An Empirical Study on the Relationship between the Application of MFCA, SBSC, Eco-efficiency and Financial Performance: Verification of Financial Data of Listed Manufacturing Companies in China

抄録

In previous studies, the possibility and effectiveness of the integration of MFCA, SBSC and eco-efficiency have been theoretically examined to play their respective roles more effectively. However, few of these previous researches have verified the economic improvement effects of MFCA, SBSC and eco-efficiency as environmental management tools using specific financial indicators. Furthermore, there is no research that verifies the relationship between the use of these three tools and financial performance by objective indicators rather than subjective judgment. In this study, we used objective indicators such as ROA, ROE, ROS and Tobin’s q of the Chinese manufacturing companies to examine the relationship between the use of MFCA, SBSC and eco-efficiency and financial performance through multiple regression analysis. The results verified that only the use of MFCA has a positive effect on ROE. From the result, we can infer that the use of MFCA is likely to improve financial performance.