2021, Volume 9, Issue 1, Pages: 305-309  
J. Environ. Treat. Tech.  
ISSN: 2309-1185  
Journal web link: http://www.jett.dormaj.com  
https://doi.org/10.47277/JETT/9(1)309  
Nexus of Political Connections with Green Finance  
and Financial Performance  
*
Rabia Najaf , Khakan Najaf  
Taylor’s University, No 1. Jalan Taylor’s, 47500 Subang Jaya, Selangor, Malaysia  
Received: 21/09/2020  
Accepted: 23/11/2020  
Published: 20/03/2021  
Abstract  
One of the most crucial aspects of the business environment is interaction with the government. Government entities have more  
chances to gain their gratifying targets for secular growth, monumental work, and sustainable development. We are trying to determine  
whether political connections are valuable for green corporate finance and corporate performance. Based on the prior literature,  
political ties have better sustainable development priorities and financial performance than non-politically connected firms. It is  
because they have sufficient resources to protect the natural environment, which eventually enhances financial performance. Our  
findings corroborate with the stewardship theory that states the empowered board is a better decision-maker. Our study has  
considerable implications for the research as it will enhance the knowledge about political ties.  
Keywords: Government entities, Accusations, Gratifying targets  
1
of the most crucial resources for firms [13]. Thus, this study  
1
Introduction  
is focusing on the impact of political ties on corporate  
environmental performance. It is an important issue, as many  
studies are uncertain about the underlying relationship  
between them. Some studies argue that political connections  
foster environmental responsibility, and some assert that  
political ties hinder it [30], whereas others assert that  
politically connected companies tend to evade environmental  
regulations and have less environmental investment due to  
government asylum [50; 51]. This contradiction of studies  
leads us to the following question: Do political connections  
strengthen or weaken corporate environmental performance?  
Most of the studies documented that political  
associations are prevalent for firm performance [2; 3; 10; 14;  
The nexus among politician allies and corporations are  
known as well-defined phenomena all over the world. Most  
studies delineate that these connections are generally  
valuable to boost green finance and firm values [8; 16] .  
Political connections have a role in raising the interest of  
public opinion. This issue is significant as the shareholders  
have interest in listed firms and the relationship with the  
political ties may strengthen or prejudice the corporation  
growth. The political connetions association with green  
finance and corporate performance is imperative for the  
escalation of firms’ goals. The government linked firms are  
known as the financial hub of all the markets [2; 4; 10; 14;  
1
7; 21; 32]. In this study, we examined the intervening effect  
32). Importantly, politicians have close links with business  
of political ties on green investment of the firms, and the  
corporate performance. We provide a comprehensive look at  
the corporate political connections with respect to the prior  
literature. Following the prior premises [15; 35; 49], we  
address a central research question:  
connection strengthen the green finance and corporate  
performance?  
through conferring favors such as privileges enshrined,  
contract rewards, and financial resources. The large  
corporations are interested in devoting their massive  
2
resources to the political system. It is because democracy is  
will a political  
overgrowing, which has influenced corporate performance  
[18]. According to the resource dependency theory, external  
resources ultimately boost firm performance [3]. Mention  
previous studies prove that political connections are known  
as the significant avenues of burgeoning the corporation  
performance. Genuinely, these corporations are overhauling  
other firms due to their performance. A group of investors is  
unanimous in investing such sort of corporations. They are  
making a restricting plan and bring suable changes for the  
incredible development of the entity and renders different  
cautions to avoid the losses [42]. It is a suitable source to rein  
the risk of losing growth. Ultimately, the advantages  
ultimately can enhance corporation efficiency.  
In the context of green development, significance has  
been given to environmental responsibility from all the listed  
sectors; especially it is true in terms of industrial sectors [27].  
World Health Organisation (WHO) and many other social  
service organisations have forced all listed firms to  
implement green investment strategies, with an exceptional  
increase in demand of stakeholders’ environmental  
protection, meanwhile achieving corporate performance [20].  
Political ties may significantly affect the firms’ behavior and  
performance. Political connections are considered to be one  
*
Corresponding author: Rabia Najaf, Taylor’s University,  
No 1. Jalan Taylor’s, 47500 Subang Jaya, Selangor,  
2
A system of government by the whole population or all the eligible  
members of a state, typically through elected representatives.  
