Abstract:The relationship between corporate environmental performance and corporate financial performance has been extensively studied in developed countries, and has received less attention in developing countries. For this reason, the main objective of this paper is to examine the effect of corporate environmental performance on corporate financial performance during a global financial crisis, depending on the economic development level of the country where a firm is located. To this end, we obtain data for a sample of 2982 large firms from 2008 to 2015. We apply Petersen's approach to these data, adjusting the standard errors for clustering by both firm and year. The results obtained show that the adoption of environmental practices significantly and positively affects the corporate financial performance in developed and developing countries. However, this effect is stronger for firms located in developing countries than those located in developed countries.

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R&D public-private partnerships (PPPs), where the public side is represented by universities, and the private side is represented by firms, are determined by both individual and institutional factors. Such partnerships can be driven by individual and informal factors like personal networks and trust, and are backed up institutionally when formalized. These university-firm collaborations, as a specific shape of PPPs, are expected to enhance the development of products and processes in firms, which leads to better corporate performance, and should generate benefits on regional development through economic growth and knowledge dissemination. This study explores the university-firm collaboration phenomenon as a PPP, and considers the case of Universitat Autònoma de Barcelona (UAB) and its partnership with Henkel, a German chemicals company, which R&D activities in Spain are based on an open innovation strategy. Using in-depth interviews of the collaborating parts, data of UAB-Henkel historical agreements and other public sources, this paper studies the role of personal networks and trust in R&D PPPs and how these partnerships have positive impacts on firms, universities and regions, as reflected in the case of UAB and Henkel. Results show that this collaboration has impacted positively both on the university, enhancing its involvement with industry and its collaborative research activities, and on the firm, allowing the development of new products and technologies that have strengthened its performance. This interaction, which formally started in 2010 with placement of Henkel R&D facilities in UAB Research Park in 2010, has generated positive impacts recognised by both the company and the university. However, the impact of UAB-Henkel partnership on regional development is still in process and remains unclear; nevertheless, this case serves as pathfinder for future research agreements among universities and firms in Barcelona region and beyond.

Research-based university-firm collaboration is a practice that is expected to contribute positively to the economic growth and development of regions. Through this collaboration, universities seek to enhance their relations with external stakeholders and their impacts on innovation and regional development, and firms aim to access valuable knowledge and to develop new and/or improved products and processes in order to survive in a global and competitive market. In the European context, governments support and promote university-firm collaboration, recognising it as a tool for the balanced and sustainable development of regions, in accordance to EU Cohesion Policy framework. This study reviews the university-firm collaboration topic and considers the case of UAB and Barcelona region for exploring how this collaboration is supporting firm performance and regional development. The role of EU Cohesion Policy in the development of university-firm collaboration and the governance of research and innovation is also discussed. Regarding the case study, results show an active role of UAB in terms of university-firm collaboration, based on outstanding research capabilities. Despite a positive impact of UAB-firm collaboration on firm performance and Barcelona region development could be assumed, its effect on innovation at firm and regional levels is not clear.

University-firm collaboration (UFC) is expected to have a positive impact on firms and universities, as well as on the regions where such interactions take place. In the case of firms, this collaboration is meant to enhance the innovation of products and practices at corporate level, leading to a better economic performance, which might boost the positive effects of industry on regions too. In the case of universities, this collaboration can enable knowledge dissemination and technology transfer. These partnerships support universities' competitiveness in terms of internationalisation and impact on industry and society. Universities can address their 'third mission' through collaboration with industry, responding to both societal needs and market demands. In this sense, UFC could be considered a tool for regional development. The empirical studies on the relationship between the practice of UFC, as a specific case of R&D partnership, and development of regions, are limited, especially in quantitative terms. This paper is aimed at exploring the impact of university-firm collaboration on the economic growth and societal development of regions, making use of data from Spanish firms and regions. Preliminary findings from show that there is a moderate positive relationship between the emergence of university-firm collaborations and most regional development indicators. UFC strengthens knowledge management and innovation capacity at industry, indirectly generating a positive effect on regions' economy and human capital. The collaboration can also tackle societal needs, directly generating positive effects on citizens' life. Further research is required to study the nature and drivers of the observed moderate positive relationship between UFC and regional development.