Page 285 - Hojnik, Jana. 2017. In Persuit of Eco-innovation. Drivers and Consequences of Eco-innovation at Firm Level. Koper: University of Primorska Press
P. 285
Summary of findings and discussion 285
significant, although the standardized coefficients were low. We can also
see that only for product eco-innovation showed no support; product
eco-innovation exerts a negative influence on company profitability, but
this this relationship is close to zero, is negative and significant (stand-
ardized coefficient -0.00). The likely explanation for this finding is that
innovations that do not improve a company’s resource efficiency do not
provide positive returns on profitability, while innovations that increase
a company’s resource efficiency (in terms of material or energy consump-
tion per unit of output) are more likely to have a positive effect on profit-
ability (Rexhäuser and Rammer 2013). Likewise, Ghisetti and Rennings
(2014) stressed that innovations that lead to reduction in the use of en-
ergy or materials per unit of output positively affect a company’s com-
petitiveness, while externality-reducing innovations hamper a company’s
competitiveness.
Because we expected that eco-innovations would not exert a positive
effect on company performance, when focusing on objective measures
(i.e., profitability indicator ratios) related to company growth and compa-
ny profitability (secondary data obtained from the GVIN database), we
also measured economic benefits pertaining to the respondents’ assess-
ment of company performance. We found strong support for Hypothesis
7, which predicted positive and significant relationships between eco-in-
novations and economic benefits. The eco-innovation construct exerts a
significant positive effect on economic benefits (standardized coefficient
0.65), as do organizational eco-innovation (standardized coefficient 0.62),
product eco-innovation (standardized coefficient 0.49) and, finally, pro-
cess eco-innovation (standardized coefficient 0.48).
Moreover, all eco-innovation types (product eco-innovation, process
eco-innovation, organizational eco-innovation and the eco-innovation
construct) exerted a positive and significant influence on competitive
benefits. We found the strongest association when testing the causal rela-
tionship between the eco-innovation construct and competitive benefits
(standardized coefficient 0.59), followed by organizational eco-innova-
tion (standardized coefficient 0.54), process eco-innovation (standardized
coefficient 0.49), and product eco-innovation (standardized coefficient
0.43). All the relationships were strong, positive and significant, thus of-
fering strong support to Hypothesis 8.
Lastly, we tested the relationships between eco-innovations and in-
ternationalization. Our study yields empirical evidence to support pos-
itive and significant causal relationships of these categories for all four
models. We found the strongest support for the relationship between
significant, although the standardized coefficients were low. We can also
see that only for product eco-innovation showed no support; product
eco-innovation exerts a negative influence on company profitability, but
this this relationship is close to zero, is negative and significant (stand-
ardized coefficient -0.00). The likely explanation for this finding is that
innovations that do not improve a company’s resource efficiency do not
provide positive returns on profitability, while innovations that increase
a company’s resource efficiency (in terms of material or energy consump-
tion per unit of output) are more likely to have a positive effect on profit-
ability (Rexhäuser and Rammer 2013). Likewise, Ghisetti and Rennings
(2014) stressed that innovations that lead to reduction in the use of en-
ergy or materials per unit of output positively affect a company’s com-
petitiveness, while externality-reducing innovations hamper a company’s
competitiveness.
Because we expected that eco-innovations would not exert a positive
effect on company performance, when focusing on objective measures
(i.e., profitability indicator ratios) related to company growth and compa-
ny profitability (secondary data obtained from the GVIN database), we
also measured economic benefits pertaining to the respondents’ assess-
ment of company performance. We found strong support for Hypothesis
7, which predicted positive and significant relationships between eco-in-
novations and economic benefits. The eco-innovation construct exerts a
significant positive effect on economic benefits (standardized coefficient
0.65), as do organizational eco-innovation (standardized coefficient 0.62),
product eco-innovation (standardized coefficient 0.49) and, finally, pro-
cess eco-innovation (standardized coefficient 0.48).
Moreover, all eco-innovation types (product eco-innovation, process
eco-innovation, organizational eco-innovation and the eco-innovation
construct) exerted a positive and significant influence on competitive
benefits. We found the strongest association when testing the causal rela-
tionship between the eco-innovation construct and competitive benefits
(standardized coefficient 0.59), followed by organizational eco-innova-
tion (standardized coefficient 0.54), process eco-innovation (standardized
coefficient 0.49), and product eco-innovation (standardized coefficient
0.43). All the relationships were strong, positive and significant, thus of-
fering strong support to Hypothesis 8.
Lastly, we tested the relationships between eco-innovations and in-
ternationalization. Our study yields empirical evidence to support pos-
itive and significant causal relationships of these categories for all four
models. We found the strongest support for the relationship between
