Impact of green finance on export performance and financial Performance with an emphasis on green entrepreneurship
Subject Areas : International Journal of Finance, Accounting and Economics Studies
محمدرضا رادفر
1
,
منصوره علیقلی
2
1 - Department of Financial Management & accounting, ST.C., Islamic Azad University, Tehran, Iran
2 - Associate Professor, Department of Business Management, Central Tehran Branch, Islamic Azad University, Tehran, Iran
Keywords: Environmental concerns, Green management, Green finance, Performance,
Abstract :
Environmental concerns have led organizations to move towards green management. Green finance and green entrepreneurship are the most important topics in green management which can bring great performance to companies. This research aims to investigate the impact of green finance on export performance and financial performance with an emphasis on green entrepreneurship. The research method is based on the objective, applied, and in terms of the implementation method, it is a descriptive survey, and the statistical population of this study includes all small and medium-sized enterprises (SMEs) active in the non-oil export sector of Iran. These enterprises operate in various industries and to determine the sample size, the Cochran formula was used, which is assumed to be 384 due to the uncertainty of the number of managers and employees of small and medium-sized enterprises and to collect the data of the research, a questionnaire tool was used. After confirming the validity and reliability, it was distributed among the sample size. Structural equation modeling and Smart PLS software were used to test the research hypotheses, and the results indicate that green finance has a significant impact on green entrepreneurship, export performance and financial performance. In addition, by the use of Sobel's test, it was determined green entrepreneurship plays a mediating role in the impact of green finance on export performance and financial performance and export performance plays a mediating role in the impact of green finance and green entrepreneurship on financial performance too.
Ahmad Ansari, M.S. (2025). Innovation and green entrepreneurship are catalysts for sustainability in Oman. Cleaner Waste Systems 11(2025) 100281.
Akomea-Frimpong, I., Adeabah, D., Ofosu, D. and Tenakwah, E.J. (2022). A review of studies on green finance of banks, research gaps and future directions. Journal of Sustainable Finance & Investment, 12(4), pp.1241-1264.
Ali, A. Faisal, F. Isiksal, A.Z. AL Maktoumi, I.S.A (2025). Do green finance and health expenditures lessen the ecological footprint to ensure sustainable development? Innovation and Green Development, 4(2025) 100223.
Al-Mamary, Y.H. Alwaheeb, M.A. Alshammari, N. G. M. Abdulrab, M. Balhareth, H and Hela Ben Soltane (2020). The Effect of Entrepreneurial Orientation on Financial and Non-Financial Performance in Saudi SMEs: A Review. Journal of Critical Reviews • July 2020 DOI: 10.31838/jcr.07.14.35
Antras, ` P., Chor, D (2021). Global value chains (NBER Working Paper, vol. No. 28549. National Bureau of Economic Research. http://www.nber.org/papers/w28549.
Berensmann, K., & Lindenberg, N. (2019). Green finance: Across the universe. In Corporate social responsibility, ethics and sustainable prosperity (pp. 305–332). WORLD SCIENTIFIC. https://doi.org/10.1142/9789811206887_0011
Berrou, R., Ciampoli, N., Marini, V. (2019). Defining Green Finance: Existing Standards and Main Challenges. In: Migliorelli, M., Dessertine, P. (eds) The Rise of Green Finance in Europe. Palgrave Studies in Impact Finance. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-030-22510-0_2
Bingler, J. A., Kraus, M., Leippold, M., & Webersinke, N. (2022). Cheap talk and cherry-picking: What ClimateBert has to say on corporate climate risk disclosures. Finance Research Letters, 47, Article 102776. https://doi.org/10.1016/j.frl.2022.102776
Birru, M.W. (2016), “The impact of capital structure on financial performance of commercial banks in Ethiopia”, Global Journal of Management and Business Research, Vol. 16 No. 8, pp. 44-52.
Cai, T. Hao, J (2025). The influence of ESG responsibility performance on enterprises’ export performance, International Review of Economics and Finance, 98 (2025) 103917.
Candio, P (2024). The effect of ESG and CSR attitude on financial performance in Europe: A quantitative re-examination. Journal of Environmental Management 354 (2024) 120390
Calantone, R.J. Kim, D. Schmidt, J.B. Cavusgil, S.T. (2006). The influence of internal and external firm factors on international product adaptation strategy and export performance: a three-country comparison, J. Bus. Res. 59 (2006) 176–185, https://doi.org/10.1016/j.jbusres.2005.05.001.
