The DOI matches its Crossref record; 102 of the 103 references it cites were found in a registry or an index, and 1 are not checked yet.
Firm Sustainable Development Goals and Firm Financial Performance through the Lens of Green Innovation Practices and Reporting: A Proactive Approach
Open accessAbstract
The current global economy demands synergy between ecological responsiveness and proactive business models. To analyze these dynamics, the objective of this study is to simultaneously investigate the effects of green innovation practices concerning the sustainable development goals (SDG) and financial performance of firms. This study also advocates for the injection of green innovation reporting into sustainable reporting for greater disclosure. Data from sixty-seven companies from five continents and the top five blue chip firms for each country are collected through content analysis, with the generalized least squares (GLS) approach used to test a causal relationship hypothesis. The results indicate mixed findings, with green product innovation showing positive relationships with returns on equity (ROE) and returns on investments (ROI). At the same time, green process innovation shows negative relationships with returns on assets (ROA) but shows a positive impact on returns on investments (ROI) and firm SDGs. In contrast, green service innovation shows an insignificant relationship with financial performance and SDGs. On the other hand, non-operational green innovation variables and green marketing positively affect returns on assets and investment, showing significant negative impacts on returns on equity. However, green organizational innovation shows an insignificant relationship with firm financial performance and SDGs. In addition, this study also shows that the Australia/New Zealand region is the leader in green innovation reporting, followed by Europe, Asia, Africa, and lastly, North America.
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“Studies have explored its economic implications (Zhang et al., 2021), drivers of green innovation (Mittal & Raman, 2021), policy and institutional support (Khan et al., 2021), and behavioral aspects of sustainability-oriented entrepreneurs (Hunjra et al., 2023).”
From Green Entrepreneurship and SME Sustainability Toward the Sustainable Development Goals: A Systematic Literature Review and Bibliometric Analysis (2026) · cites this paper as Khan et al., 2021
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“Khan et al. (2021) reinforce these findings, demonstrating that despite green innovation improving MSME competitiveness in South Asia, technology and finance access remain critical obstacles.”
From Green Entrepreneurship and SME Sustainability Toward the Sustainable Development Goals: A Systematic Literature Review and Bibliometric Analysis (2026) · cites this paper as Khan et al. (2021)
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Cites
The Influence of Green Innovation Performance on Corporate Advantage in Taiwan
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Cassiman, B., & Veugelers, R. (2006) · Management Science · doi:10.1287/mnsc.1050.0470 · Cited by 2,471
The Driver of Green Innovation and Green Image – Green Core Competence
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Green Innovation, Managerial Concern and Firm Performance: An Empirical Study
Tang, M., Walsh, G. S., Lerner, D., Fitza, M., & Li, Q. (2017) · Business Strategy and the Environment · doi:10.1002/bse.1981 · Cited by 826
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Cited by
Sorted by citations
Alshebami, A. S. (2023) · Sustainability · doi:10.3390/su15031961 · Cited by 137
Khan, P. A., Johl, S. K., & Akhtar, S. (2022) · Journal of risk and financial management · doi:10.3390/jrfm15030096 · Cited by 128
Self-citationThe sustainable development goals: Theory and a holistic evidence from the USA
Işık, C., Ongan, S., Özdemir, D., Yan, J., & Demir, O. (2024) · Gondwana Research · doi:10.1016/j.gr.2024.04.014 · Cited by 128
Khan, P. A., Johl, S. K., Akhtar, S., Asif, M., Salameh, A. A. M., & Kanesan, T. (2022) · Journal of Open Innovation Technology Market and Complexity · doi:10.3390/joitmc8010049 · Cited by 127
Self-citationAssessing the implementation of sustainable development goals: does integrated reporting matter?
Hamad, S., Lai, F. W., Shad, M. K., Khatib, S. F. A., & Ali, S. E. A. (2022) · Sustainability Accounting Management and Policy Journal · doi:10.1108/sampj-01-2022-0029 · Cited by 115
Metadata
- Authors
- Khan, P. A., Johl, S. K., & Akhtar, S.
- Affiliations
- Universiti Teknologi Petronas (MY)
- Galgotias University (IN)
- Corresponding author
- Johl, Satirenjit Kaur
- Venue
- Journal of Risk and Financial Management
- Publisher
- MDPI AG
- Published
- 2021-12-15
- Volume
- 14
- Issue
- 12
- Pages
- 605
- ISSN
- 1911-8066 (ISSN-L)
- 1911-8074
- OpenAlex
- W4200350896
- Cited by
- 128
- References
- 102
- Citations by year
- 2026: 25 · 2025: 39 · 2024: 23 · 2023: 27 · 2022: 14
- FWCI
- 14.71
- Type
- journal article
- Language
- en
- Open access
- hybrid
- doi.org
- Licence
- Locations
- Journal of risk and financial management (publishedVersion, cc-by)
- RePEc: Research Papers in Economics (submittedVersion)
- DOAJ (DOAJ: Directory of Open Access Journals) (submittedVersion, cc-by-sa)
- Econstor (Econstor) (submittedVersion, cc-by)
- Funders
- This study is funded from the matching fund of U.T.P. Malaysia and Uhamka Indonesia 681 ((Grant No: 015ME0-174))
- Topics
- Social Sciences › Business, Management and Accounting › Marketing › Environmental Sustainability in Business
- Social Sciences › Business, Management and Accounting › Management of Technology and Innovation › Sustainability and Innovation in Business
- Social Sciences › Business, Management and Accounting › Strategy and Management › Corporate Social Responsibility Reporting
- Keywords
- Sustainable Development Goals, firm financial performance, green innovation, green product innovation, green process innovation, green marketing, return on equity, return on assets, return on investment, corporate sustainability disclosure
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