalampenelitianini,menggunakanmetodeanalisiskontenuntukmenangkapdataperusa
Gambar2.Efekmoderasicitrahijaupadahubunganantarainovasiprodukhijaudankinerj
haan
akeuanganperusahaan.
yangterdaftardiCina,kamimenemukanbahwainovasiproseshijaumemilikidampakpositifpad
ainovasiprodukhijaudan,lebihjauh,keduajenisinovasitersebutdapatmeningkatkankinerjak
euanganperusahaan.NS

704
X.Xiedkk.
teori RBV, teori institusional, dan teori pemangku kepentingan
dapatmembantu menjelaskan dampak positif inovasi teknologi hijau
terhadapkinerja keuangan perusahaan (Prakash, 2002). Menurut RBV,
inovasi
proseshijaudaninovasiprodukhijaudapatdilihatsebagaiduajenissumberdayaorg
anisasi(Chengdkk.,2014).Karenainovasiproseshijauberorientasipadaprosesda
ninovasiprodukhijauberorientasipadaproduk,penerapanduainovasi
pelengkap ini akan membawa keunggulan kompetitif yang
lebihbesarbagiperusahaanyangmenerapkankeduanya.Dariperspektifteoriinsti
tusional dan teori pemangku kepentingan, strategi inovasi hijau
akanmembantuperusahaanmendapatkankepercayaandandukungandarilemb
aga eksternal dan pemangku kepentingan utama
denganmempertimbangkan kepentingan pihak eksternal daripada hanya
tujuanekonomiperusahaan(Prakash,2002).
Kamijugamenemukanbahwainovasiprodukhijaumemediasi
hubunganantarainovasiproseshijaudankinerjakeuangan.Inovasiproseshij
aumemfasilitasipenerapaninovasiprodukhijau,denganyang terakhir
membantu menerjemahkan yang pertama
menjadipendapatan.Olehkarenaitu,inovasiproseshijauharusdilengkapid
engan inovasi produk hijau untuk memastikan keuntungan
yangbesardariinovasiteknologihijau.
Selainitu,kamimenemukanbahwacitrahijaumemoderasihubunganantarainovasi
produk hijau dan kinerja keuangan perusahaan, tetapi
kurangnyakesadaranpelanggandapatmembuktikantantanganutamayangharusdiata
siperusahaan (Dangelico & Pujari, 2010). Dalam hal ini, citra hijau yang lebih
baikdapat mempengaruhi keputusan pembelian (Chen, 2010) dan
dapatmeningkatkanpermintaanprodukhijau.Dengandemikian,investasiperusahaand
alamcitrahijaunyaakanterbayardenganmencapailebihbanyakkeuntunganfinansialda
riinovasiprodukhijaunya.
Tanpadiduga,tidakadabuktiempirisyangmendukungefekmoderasisubsidih
ijauterhadaphubunganantarainovasiprodukhijaudankinerjakeuangan.
BerdasarkanHou, Chen, dan Xu (2017), tingkat
keseluruhanpertumbuhaninovasihijaudisektormanufakturChinarelatifrendah,s
ehinggaperusahaanmanufakturdiChinakekurangandukunganefektifdanmend
eritarisikodanketidakpastianyangtinggi.Selanjutnya,karenakebijakanlingkung
andinegaraberkembangberubahsecaraberkala(Dai&Zhang,2017),perusahaa
nmanufakturharusmeningkatkanjumlahprodukhijaumerekadaripadasangatber
gantungpadafaktoreksternal(misalnya,subsidi)(Yu,Han,&Hu,2016).
5.1. Kontribusiteoretis
Kontribusiteoretisdaripenelitiankamiadadua.Pertama,temuankamimemper
luaspenelitiansebelumnya(misalnya,Linetal.,2013;Xieetal.,2016
)denganmenyelidikipengaruhtidaklangsungdariinovasiproseshijaupadakinerja
keuanganperusahaan.Dalampenelitiankami,kamimembagiinovasiteknologihij
aumenjadi"inovasiproseshijau"dan"inovasiprodukhijau"dankemudianmengeks
plorasihubunganantarakeduajenisinovasiini, serta efek mediasi inovasi
produk hijau dalam prosesnya,
yangmembantumenjembatanikesenjanganantaraberbagaijenisstrategihijaude
nganmelakukananalisismendalamtentanghubungandiantaramereka.
Kontribusi kedua dari studi kami terletak dalam kerangka kerja
kamidarianalisisteoritisdanempirisdenganmemeriksabagaimanacitrahijauperu
sahaandaninteraksisubsidihijaudenganinovasiprodukhijaudapatmemilikiefekm
endalampadakinerjakeuangan.Lingkunganimplementasieksternal inovasi
produk hijau masih agak tidak pasti, dan sejauh ini,perusahaan telah
berbuat sedikit untuk memotivasi konsumen untukmembeli produk hijau
mereka yang lebihmahal (Rehfeld et al., 2007).
Namun,hasilkamimengungkapkanbahwacitrahijauperusahaandapatmemperk
uat dampak positif inovasi produk hijau pada
kinerjakeuangannya,yangmenjelaskanmekanismekontingenbahwainovasipro
dukhijaumeningkatkankinerjakeuangan.
5.2. Implikasimanajerial
Adabeberapaimplikasimanajerialyangdapatditarikdari:
705
JurnalPenelitianBisnis101(2019)697–706
pelajaranini.Pertama,dalambeberapatahunterakhir,perusahaanmenghadapitekana
n yang semakin besar untuk menjadi “lebih hijau” dan lebih ramahlingkungan
(Sezen & ankaya, 2013). Karena itu, perusahaan harus memanfaatkankedua jenis
inovasi teknologi hijau untuk meningkatkan kinerja
keuanganmereka.Selainitu,karenainovasiproseshijaudapatmempromosikaninovasi
produkhijau,perusahaanharusmemprioritaskaninovasiproseshijau,terutamaketikaa
dakendalasumberdaya.
