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Eco-innovations and firms’ financial performance: A study of a relationship between eco-innovations and financial performance of firms who make them.
Dalarna University, School of Technology and Business Studies, Business Administration and Management.
2020 (English)Independent thesis Advanced level (degree of Master (One Year)), 10 credits / 15 HE creditsStudent thesis
Abstract [en]

Much of the existing body of literature analyzes the relationship between eco-innovations and financial performance. Our study differentiates from this literature, by focusing on the scarcely investigated Nordic context, by providing a holistic view on eco-innovations and finally by analyzing also the effects eco-innovations have on marker performance. This research focuses on three types of eco-innovations (eco-product, eco-process, and eco-organizational), and additionally brings standard innovations into the perspective. To measure the impact eco-innovations in general and its categorized types have on financial performance, a sample of 50 Nordic listed firms, spread from the year 2003-2019, was employed. Financial performance was measured with profitability accounting measures (return on equity, return on assets, and operating margin), while market performance was measured with the change in firms’ market value. Our results indicate that eco-innovations were generally associated with lower profitability returns, except in the case of eco-process innovations. Moreover, our findings interestingly showed, that market performance is positively affected by standard innovations and eco-organizational innovations. The findings suggest, that even when these types of innovations have no significant effect on profitability, investors still believe these innovations will increase the long-term real value of firms. Overall this study extends the discussion of eco-innovations to their effects on firm performance, based from an investor/shareholder perspective.

Place, publisher, year, edition, pages
2020.
Keywords [en]
Eco-innovations, Sustainability, financial performance, market performance, Nordic region
National Category
Business Administration
Identifiers
URN: urn:nbn:se:du-34443OAI: oai:DiVA.org:du-34443DiVA, id: diva2:1451271
Available from: 2020-07-02 Created: 2020-07-02

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CiteExportLink to record
Permanent link

Direct link
Cite
Citation style
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • chicago-author-date
  • chicago-note-bibliography
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf