Abstract
Recently, eco-innovation has received a lot of attention in the academic and corporate world due to its potential to accelerate firm financial progression. To measure eco-innovation, mostly primary data and a reactive approach were employed. By emphasising the proactive approach and utilising a secondary panel dataset, this study fills the existing research gap. Data presented in this paper comprise 31 energy firms from Bursa Malaysia for the years between 2015 and 2019. Panel data associated with eco-innovation proactiveness and firm financial progression were collected from three different sources such as company websites, annual reports, and sustainability reports using content analysis. For data collection, an index was adapted comprising five dimensions of eco-innovation, named as product, process, technology, organizational, and marketing. In addition to that, Tobin’s Q was considered as a proxy dimension for firm financial progression because it considers both market value as well as book value. Following a unit root test, six specific data diagnostic tests were performed to ensure data reliability and validity for future potential usage. The results reveal that the panel dataset was organised and is eligible for further statistical model analysis.
Highlights
Publisher’s Note: MDPI stays neutral with regard to jurisdictional claims in published maps and institutional affiliations
It is argued that panel data produce highly reliable information with greater flexibility and efficiency
Panel data eliminate the drawbacks of primary data, crosssectional data, and time series data
Summary
The awareness and understanding of eco-innovation among all stakeholders have created pressure on firms to act proactively. Publicly traded firms have high market capitalization and prospective investors may be more interested in investing in those companies in the stock exchange [5]. They disclose their financial and sustainability reports regularly, in addition to their initiatives concerning eco-innovation [5,6]. Energy resources such as crude oil and coal have long been acknowledged to be some of the most important components for economic progress for an emerging country such as Malaysia [7,8,9]. Publicly listed companies acknowledge their ecoinnovation initiatives and activities in both annual reports and sustainability reports
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