Does green marketing improve corporate performance?
綠色行銷能提高企業績效嗎？

https://doi.org/10.1016/j.iref.2024.103762Get rights and content  獲得權利和內容
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Abstract  抽象的

This paper examines the relationship between green marketing, board characteristics, and corporate performance, with 13,864 Chinese listed companies as the research observation subject. It centers on the influence of green marketing on the performance of corporations, as well as the moderating influence of board characteristics. The findings reveal the following: first, green marketing serves to enhance corporate performance; second, the independent composition of the board of directors exerts a positive moderating influence; third, the combination of the roles of chairman and general manager exerts a negative moderating influence, impeding the positive effects of green marketing on corporate performance; and finally, the gender diversity of the board of directors plays a beneficial moderating role.
本文以13864家中國上市公司為研究觀察對象，實證檢驗了綠色行銷、董事會特徵與公司績效之間的關係。主要關注綠色行銷對公司績效的影響，以及董事會特徵的調節作用。研究結果顯示：第一，綠色行銷有利於提升企業績效；第二，董事會獨立性構成對上市後上市公司績效產生正向調節效果；第三，董事長與總經理角色組合具有負向調節作用，阻礙了綠色行銷對公司績效的正向影響；最後，董事會的性別多樣性起到有益的調節作用。

Keywords  關鍵字

Green marketing
Board characteristics
Corporate performance

綠色行銷
板材特性
企業業績

1. Introduction  1。簡介

Based on the current ecosystem environment that is constantly being destroyed, people all over the world are worried about the ecological environment in the process of consumption, and when choosing and buying products, they prefer safe, pollution-free and ecologically beneficial products, and the awareness of protecting the ecological environment has already appeared in all parts of the world. Secondly, the enhancement of environmental awareness around the world, also reflected in people's consumption process, in the consumption process, health, pollution-free, pollution-free, return to the primitive has become the pursuit of the public, consumers in the process of choosing products will be more favourable to products with green environmental protection mark. In general, the needs of consumers determine the producers in the production, processing, transport and sales process are integrated into the green concept. It is showed that the global and Chinese green marketing markets shall reach the substantial figures of $331.942 billion and $92.977 billion, respectively, by the year 2022. Green marketing entails the promotion of products and services by incorporating environmental considerations or raising environmental consciousness. Companies engaged in green marketing are responsible for making informed decisions throughout the entire life cycle of their offerings, encompassing processes such as production, packaging, and distribution. It is a sequence of ethically accountable actions that businesses can undertake. Within this framework, green marketing entails the adoption of environmentally-friendly practices by producers, including the recycling of water, the utilization of renewable energy sources, and the reduction of carbon dioxide emissions.
基於當前不斷遭到破壞的生態系統環境，世界各地的人們在消費過程中都對生態環境憂心忡忡，在選購產品時更傾向於選擇安全、無污染、對生態有利的產品，保護生態環境的意識已在世界各地出現。其次，世界各國環保意識的增強，也體現在人們的消費過程中，在消費過程中，健康、無污染、無公害、回歸原始已成為大眾的追求，消費者在選擇產品的過程中會更加青睞帶有綠色環保標誌的產品。一般而言，消費者的需求決定了生產者在生產、加工、運輸、銷售過程中都融入綠色概念。研究表明，到2022年，全球和中國的綠色行銷市場規模將分別達到3319.42億美元和929.77億美元的可觀數字。從事綠色行銷的公司有責任在其產品的整個生命週期中做出明智的決策，包括生產、包裝和分銷等過程。這是企業可以採取的一系列符合道德規範的行動。在這個框架內，綠色行銷要求生產者採取環保做法，包括水的循環利用、再生能源的利用和減少二氧化碳的排放。
Marketing department, as one of the core functions of an organization, is also facing the same opportunities and challenges due to green development, and green marketing has emerged in this context (Ahmed et al., 2022). Green marketing is a marketing strategy in which a company actively adopts environmentally friendly measures in the production, promotion, and distribution of its products or services in order to satisfy consumers' demands for environmental protection. Green marketing originated in the early 1970s when environmental issues first began to receive widespread notice. Businesses now need to rethink their procedures and take into account their effects on the environment as a result of the current environmental movement. A few pioneering businesses started to promote ecologically friendly goods and messaging in response to rising consumer awareness. The fundamental aim of green marketing resides in fulfilling the discerning consumer's longing for ecological preservation by offering products and services that align with stringent environmental benchmarks. Simultaneously, it endeavors to heighten the enterprise's competitive edge while mitigating any deleterious repercussions on the natural world. In the late 1980s, the phrase “green marketing” was formally coined, and it soon gained popularity as a marketing tactic. Green marketing in its early phases was concerned mainly with eco labeling and emphasizing the environmental benefits of products. Green marketing (green brand knowledge, environmental knowledge, environmental attitude) has a positive effect on purchase intention (Patwary et al., 2022). Green entrepreneurship in general helps to improve corporate performance, and the green entrepreneurial behaviors of firms in better institutional environments are more effective in improving corporate performance than firms in poor institutional environments. Some scholars split green entrepreneurship into green innovation, green procurement, green production, green management and green marketing, and variances manifest in the impact of diverse facets of green entrepreneurship upon corporate performance. Among them, green innovation promotes environmental performance by reducing negative ecological impacts on the firm through waste reduction and cost reduction (Ogiemwonyi et al., 2023). The act of procurement exerts a notably positive influence on overall corporate performance, particularly in the realm of ecologically-conscious production and green management have a better effect on better performing companies, while green marketing has no significant effect on corporate performance (Zhu, 2018).
行銷部門作為組織的核心功能之一，也因綠色發展面臨著同樣的機會和挑戰，綠色行銷就是在這樣的背景下應運而生的（ Ahmed et al.，2022 ）。綠色行銷是企業為了滿足消費者的環境保護需求，在產品或服務的生產、推廣和分銷過程中積極採取環境友善措施的行銷策略。綠色行銷起源於 20 世紀 70 年代初，當時環境議題開始受到廣泛關注。現在，企業需要重新考慮其流程，並考慮當前環保運動對環境的影響。為了回應消費者日益增強的意識，一些先鋒企業開始推廣生態友善產品和資訊。綠色行銷的根本目的是透過提供符合嚴格環境標準的產品和服務來滿足挑剔的消費者對生態保護的渴望。同時，它致力於提高企業的競爭優勢，並減輕對大自然的任何有害影響。 20 世紀 80 年代末，「綠色行銷」一詞正式提出，並很快成為一種流行的行銷策略。綠色行銷在早期階段主要關註生態標章並強調產品的環境效益。綠色行銷（綠色品牌知識、環境知識、環境態度）對購買意願有正向影響（ Patwary 等，2022 年）。 綠色創業整體有助於提升企業績效，且制度環境較好的企業的綠色創業行為比制度環境較差的企業更能有效提升企業績效。有學者將綠色創業分為綠色創新、綠色採購、綠色生產、綠色管理和綠色行銷等五個面向，綠色創業不同層面對企業績效的影響表現出一定的差異。其中，綠色創新透過減少浪費和降低成本減少對企業的負面生態影響，進而提升環境績效（ Ogiemwonyi 等，2023 年）。採購行為對企業整體績效有顯著的正向影響，尤其在生態生產和綠色管理領域對績效較好的企業影響較大，而綠色行銷對企業績效沒有顯著影響（朱立，2018 ）。
