Environmental Innovation Score (EIC) |
Score that reflects the company's ability to reduce costs and environmental burdens for its customers and thus create market opportunities through environmental products with sustainable processes or ecological designs. This score, derived from ESG reports, ranges from 0 to 100. |
Aldieri et al. (2019)Aldieri, L., Carlucci, F., Vinci, C. P., & Yigitcanlar, T. (2019). Environmental innovation, knowledge spillovers and policy implications: A systematic review of the economic effects literature. Journal of Cleaner Production, 239, 118051. http://dx.doi.org/10.1016/j.jclepro.2019.118051. http://dx.doi.org/10.1016/j.jclepro.2019...
and Varyash et al. (2020)Varyash, I., Mikhaylov, A., Moiseev, N., & Aleshin, K. (2020). Triple bottom line and corporate social responsibility performance indicators for Russian companies. Entrepreneurship and Sustainability Issues, 8(1), 313-331. http://dx.doi.org/10.9770/jesi.2020.8.1(22). http://dx.doi.org/10.9770/jesi.2020.8.1(...
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Research and Development (R&D) |
Measures research and development expenses incurred in a given period. |
Chabbouh and Boujelbene (2020)Chabbouh, H., & Boujelbene, Y. (2020). Open innovation in SMEs: The mediating role between human capital and firm performance. The Journal of High Technology Management Research, 31(2), 100391. http://dx.doi.org/10.1016/j.hitech.2020.100391. http://dx.doi.org/10.1016/j.hitech.2020....
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Independent Variables - Value Chain Regional Settings
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Global Value Chain (GVC) |
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Measures the supplier-customer relationship score at a global level. |
Sedita et al. (2021)Sedita, S. R., Hoffmann, V. E., Guarnieri, P., & Toso Carraro, E. (2021). Prosecco has another story to tell: The coexistence of multiple knowledge networks in the same value chain. International Journal of Wine Business Research, 33(4), 502-522. http://dx.doi.org/10.1108/IJWBR-06-2020-0024. http://dx.doi.org/10.1108/IJWBR-06-2020-...
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National Value Chain (NVC) |
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Measures the score of the supplier-customer relationship in Brazil. |
Lema et al. (2015)Lema, R., Quadros, R., & Schmitz, H. (2015). Reorganising global value chains and building innovation capabilities in Brazil and India. Research Policy, 44(7), 1376-1386. http://dx.doi.org/10.1016/j.respol.2015.03.005. http://dx.doi.org/10.1016/j.respol.2015....
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Independent Control Variables
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Leverage (LEV) |
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Scarpellini et al. (2018)Scarpellini, S., Marín-Vinuesa, L. M., Portillo-Tarragona, P., & Moneva, J. M. (2018). Defining and measuring different dimensions of financial resources for business eco-innovation and the influence of the firms’ capabilities. Journal of Cleaner Production, 204, 258-269. http://dx.doi.org/10.1016/j.jclepro.2018.08.320. http://dx.doi.org/10.1016/j.jclepro.2018...
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Size (SIZ) |
Logarithm of Total Assets |
Póvoa and Monsueto (2011)Póvoa, L. M. C., & Monsueto, S. E. (2011). Tamanho das empresas, interação com universidades e inovação. Revista de Economia, 37(No. esp.), 9-24. http://dx.doi.org/10.5380/re.v37i4.28870. http://dx.doi.org/10.5380/re.v37i4.28870...
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Return on Assets (ROA) |
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Chabbouh and Boujelbene (2020)Chabbouh, H., & Boujelbene, Y. (2020). Open innovation in SMEs: The mediating role between human capital and firm performance. The Journal of High Technology Management Research, 31(2), 100391. http://dx.doi.org/10.1016/j.hitech.2020.100391. http://dx.doi.org/10.1016/j.hitech.2020....
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Return on Equity (ROE) |
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Chabbouh and Boujelbene (2020)Chabbouh, H., & Boujelbene, Y. (2020). Open innovation in SMEs: The mediating role between human capital and firm performance. The Journal of High Technology Management Research, 31(2), 100391. http://dx.doi.org/10.1016/j.hitech.2020.100391. http://dx.doi.org/10.1016/j.hitech.2020....
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Stock Return (SR) |
Refers to the difference in the share price of company i at time t in relation to time t - 1 divided by the share price of company i at time t - 1. |
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Zaniboni and Montini (2017)Zaniboni, N. C., & Montini, A. A. (2017). O efeito do ambiente macroeconômico em empresas inovadoras. Pretexto, 18(1), 120-131. http://dx.doi.org/10.21714/pretexto.v18i1.4150. http://dx.doi.org/10.21714/pretexto.v18i...
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Corporate Governance (CG) |
Score that measures the company's ability, through the use of best management practices, to generate greater value for shareholders. This score, derived from ESG data, ranges from 0 to 100. |
Scherer and Voegtlin (2020)Scherer, A. G., & Voegtlin, C. (2020). Corporate governance for responsible innovation: Approaches to corporate governance and their implications for sustainable development. The Academy of Management Perspectives, 34(2), 182-208. http://dx.doi.org/10.5465/amp.2017.0175. http://dx.doi.org/10.5465/amp.2017.0175...
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Sector and Year Fixed Effects
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Year |
2016, 2017, 2018, 2019, and 2020. |
Sector |
(1) Telecommunication; (2) Cyclical Consumption; (3) Non-cyclical Consumption; (4) Energy; (5) Health; (6) Industry; (7) Information Technology; (8) Materials; (9) Real Estate; (10) Public Utility. |