Malaysia. Email: Rabianaajf@gmail.com  
3
05  
Journal of Environmental Treatment Techniques  
2020, Volume 8, Issue 4, Pages: xxx-xxx  
As discussed before, hundreds of companies hire  
legislative members to escalate their revenue streams and  
consolidate the business through external resources. In the  
corporate world, such connections are recognized by the  
name of assets of the company. Arguably, building political  
connections are valuable for the corporation because they are  
share market anticipates [41]. To give better insight into the  
nature of political connections and illuminate the significant  
root, it is essential to understand why and how political  
connections impact firm performance. Political connections  
left their spectrum on corporate performance [2]. To sum up,  
all these shreds of evidence prove that political connections  
have a positive and negative impact on firm performance.  
The remainder of the paper is as follows. Section 2  
reviews the literature. Section 3 elaborates the prior literature  
into the discussion, and section 4 concludes the study.  
Zhang et al., (2019) [51] also found that after incorporating  
environmental protection into the official assessment system,  
companies with political connections have increased their  
environmental investment. In conclusion, from the green  
finance perspective, if a firm is with governmental linked  
even then, they have to undertake the escape environmental  
responsibility.  
2.2 Political connections and firm performance  
The characteristics of a firm evolve gradually from the  
start-up to a small business entity, and then finally to an  
initial public offering that turns the entity into a corporate  
firm with the inclusion of public shareholdings. The small  
business entity usually establishes by an individual or a  
family before becoming a corporate firm. As the family  
business grows, it faces new challenges at the different stages  
of business expansion [40], e.g., sourcing additional capital  
and acquiring business opportunities. The privatization of  
public, commercial entities is another way a firm gets linked  
with the political group. Given growth of a firm, a political  
connection provides an advantage in facing the challenges of  
the business growth of small firms owned by the family [46].  
Therefore, the members often get involved in politics and  
take membership in the political parties; thus, many family  
firms' founders are politically connected.  
2
Literature Review  
2
.1 Political connections and Green Finance  
A significant amount of the studies have supported the  
evidence of a positive association between political ties and  
green finance. David & Sinclair-Desgagné (2010) [12]  
suggest that access to green investment can be achieved  
through political links. It is worth noting that the politically  
connected firms have easy access to the financial incentives  
which expand their environmental performance and  
facilitates to implementation of government environmental  
policies [44]. As per the resource dependence theory, Lin et  
al., (2015) [30] suggested that the politically connected firms  
are able to achieve more significant green finance due to the  
accessible resources. Following the same premises, Wang et  
al., (2018) [44] posited that the politically connected firms  
have a positive linkage with green finance. It is because the  
political connections are motivated to employ green practices  
and have received critical resources through political links.  
Thus, firms with political connections have better  
environmental performances.  
In contrast, many studies have articulated that political  
linkages and green finance are adversely correlated. For  
example, a seminal work of Morgan (2013) [34] pointed out  
that the closer the association with the government ties, the  
enterprises will evade more emissions. Further, they argued  
that since the Government provides their associate firms  
protection from the law, therefore they will like to perform  
negatively towards the environmental responsibilities. In  
addition, evidence shows that the politically connected firms  
are more enthusiastic about poor ecological performance [9],  
which provides support for the negative relationship between  
political connections and environmental performance.  
From the above-mentioned studies, it is clear that the  
studies have a different point of view about the green  
development trend and political ties. Nowadays, the  
governments of under-developing countries are also playing  
a significant role in promoting green finance. While taking  
parameters for the development of gree finance, governments  
around the world have started to take steps to downgrade  
pollution [33]. The Government's series of related measures  
include initiating green initiatives, introducing green  
technology, and even directly integrating environmental  
management into the national development planning and the  
national project [38]. Also, Government introduces Green  
GDP, and several other environmental protection policies are  
applied to fulfill their ecological responsibilities [29]. In this  
regard, it seems unlikely that the Government will indulge  
related firms in evading their environmental responsibility.  
The associations between firms and politicians are  
common phenomena in all over the world. Most of the  
studies exhibit that political connections positively impact  
firms' value, and politically connected firms have accounted  
for a considerable percentage of the world stock market [5;  
22]. Second, close ties with the government can control  
market failure to avoid ideological discrimination but  
privatized firms cannot handle all these tasks [39]. Many  
founders of the firms are politically connected, and they like  
to appoint the second generation as directors [36], so this  
thing will be economically significant and reduce the transfer  
cost. Different approaches prove that politically connected  
firms have more access to long-term financing, then non-  
connected firms. There is the existence of political  
connections that have to impact firms' performance in India.  
