Empirical studies analyzing the relationship between strategies to reduce greenhouse gas (GHG) emissions and firms' environmental and financial performance often fail to find significant effects when firms invest in innovative green technologies. Indeed, as efficiency and productivity gains of new technologies can often be reaped only after a certain time gap, cross‐sectional studies are bound to ignore the time component, thus becoming subject to the productivity paradox. Employing an integrative approach, drawing on eco‐efficiency theory, productivity paradox, and innovation diffusion principles, this longitudinal study observes companies with high GHG emissions during and after the first two European Union Emission Trading Scheme (EU ETS) trading periods (2005–2019). It analyzes (1) the dynamics of carbon reduction practices over time, (2) the impact of GHG reduction strategies on environmental performance, (3) the positive effect of GHG‐related efficiency improvements on firm performance, while considering (4) the moderating effect of GHG emissions type on the latter relationship.

中文翻译：

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碳密集型企业的生产力悖论：生态创新如何影响企业环境和财务绩效

分析减少温室气体（GHG）排放策略与企业环境和财务绩效之间关系的实证研究往往无法发现企业投资创新绿色技术时的显着影响。事实上，由于新技术的效率和生产率的提高往往需要经过一定的时间间隔才能获得，横断面研究必然会忽略时间成分，从而陷入生产率悖论。这项纵向研究采用综合方法，借鉴生态效率理论、生产力悖论和创新扩散原则，观察了前两个欧盟排放交易计划（EU ETS）交易期间（2005年至2019年）期间和之后温室气体高排放的公司）。它分析了（1）碳减排实践随时间的动态变化，（2）温室气体减排策略对环境绩效的影响，（3）温室气体相关效率提高对企业绩效的积极影响，同时考虑（4）调节温室气体排放类型对后一种关系的影响。