Abstract
This study aims to investigate the impact of green transformation on the environmental and financial performance of 173 Chinese A-share listed chemical enterprises over the period 2012-2022. We employ fixed-effects model, and found the positive influence of green transformation on both environmental and financial performance. Furthermore, it explores the moderating role of corporate governance strength in enhancing the relationship between green transformation and financial and environmental performance metrics. Findings suggest that robust corporate governance further strengthens this positive nexus for both, but mainly moderates environmental performance. The study also delves into the heterogeneous effects of firm size and ownership, highlighting that larger and state-owned firms benefit more substantially from green transformation initiatives. These insights provide crucial implications for policymakers and managers aiming to optimize both financial and environmental outcomes through green transformation. The study recommends the adoption of green technologies and stronger corporate governance to facilitate a shift from a shareholder-centric to a stakeholder-inclusive perspective, ultimately fostering resource-efficient processes that contribute positively to environmental sustainability.
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