“…There is a vast amount of research on the impact of corporate environmental policies on competition, firm performance, and firm risk (Al‐Najjar & Anfimiadou, 2012; Brouwers, Schoubben, & Van Hulle, 2018; Gallego‐Álvarez, García‐Sánchez, & da Silva Vieira, 2014; Klassen & McLaughlin, 1996; Lee, Cin, & Lee, 2016; Nakao, Amano, Matsumura, Genba, & Nakano, 2007; Sariannidis, Zafeiriou, Giannarakis, & Arabatzis, 2013; Yadav, Han, & Kim, 2017; Xu, Zeng, & Chen, 2018). The main motivation of these studies is to reveal how corporate environmental performance influences firm‐level financial outcomes.…”