Board characteristics refer to the individual traits and compositional structure of board members, such as board size, board independence, and board diversity. Board characteristics encompass the array of qualities and attributes possessed by a company's board, facilitating the effective and successful pursuit or fulfillment of the diverse interests of numerous stakeholders (Augustine & Juliet, 2022). Board members as a whole affect corporate decisions and performance more than ordinary employees. Currently, corporate boards are generally studied in terms of two dimensions: homogeneity and heterogeneity. The homogeneity dimension focuses on the similarity among board members. Board members with higher homogeneity have higher similarity in terms of background, experience, gender, and culture. Communication among homogeneous board members is smoother and decision-making is easier to reach consensus. In simple, less risky environments, homogeneity characteristics lead to smoother and more efficient communication among team members, thus improving corporate performance. The heterogeneity dimension focuses on the differences among board members. Heterogeneous board members differ significantly in terms of background, experience, skills, and perspectives. Heterogeneous board members can bring diverse perspectives and ways of thinking to promote innovation and decision-making quality. Research shows that the degree of executive team homogeneity is positively related to the degree of group polarization; the higher the degree of homogeneity, the more open the communication among members, the smoother the communication, and the smaller the deviation of group polarization (Guan et al., 2018). The augmentation of female directors, the inclusion of interlocking directors, and the presence of political affiliations within the board of directors all yield positive ramifications for corporate performance (Ginglinger & Raskopf, 2023; Luong et al., 2023). Companies with female directors avoid excessive risk-taking and manage existing risks, ultimately improving company performance (Nadeem et al., 2019). Furthermore, the augmentation of female directors specifically enhances corporate performance within the realm of environmental, social, and governance (ESG) considerations (Huang & Li, 2024). Distinct board characteristics exert varying impacts on corporate performance. The higher the percentage of executives with a marketing background, the better the firm's short-term performance (Du et al., 2024). Notably, an escalation in the frequency of board meetings fosters corporate performance, while a high level of board education significantly bolsters it. Conversely, the fulfillment of corporate social responsibility weakens this effect. Additionally, the proportion of independent directors exhibits a negative albeit insignificant influence on corporate performance (Yao & Yan, 2022). Firm performance declines in companies with military independent directors (Li & Rainville, 2021). In the realm of state-owned enterprises, board diversity emerges as a catalyst for fostering high-quality enterprise development. Specifically, the inclusion of diverse board members in terms of age and gender exhibits a positive influence on the attainment of such high-quality development. However, it is noteworthy that educational diversity within the board exerts a contrary effect. It is important to highlight that the impact of board diversity on high-quality enterprise development in state-owned enterprises operates indirectly, mediated by the internal control mechanisms in place (Li, 2022). The strategic approach chosen by the board of directors directly affects the firm's competitive position and ultimately its performance (Whitler & Puto, 2020). Green marketing responds to the strategic requirements of the firm (Gao et al., 2022). There is a close relationship with board member characteristics. Upon synthesizing the existing body of literature, it becomes evident that the predominant focus of current research centers around studying the direct mechanism between board characteristics and corporate performance and the impact of green marketing on corporate performance, but there are still the following shortcomings: (1) Green marketing reflects the strategic performance of the enterprise and is closely linked to the board of directors' decision-making, but there are fewer studies on the relationship between green marketing, board characteristics and corporate performance, especially the micro-level empirical Research. (2) The role of board characteristics has not been explored. (3) Different dimensions of board characteristics have different effects on corporate performance. To address the above research shortcomings, this paper focuses on green marketing and takes board characteristics as moderating variables, and from the micro level, delves into the intricate workings of three distinct dimensions of board characteristics, namely board independence, the dual role of chairman and general manager, and gender diversity within the board of directors. By directing attention towards these aspects, it offers a fresh vantage point for comprehending the intricate interplay between green marketing and corporate performance. By analyzing the available data, it provides a scientific basis and reference for companies and policy makers. The findings can serve as guidance for companies to better leverage board characteristics to promote green marketing practices.
董事會特徵是指董事會成員的個人特質和組成結構，例如董事會規模、董事會獨立性、董事會多樣性等。董事會特徵涵蓋了公司董事會所具備的一系列品質和屬性，有助於有效和成功地追求或實現眾多利害關係人的不同利益（ Augustine & Juliet，2022 ）。董事會成員整體對公司決策和績效的影響比一般員工更大。目前，對公司董事會的研究一般從同質性和異質性兩個維度進行。同質性向度關注董事會成員之間的相似性。同質性較高的董事會成員在背景、經驗、性別、文化等方面的相似性較高。同質化的董事會成員之間溝通更加順暢，決策也更容易達成共識。在簡單、風險較小的環境中，同質化的特質使得團隊成員之間的溝通更加順暢、高效，進而提升企業績效。異質性維度關注的是董事會成員之間的差異。不同董事會成員的背景、經驗、技能和觀點有很大差異。異質性董事會成員可以帶來多元化的觀點和思考方式，促進創新和決策品質。 研究表明，高階主管團隊同質化程度與群體極化程度呈正相關；同質化程度越高，成員間的溝通越開放，交流越順暢，群體極化偏差越小（管紅等，2018 ）。女性董事的增加、共同董事的加入以及董事會內的政治傾向都會對公司績效產生正面影響（ Ginglinger & Raskopf，2023 年； Luong 等人，2023 年）。擁有女性董事的公司避免過度冒險並管理現有風險，最終提高公司績效（ Nadeem 等人，2019 年）。此外，女性董事的增加尤其能提高企業在環境、社會和治理 (ESG) 方面的績效 ( Huang & Li, 2024 )。不同的董事會特徵對公司績效有不同的影響。具有行銷背景的主管比例越高，公司的短期績效越好（ Du et al.，2024 ）。值得注意的是，董事會會議頻率的增加有助於提高企業績效，而董事會教育程度的提升則能顯著提高企業績效。反之，企業社會責任的履行會削弱這種影響。 此外，獨立董事比例對公司績效表現出負面影響，儘管影響並不顯著（ Yao & Yan，2022 ）。擁有軍人獨立董事的公司表現將會下降（ Li & Rainville，2021 ）。在國營企業領域，董事會多元化成為促進企業高品質發展的催化劑。具體而言，董事會成員在年齡和性別方面的多元化，對實現高品質發展有正面影響。然而值得注意的是，董事會內部的教育多樣性卻產生了相反的效果。值得注意的是，董事會多元化對國有企業高品質發展的影響是間接的，透過現有的內部控制機制來介導（ Li，2022 ）。董事會選擇的策略方針直接影響公司的競爭地位並最終影響公司的績效（ Whitler & Puto，2020 ）。綠色行銷回應了企業的策略要求（ Gao 等，2022 年）。這與董事會成員的特質有密切的關係。 綜合現有的文獻可知，目前的研究主要集中在研究董事會特徵與公司績效的直接作用機制以及綠色行銷對公司績效的影響，但也存在以下不足：（1）綠色行銷體現企業的策略績效，與董事會的決策緊密相關，但關於綠色行銷、董事會特徵與公司績效之間關係的研究較少，尤其是微觀層面的實證研究。 （2）董事會特徵的角色尚未被探究。 （3）董事會特徵的不同構面對公司績效的影響不同。針對上述研究不足，本文以綠色行銷為研究對象，以董事會特徵作為調節變量，從微觀層面深入探討董事會特徵三個不同維度，即董事會獨立性、董事長和總經理的雙重角色以及董事會內部的性別多樣性之間的微妙關係。透過關注這些方面，它為理解綠色行銷和企業績效之間複雜的相互作用提供了一個新的視角。透過對現有數據的分析，為企業和政策制定者提供科學基礎和參考。研究結果可以指導企業更好地利用董事會特徵來推動綠色行銷實踐。

