Keywords
financial performance
stakeholder theory
corporate social responsibility (CSR)
energy usage behaviours
factor analysis
How to Cite
Abstract
The article investigates the relationship between environmental and financial performance of businesses, using stakeholder theory and corporate social responsibility as its analytical frameworks. It introduces hypotheses regarding firms’ energy-related behaviours and their impact on financial and operational outcomes. The study was conducted between June and October 2023 among 200 Polish companies from the Silesia region, each represented by a key decision-maker. The article applies factor analysis as a statistical technique for identifying similarities and grouping variables into distinct factors to support further analyses. Research background: Integrating Corporate Social Responsibility (CSR) into business operations strengthens long-term success and competitive advantage. Improving energy efficiency leads to cost savings and better financial results, while effective leadership encourages energy-saving behaviours that enhance both operational and financial outcomes. Purpose of the article: The article examines the relationship between energy efficiency and financial performance in Polish companies, particularly in the Silesia region. It aims to provide empirical evidence on this relationship as part of the ExCORE project funded by NAWA. Methods: The study analysed 200 Polish manufacturing companies using validated scales and applied factor analysis, correlation analysis, and regression modelling to explore the relationship between energy-related behaviours and financial performance. Findings & value added: The study found a significant relationship between ecological practices and financial performance. Although green practices showed a limited direct impact on financial outcomes, several factors influencing operational and financial performance were identified. The research offers valuable insights for incorporating sustainability into business strategies to enhance financial results.
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