Chabowski, B. Kekec, P. Morgan, N.A. Hult, G.T.M. Walkowiak, T. Runnalls, B. (2018). An assessment of the exporting literature: using theory and data to identify future research directions, J. Int. Market. 26 (2018) 118–143, https://doi.org/10.1509/jim.16.0129.
Chen, X.Y.; Chen, Y.J.; Zhang, X.Y.; He, Q.H. (2023). Green transformational leadership and green innovation in megaprojects: Is green knowledge sharing a missing link. Eng. Constr. Archit. Manag. 2023
Chuang, S.P.; Yang, C.L. (2014). Key success factors when implementing a green manufacturing system. Prod. Plan. Control 2014, 25, 923–937
Chugan, P.K. Singh, S. (2015). Export commitment and its impact on firm-level export performance: evidence from SMEs cluster of Ahmedabad, India, J. Behav. Econ. Finance Entrepren., Account. Transp. 3 (2015) 90–95, https://doi.org/10.12691/jbe-3-3-1.
Cohen, B., Winn, M.I (2007). Market imperfections, opportunity and sustainable entrepreneurship. J. Bus. Ventur. 22, 29–49. https://doi.org/10.1016/j. jbusvent.2004.12.001.
Confente, I. Scarpi, D. Russo, I. (2020). Marketing a new generation of bio-plastics products for a circular economy: The role of green self-identity, self-congruity, and perceived value, J. Bus. Res. 112 (2020) 431–439, https://doi.org/10.1016/j. jbusres.2019.10.030.
Dechezleprêtre, A., Martin, R., & Mohnen, M. (2013). Knowledge spillovers from clean and dirty technologies: A patent citation analysis (p. 49). London, UK: Grantham Research Institute on Climate Change and the Environment.
De Jesus, A. Mendonça, S (2017). Lost in transition? Drivers and barriers in the ecoinnovation road to the circular economy, Ecol. Econ. 145 (2018) 75–89, https:// doi.org/10.1016/j.ecolecon.2017.08.001.
Dung, L. T., & Giang, H. T. T. (2021). The effect of international intrapreneurship on firm export performance with driving force of organizational factors. Journal of Business & Industrial Marketing, 32, 1e20.
Hasaballah, A.H.A., Genc, O.F., Mohamad, O.B. and Ahmed, Z.U. (2019), “How do relational variables affect export performance? Evidence from Malaysian exporters”, Asia Pacific Journal of Marketing and Logistics, Vol. 31 No. 1, pp. 128-156, doi: 10.1108/APJML-12-2017-0345.
Huang, Y., Chen, C., Lei, L., & Zhang, Y. (2022). Impacts of green finance on green innovation: A spatial and nonlinear perspective. Journal of Cleaner Production, 365, Article 132548. https://doi.org/10.1016/j.jclepro.2022.132548
Jiakui, C., Abbas, J., Najam, H., Liu, J. and Abbas, J (2023). Green technological innovation, green finance, and financial development and their role in green total factor productivity: Empirical insights from China. Journal of Cleaner Production, 382, p.135131.
Jiang,W.B.; Chai, H.Q.; Shao, J.; Feng, T. (2018). Green entrepreneurial orientation for enhancing firm performance: A dynamic capability perspective. J. Clean. Prod. 2018, 198, 1311–1323
Jyoti, J., and Chalotra, A. K. (2016) Impact of Strategic Entrepreneurship on Financial Performance: A Study of Hosiery Industry in India. Sustainable Competitive Advantage: A Road to Success, pp.184-196.
Kambey, R.R. (2018). Determinants of export performance of Indonesian coconut companies, Expert. J. Bus. Manag. 6 (2018) 49–60. http://hdl.handle.net/11159/ 2440.
