抄録
This study empirically examines the relationship between corporate international diversification and environmental performance. Based on an analysis of manufacturing firms listed on the Tokyo Stock Exchange, we find that firms with a higher ratio of foreign sales, as well as those operating in multiple foreign markets through overseas subsidiaries, tend to exhibit lower greenhouse gas （GHG） emissions. These results suggest that responding to diverse environmental standards and regulations across different countries, along with the accompanying accumulation of environmental knowledge and organizational capabilities, may contribute to the enhancement of corporate environmental practices. Moreover, we find that expansion into countries with more stringent environmental standards is positively associated with improved environmental performance. Exposure to stricter environmental regulations appears to serve as a driver for improving environmental outcomes.
https://ror.org/0210pwe06 