After the rigorous study, it is safe to assume that political  
connection has influenced stock prices [21]. It is because of  
the involvement in corruption, most of the political leaders  
are not able to work with firms. Similarly, there is found a  
positive relationship between political connections and  
access to short-term loans [48].  
The empirical studies emphasis that politically connected  
firms can access more efficiently easily than non-political  
connected firms. Political connections are known as a  
widespread phenomenon in all over the world. It is because  
the politically connected networks gain various preferential  
treatments like lax regulations, bank financing, and  
government bailouts [17]. The efficiency of firms has heavily  
influenced these treatments. Most studies prove that there is a  
significant relationship between leverage and political  
connections. There are positive associations between market  
to book ratio and leverage [22]. So, politically connected  
firms can enjoy high leverage compared to other firms, and it  
has a significant effect on firms' efficiency. To sum up, it is a  
significant channel to improve the firm's performance. On the  
other side, there is a positive as well as a negative impact on  
the firm s performance that is given below.  
In the business world, the corporation facing several  
threatens regarding their survival. It is also that there is a  
mixed effect of political connections on corporation  
3
06  
Journal of Environmental Treatment Techniques  
2020, Volume 8, Issue 4, Pages: 305-309  
performance. In recent years, widespread political  
connections have generated substantial empirical literature  
concerning the impact of political connections on its  
performance [28]. Most of the studies prove that political  
connections are known as two sword edges as it has both  
positive and negative effects. In some countries, there is  
more threat of political extraction [6]. Therefore, firms did  
not keep their assets in liquid shape, and they try best to save  
their assets from political extractions. Most private  
ownership prefaces efficient resource allocation rather than  
political controls because political members seek extra  
benefits from private shareholders. In such circumstances,  
more connections with political members can detriment the  
firm's value.  
benefits like tax advantages. These are the factors that have a  
key role in enhancing firms' profit efficiency [1].  
There is ample evidence which proves that politically  
connected firms have a lot of agency problem due to their  
influence. It hurts efficiency because, in such firms, there is a  
lack of motivation between managers and employees [37]. In  
the corporate world, for the nurturing of firms, there is a need  
to enhance the cost-efficiency. These are some plausible  
evidence that proves that cost efficiency has a crucial role in  
promoting the entities. Politically connected firms have low-  
cost efficiency as compared to others because they incur high  
labor costs.  
In the business world, operational efficiency can be  
measured based on more output. There is a need for the right  
combination of employees, new technology, and processes to  
improve operational efficiency. To boost the performance of  
the company, the management should be skill and efficient.  
Political members have the worst impact on the operation  
efficiency of peers. The reason beyond that they are busy  
enhancing their income rather than the firm's operations.  
There is a lack of internal communications in non-politically  
connected firms due to their influence [43].  
2
.3 Other financial benefits of political connections  
The politically connected firms are establishing a high  
level of unemployment and substantial fiscal deficits in a  
region. In particular, the firms with more political  
connections make such type of strategies, which are not  
favorable for the development of corporations like  
maximization the employment level at the expenses of  
shareholders with more political connections make such type  
of strategies [45] and development of firms like  
maximization the employment level at the expenses of  
shareholders. Similarly, political members have the base  
focus on their political agendas rather than firms'  
performance [26]. In summise, with increasing PC index, the  
firm's value starts decreasing.  
In fewer developing countries, political connections are  
more prevalent. It has the worst impact on foreign direct  
investment, known as the main determinate of progress.  
Therefore, it is seen that there is a negative association  
between political connections and firms' performance. A  
growing literature document that political associations  
provide a valuable source to firms for the nurturing of firms.  
Political connections are more prevalent in a well-developed  
financial market like the US [28], and their shareholders are  
seen well protected. Politically connected firms have a larger  
market share [24], pay low taxes [25], and have more credit  
access than other firms [7]. The politically connected firms in  
the high develop country impose their elections expenses to  
their shareholders. These expenses are influenced by  
corporate performance. In the end, it is proved that in some  
situations, political connections have a positive and negative  
impact on the corporation performance.  