2. Theoretical analysis and hypotheses development
2. 理論分析與假設發展

Drawing upon the tenets of the natural resource base view theory, the attainment of competitive advantage that invariably augments firm performance hinges upon the possession of heterogeneous resources that are both ecologically constrained and opportune, whilst also embodying qualities of value, uniqueness, and substitutability (Hart & Dowell, 2011). Green marketing is a marketing strategy that aims to promote and sell environmentally friendly products, practices and policies (Tzanidis et al., 2024). According to stakeholder theory, green marketing can fulfill the growing consumer demand for environmental protection and sustainability. By meeting consumers' expectations and values, firms can increase consumer loyalty and satisfaction, which in turn increases their market share and revenue. Green marketing, as a strategic marketing approach, kindles the impetus for companies to engage in technological and product innovation, thereby birthing a new breed of environmentally conscious products and services. Through incessant innovation, enterprises can effectively differentiate their offerings from those of their competitors, thereby bolstering product competitiveness and market share (Andersén, 2021). Notably, eco-product innovation exerts a positive influence on economic performance, with the impact of eco-process innovation on economic performance being partially mediated by eco-product innovation (De Oliveira Brasil et al., 2016). At the same time, green exploitative activities are the application of current processes, abilities, and environmental knowledge to enhance existing green processes, products and services, and can also successfully achieve environmental performance (Jabeen et al., 2024). However, it is noteworthy that green marketing alone does not wield a significant impact on product greening. Rather, when coupled with the implementation of eco-labeling policies, it incentivizes retailers to invest in heightened marketing efforts, consequently yielding greater economic profitability, enhanced product greening, and overall societal welfare (Xue et al., 2023). By emphasizing the value proposition of environmental protection and sustainability, companies can develop their own green brand image and build brand equity related to environmental protection. These brand assets can increase consumers' trust and willingness to purchase corporate products, thus contributing to the growth of corporate performance (Rahman et al., 2023).
根據自然資源基礎理論，獲得競爭優勢（從而必然會提高企業績效）取決於擁有既受生態約束又具有機會性的異質資源，同時也體現出價值、獨特性和可替代性的特質（ Hart & Dowell，2011 ）。綠色行銷是一種旨在推廣和銷售環保產品、實踐和政策的行銷策略（ Tzanidis 等人，2024 年）。根據利害關係人理論，綠色行銷可以滿足消費者對環境保護和永續發展日益增長的需求。透過滿足消費者的期望和價值觀，企業可以提高消費者忠誠度和滿意度，從而增加其市場份額和收入。綠色行銷作為一種策略行銷方式，它激發企業進行技術和產品創新的動力，從而催生出新一代環保產品和服務。透過不斷創新，企業可以有效地將其產品與競爭對手的產品區分開來，從而增強產品競爭力和市場份額（ Andersén，2021 ）。值得注意的是，生態產品創新對經濟績效產生了正面影響，生態過程創新對經濟績效的影響部分受到生態產品創新的調節（ De Oliveira Brasil 等，2016 年）。 同時，綠色開發活動是應用目前的流程、能力和環境知識來增強現有的綠色流程、產品和服務，也能成功實現環境績效（ Jabeen 等，2024 ）。但值得注意的是，單純的綠色行銷並不能對產品綠色化產生明顯的影響。相反，當與生態標籤政策的實施相結合時，它會激勵零售商投資於加強行銷工作，從而產生更大的經濟盈利能力，增強產品綠化和整體社會福利（ Xue 等人，2023 年）。透過強調環境保護和永續性的價值主張，企業可以發展自己的綠色品牌形象並建立與環境保護相關的品牌資產。這些品牌資產可以增加消費者對企業產品的信任和購買意願，從而促進企業績效的成長（ Rahman et al.，2023 ）。
Therefore, this paper concludes that.
因此，本文得出以下結論。

H1

Green marketing enhances corporate performance.
綠色行銷提升企業績效。
Within the realm of principal-agent theory, a profound conflict of interest arises between the principal and the agent. Herein, the principal seeks to maximize shareholder profits, whilst the agent endeavors to advance their own self-interests. An inherent information asymmetry further compounds the issue, wherein the agent may exploit their superior knowledge, thereby detrimentally affecting the principal and giving rise to a principal-agent problem (Squires & Elnahla, 2020). The board of directors of a company consists of inside directors and outside independent directors. Internal directors are usually members of the company's senior management, who have their own interests and goals and are more inclined to support the decisions of the senior management. Independent directors, on the other hand, are more independent and objective compared to inside directors; they do not directly benefit from the company and are more concerned with the long-term interests of the company and the rights of shareholders (Chindasombatcharoen et al., 2023). In green marketing, companies need to adopt a series of environmental protection measures and strategies, which will reverberate throughout the company's operational and fiscal landscape. Augmenting the independence of the board of directors entails an elevation in the proportion of autonomous directors comprising said board, who have more power and influence to monitor and evaluate the company's decision-making and implementation in green marketing. Independent directors can provide more objective opinions and suggestions to help companies develop and implement more effective green marketing strategies and reduce potential agency problems.
在委託代理理論中，委託人和代理人之間存在著深刻的利益衝突。其中，委託人追求股東利益最大化，代理人則努力實現自身利益。固有的資訊不對稱進一步加劇了這個問題，代理人可能會利用他們的卓越知識，從而對委託人造成不利影響，並引發委託代理問題（ Squires & Elnahla，2020 年）。公司董事會由內部董事和外部獨立董事組成。內部董事通常是公司的高階管理人員，他們有自己的利益和目標，更傾向於支持高階管理層的決策。而獨立董事相對於內部董事而言，更獨立、客觀；他們不會直接從公司獲得利益，更關心公司的長期利益和股東的權利（ Chindasombatcharoen 等，2023 年）。在綠色行銷中，企業需要採取一系列的環境保護措施和策略，這些措施和策略將對公司的整個營運和財務狀況產生影響。增強董事會的獨立性，就是要提高董事會中具有獨立性的董事的比例，使其擁有更大的權力和影響力，對公司綠色行銷的決策和執行情況進行監督和評估。 獨立董事可以提供更客觀的意見和建議，幫助公司製定和實施更有效的綠色行銷策略，減少潛在的代理問題。
Therefore, this paper argues that.
因此，本文認為。

H2  氫氣

The presence of independent directors improves the contribution of green marketing to corporate performance.
獨立董事的存在提高了綠色行銷對公司績效的貢獻。
The combination of a chairman and a managing director means that decision-making and executive power are concentrated in the same person, leading to over centralization of power and information asymmetry (Bansal & Thenmozhi, 2021). Holding a dual post as vice president or director is more likely to lead to public companies being questioned (Huang et al., 2023). However, in green marketing, the support of the company's overall resources and capabilities is needed, and the resource dependence theory suggests that the higher the company's dependence on external resources, the higher the need for internal control. Therefore, holding both positions of chairman and general manager may negatively affect the decision-making and implementation of green marketing in the company and reduce corporate performance.
董事長和董事總經理的組合意味著決策權和執行權集中在同一個人身上，導致權力過度集中和資訊不對稱（ Bansal & Thenmozhi，2021 ）。同時擔任副總裁或董事的雙重職務更有可能導致上市公司受到質疑（ Huang等，2023 ）。但在綠色行銷中需要公司整體資源和能力的支持，而資源依賴理論認為，公司對外部資源的依賴程度越高，內部控制的必要性就越高。因此，同時擔任董事長和總經理可能會對公司的綠色行銷決策和執行產生負面影響，降低公司績效。

