Nowadays many companies have recognized the important of corporate social responsibility, especially environmental performance to their corporate image and financial performance. It is more important to some industry that their production have a great impact to the environment. The purpose of this paper is to investigate the influence of environmental performance, product innovation and resource reduction to firm’s financial perform in the context of automobile industry. The result of this research show that there is positive association between environmental performance and Tobin’s Q – an indicator of firm’s financial performance. However, it shows no influence to Return on Assets. Product innovation and resource reduction are also found to be positive correlated with market-based financial performance. Meanwhile, there is only positive correlation between product innovation and Return on Assets for non-western panel.

REFERENCES
Akben-Selcuk, E. (2016). Does Firm Age Affect Profitability? Evidence from Turkey. International Journal of Economic Sciences, 5(3), 1-9.
Anderson, R. C., & Reeb, D. M. (2003). Founding‐family ownership and firm performance: evidence from the S&P 500. The Journal of Finance, 58(3), 1301-1328.
Ar, I. M. (2012). The impact of green product innovation on firm performance and competitive capability: the moderating role of managerial environmental concern. Procedia-Social and Behavioral Sciences, 62(0), 854-864.
Aragón-Correa, J. A., Hurtado-Torres, N., Sharma, S., & García-Morales, V. J. (2008). Environmental strategy and performance in small firms: A resource-based perspective. Journal of Environmental Management, 86(1), 88-103.
Artz, K. W., Norman, P. M., Hatfield, D. E., & Cardinal, L. B. (2010). A longitudinal study of the impact of R&D, patents, and product innovation on firm performance. Journal of Product Innovation Management, 27(5), 725-740.
Barnea, A., & Rubin, A. (2010). Corporate social responsibility as a conflict between shareholders. Journal of Business Ethics, 97(1), 71-86.
Boubakri, N., El Ghoul, S., Wang, H., Guedhami, O., & Kwok, C. C. Y. (2016). Cross-listing and corporate social responsibility. Journal of Corporate Finance, 41(0), 123-138.
Chung, K. H., & Pruitt, S. W. (1994). A simple approximation of Tobin's q. Financial Management, 0(0), 70-74.
Coad, A., Segarra, A., & Teruel, M. (2013). Like milk or wine: Does firm performance improve with age? Structural Change and Economic Dynamics, 24(0), 173-189.
Cornett, M. M., Marcus, A. J., Saunders, A., & Tehranian, H. (2007). The impact of institutional ownership on corporate operating performance. Journal of Banking & Finance, 31(6), 1771-1794.
Deng, X., Kang, J.-k., & Low, B. S. (2013). Corporate social responsibility and stakeholder value maximization: Evidence from mergers. Journal of Financial Economics, 110(1), 87-109.
El Ghoul, S., Guedhami, O., Kwok, C. C. Y., & Mishra, D. R. (2011). Does corporate social responsibility affect the cost of capital? Journal of Banking & Finance, 35(9), 2388-2406.
Elyasiani, E., & Jia, J. (2010). Distribution of institutional ownership and corporate firm performance. Journal of Banking & Finance, 34(3), 606-620.
Fatemi, A., Fooladi, I., & Tehranian, H. (2015). Valuation effects of corporate social responsibility. Journal of Banking & Finance, 59, 182-192.
Ferrell, A., Liang, H., & Renneboog, L. (2016). Socially responsible firms. Journal of Financial Economics, 122(3), 585-606.
Fontaínhas, J., Cunha, J., & Ferreira, P. (2016). Is investing in an electric car worthwhile from a consumers' perspective? Energy, 115(0), 1459-1477.
Garcia-Castro, R., Ariño, M. A., & Canela, M. A. (2010). Does social performance really lead to financial performance? Accounting for endogeneity. Journal of Business Ethics, 92(1), 107-126.
Hart, S. L., & Ahuja, G. (1996). Does it pay to be green? An empirical examination of the relationship between emission reduction and firm performance. Business strategy and the Environment, 5(1), 30-37.
Hawkins, T. R., Gausen, O. M., & Strømman, A. H. (2012). Environmental impacts of hybrid and electric vehicles—a review. The International Journal of Life Cycle Assessment, 17(8), 997-1014.
Hong, H., Kubik, J. D., & Scheinkman, J. A. (2012). Financial constraints on corporate goodness. National Bureau of Economic Research.
Hossain, M., Islam, K., & Andrew, J. (2006). Corporate social and environmental disclosure in developing countries: Evidence from Bangladesh.