They do not give incentives to competent persons while  
giving incentives for employees who have  
a close  
relationship with the government. It is because of the low  
morale of employees firms efficiency move towards  
downward. For the development of business, there is a need  
for a positive culture. There is a conflict between political  
members and other employees due to their behavior. They do  
not take an interest in the documents activates and maintain  
the stander of the corporation because they are engaged in  
their political agenda. Politically connected firms exert a  
negative impact on operational efficiency because they incur  
a large amount of labor cost as compared to other peers [47].  
Due to political instability, there are more chances of errors  
in calculations; therefore, these connections harm firm  
efficiency [11]. Most of the studies examine that strength of  
political members has influenced the firm efficiency.  
Political allies are more confidence regarding take the  
decision about firms rather than other firms. They can make  
resource allocation decisions in a very smooth way. It has a  
positive impact on the efficiency of firms. Multiple political  
connections hurt corporate performance. Often, these  
connections give the indicator of financial fragility. They  
produce products on the desire of politicians, not based on  
customers' desires. Therefore, it has the worst influence on  
the growth of firms. All this evidence shows that it hurts the  
performance of firms. To sum up, all this evidence proves  
that these associations hurt the operational efficiency of  
firms.  
Most studies demonstrated that peers could achieve their  
goals after enhancing profit. The crucial target of the firm is  
to maximize profit. Profit enhancement is known as one of  
the effective channels through which a corporation can  
become more efficient. Politically connected firms have high  
profits due to their external links. Politically connected firms  
are more likely involved in enhancing the profit of firms,  
including adequate resources and subside. In a competitive  
market, a politician can beat their rivals due to their  
influence. In a developed country like China, its leaders  
provide plenty of capital, funds, and foreign investments. It is  
well recounted that political connections are indicators for  
investors. Due to government backup, investors want to  
3
Discussion  
The nexus between government and business is  
considered as the most intense public debate in this era. In  
the context of business, operational efficiency can be  
measured based on high stock returns. For all corporations,  
employees are known as more useful assets. It is known as a  
more vital part of any corporation. There is a negative  
association between politically connected firms and  
operational efficiency due to unnecessary employment [19].  
Most studies demonstrated that peers could achieve their goal  
after enhancing the profit efficiency. The crucial target of the  
firm is to maximize profit. Firm efficiency is one of the  
effective channels through which a corporation can become  
more efficient. There is various evidence that the government  
can increase the firm's profit efficiency by providing  
preferential regulations, additional contracts, and additional  
3
07  
Journal of Environmental Treatment Techniques  
2020, Volume 8, Issue 4, Pages: xxx-xxx  
invest a huge amount in such firms. In this way, they are  
engaged to expand the profitability of firms. So, these shreds  
of evidence prove that political links have a significant  
impact on efficiency.  
The influential leader refers to evaluating the  
corporation's efficiency to determine the performance in the  
market. Most firms use this efficiency to measure the  
benefits, costs, and analysis of the different investment  
projects. In these Asian countries, the company can decide  
which project is more useful for further investment. In the  
corporate world, for the nurturing of firms, there is a need to  
enhance efficiency.  
because the managerial cost is high rather than benefits.  
Some other factors like corruption, low morale of employees,  
rent-seeking benefits, and overinvestment negatively  
influences the firm's environmental performance [32].  
Finally, all these evidence prove that political connections  
have both positive and negative impact on corporate  
performance.  
Reference  
[1] Agrawal A, Chadha S. Corporate governance and accounting  
scandals. The Journal of Law and Economics. 2005  
Oct;48(2):371-406.  
[
[
[
2] Ang JS, Ding DK, Thong TY. Political Connection and Firm  
Value. Asian Development Review, Vol. 30 (2), pp. 131166.  
3] Barney J. Firm resources and sustained competitive advantage.  
Journal of management. 1991 Mar;17(1):99-120.  
4] Boubakri N, Cosset JC, Saffar W. The Impact of Political  
Connections on Firms’operating Performance and Financing  
Decisions. Journal of Financial Research. 2012 Sep;35(3):397-  
423.  
These are some plausible evidence that proves that cost  
efficiency has a crucial role in promoting the entities.  