H3

The concurrent position of chairman and general manager inhibits the promotion of green marketing on corporate performance.
董事長 兼任 總經理 制度 抑制 了 綠色 行銷 對 企業 績效 的 促進.
Furthermore, gender diversity denotes the proportion of female members occupying positions within the board of directors. Social identity theory theorizes that diverse boards provide different perspectives and experiences, promoting innovation and quality of decision-making (Arun et al., 2015). Board members of different genders differ in personal traits, thinking patterns, and perspectives, especially in terms of risk preferences in corporate strategic decisions (Zhang et al., 2024). First, women are more environmentally friendly and have a stronger environmental philosophy. Women are more inclusive and more likely to recognize environmental risks, and therefore tend to protect nature. Second, females want to address stakeholders to avoid environmental risks will be more proactive in promoting green marketing (Wang et al., 2024). This is because green marketing is a key way for firms to balance environmental and economic benefits and avoid environmental risks to stakeholders. Third, executives of different genders differ in their professional skills, thinking perspectives, and information sources, thus enriching the information of the firms so that they can issue reasonable and appropriate marketing decisions. As a fourth facet, when compared to their male counterparts, female participation engenders a plethora of distinct resources and diverse knowledge. Moreover, it evokes a heightened sense of responsibility towards societal welfare, along with the capacity to provide non-financial guidance at the decision-making level (Fan et al., 2024). In green marketing, a gender-diverse board of directors may have a broader perspective, be able to better understand and satisfy the needs of gender-diverse consumers, and formulate unique green marketing strategies to enhance corporate performance and competitiveness in the marketplace.
此外，性別多樣性指的是董事會中女性成員比例。社會認同理論認為，多元化的董事會提供不同的觀點和經驗，促進創新和決策品質（ Arun 等，2015 ）。不同性別的董事會成員在個人特質、思考模式和觀點等方面存在差異，尤其是在企業策略決策中的風險偏好（張等，2024 ）。第一，女性環保意識更強，環保理念更強。女性更具包容性，更容易認識到環境風險，因此傾向於保護自然。其次，女性希望解決利害關係人問題，規避環境風險，會更積極主動地推動綠色行銷（王等，2024 ）。這是因為綠色行銷是企業平衡環境效益和經濟效益、避免利害關係人面臨環境風險的重要途徑。第三，不同性別的主管在專業技能、思考視角、資訊來源等方面存在差異，從而豐富了企業的訊息，使其能夠做出合理、恰當的營銷決策。第四個方面，與男性相比，女性參與產生了大量獨特的資源和多樣化的知識。此外，它還能激發人們對社會福利的高度責任感，以及在決策層面提供非財務指導的能力（ Fan 等人，2024 年）。 在綠色行銷中，性別多元化的董事會可能擁有更廣闊的視野，能夠更好地理解和滿足性別多元化消費者的需求，並制定獨特的綠色行銷策略，以提升企業績效和市場競爭力。

H4

Gender diversity can promote green performance on corporate performance.
性別多元化可以促進企業績效的綠色表現。

3. Data, variables, and methodology
3. 資料、變數和方法

3.1. Data  3.1.數據

To conduct this study, we have meticulously selected Chinese listed companies spanning the period from 2011 to 2020, serving as our initial sample. The primary data has been sourced from the China Industrial Enterprises database and the CSMAR database, while relevant annual reports have been procured from the official websites of the Shenzhen Stock Exchange and the Shanghai Stock Exchange. To avoid interference with anomalous data, the samples of ST and ∗ST firms during the sample period, the samples of delisted firms during the sample period, and the samples with missing main variables are excluded. Finally, 13,864 sample observations are obtained.
為了進行這項研究，我們精心選擇了2011年至2020年期間的中國上市公司作為初始樣本。原始資料來自中國工業企業資料庫和CSMAR資料庫，相關年報來自深圳證券交易所和上海證券交易所的官方網站。為了避免異常資料的干擾，樣本期間內ST、∗ST公司樣本、樣本期間內退市公司樣本、以及主要變數缺失的樣本均被剔除。最終獲得13864個樣本觀測值。

3.2. Variables  3.2.變數

3.2.1. Independent variable
3.2.1.自變數

Green marketing (Greenm) is measured by the proportion of the sewage charges collected by enterprises and their advertising expenses. The imposition of pollution charges serves as a financial consequence for entities discharging pollutants, based on the type, quantity, and concentration of pollutants released. These charges effectively represent the economic cost of an enterprise's environmental pollution activities. Consequently, the amount of pollution charges levied directly reflects a company's investment and stance towards environmental protection. Advertising expenses, on the other hand, constitute a significant component of a firm's marketing strategy, representing the financial allocation for market promotion and product promotion. By comparing pollution charges with advertising expenses, one can discern the balance and choice an enterprise makes between environmental investment and marketing investment. Furthermore, by calculating the ratio between pollution charges and advertising expenses, a quantitative analysis can be conducted to assess the extent of an enterprise's commitment to green marketing. A higher ratio indicates a greater investment in environmental protection compared to marketing, thereby reflecting a higher level of green marketing practices within the enterprise. The analysis of China's industrial enterprise database reveals that some enterprises are exempted from sewage charges due to “policy exemptions”, and thus their sewage charges are 0. In order to clearly show the level of green marketing of enterprises, this paper only selects enterprises with sewage charges greater than 0 for the study.
綠色行銷（ Greenm ）是以企業徵收的排污費與其廣告宣傳費用的比例來衡量的。徵收污染費是根據排放污染物的種類、數量和濃度對排放污染物的實體徵收的經濟後果。這些費用實際上反映了企業環境污染活動的經濟成本。因此，排污費徵收的多少，直接反映了企業對環境保護的投入與態度。另一方面，廣告費用是公司行銷策略的重要組成部分，代表了市場推廣和產品推廣的財務分配。透過污染收費與廣告費用的對比，可以看出企業在環境投資與行銷投資之間的平衡與選擇。此外，透過計算污染收費與廣告費用的比率，可以定量分析評估企業對綠色行銷的投入程度。此比率越高，顯示企業的環保投入相對於行銷投入越大，從而反映企業的綠色行銷實務水準越高。透過分析中國工業企業資料庫發現，部分企業因“政策減免”，免徵排污費，因而其排污費為0。

3.2.2. Dependent variables
3.2.2.因變數

Return on assets (ROA) assesses the relative efficiency of a business's output and gives a visual depiction of a corporation's capacity to use its assets to produce value; a higher ROA value often indicates that a firm can make greater use of its assets and achieve more profitability. So, this paper selects the ROA of listed companies as a measure of their corporate performance.
資產報酬率（ ROA ）評估企業產出的相對效率，並直觀地描述企業利用資產創造價值的能力；較高的ROA值通常表示公司可以更好地利用其資產並獲得更高的獲利能力。因此本文選取上市公司的ROA作為公司績效的衡量指標。

3.2.3. Control variables  3.2.3.控制變數

The selection of control variables in this paper is based on the premise of giving full consideration to the research themes of green marketing and corporate performance, and selecting variables such as asset size (lnscale), corporate leverage (lev), operating income growth ratio (growth), years on the market (Conyear), Asset structure (Ast), Equity Concentration (Top), Current Ratio (Wac) and cash flow rate from operating activities (cfo).
本文控制變數的選取，在充分考慮綠色行銷與企業績效的研究主題的前提下，選取了資產規模（ lnscale ）、企業槓桿率（ lev ）、營業收入成長率（ growth ）、上市年資（ Conyear ）、資產結構（ Ast ）、股權集中度（ Top ）、上市年限（ Conyear ）、資產結構（ Ast ）、股權集中度（ Top ）、流動年資（ Wac ）流動率（ Wac ）

3.2.4. Moderating variables
3.2.4.調節變數

This article endeavors to scrutinize the profound influence of board characteristics on corporate performance, with a specific focus on three pivotal moderating variables: board independence, the amalgamation of dual chairmanship and managing director status, and the dimension of board gender diversity. Board independence refers to the degree of autonomy a board possesses in operating the company without reliance on external parties. The position of “Chairperson and Chief Executive Officer (CEO) concurrently” denotes an individual assuming both leadership roles of the board chairperson and the company's general manager. Gender diversity on boards signifies a balanced representation of both male and female members, reflecting the gender ratio within the organization's workforce. The extent of board independence is aptly reflected by the ratio of independent directors to the overall board composition, denoted as “Bod”. The presence or absence of dual roles, encompassing both chairman and general manager responsibilities, is encompassed in the variable “Dual”, taking the value of 1 when applicable and 0 when not. Lastly, the ratio of female board members to the total board membership, referred to as “gen”, provides a valuable measure of the board's gender diversity. Further elucidation and precise definitions of these variables can be found in Table 1.
本文致力於探討董事會特徵對公司績效的深遠影響，特別關註三個關鍵的調節變數：董事會獨立性、董事長和董事總經理雙重職位的整合以及董事會性別多樣性的維度。董事會獨立性是指董事會在不依賴外部機構的情況下經營公司的自主程度。 「董事長兼執行長（CEO）」是指一個人同時擔任董事會主席和公司總經理的領導職務。董事會的性別多樣性意味著男性和女性成員的均衡代表性，反映了組織員工隊伍中的性別比例。董事會獨立性的程度可以透過獨立董事佔董事會整體成員（簡稱「Bod」）的比例來適當地反映。變數「雙重」表示是否存在雙重角色，即同時承擔董事長和總經理的職責，當適用時取 1，當不適用時取 0。最後，女性董事會成員佔董事會成員總數的比例（稱為「gen」）是衡量董事會性別多樣性的重要指標。這些變數的進一步闡明和精確定義可以在表1中找到。

