XXXI International Mineral Processing Congress 2024 Proceedings/Washington, DC/Sep 29–Oct 3 277
METHODOLOGY
Hypotheses Development
Research Question: To what extent do sustainabil-
ity behaviours, adoption of standards, modification
of procedures, and associations with SDGs, correlate
with financial performance?
Hypothesis—There is an association between specific
sustainability behaviours and financial performance:
• Null Hypothesis (H0): There is no statistically sig-
nificant association between specific sustainability
behaviors (such as adoption of standards, modifica-
tion of procedures, associations with SDGs, com-
munications, donations &funding, volunteerism,
pricing strategies, incentives, R&D investments, new
product introductions) and higher financial perfor-
mance (ROA and Tobin’s Q).
• Alternative Hypothesis (H1): There is a statistically
significant association between specific sustainability
behaviors and higher financial performance (ROA
and Tobin’s Q).
Several theoretical perspectives support this hypothesis.
Stakeholder Theory argues that prioritizing environmental
well-being, achieved through carbon reduction efforts, fos-
ters long-term sustainability and financial success (Ellram
et al., 2022). Resource-based theory suggests that effective
environmental resource management, including emission
reduction, can generate competitive advantages and superior
financial performance (Shibin et al., 2020). Additionally,
Agency Theory emphasizes aligning emission reduction
with shareholder interests, leading to improved financial
performance (Lang et al., 2019). Therefore, exploring the
association between specific sustainability behaviors and
financial performance aligns with the evolving landscape of
corporate sustainability and its implications for businesses
and their stakeholders.
Table 1. Sustainability behavior (Cenci et al., 2023b, 2023a)
Sustainability Activity Definition
Assets Modification Activities involving the construction, expansion, or modification of physical assets owned and used by the
company for its operations.
Communications Activities involving sharing specific information or knowledge with stakeholders, such as raising awareness
and providing product information.
Association Activities through collaboration, cooperation, or joining forces with other firms, organizations,
institutions, or communities.
Donations &Funding Philanthropic activities where companies donate money, goods, or services as gifts, including support for
external sustainability initiatives.
Volunteerism Activities promoting volunteerism, fundraising, and personal donations from employees, customers, and
the community.
Adoption of Standards
&Rules
Activities involving acceptance, adoption, or compliance with externally sourced policies, guidelines,
procedures, or standards.
Modification of
Procedures
Activities making changes to existing procedures or processes to incorporate sustainability considerations.
Assessment and
Measurement
Activities aimed at collecting information from internal and external sources to assess various aspects of
sustainability within the company.
Organizational
Structuring
Activities involving structural changes to enhance sustainability management and decision-making within
the organization.
Training Activities focused on teaching and providing learning opportunities to enhance knowledge and skills
related to sustainability.
Pricing Activities involving the establishment or modification of pricing structures considering sustainability
factors.
Incentives Activities developing benefits, rewards, or disincentives to encourage stakeholders to align with
sustainability goals.
R&D Investments Activities aimed at introducing technological innovations to enhance sustainability performance in
products, services, or processes.
New product Activities related to the launch of new products or services, including sustainable packaging options and
technical enhancements
METHODOLOGY
Hypotheses Development
Research Question: To what extent do sustainabil-
ity behaviours, adoption of standards, modification
of procedures, and associations with SDGs, correlate
with financial performance?
Hypothesis—There is an association between specific
sustainability behaviours and financial performance:
• Null Hypothesis (H0): There is no statistically sig-
nificant association between specific sustainability
behaviors (such as adoption of standards, modifica-
tion of procedures, associations with SDGs, com-
munications, donations &funding, volunteerism,
pricing strategies, incentives, R&D investments, new
product introductions) and higher financial perfor-
mance (ROA and Tobin’s Q).
• Alternative Hypothesis (H1): There is a statistically
significant association between specific sustainability
behaviors and higher financial performance (ROA
and Tobin’s Q).
Several theoretical perspectives support this hypothesis.
Stakeholder Theory argues that prioritizing environmental
well-being, achieved through carbon reduction efforts, fos-
ters long-term sustainability and financial success (Ellram
et al., 2022). Resource-based theory suggests that effective
environmental resource management, including emission
reduction, can generate competitive advantages and superior
financial performance (Shibin et al., 2020). Additionally,
Agency Theory emphasizes aligning emission reduction
with shareholder interests, leading to improved financial
performance (Lang et al., 2019). Therefore, exploring the
association between specific sustainability behaviors and
financial performance aligns with the evolving landscape of
corporate sustainability and its implications for businesses
and their stakeholders.
Table 1. Sustainability behavior (Cenci et al., 2023b, 2023a)
Sustainability Activity Definition
Assets Modification Activities involving the construction, expansion, or modification of physical assets owned and used by the
company for its operations.
Communications Activities involving sharing specific information or knowledge with stakeholders, such as raising awareness
and providing product information.
Association Activities through collaboration, cooperation, or joining forces with other firms, organizations,
institutions, or communities.
Donations &Funding Philanthropic activities where companies donate money, goods, or services as gifts, including support for
external sustainability initiatives.
Volunteerism Activities promoting volunteerism, fundraising, and personal donations from employees, customers, and
the community.
Adoption of Standards
&Rules
Activities involving acceptance, adoption, or compliance with externally sourced policies, guidelines,
procedures, or standards.
Modification of
Procedures
Activities making changes to existing procedures or processes to incorporate sustainability considerations.
Assessment and
Measurement
Activities aimed at collecting information from internal and external sources to assess various aspects of
sustainability within the company.
Organizational
Structuring
Activities involving structural changes to enhance sustainability management and decision-making within
the organization.
Training Activities focused on teaching and providing learning opportunities to enhance knowledge and skills
related to sustainability.
Pricing Activities involving the establishment or modification of pricing structures considering sustainability
factors.
Incentives Activities developing benefits, rewards, or disincentives to encourage stakeholders to align with
sustainability goals.
R&D Investments Activities aimed at introducing technological innovations to enhance sustainability performance in
products, services, or processes.
New product Activities related to the launch of new products or services, including sustainable packaging options and
technical enhancements