THE RELATIONSHIP BETWEEN GREEN INNOVATION AND FINANCIAL PERFORMANCE: A STUDY ON EU FIRMS

Year 2025, Volume: 8 Issue: 1, 54 - 68, 01.04.2025

Kubilay Düzgit , Aslı Aybars

https://doi.org/10.32951/mufider.1566320

Abstract

This research aims to evaluate the impact of green innovation on the financial performance of firms operating in the EU. The dataset comprises 105 real sector firms over the period from 2016 to 2022. Panel data analysis, incorporating a total of 735 firm-year observations, is employed to investigate the influence of green innovation on the financial performance of the selected firms. The findings for the analysis period reveal a positive and significant correlation between green innovation and the financial performance of the chosen companies.The distinctive contribution of this study lies in its incorporation of green innovation intensity scores, a well-balanced panel data set, and the utilization of 8 models that consider the lag effect.

Keywords

Green Innovation, Financial Performance, European Union, Panel Data Analysis

YEŞİL İNOVASYON VE FİNANSAL PERFORMANS İLİŞKİSİ: AB FİRMALARI ÜZERİNE BİR ARAŞTIRMA

Abstract

Bu araştırma, AB'de faaliyet gösteren firmaların finansal performansı üzerinde yeşil inovasyonun etkisini değerlendirmeyi amaçlamaktadır. Veri setimiz, 2016 ile 2022 yılları arasında 105 reel sektör firmasını kapsamaktadır. Yeşil inovasyonun, seçilen firmaların finansal performansını nasıl etkilediğini incelemek için 735 firma-yıl gözlemi içeren panel veri analizi kullanılmıştır. Analiz dönemine ait bulgular, yeşil inovasyon ile seçilen şirketlerin finansal performansı arasında pozitif ve anlamlı bir ilişki olduğunu göstermektedir.Bu çalışmanın özgün katkısı, yeşil inovasyon yoğunluk skorlarını içermesi, dengeli bir panel veri seti kullanması ve gecikme etkisini ele alan 8 modelin kullanılmasıdır.

Keywords

Yeşil İnovasyon, Finansal Performans, Avrupa Birliği, Panel Veri Analizi

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