Jo, H., & Harjoto, M. A. (2011). Corporate governance and firm value: The impact of corporate social responsibility. Journal of Business Ethics, 103(3), 351-383.
Kecskes, A., Mansi, S., & Nguyen, P.-A. (2016). Does Corporate Social Responsibility Create Shareholder Value? The Importance of Long-Term Investors.
Kleinschmidt, E. J., & Cooper, R. G. (1991). The impact of product innovativeness on performance. Journal of Product Innovation Management, 8(4), 240-251.
Krüger, P. (2015). Corporate goodness and shareholder wealth. Journal of Financial Economics, 115(2), 304-329.
Lane, B., & Potter, S. (2007). The adoption of cleaner vehicles in the UK: exploring the consumer attitude–action gap. Journal of cleaner production, 15(11), 1085-1092.
Lin, L.-H., & Ho, Y.-L. (2016). Institutional Pressures and Environmental Performance in the Global Automotive Industry: The Mediating Role of Organizational Ambidexterity. Long Range Planning, 49(6), 764-775.
Lin, R.-J., Tan, K.-H., & Geng, Y. (2013). Market demand, green product innovation, and firm performance: evidence from Vietnam motorcycle industry. Journal of Cleaner Production, 40, 101-107.
Liu, Y., Liu, Y., & Chen, J. (2015). The impact of the Chinese automotive industry: scenarios based on the national environmental goals. Journal of Cleaner Production, 96(0), 102-109.
Loureiro, S. M., Sardinha, I. M. D., & Reijnders, L. (2012). The effect of corporate social responsibility on consumer satisfaction and perceived value: the case of the automobile industry sector in Portugal. Journal of cleaner production, 37(0), 172-178.
Martinez-Conesa, I., Soto-Acosta, P., & Palacios-Manzano, M. (2017). Corporate social responsibility and its effect on innovation and firm performance: An empirical research in SMEs. Journal of Cleaner Production, 142, 2374-2383.
McConnell, J. J., & Servaes, H. (1990). Additional evidence on equity ownership and corporate value. Journal of Financial economics, 27(2), 595-612.
McGuinness, P. B., Vieito, J. P., & Wang, M. (2017). The role of board gender and foreign ownership in the CSR performance of Chinese listed firms. Journal of Corporate Finance, 42(0), 75-99.
Morck, R., Shleifer, A., & Vishny, R. W. (1988). Management ownership and market valuation: An empirical analysis. Journal of Financial Economics, 20, 293-315.
Okuno, K., & Bessho, T. (2001). Need for environmentally friendly surface modification technology in the Japanese automotive industry. Surface Engineering, 17(5), 357-361.
Park, S.-Y., & Lee, S. (2009). Financial rewards for social responsibility: A mixed picture for restaurant companies. Cornell Hospitality Quarterly, 50(2), 168-179.
Philpott, J. (1995). Transport growth in Bangkok: Energy, environment, and traffic congestion. Workshop proceedings: International Inst. for Energy Conservation, Washington, DC (United States).
Sanitthangkul, J., Ratsamewongjan, A., Charoenwongmitr, W., & Wongkantarakorn, J. (2012). Factors Affecting Consumer Attitude toward the Use of Eco-car Vehicles. Procedia - Social and Behavioral Sciences, 40(0), 461-466.
Wilberforce, T., El-Hassan, Z., Khatib, F. N., Al Makky, A., Baroutaji, A., Carton, J. G., & Olabi, A. G. (2017). Developments of electric cars and fuel cell hydrogen electric cars. International Journal of Hydrogen Energy, 42(40), 25695-25734.
Wu, X., Chen, S., Guo, J., & Gao, G. (2018). Effect of air pollution on the stock yield of heavy pollution enterprises in China's key control cities. Journal of Cleaner Production, 170(0), 399-406.
Yang, A. S., & Baasandorj, S. (2017). Exploring CSR and financial performance of full-service and low-cost air carriers. Finance Research Letters, 23, 291-299.
Yuan, R., Xiao, J. Z., & Zou, H. (2008). Mutual funds’ ownership and firm performance: Evidence from China. Journal of Banking & Finance, 32(8), 1552-1565.
Zou, L., Tang, T., & Li, X. (2016). The stock preferences of domestic versus foreign investors: Evidence from Qualified Foreign Institutional Investors (QFIIs) in China. Journal of Multinational Financial Management, 37-38, 12-28.