Socio-eco-efficiency of high-tech companies: a cross-sector and cross-regional study

Studies that consider all dimensions of sustainable development (well-being of communities, protection of natural environment, and the competitive economy) are scarce. The main objective of this paper is to evaluate relationships between socio-eco-financial inputs and outputs and investigate high-te...

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Bibliographic Details
Published in:Environment, development and sustainability development and sustainability, 2023-11, Vol.25 (11), p.12761-12790
Main Authors: Vaičiukynas, Evaldas, Andrijauskienė, Meda, Danėnas, Paulius, Benetytė, Raminta
Format: Article
Language:English
Subjects:
Changes
Companies
Data envelopment analysis
Earth and Environmental Science
Ecology
Economic Geology
Economic Growth
Efficiency
Environment
Environmental Economics
Environmental Management
High tech industries
Natural environment
Panel data
Prescription drugs
Regional development
Renewable energy
Sales
Statistical analysis
Sustainability
Sustainable Development
Technological change
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Summary:Studies that consider all dimensions of sustainable development (well-being of communities, protection of natural environment, and the competitive economy) are scarce. The main objective of this paper is to evaluate relationships between socio-eco-financial inputs and outputs and investigate high-tech companies' dynamic efficiency. Relationships were assessed by estimating Spearman as well as canonical correlations. Changes in socio-eco-efficiency through 2010–2016 were calculated using the panel data variant of data envelopment analysis – Malmquist index. High-tech companies were split into manufacturing (HTM) and knowledge-intensive services (HTKIS) sectors and, for additional insights, into Europe, North America, Asia & Pacific, and other regions. Findings indicate tight interrelatedness of socio-eco aspects and their weak relationship to the financial situation, where undesirable socio-eco situation reduces sales and return on assets only in HTM sector. Technological changes reveal post-crisis market recovery with increasing competition bringing fluctuating socio-eco-efficiency changes during the period analyzed. Pharmaceuticals in HTM and renewable energy in HTKIS had the highest efficiency changes of 0.73% and 0.81% on average, respectively, but these changes were not statistically significant. Meanwhile, for a few NACE categories significantly negative changes were found. North America featured a non-significantly positive socio-eco-efficiency change on average (only in HTM), whereas the Asia & Pacific region featured the most stable efficiency dynamics. To the authors' knowledge, this is the first research that recognizes all three dimensions of sustainable development to investigate high-tech companies' correlation patterns and dynamic efficiency throughout different sectors and world regions.
ISSN:1387-585X
1573-2975
DOI:10.1007/s10668-022-02589-9