Asymmetry in Value Relevance of Environmental Performance （EP） Information： Contingency Effects of Size and Industry

Contemporary research documents a positive but weak price premium from environmental performance （EP）. The specific circumstances of pricing EP of large and small companies and in polluting and clean industries have not, however, been investigated. This study predicts that financial markets price EP beyond financial fundamentals differently, depending on company size and the environmental risk of the industry and provides evidence relying on a set of the Sweden Stock Market 300 （SIX 300） companies listed on the Stockholm Stock Exchange （OMX Stockholm）. Applying a value relevance model, the average results are in line with previous findings that EP adds value beyond the book value of equity and earnings. The asymmetry in EP is, however, driven by company size and the environmental risk of the industry. This study suggests that large companies in low-risk industries obtain strong price premiums from being environmental industry leaders. In contrast, small companies and also companies in high-risk industries do not necessarily accrue the same market benefits.

Evaluating the moderated-mediation effects of switchingcosts in the link between social capital and NPD performance

In this study,we explore the causes and performance outcomes of switching costs in the context of new product development(NPD)from both the supplier and customer perspectives,and discuss the role that switching costs play as moderators and mediators in the relationship between social capital and NPD performance.Based on data from 214 Chinese manufacturers,we employ the structural equation model to test our conceptual model and hypotheses.The results indicate that relationship quality and customer involvement positively and negatively affect switching costs,respectively,and that switching costs negatively affect NPD performance.Switching costs mediate and moderate the relationship between social capital and NPD performance.Furthermore,switching costs significantly and positively moderate the relationship between relationship quality and NPD performance.On the other hand,switching costs insignificantly and negatively moderate the relationship between customer involvement and NPD performance.The theoretical and managerial implications of the findings are discussed.