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Environmental Performance Versus Economic-financial Performance: Evidence from Italian Firms

Francesca Di Pillo, Massimo Gastaldi, Nathan Levialdi and Michela Miliacca
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Francesca Di Pillo: Department of Enterprise Engineering, University of Rome “Tor Vergata,” Via del Politecnico 1, 00133 Rome, Italy,
Massimo Gastaldi: Department of Industrial and Information Engineering & Economics, University of L’Aquila, via Giovanni Gronchi 18, 67100 L’Aquila, Italy,
Nathan Levialdi: Department of Enterprise Engineering, University of Rome “Tor Vergata,” Via del Politecnico 1, 00133 Rome, Italy,
Michela Miliacca: Department of Enterprise Engineering, University of Rome “Tor Vergata,” Via del Politecnico 1, 00133 Rome, Italy.

International Journal of Energy Economics and Policy, 2017, vol. 7, issue 2, 98-108

Abstract: The aim of the study is to evaluate the economic-financial performance of a sample of 236 Italian companies in relation to their environmental performance, measured in terms of CO2 emissions normalized by company turnover. In addition to the company’s economic management, the analysis also considers the equity structure and company liquidity, over a period of 6 years (2008-2013). The analysis involves the creation of four maps of positioning, serving to represent the companies of the sample in relation to their different attitudes: (i) Green efficiency, (ii) operational efficiency, (iii) company profitability, (iv) financial viability, (v) company liquidity. The examination of positioning maps also serves in identifying extreme cases, meaning the totally inefficient and the “virtuous” companies, and for conducting sectoral analyses to evaluate potential relations between company performances and the characteristics of their industrial sector.

Keywords: Environment; CO2 Emission; Environmental Performance; Economic-financial Performance (search for similar items in EconPapers)
JEL-codes: L6 Q5 Q50 Q51 (search for similar items in EconPapers)
Date: 2017
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