20.500.12556/RUP-22250 Analysis of the Effect of Eco-Efficiency on Asset Return in Food and Beverage Manufacturing Companies Listed at the Johannesburg Stock Exchange Analiza vpliva okoljske učinkovitosti na donosnost sredstev v podjetjih za proizvodnjo hrane in pijač, kotirajočih na borzi v Johannesburgu This article examines the effect of eco-efficiency on corporate return on assets (ROA). The paper aimed to analyse whether corporate eco-efficiency performance (represented by energy consumption, water consumption, carbon emission and waste generation) affects the performance of ROA. Data on the eco-efficiency and ROA was collected from fourteen food and beverage companies listed in the Johannesburg Stock Exchange for a period of ten years (2012 to 2021). Using the STATA Software, the data was analysed by applying the Generalised Method of Moment (GMM) statistical technique, which enhanced the statistical analysis robustness. Findings from the GMM analysis showed different results. On the one hand, the results indicate that energy and water consumption in the food and beverage companies have a positive (but insignificant) effect on ROA. On the other hand, the results show that waste generation has a negative (but insignificant) effect on ROA; and that carbon emission has a negative and significant effect on ROA. Pričujoči članek preučuje vpliv okoljske učinkovitosti na donosnost sredstev podjetij (angl. return on assets – ROA). Njegov namen je bil analizirati, ali uspešnost podjetij na področju okoljske učinkovitosti (predstavljena z rabo energije, s porabo vode, z emisijami ogljika in nastajanjem odpadkov) vpliva na donosnost sredstev (ROA). Podatki o okoljski učinkovitosti in ROA so bili zbrani za 14 podjetij iz sektorja hrane in pijač, ki kotirajo na borzi v Johannesburgu, za obdobje desetih let (2012–2021). Podatki so bili analizirani z uporabo programske opreme STATA in statistične metode GMM (iz angl. Generalised Method of Moment), ki je povečala robustnost analize. Ugotovitve analize GMM so pokazale različne rezultate. Ti po eni strani kažejo, da imata poraba energije in vode v podjetjih za proizvodnjo hrane in pijač pozitiven (vendar statistično nepomemben) vpliv na ROA. Po drugi strani pa kažejo, da ima nastajanje odpadkov negativen (vendar statistično nepomemben) vpliv na ROA, medtem ko imajo emisije ogljika negativen in statistično pomemben vpliv na ROA. environmental accounting return on assets financial performance eco-efficiency energy consumption water consumption carbon emission waste generation sales revenue okoljsko računovodstvo donosnost sredstev finančna uspešnost okoljska učinkovitost poraba energije poraba vode emisije ogljika nastajanje odpadkov prihodki od prodaje true false false Angleški jezik Slovenski jezik Članek v reviji 2025-12-18 13:14:59 2025-12-18 13:15:01 2025-12-23 03:05:20 0000-00-00 00:00:00 2025 0 0 no. 2 Vol. 23 2025 0000-00-00 Zaloznikova Objavljeno NiDoloceno 0000-00-00 0000-00-00 2025-06-30 1854-6935 https://doi.org/10.26493/1854-6935.23.175-200 https://ojs.upr.si/index.php/fm/article/download/217/86 1 7b827683-dc0b-11f0-8f0b-005056ac49c0 https://repozitorij.upr.si/Dokument.php?lang=slv&id=32314 MGT_Malapa_Dimakatso_Hellen_2025.pdf MGT_Malapa_Dimakatso_Hellen_2025.pdf 1 7E7ED334CC739A86E9CA08DA3F9E1471 160b6ec1d0e11f7e44ad268a44f132149d1af5288f1632b4ade7d80634e62062 c2f21cf6-dc0b-11f0-8f0b-005056ac49c0 https://repozitorij.upr.si/Dokument.php?lang=slv&id=32315 Založba Univerze na Primorskem 0 0 0