Political links are potential benefits to improve the cost  
efficiency of a corporation. Mostly, politically firms get more  
market share and survive in a large market due to better  
production. These firms are distinguishing based on their  
cost-efficiency. In the competitive market, politically  
connected firms are more pronounced due to their high  
production level. They provide various edges of their  
corporations, including the latest technology, skill  
employees, effective strategy, and state resources. Political  
aliens can make the law that low wage rate in all the  
corporations. So, all this evidence proves that political  
connections exert a positive impact on firm performance.  
Efficiency can be measured based on the revenue of the  
firms. It is the way to measure firm performance because it  
indicates the suitable utilization of all resources and enhances  
the profit. In the corporate world, numerous studies  
frequently discussed the impact of efficiency on Asian  
countries' performance. It has a vital role in the stability and  
effectiveness of all the entities. There is a need for  
motivation between managers and workers to increase the  
production level. Most of the firms face the agency problem,  
and it creates impediments to their growth. The political  
connection is caused by the separation of ownership like  
principle and agent. In companies, the principle-agent  
problem creates organizational slack, and managers take a  
decision for their own benefits, such as hire spare staff to do  
their own work [23]. To enhance efficiency, there is a need to  
remove the conflict between managers and employees, and it  
is vital to incentives for better results. Politically connected  
firms exacerbate agency problems due to their influence,  
which harms firms' efficiency.  
[5] Boubakri N, Guedhami O, Mishra D, Saffar W. Political  
connections and the cost of equity capital. Journal of corporate  
finance. 2012 Jun 1;18(3):541-59.  
[
6] Caprio L, Faccio M, McConnell JJ. Sheltering corporate assets  
from political extraction. The Journal of Law, Economics, &  
Organization. 2013 Apr 1;29(2):332-54.  
[
7] Chan KS, Dang VQ, Yan IK. Chinese firms’ political  
connection, ownership, and financing constraints. Economics  
Letters. 2012 May 1;115(2):164-7.  
[8] Chaney PK, Faccio M, Parsley D. The quality of accounting  
information in politically connected firms. Journal of accounting  
and Economics. 2011 Feb 1;51(1-2):58-76.  
[
9] Cho CH, Patten DM, Roberts RW. Corporate political strategy:  
An examination of the relation between political expenditures,  
environmental performance, and environmental disclosure.  
Journal of Business Ethics. 2006 Aug 1;67(2):139-54.  
[10]Coulomb R, Sangnier M. The impact of political majorities on  
firm value: Do electoral promises or friendship connections  
matter?. Journal of Public Economics. 2014 Jul 1;115:158-70.  
[
11]Cuñat V, Gine M, Guadalupe M. The vote is cast: The effect of  
corporate governance on shareholder value. The journal of  
finance. 2012 Oct;67(5):1943-77.  
[12]David M, Sinclair-Desgagné B. Pollution abatement subsidies  
and the eco-industry. Environmental and Resource Economics.  
2
010 Feb 1;45(2):271-82.  
[13]Dieleman M, Boddewyn JJ. Using organization structure to  
buffer political ties in emerging markets:  
Organization Studies. 2012 Jan;33(1):71-95.  
A case study.  
[
14]Ding S, Jia C, Wu Z, Zhang X. Executive political connections  
and firm performance: Comparative evidence from privately-  
controlled and state-owned enterprises. International Review of  
Financial Analysis. 2014 Dec 1;36:153-67.  
4
Conclusion  
There are mixed evidence that proves that political  
[15]Ding Y, Zhang H, Zhang J. Private vs state ownership and  
earnings management: evidence from Chinese listed companies.  
Corporate Governance: An International Review. 2007  
Mar;15(2):223-38.  
associations have both positive and negative impact on firms'  
performance and green finance. It is a challenging task to  
arbitrate between the advantages and costs of these  
connections. There are various consequences in prior studies  
that prove that it positively impacts a firm's performance,  
including tax exemptions, utilization of state resources and  
power, and gain preferential access of leverage and  
acquisition of the tremendous amount of market share [19].  
To summarize, politically connected boards are known as  
substantial elements for generating resources. In-depth  
analysis, it is the speculative tool to boost the progress of  
firms. These allies have the main role in nurturing the  
corporations. Such sorts of peers do not face capital security  
due to their links. These associations are prevalent for  
corporation performance.  
[16]Faccio M. Politically connected firms. American economic  
review. 2006 Mar;96(1):369-86.  
[
17]Faccio M, Masulis RW, McConnell JJ. Political connections and  
corporate bailouts. The Journal of Finance. 2006  
Dec;61(6):2597-635.  
