Neumann, T. (2021). Does it pay for new firms to be green? An empirical analysis of when and how different greening strategies affect the performance of new firms. Journal of Cleaner Production, 317, 128403.

How do sustainability strategies truly affect the performance of new firms? This study provides answers: Drawing on data from more than 11,000 start-ups across 36 countries, it shows that substantive environmental actions boost young firms’ performance – while purely symbolic strategies (greenwashing) can even be harmful. Notably, the benefits of going green are not limitless but decline with increasing environmental effort.