Kedua,perusahaanharuslebihmementingkanmenumbuhkancitrahijau,yangakanmeni
ngkatkankesediaankonsumenuntukmembayarprodukhijau;dengandemikian,perusahaand
apatmeningkatkanpangsapasarmerekadanmeningkatkankinerja keuangan mereka.
Namun, tantangan besar di sini adalah
bagaimanaperusahaandapatmemasukkanvisilingkunganmerekakedalamstrategiperusah
aanmereka,daripadamencaricarauntukmempromosikanmerekhijaumerekasendiri(Chen,2
010).Selanjutnya,untukmembanguncitrahijauyanglebihbaik,perusahaanharusmengiklank
anpraktiklingkunganmereka—
sepertibagaimanamerekamendaurulang,menghematairdanenergi,menghindaribarangs
ekalipakai,ataumengurangiemisiyangdilepaskankeudara,air,dantanah —
kepadakonsumen(Han,Hsu,&Lee,2009).
Ketiga,pemerintahharusmerancangalatyanglebihefektifdiluarsubsidi
hijau untuk memotivasi dan mendukung strategi hijau, dan harus
menyelidikimengapa subsidi hijau tidak seefektif yangdiharapkan. Perusahaan
yangmenerima subsidi hijau harus ditempatkan di bawah pengawasan
untukmeningkatkankemungkinanbahwasubsididigunakandengancarayangpalingme
nguntungkan(Lindkk.,2015).Selanjutnya,alih-alihmerancangkebijakanyangdiambil
dari teori tertentu, otoritas pemerintah harus meluangkan waktumendengarkan
praktisi untuk lebih memahami kesulitan yang
dihadapiperusahaansaatmenerapkanstrategihijau.
5.3. Keterbatasandanpenelitianlebihlanjut
Studiinimemberikankerangkateoritispentinguntukmanajemeninovasih
ijaudiekonomitransisi.Namun,adabeberapaketerbatasanyangperludiatasi
.Pertama,pengukuraninovasiproseshijau,inovasiprodukhijau,dancitrahija
uhanyadidasarkanpadakontendiperusahaan.Laporan Tanggung Jawab
Sosial Perusahaan. Penelitianmasa depan harus mencari
pengukuranyang lebih valid
danmengumpulkandatapaneluntukmengukurvariabel-
variabeliniuntuklebihmengeksplorasihubungandinamisantarainovasitekn
ologihijaudankinerjakeuanganperusahaan.Kedua,karenaketerbatasanda
ta,kamihanyamengujipengaruhinovasiproseshijaudaninovasiprodukhijau
.Inovasimanajemenhijau,yangmerupakanjenislaindariinovasihijau
(Wahba, 2008), perlu dianalisis juga. Secara khusus,
salingketergantunganantaraketigajenisinovasihijauiniharusdiperiksadima
sadepanuntukmemberikanpemahamanyanglebihholistiktentanginovasihi
jau.Ketiga,studimasadepanbisamenggunakanlebihbanyakvariabeluntuk
mengukurkinerjaperusahaan,misalnya,menerapkanrasioQTobin.
Terlepasdariketerbatasanini,penelitiankamisangatpentingbagiperusahaandanlembaga
pemerintah, karena keinginan untuk memiliki perusahaan yang lebih
hijauuntukmelindungibumitampaknyaakanterusberlanjut.
UcapanTerimaKasih
PenelitianinididukungolehNationalNaturalScienceFoundationofChina
(Nomor Hibah: 71472118; 71772118; 71503160), ProgramShanghai
Pujiang (Nomor Hibah: 18PJC056), dan Program
untukProfesorPengangkatanKhusus(SarjanaTimur)diShanghaiInstitution
sofHigherLearning.
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Xuemei Xie saat ini adalah Profesor di School of Management, Shanghai
University.Minatpenelitiannyameliputiinovasikolaboratif,manajemenpengetahuan,daninova
sihijau.Artikelnyatelahmunculdilebihdaritigapuluhjurnal,sepertiJurnalEtikaBisnis,Teknologi,
Jurnal Riset Bisnis, Bisnis dan Masyarakat, Psikologi & Pemasaran, TransaksiIEEE pada
Manajemen Rekayasa, Analisis Teknologi & Manajemen Strategis,
JurnalProduksiBersih,danManajemenKualitasTotal&KeunggulanBisnis,diantarayanglain.
Jiage Huo saat ini adalah Kandidat Ph.D di Universitas Politeknik Hong Kong.
Minatpenelitiannyasaatinitermasukmanajemeninovasihijau.Artikel -
artikelnyatelahmunculdijurnal-
jurnalsepertiJurnalRisetBisnisdanTransaksiIEEEpadaManajemenRekayasa,diantarayanglain.
HailiangZouadalahAsistenProfesordalammanajemenstrategisglobaldiSHU-UTSSILCBusiness
School di Universitas Shanghai, Shanghai, Cina. Dia telah mengajar dan menelitistrategi
bisnis, dengan minat khusus pada tanggung jawab sosial perusahaan (CSR) dan
tatakelolaperusahaandalamkonteksnegaraberkembang.Diatelahmenerbitkandi
JurnalRisetBisnis,StrategiBisnisdanLingkungan,Bisnis&Masyarakat,JurnalProduksiBersih,dan
KeputusanManajemen.