An Empirical Study Of The Impact Of Performance-Aspiration Gap On Corporate Environmental Strategy

As government and society pay more attention to environmental issues,companies are becoming increasingly aware of the important role environmental strategy plays in corporate development.Before making strategic decisions,it is necessary for a company to evaluate its operating conditions.The discrepancies between firm performance and aspiration level provides an effective evaluation standard.How does firm performance relative to aspiration level affect the corporate environmental strategy? How does firm’s external environment or its own resources and capabilities affect the adjustment of corporate environmental strategy? Using the listed company in 2010-2017,based on the firm behavior theory,prospect theory,and threat rigidity hypothesis,we empirical analysis the relationship between performance feedback and corporate environmental strategy,and the moderating effect of organizational slack and environmental regulation.The results show that: firstly,there is an inverted U-shaped relationship between performance below aspiration level and corporate environmental strategy,and a U-shaped relationship between performance above aspiration level corporate environmental strategy;secondly,organizational slack strengthens the curve relationship between performance below aspiration level and corporate environmental strategy;environmental regulation weakens the curve relationship between performance-aspiration gap and corporate environmental strategy.The innovations of this paper are as follows: first,from the perspective of performance feedback,we analyze the relationship between firm performance relative to aspiration level and corporate environmental strategy,it enriches the research on drivers of corporate environmental strategy.Second,we analyze the moderate effects of organizational slack and environmental regulation,it expands the boundary conditions of the impact of performance-aspiration gaps on corporate environmental strategies.Third,we use the computer-aided text analysis to measure corporate environmental strategy,which provides a new option for measurement of corporate environmental strategy by using second-hand data.This paper theoretically analyzes and empirically tests the environmental strategic choice of firms in response to the performance-aspiration gap.The research results provide a useful reference for the corporate environmental practice,and help managers to make more effective environmental strategic choices.