| Summary: | 碩士 === 淡江大學 === 會計學系碩士班 === 100 === This study adds new insights to analyses the correlation of environmental performance, eco-innovation and financial performance by focusing on the concept of eco-efficiency from 2006 to 2008. We report that eco-efficiency relates positively to operating performance and market value. Moreover, our results suggest that eco-innovation play an important role to moderate the relation between eco-efficiency and financial performance. On the same level of eco-efficiency, high environmental innovation enterprises compared to the low environmental innovation trend have better financial performance. We believe the results of this paper have implications for both managers and investors. Managers do not have to overcome a tradeoff between eco-efficiency and financial performance. Investment in eco-innovation exist its value. And for investors, who can exploit environmental information for investment decisions. For investors, eco-efficiency is a potential source of information that helps them generate superior excess returns. An important avenue for further research would be find a better way to measure environmental performance construct on the concept of eco-efficiency. This paper proposes many methods to measure eco-efficiency and try to supply a general conclusion.
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