Table 1. Variable definition.
表 1 。變數定義。

variable  多變的sign  符號Meaning and algorithm  含義和演算法
Corporate performance  企業業績ROANet Profit/Total Assets × 100%
淨利/總資產×100%
Green marketing  綠色行銷Greenm  格林姆The proportion of the sewage fee levied by the enterprise to the advertising cost of the enterprise
企業徵收排污費佔企業廣告費用的比例
Board of directors independence
董事會獨立性		Bod  存在Independent directors/the total number of board members
獨立董事/董事會成員總數
Chairman and General ManagerWhether concurrently
董事長兼總經理是否兼任		Dual  雙重的1 for concurrent appointment, 0 for non-concurrent appointment
1 為同時預約，0 為非同時預約
Board of directors  董事會
Gender diversity  性別多元		gen  根Ratio of the number of female directors to the total number of directors on the board
董事會中女性董事人數佔董事總數的比例
Asset size  資產規模lnscale  尺度Assets at the end of the year are expressed in natural logarithms
年末資產以自然對數表示
Corporate leverage  企業槓桿lev  列夫Total Liabilities/Total Assets
總負債/總資產
Operating income  營業收入
Growth ratio  成長率		growth  生長(Amount of operating income for the current year - Amount of operating income for the same period of the previous year)/Amount of operating income for the same period of the previous year
（本年營業收入額-上年同期營業收入額）/上年同期營業收入額
Business Activities Cash flow ratio
業務活動現金流量比率		cfo  財務長Net cash flows from operating activities/income from operations
營業活動淨現金流量/營業利潤
Age  年齡Conyear  康尼爾Year of observation minus year of listing plus 1 to take logarithms
觀察年份減去上市年份加1取對數
Asset structure  資產結構Ast  阿斯特Ratio of fixed assets to total assets
固定資產佔總資產的比例
Equity Concentration  股權集中度Top  頂部Shareholding ratio of the largest shareholder
第一大股東持股比例
Liquidity ratio (Wac)  流動比率 (Wac)Wac  瓦克Liquid Assets/Liquid Liabilities
流動資產/流動負債

3.3. Model construction  3.3.模型建構

The model set in this study is as follows:(1)ROAi,t=a0+a1Greenmi,t+a2Controli,t+industryi+yeart+εi,t(2)ROAi,t=a0+a1Greenmi,t+a2Bodi,t+a3Greenmi,t∗Bodi,t+a4Controli,t+industryi+yeart+εi,t(3)ROAi,t=a0+a1Greenmi,t+a2duali,t+a3Greenmi,t∗duali,t+a4Controli,t+industryi+yeart+εi,t(4)ROAi,t=a0+a1Greenmi,t+a2Geni,t+a3Greenmi,t∗Geni,t+a4Controli,t+industryi+yeart+εi,t
本研究設定的模型如下： (1)ROAi,t=a0+a1Greenmi,t+a2Controli,t+industryi+yeart+εi,t (2)ROAi,t=a0+a1Greenmi,t+a2Bodi,t+a3Greenmi,t∗Bodi,t+a4Controli,t+industryi+yeart+εi,t (3)ROAi,t=a0+a1Greenmi,t+a2duali,t+a3Greenmi,t∗duali,t+a4Controli,t+industryi+yeart+εi,t (4)ROAi,t=a0+a1Greenmi,t+a2Geni,t+a3Greenmi,t∗Geni,t+a4Controli,t+industryi+yeart+εi,t
Model 1 is a benchmark regression to quantify the role of green marketing in influencing firm performance. Model 2-4 examines the interaction of three board features, including board independence, dual office holders, and gender diversity, with green marketing to determine their moderating impacts. Where ROA represents corporate performance and Greenm represents the level of corporate green marketing. Bod is board independence and dual is two positions on the board and gen is the gender ratio on the board. The interaction term represents its moderating effect. In addition to this, the paper controls for industry and year effects.
模型 1 是一個基準迴歸模型，用於量化綠色行銷對公司績效的影響作用。模型 2-4 研究了董事會的三個特徵（包括董事會獨立性、雙重任職和性別多樣性）與綠色行銷的相互作用，以確定它們的調節影響。其中，ROA代表企業績效，Greenm代表企業綠色行銷水準。 Bod 表示董事會獨立性，dual 表示董事會有兩個職位，gen 表示董事會的性別比例。交互項代表其調節作用。除此之外，本文也控制了產業和年份的影響。

4. Empirical analysis  4.實證分析

4.1. Descriptive statistics
4.1.描述統計

Table 2 unveils the results of statistical characterization pertaining to the key variables. Notably, there exists a significant disparity between the maximum and minimum values of corporate performance, suggesting substantial variation amongst our enterprises. The mean value of green marketing stands at 0.304, accompanied by a standard deviation of 0.758. This signifies enterprises exhibit higher values of green marketing, emphasizing the implementation of environmentally conscious marketing strategies throughout their developmental trajectory. The statistical findings pertaining to board independence reveal a more equitable distribution of independent directors among listed companies in China.
表 2揭示了關鍵變數的統計表徵結果。值得注意的是，企業績效的最大值和最小值之間存在顯著差異，顯示企業之間存在很大差異。綠色行銷的平均值是0.304，標準差是0.758。這表明企業表現出更高的綠色行銷價值觀，並強調在其整個發展軌跡中實施環保行銷策略。董事會獨立性的統計結果顯示，中國上市公司獨立董事的分佈更為均衡。

Table 2. Descriptive statistical analysis.
表 2 。描述性統計分析。

Variables  變量Nmean  意思是std  標準min  分分鐘max  最大限度
ROA138640.0380.073−0.2850.235
Greenm  格林姆138640.3040.7580.0009.417
Bod  存在138640.3650.0570.3210.778
dual  雙重的138640.2960.4420.0001.000
gen  根138640.1510.1250.0000.800
lnscale  尺度1386421.3291.22119.00625.123
LEV138640.3730.1790.0630.720
growth  生長138640.1640.322−0.4811.741
Conyear  康尼爾138642.0660.7460.6723.390
cfo  財務長138640.0920.157−3.7581.804
Ast  阿斯特138640.4030.2080.0430.846
Top  頂部138640.4070.1540.1110.790
Wac  瓦克138642.1132.2920.29513.376

