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Green Investment Strategies and Financial Performance: Evidence from Portuguese Firms

Author

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  • Pedro Alçada

    (University of Coimbra, Faculty of Science and Technology)

Abstract

This study analyzes how environmental investment strategies affect the financial performance of Portuguese companies. The analysis uses company-level data from the Extractive and Manufacturing Industries and Electricity, Gas and Water Production and Distribution Sectors for the period between 2010 and 2021. The empirical analysis showed that there is no statistically significant relationship between the level of green investment and the financial performance of the companies under study. It was also possible to ascertain that eco-innovations have a positive relationship with the level of green investment, with the adoption of certain types of green innovation strategies having a greater impact on both environmental investment and financial performance.

Suggested Citation

  • Pedro Alçada, 2025. "Green Investment Strategies and Financial Performance: Evidence from Portuguese Firms," Notas Económicas, Faculty of Economics, University of Coimbra, issue 59, pages 49-66, July.
    • Handle: RePEc:gmf:journl:y:2025:i:59:p:49:66
    DOI: 10.14195/2183-203X_59_3
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    Keywords

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    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility
    • C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models

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