[18]Fan JP, Wong TJ, Zhang T. Politically connected CEOs,  
corporate governance, and Post-IPO performance of China's  
newly partially privatized firms. Journal of financial economics.  
2
007 May 1;84(2):330-57.  
[19]Fisman R. Estimating the value of political connections.  
American economic review. 2001 Sep;91(4):1095-102.  
[
20]Gabler CB, Panagopoulos N, Vlachos PA, Rapp A. Developing  
an environmentally sustainable business plan: An international  
B2B case study. Corporate Social Responsibility and  
Environmental Management. 2017 Jul;24(4):261-72.  
On the other hand, some studies prohibit that political  
connections harm the firms' environmental performance  
[21]Goldman E, Rocholl J, So J. Do politically connected boards  
3
08  
Journal of Environmental Treatment Techniques  
2020, Volume 8, Issue 4, Pages: 305-309  
affect firm value?. The Review of Financial Studies. 2009 Jun  
[42]Sun P, Mellahi K, Wright M. The contingent value of corporate  
political ties. Academy of Management Perspectives. 2012  
Aug;26(3):68-82.  
1
;22(6):2331-60.  
[
[
[
[
[
22]Harford J, Klasa S, Walcott N. Do firms have leverage targets?  
Evidence from acquisitions. Journal of Financial Economics.  
[43]Uwaoma I, Ordu PA. The Impact Of Internal Controls On  
Financial Management: A Case Of Production Companies In  
Nigeria. International Journal of Economics, Commerce and  
Management. 2015 Dec;3(12).  
[44]Wang K, Zhang HM, Tsai SB, Wu LD, Xue KK, Fan HJ, Zhou  
J, Chen Q. Does a Board Chairman’s Political Connection  
Affect Green Investment?From a Sustainable Perspective.  
Sustainability. 2018 Mar;10(3):582.  
[45]Wang L, Lin PT. Who benefits from political connections?  
Minority investors or controlling shareholders. Asia-Pacific  
Journal of Accounting & Economics. 2017 Apr 3;24(1-2):1-22.  
[46]Xu N, Xu X, Yuan Q. Political connections, financing friction,  
and corporate investment: Evidence from Chinese listed family  
firms. European Financial Management. 2013 Sep;19(4):675-  
702.  
[47]Xue M, Harker PT. Customer efficiency: Concept and its impact  
on e-business management. Journal of Service Research. 2002  
May;4(4):253-67.  
[48]Yang D, Lu Z, Luo D. Political connections, media monitoring  
and long-term loans. China Journal of Accounting Research.  
2014 Sep 1;7(3):165-77.  
[49]Yu X, Zhang P, Zheng Y. Corporate governance, political  
connections, and intraindustry effects: Evidence from corporate  
scandals in China. Financial Management. 2015 Mar;44(1):49-  
80.  
[50]Zhang C. Political connections and corporate environmental  
responsibility: Adopting or escaping?. Energy Economics. 2017  
Oct 1;68:539-47.  
[51]Zhang L, Ye F, Yang L, Zhou G. Impact of Political  
Connections on Corporate Environmental Performance: From a  
Green Development Perspective. Sustainability. 2019  
Jan;11(5):1317.  
2
009 Jul 1;93(1):1-4.  
23]Jensen MC. Agency costs of free cash flow, corporate finance,  
and takeovers. The American economic review. 1986 May  
1
;76(2):323-9.  
24]Khwaja AI, Mian A. Do lenders favor politically connected  
firms? Rent provision in an emerging financial market. The  
Quarterly Journal of Economics. 2005 Nov 1;120(4):1371-411.  
25]Kim C, Zhang L. Corporate political connections and tax  
aggressiveness. Contemporary Accounting Research. 2016  
Mar;33(1):78-114.  
26]Larcker DF, Tayan B. Director networks: Good for the director,  
good for shareholders. Rock Center for Corporate Governance at  
Stanford University Closer Look Series: Topics, Issues and  
Controversies in Corporate Governance No. CGRP-08. 2010  
Aug 5.  
[
[
[
[
27]Lee KH, Cin BC, Lee EY. Environmental responsibility and  
firm performance: the application of an environmental, social  
and governance model. Business Strategy and the Environment.  
2
016 Jan;25(1):40-53.  
28]Li H, Meng L, Wang Q, Zhou