Lagoarde-Segot, T., & Martínez, E. A. (2021). Ecological finance theory: New foundations. International Review of Financial Analysis, 75(February), Article 101741. https:// doi.org/10.1016/j.irfa.2021.101741
Le, Y. Zhang, X (2024). How green entrepreneurial orientation influences corporate performance: the missing link of green knowledge sharing, Sustainability 2024, 16, 11295. https://doi.org/ 10.3390/su162411295
Liu, Z. Zheng, S. Zhang, X. Mo, L. (2023). The Impact of Green Finance on Export Technology Complexity: Evidence from China. Sustainability 2023, 15, 2625. https://doi.org/10.3390/ su15032625
Liu, R., Wang, D., Zhang, L. et al. (2019). Can green financial development promote regional ecological efficiency? A case study of China. Nat Hazards 95, 325–341 (2019). https://doi.org/10.1007/s11069-018-3502-x
Ma, D. Zhu, Y. Yang, Y (2024). How Green finance affects export production quality: Fresh evidence from China. Energy Economics, Volume 131, March 2024, 107381, https://doi.org/10.1016/j.eneco.2024.107381
Naqvi, B., Mirza, N., Rizvi, S. K. A., Porada-Rochon, M., & Itani, R. (2021). Is there a green fund premium? Evidence from twenty seven emerging markets. Global Finance Journal, 50, Article 100656. https://doi.org/10.1016/j.gfj.2021.100656
Neumann, T (2022). Impact of green entrepreneurship on sustainable development: An ex-post empirical analysis. Journal of Cleaner Production, 377 (2022) 134317.
Onyusheva, I. Ting, Q.Y. Kaewpradit, P. Changjongpradit, E.E. (2018). Key reasons why organizations enter foreign markets, EUrASEANs: J. Global Socio-Econ. Dyn. 5 (2018) 7–19, https://doi.org/10.35678/2539-5645.5(12).2018.07-19.
Parris, T., & Kates, R. (2003). Characterizing and measuring sustainable development. Annual Review of Environment and Resources, 28(1), 559–586. https://doi.org/ 10.1146/annurev.energy.28.050302.105551
Radfar, M.R. and Darabi, M (2021). Non-financial variables and financial performance, Hooshmand Tadbir Publications.
Salazar, J. (1998). Environmental finance: linking two world. In a Workshop on financial innovations for biodiversity Bratislava (Vol. 1, No. 2).
Sharma, S.; Henriques, I. (2005). Stakeholder influences on sustainability practices in the Canadian forest products industry. Strateg. Manag. J. 2005, 26, 159–180.
Shepherd, D.A., Patzelt, H (2011). The new field of sustainable entrepreneurship: studying entrepreneurial action linking “what is to Be sustained” with “what is to Be developed. Enterpren. Theor. Pract. 35, 137–163. https://doi.org/10.1111/j.1540- 6520.2010.00426.x.
Sun, C (2023). How are green finance, carbon emissions, and energy resources related in Asian sub-regions?. Resources Policy, 83, p.103648.
Tan, Y. Lin, B. Wang, L (2025). Green finance and corporate environmental performance. International Review of Economics and Finance 98 (2025) 103929
Tung, P.H. Chiu, Y.H. Huang, C.H (2025). Exploring the research development trajectory and trends of green finance, Asia Pacific Management Review, 30(2025). 100329.
Wang, M. Li, Y. Li, J. Wang, Z (2021). Green process innovation, green product innovation and its economic performance improvement paths: a survey and structural model, J. Environ. Manag. 297 (2021), 113282, https://doi.org/10.1016/j.jenvman.2021.113282.
Wu, Z.H.; Pagell, M. (2011). Balancing priorities: Decision-making in sustainable supply chain management. J. Oper. Manag. 2011, 29, 577–590
Xie, X., Huo, J., Qi, G., Zhu, K.X (2016). Green process innovation and financial performance in emerging economies: moderating effects of absorptive capacity and green subsidies. IEEE Trans. Eng. Manag. 63, 101–112. https://doi.org/10.1109/ TEM.2015.2507585.
Yu, B. Liu, L. Chen, H (2023). Can green finance improve the financial performance of green enterprises in China? International Review of Economics & Finance Volume 88, November 2023, Pages 1287-1300, https://doi.org/10.1016/j.iref.2023.07.060
Zerbib, O. D. (2019). The effect of pro-environmental preferences on bond prices: Evidence from green bonds. Journal of Banking & Finance, 98, 39–60. https://doi.org/ 10.1016/j.jbankfin.2018.10.012
Zhang, S., & Chen, K. (2023). Green finance and ecological footprints: Natural resources perspective of China's growing economy. Resources Policy, 85, Article 103898. https://doi.org/10.1016/j.resourpol.2023.103898
