Drivers and impacts of green product innovation as open innovation: Evidence from science‐based firms

Francesco Gangi, Lucia Michela Daniele, Mario Tani and Ornella Papaluca

Business Ethics, the Environment & Responsibility, 2025, vol. 34, issue 1, 58-68

Abstract: Open innovation (OI) has gained widespread attention in recent years as a catalyst for sustainable management. Through OI, companies can harness their environmental capabilities to develop sustainable innovations that provide mutual benefits for companies and society. We explore the impact of Corporate Governance (CG) on Green Product Innovation (GPI) as OI and the impacts of GPI on corporate financial performance (CFP). Adopting Heckman's two‐stage procedure to a panel of 622 science‐based firms over the study period of 2008–2021, in the first step, we test the link between boards of directors' characteristics and GPI engagement. In the second step, we test the relationship between GPI and CFP. The findings confirm that effective CG mechanisms positively impact GPI performance. Moreover, GPI is a positive predictor of reduced firm riskiness. Therefore, we provide new insights into the debate on the links among CG, GPI, and CFP that can help companies meet the new challenges of the ecological transition.

Date: 2025
References: Add references at CitEc
Citations:

Downloads: (external link)
https://doi.org/10.1111/beer.12583

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:wly:buseth:v:34:y:2025:i:1:p:58-68

Access Statistics for this article

More articles in Business Ethics, the Environment & Responsibility from John Wiley & Sons, Ltd.
Bibliographic data for series maintained by Wiley Content Delivery ().