| dc.description.abstract | This research examined how eco-innovation drives European enterprises' financial performance. The Panel Least Square Model was used to analyse a 2014–2020 dataset from 11 European nations. Policymakers, industry practitioners, and researchers can benefit from the study's eco-innovation insights. Eco-innovation was favorably connected with energy usage or CO2 (Carbon dioxide) footprint reduction, pollution reduction, product recycling, and product life extension. However, these relationships were not statistically significant, suggesting that they may drive eco-innovation but not alone. Eco-innovation and financial success were also examined. The coefficient showed that eco-innovation improved financial performance. This link was not statistically significant. Eco-innovation's influence on financial success may rely on elements not included in this study. The study's findings support innovation theory's multifaceted and interactive character. The shift from a linear to an interactive model of eco-innovation emphasizes the relevance of various elements and their interaction in generating eco-innovation results. According to the findings, governments should encourage collaboration between companies, academic institutions, and government agencies to share information and spread innovation. Create platforms and networks for eco-innovation best practices, technology, and knowledge. Open innovation and collaborations boost eco-innovations across industries.
Keywords: Innovation, Eco-innovation, Financial Performance, Internal Research and Development (R&D), Environmental Benefits, and Public Performance. | |
