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Does environmental investment really contribute to firm performance?—Evidence from Chinese biological and other firms

Rui Guo, Lan Tao, Bing Chan Zheng

This study uses stakeholder theory to analyze the impact of environmental investment on firm value and make some reasonable hypotheses. With the deep analysis of empirical models, it analyzes the data of 2004-2009 listed biological and other companies in China to test the hypotheses. The findings are concluded that corporate environmental protection investment intensity has an inverse relationship with corporate short-term financial performance and firm value in Chinese listed biological and other companies