4.2. Baseline regression  4.2.基線回歸

Employing the model constructed above, we delve into the quantitative impact of green marketing upon corporate performance, with the estimated results presented in Table 3. Column (1) showcases the regression outcomes in the absence of control variables, while column (2) presents the regression results incorporating these control variables. All statistical inferences are based on clustering-adjusted standard errors of individual and year cross-multiplication. The coefficient on green marketing is significantly positive. This suggests that green marketing promotes corporate performance to some extent after removing possible confounding factors. H1 is tested. Specific analyses are as follows: green marketing can help enterprises expand market share. With the enhancement of environmental awareness, more and more consumers tend to buy environmentally friendly products, and green marketing can convey the enterprise's environmental protection concept and commitment to consumers. By promoting the enterprise's environmental protection measures and sustainable development initiatives, the company can attract more environmentally aware consumers, thus expanding its market share; green marketing can enhance corporate image and brand value. Consumers, driven by an escalating concern for environmental preservation and sustainable development, exhibit a heightened inclination to opt for companies and brands that demonstrate a resolute commitment to environmental consciousness. Through the implementation of green marketing, enterprises can establish an environmentally friendly image, enhance consumer recognition and goodwill towards the enterprise, thus enhancing the brand value of the enterprise. In addition, green marketing can also reduce the operating costs of enterprises. By curbing resource consumption and limiting environmental pollution, enterprises can simultaneously reduce production costs while enhancing the efficacy of resource utilization. Concurrently, through the adoption of green marketing initiatives, enterprises can effectively promote their environmentally responsible endeavors and obtain government support and preferential policies, further reducing the enterprise's operating costs. Therefore, green marketing can promote corporate performance to a certain extent. Therefore, enterprises should actively formulate green marketing strategies so as to achieve a win-win situation in terms of sustainable development and economic benefits.
利用上述所建構的模型，我們深入探討綠色行銷對企業績效的量化影響，計算結果如表3所示。第 (1) 列展示了沒有控制變數的迴歸結果，而第 (2) 欄則展示了包含這些控制變數的迴歸結果。所有統計推論均基於個體和年份交叉乘法的聚類調整標準誤差。綠色行銷的係數顯著為正。這表明，在消除可能的混雜因素後，綠色行銷在一定程度上促進了企業績效。 H1已被檢驗。具體分析為：綠色行銷可以幫助企業擴大市場佔有率。隨著環保意識的增強，越來越多的消費者傾向於購買環保產品，而綠色行銷可以向消費者傳達企業的環保理念和承諾。透過宣傳企業的環保措施和永續發展舉措，企業可以吸引更多有環保意識的消費者，從而擴大市場份額；綠色行銷可以提升企業形象和品牌價值。隨著消費者對環境保護和永續發展的關注度不斷提高，他們更傾向於選擇那些堅定致力於環保意識的公司和品牌。 企業透過實施綠色行銷，可以建立環境友善的形象，增強消費者對企業的認可度和好感度，進而提升企業的品牌價值。此外，綠色行銷還可以降低企業的營運成本。透過抑制資源消耗、限制環境污染，企業可以在降低生產成本的同時，提高資源利用效率。同時，企業透過進行綠色行銷，可有效推動企業的環境責任，並獲得政府的支持及優惠政策，進一步降低企業的營運成本。因此，綠色行銷可以在一定程度上促進企業績效。因此企業應積極制定綠色行銷策略，實現永續發展與經濟效益的雙贏。

Table 3. Baseline regression of model 1.
表 3 。模型 1 的基線迴歸。

Variables  變量(1) ROA  （1）長(2) ROA  （2）長
Greenm  格林姆0.331∗∗∗ (5.157)  0.331∗∗∗（5.157）0.296∗∗∗ (3.981)  0.296∗∗∗（3.981）
lnscale  尺度上-0.430∗∗∗ (-8.206)
LEV0.607∗∗∗
(6.912)
growth  生長-0.463
(-0.291)
Conyear  康尼爾-12.422
(-0.105)
cfo  財務長0.137∗∗
(2.158)
Ast  阿斯特0.176∗∗∗ (3.294)  0.176∗∗∗（3.294）
Top  頂部0.007 (0.082)
Wac  瓦克-0.384 (-0.193)
Con  和2.331∗∗∗ (14.212)  2.331∗∗∗（14.212）3.939∗∗∗ (10.345)  3.939∗∗∗（10.345）
Ind  在Yes  是的Yes  是的
Year  年Yes  是的Yes  是的
N1386413864
Chi2
分支2		836.2731376.105
Adj.R2
調整R 2		0.3390.284

4.3. Mechanism analysis  4.3.機制分析

Table 4 presents a comprehensive analysis of how board independence influences the correlation between green marketing and corporate performance. The interaction term coefficient (Greenm∗Bod) in the sample stands at 0.173, which passes the significance level test of p = 0.1. From the data of the whole sample of this paper, this finding underscores the substantial positive moderating effect of board independence on the relationship between green marketing and corporate performance, thereby corroborating the veracity of H2. The presence of an independent board of directors facilitates the provision of impartial and unbiased insights and recommendations. An independent board of directors can provide objective and neutral opinions and recommendations, strengthen supervision and control, and enhance corporate reputation and trust, thus promoting the effective implementation of green marketing and providing support for corporate performance growth. In green marketing decision-making, independent board members can assess the potential risks and opportunities of green marketing from a holistic perspective without being influenced by the company's management. This helps to avoid possible conflicts of interest and bias in green marketing decision-making, thereby increasing the effectiveness of green marketing, which in turn strengthens the contribution of green marketing to corporate performance.
表4全面分析了董事會獨立性如何影響綠色行銷與企業績效之間的相關性。樣本中的交互項係數（Greenm∗Bod）為0.173，通過了p=0.1的顯著水準檢定。從本文全樣本的資料來看，此發現凸顯了董事會獨立性對綠色行銷與公司績效關係的顯著正向調節作用，從而證實了H2的準確性。獨立董事會的存在有助於提供公正、無偏見的見解和建議。獨立董事會能夠提供客觀中立的意見和建議，加強監督和控制，提升企業聲譽和信任度，從而促進綠色行銷的有效實施，為企業績效成長提供支持。在綠色行銷決策中，獨立董事會成員能夠不受公司管理層的影響，從整體上評估綠色行銷的潛在風險和機會。這有助於避免綠色行銷決策中可能出現的利益衝突和偏見，進而提高綠色行銷的有效性，進而加強綠色行銷對企業績效的貢獻。

Table 4. Regression results for model 2.
表 4 。模型 2 的迴歸結果。

Variables  變量(1) ROA  （1）長(2) ROA  （2）長
Greenm  格林姆0.260∗∗ (2.402)  0.260∗∗（2.402）0.304∗∗∗ (2.857)  0.304∗∗∗（2.857）
Bod  存在0.015∗∗∗ (2.607)  0.015∗∗∗（2.607）0.100∗∗∗ (2.733)  0.100∗∗∗（2.733）
Greenm∗Bod  格林姆*鮑德0.173∗ (1.682)  0.173∗（1.682）
Control  控制Yes  是的Yes  是的
Con  和2.440∗∗∗ (9.203)  2.440∗∗∗（9.203）3.095∗∗∗ (11.311)  3.095∗∗∗（11.311）
Ind  在Yes  是的Yes  是的
Year  年Yes  是的Yes  是的
N1386413864
Chi2  分支21549.2202030.693
Adj.R2
調整R 2		0.2320.250
Table 5 elucidates the impact of the simultaneous occupancy of the positions of chairman and general manager on the relationship between green marketing and corporate performance.
表5闡明了董事長和總經理同時任職對綠色行銷與企業績效關係的影響。

Table 5. Regression results for model 3.
表 5 。模型 3 的迴歸結果。

Variables  變量(1) ROA  （1）長(2) ROA  （2）長
Greenm  格林姆0.102∗∗∗ (3.419)  0.102∗∗∗（3.419）0.103∗∗∗ (3.588)  0.103∗∗∗（3.588）
dual  雙重的-0.164∗∗∗ (-3.974)-0.241∗∗∗ (-5.216)
Greenm∗dual-0.210∗∗∗ (-4.933)
Control  控制Yes  是的Yes  是的
Con  和-0.346∗∗∗ (-13.058)-0.479∗∗∗ (-20.334)
Ind  在Yes  是的Yes  是的
Year  年Yes  是的Yes  是的
N1386413864
Chi2
分支2		1824.8501939.432
Adj.R2
調整R 2		0.2880.171
The interaction term coefficient (Greenm∗dual) in the sample is -0.210, successfully surpassing the significance level threshold of p < 0.01. The comprehensive data analysis conducted in this study affirms the significant negative moderating effect of the aforementioned dual positions on the relationship between green marketing and corporate performance, thereby corroborating the validity of H3. The concurrent positions of chairman and general manager imply to some extent the limited ability of the company's management. As the duties and requirements of the two positions are different, holding them at the same time may lead to management's dispersal of efforts and inability to fully utilize their professional abilities and experience. This lack of management ability will affect the strategic decision-making and execution ability of the company, weakening the strategic effect of green marketing, and thus weakening the promotion of green marketing on corporate performance.
樣本中的交互項係數（Greenm∗dual）為-0.210，成功超越了顯著水準閾值p< 0.01。本研究綜合資料分析證實了上述雙重立場對綠色行銷與企業績效關係的顯著負向調節作用，從而證實了H3的有效性。董事長和總經理的兼職，一定程度上暗示了公司管理階層能力的有限。由於兩個職位的職責和要求不同，同時擔任兩個職位可能導致管理層的精力分散，無法充分發揮其專業能力和經驗。這種管理能力的缺失，會影響企業的策略決策與執行能力，削弱綠色行銷的策略效果，進而削弱綠色行銷對企業績效的促進作用。
Table 6 presents a comprehensive analysis of how board gender diversity influences the connection between green marketing and corporate performance. The interaction term coefficient (Greenm∗Gen) in the sample stands at 0.003, successfully surpassing the significance level threshold of p < 0.1. This empirical evidence, derived from the comprehensive dataset employed in this study, substantiates the significant positive moderating effect of board gender diversity on the relationship between green marketing and corporate performance. In essence, board gender diversity serves to foster and amplify the positive impact of green marketing on corporate performance, thereby affirming the validity of H4. Gender-diverse teams can bring different perspectives and experiences, which can contribute to corporate innovation. In the field of green marketing, such diversified thinking can promote enterprises to develop more innovative and unique green products and services, thus improving their market competitiveness.
表6全面分析了董事會性別多樣性如何影響綠色行銷和企業績效之間的關聯。樣本中的交互項係數（Greenm∗Gen）為0.003，成功超過了顯著水準閾值p < 0.1。本研究所採用的綜合資料集所得出的實證證據證實了董事會性別多樣性對綠色行銷與企業績效之間關係的顯著正向調節作用。實質上，董事會性別多樣性有助於促進和放大綠色行銷對企業績效的正面影響，從而證實了H4的有效性。性別多元化的團隊可以帶來不同的觀點和經驗，進而促進企業創新。在綠色行銷領域，這種多元化思維可以推動企業發展出更多創新、獨特的綠色產品和服務，進而提高企業的市場競爭力。

Table 6. Regression results for model 4.
表 6 。模型 4 的迴歸結果。

Variables  變量(1) ROA  （1）長(2) ROA  （2）長
Greenm  格林姆0.092∗∗∗ (3.021)  0.092∗∗∗（3.021）0.105∗∗∗ (3.603)  0.105∗∗∗（3.603）
Gen  根0.019∗∗∗ (2.733)  0.019∗∗∗（2.733）0.017∗∗∗ (2.642)  0.017∗∗∗（2.642）
Greenm∗Gen0.003∗ (1.721)  0.003∗（1.721）
Control  控制Yes  是的Yes  是的
Con  和3.053∗∗∗ (14.659)  3.053∗∗∗（14.659）4.206∗∗∗ (16.001)  4.206∗∗∗（16.001）
Ind  在Yes  是的Yes  是的
Year  年Yes  是的Yes  是的
N1386413864
Chi2
分支2		1327.0251009.933
Adj.R2
調整R 2		0.1570.204

4.4. Endogeneity  4.4.內生性

Green marketing enhances corporate performance, but increased corporate performance may also give additional finances and resources for research and development, as well as the application of environmentally friendly technologies and procedures, all of which boost corporate green marketing. In terms of innovation and technical growth, increased corporate performance promotes the use of corporate green marketing by generating more environmentally friendly goods and manufacturing methods. To overcome this endogeneity resulting from reverse causality, this paper first introduces the green marketing lag as an instrumental variable. Specifically, this paper introduces green marketing lags of three periods as instrumental variables. The final regression results in Table 7 show that the regression coefficient of green marketing on corporate performance is still significantly positive, indicating that the current baseline regression is robust.
綠色行銷可以提高企業績效，但企業績效的提高也可能帶來額外的資金和資源用於研發，以及應用環保技術和程序，所有這些都會促進企業的綠色行銷。在創新和技術成長方面，企業績效的提高透過生產更環保的產品和製造方法促進了企業綠色行銷的運用。為了克服這種反向因果關係導致的內生性，本文首先引入綠色行銷滯後作為工具變數。具體來說，本文引入三個時期的綠色行銷滯後作為工具變數。表7最終的迴歸結果顯示，綠色行銷對企業績效的迴歸係數仍顯著為正，說明目前的基準迴歸是穩健的。

Table 7. Endogeneity test of IV1.
表 7 . IV1的內生性檢定。

Variables  變量(1) ROA  （1）長(2) ROA  （2）長
Greenm  格林姆0.399∗∗∗ (3.158)  0.399∗∗∗（3.158）
L3. Greenm  L3。格林姆1.064∗∗∗ (8.773)  1.064∗∗∗（8.773）
Control  控制Yes  是的Yes  是的
Ind  在Yes  是的Yes  是的
Year  年Yes  是的Yes  是的
Cons  缺點0.034 (0.629)-0.426∗∗∗ (-9.203)
LM80.780∗∗∗ (0.000)  80.780∗∗∗（0.000）
Wald F  沃德243.393 (18.270)
Adj.R2  調整R 20.2620.244
Second, this paper uses the mean green marketing (MG) of other firms in the same industry as another instrumental variable. Firms within the same industry are in roughly the same macro environment, and the marketing performance of other firms affects the marketing level of this firm. The instrumental variable 2SLS method is used for endogeneity test, and the test results are detailed in Table 8. From a statistical standpoint, it is worth noting that MG (market growth) exhibits a significant correlation with Greenm (green marketing), boasting a correlation coefficient of 0.479. The F statistic exceeds the empirical value, thereby negating any concerns pertaining to weak instrumental variables; Hansen statistic P-value is larger than 0.1, and this instrumental variable passes the test of exogeneity test. Overall, it shows that the regression coefficients remain significant and there is no change in direction.
其次，本文採用同一產業中其他企業的平均綠色行銷（MG）作為另一個工具變數。同一產業內的企業處於大致相同的宏觀環境中，其他企業的行銷績效影響著本企業的行銷水準。採用工具變數2SLS方法進行內生性檢驗，檢驗結果詳見表8 。從統計角度來看，值得注意的是，MG（市場成長）與Greenm（綠色行銷）表現出顯著的相關性，相關係數為0.479。 F 統計量超過了經驗值，從而消除了有關弱工具變數的任何擔憂； Hansen統計量的P值大於0.1，此工具變數通過了外生性檢定。整體來看，迴歸係數仍然顯著，且方向沒有改變。

Table 8. Endogeneity test of IV2.
表 8 . IV2的內生性檢定。

Variables  變量(1) Greenm  （1）格林姆(2) ROA  （2）長
IV0.479∗∗∗ (5.330)  0.479∗∗∗（5.330）
Greenm  格林姆0.399∗∗∗ (4.002)  0.399∗∗∗（4.002）
Control  控制Yes  是的Yes  是的
Ind  在Yes  是的Yes  是的
Year  年Yes  是的Yes  是的
F74.025
Hansen (P)  漢森（P）1.273 (0.176)
N1386413864
Adj.R2  調整R 20.1190.165

4.5. Heterogeneity analysis
4.5.異質性分析

To comprehensively explore the influence of various enterprise types on the efficacy of green marketing in driving corporate performance improvement, this study segregates the sample into two distinct categories: state-owned (SOEs) and non-state-owned (Non-SOEs), based on enterprise ownership. Each subsample is then subjected to regression analysis. The findings of Table 9 indicate that the performance increase following the deployment of green marketing is more substantial in Non-SOEs. This might be because Non-SOEs are more flexible in decision-making and operations, allowing them to implement green marketing strategies and measures more quickly. They can respond more swiftly to market needs and changes, as well as tailor their products and services to satisfy customer environmental preferences. In market competitiveness, Non-SOEs place a greater emphasis on company image and brand value. These businesses often focus on brand creation, and green marketing may assist them in developing an ecologically responsible image while also increasing customer familiarity and goodwill. Green marketing allows Non-SOEs to build stronger relationships with customers while also increasing market share and sales. Non-SOEs are frequently not monopolies and experience greater competition than SOEs, particularly in areas where customers are more concerned about environmental problems. Consumers in these industries are more likely to purchase environmentally friendly items and firms. Non-SOEs can acquire a competitive edge in the market by employing green marketing, which meets customers' demands for environmental protection. The results of the above heterogeneity analysis can provide guidance for corporate performance improvement by developing targeted green marketing strategies.
為了全面探討不同企業類型對綠色行銷推動企業績效提升成效的影響，本研究依據企業所有權類型，將樣本分為國營企業（SOE）與非國營企業（Non-SOE）兩大類。然後對每個子樣本進行迴歸分析。表九的研究結果顯示，非國營企業進行綠色行銷後績效的提升更為顯著。這可能是因為非國有企業的決策和營運更加靈活，使得它們能夠更快地實施綠色行銷策略和措施。他們可以更快地回應市場需求和變化，並客製化產品和服務以滿足客戶的環境偏好。在市場競爭中，非國營企業更重視企業形象和品牌價值。這些企業往往注重品牌建設，綠色行銷可以幫助他們建立生態負責的形象，同時提高顧客的熟悉度和好感度。綠色行銷使非國有企業能夠與客戶建立更牢固的關係，同時增加市場份額和銷售額。非國營企業通常不是壟斷企業，而且比國營企業面臨更激烈的競爭，特別是在客戶更關注環境問題的領域。這些產業的消費者更有可能購買環保產品和企業。非國營企業可以透過實施綠色行銷，滿足消費者的環保需求，取得市場競爭優勢。 上述異質性分析的結果可以為企業制定有針對性的綠色行銷策略提供績效提升的指導。

Table 9. Heterogeneity test.
表 9 。異質性檢定。

Variables  變量(1) SOEROA  （1）索羅亞(2) Non-SOE ROA  （2）非國營企業資產報酬率
Greenm  格林姆0.176∗∗∗ (3.114)  0.176∗∗∗（3.114）0.402∗∗∗ (3.955)  0.402∗∗∗（3.955）
Control  控制Yes  是的Yes  是的
Con  和-0.399∗∗∗ (-12.317)-0.513∗∗∗ (-17.418)
Ind  在Yes  是的Yes  是的
Year  年Yes  是的Yes  是的
N50988766
Adj.R2
調整R 2		0.2400.191

5. Conclusion  5. 結論

The improvement of corporate performance cannot be separated from the formulation of marketing and other strategies. In the context of low-carbon development, many enterprises have changed their marketing strategies to green marketing, so what role does green marketing play in influencing corporate performance, and does it positively promote or negatively inhibit. This study uses a sample of Chinese listed companies to scrutinize the profound influence of green marketing on corporate performance.
企業績效的提升離不開行銷等策略的發展。在低碳發展的背景下，許多企業的行銷策略都轉向綠色行銷，那麼綠色行銷對企業績效到底起到什麼樣的影響作用，是正向促進還是負向抑制。本研究以中國上市公司為樣本，探討綠色行銷對企業績效的深遠影響。
Considering that board characteristics are directly related to corporate strategy formulation, this paper embeds three types of board characteristics to investigate their moderating effects on the relationship between green marketing and corporate performance. The findings unearth the following key insights: Firstly, green marketing exerts a significantly transformative impact on corporate performance, bolstering its overall efficacy. Secondly, board independence amplifies the positive influence of green marketing on corporate performance, accentuating its prowess. Thirdly, the simultaneous occupancy of the positions of chairman and general manager substantially hampers the positive impact of green marketing on corporate performance, impeding its potential. Lastly, board gender diversity emerges as a powerful force, wielding a significant positive moderating effect on the intricate relationship between green marketing and corporate performance. To make the findings more robust, this paper uses the lag period and the green marketing level of the rest of the firms in the same industry as two instrumental variables to address the endogeneity issue, and the baseline findings remain unchanged. In the future, the impact of green marketing on firm performance can be further explored in terms of the differences between different industries and market environments. In addition, the interaction between green marketing and other corporate strategies (innovation strategy, internationalization strategy) could be investigated.
考慮董事會特徵與企業策略制定直接相關，本文嵌入三類董事會特徵來檢視其對綠色行銷與企業績效關係的調節作用。研究結果揭示了以下關鍵見解：首先，綠色行銷對企業績效產生了顯著的變革性影響，增強了其整體功效。其次，董事會獨立性放大了綠色行銷對企業績效的正面影響，凸顯了其威力。第三，董事長和總經理同時任職，大大限制了綠色行銷對企業績效的正向影響，限制了綠色行銷潛力的發揮。最後，董事會性別多元化成為一股強大的力量，對綠色行銷和企業績效之間的複雜關係發揮了顯著的正向調節作用。為了使研究結果更加穩健，本文採用了滯後期和同行業其他企業的綠色行銷水平作為兩個工具變數來解決內生性問題，而基線研究結果保持不變。未來可以從不同產業、不同市場環境的差異性角度進一步探討綠色行銷對企業績效的影響。此外，還可以研究綠色行銷與其他企業策略（創新策略、國際化策略）之間的相互作用。
Pursuant to the findings of this study, it is recommended that corporate management incorporate green marketing into their long-term strategic planning and augment investments in green product development, market promotion, and brand-building initiatives. The selection and appointment of board members should prioritize independence and gender balance to foster a diversified and effective board composition. Clarifying the role division between the chairman and the general manager, as well as their respective responsibilities, is essential to ensure effective checks and balances in the decision-making process. Furthermore, policy makers can devise a range of policies and measures, such as tax incentives and financial support, to encourage enterprises to actively implement green marketing strategies. Legislative or regulatory measures should be strengthened to oversee and guide corporate boards, promoting optimized board structures that enhance independence and diversity. In making investment decisions, stakeholders should consider a company's green marketing strategy and board composition as criteria for assessing its long-term value and sustainability.
根據本研究的結果，建議企業管理階層將綠色行銷納入其長期策略規劃，並增加對綠色產品開發、行銷和品牌建立的投資。董事會成員的選拔和任命應優先考慮獨立性和性別平衡，以促進董事會組成多元化和有效。明確董事長與總經理之間的角色劃分和各自的職責，對於確保決策過程的有效制衡至關重要。此外，政策制定者還可以製定一系列政策措施，如稅收優惠、資金支持等，鼓勵企業積極實施綠色行銷策略。應加強立法或監管手段對公司董事會進行監督和指導，促進董事會結構優化，並增強獨立性和多樣性。在做出投資決策時，利害關係人應將公司的綠色行銷策略和董事會組成作為評估其長期價值和永續性的標準。

Author statement  作者聲明

Shanshan Luo: writing - original draft and funding acquisition.
羅珊珊：撰寫－原始草稿和資金獲取。
Ze Sun: writing -original draft.
孫澤：寫作-原始草稿。
Xiangjian Zhang: writing - review & editing.
Xiangjian Zhang: writing - review & editing.

Funding  資金

Research on the Integration Development Model of Transportation and Industrial Project (TOI) in Yunnan Province's Highways; Assessment of Institutional Innovation in China (Yunnan) Pilot Free Trade Zone; National Natural Science Foundation of China (71772113).
雲南省公路交通與產業計畫（TOI）融合發展模式研究；中國（雲南）自由貿易試驗區制度創新評估；國家自然科學基金（ 71772113 ）。

Data availability  數據可用性

The authors do not have permission to share data.
作者沒有共享資料的權限。

References

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