Firms often invest in sustainable development projects to improve their environmental and societal performance. Given the broad spectrum of these projects and limited resources, managers face challenges in determining where to improve (e.g., improving water consumption and reducing carbon footprint). The study examines the connection between environmental performance and firm performance from a new angle to help managers make informed decisions. The study examines firms in the consumer product industry regarding their efficiency in the operational aspect, the resource-related environmental aspect, and the climate-related environmental aspect. It then employs panel data models to investigate the implications of efficiency differences across these aspects on firms' financial performance and business risk. The results indicate that the effects of these differences are adverse in general. Additionally, the relationship between the operational and environmental efficiency difference and financial performance is in an inverted-U shape. The study contributes to the literature by offering theoretical support and empirical evidence for the balanced portfolio approach in managing multiple environmental concerns. The study findings also provide managerial guidelines for decision-making. To gain a greater benefit, managers should aim to minimize the performance differences across multiple environmental aspects and manage a subtle balance between operational performance and environmental performance.

中文翻译：

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可持续发展中效率差异的影响：消费品行业的实证研究

公司经常投资于可持续发展项目，以改善其环境和社会绩效。鉴于这些项目范围广泛且资源有限，管理人员在确定要改进的地方（例如，改善用水量和减少碳足迹）方面面临挑战。该研究从一个新的角度研究了环境绩效与公司绩效之间的联系，以帮助管理人员做出明智的决策。该研究考察了消费品行业的公司在运营方面、资源相关环境方面和气候相关环境方面的效率。然后使用面板数据模型来研究这些方面的效率差异对公司财务绩效和业务风险的影响。结果表明，这些差异的影响总体上是不利的。此外，运营和环境效率差异与财务绩效之间的关系呈倒U形。该研究通过为管理多个环境问题的平衡投资组合方法提供理论支持和经验证据，为文献做出了贡献。研究结果还为决策提供了管理指南。为了获得更大的收益，管理人员应致力于将多个环境方面的绩效差异降至最低，并在运营绩效和环境绩效之间实现微妙的平衡。运营和环境效率差异与财务绩效之间的关系呈倒U形。该研究通过为管理多个环境问题的平衡投资组合方法提供理论支持和经验证据，为文献做出了贡献。研究结果还为决策提供了管理指南。为了获得更大的收益，管理人员应致力于将多个环境方面的绩效差异降至最低，并在运营绩效和环境绩效之间实现微妙的平衡。运营和环境效率差异与财务绩效之间的关系呈倒U形。该研究通过为管理多个环境问题的平衡投资组合方法提供理论支持和经验证据，为文献做出了贡献。研究结果还为决策提供了管理指南。为了获得更大的收益，管理人员应致力于将多个环境方面的绩效差异降至最低，并在运营绩效和环境绩效之间实现微妙的平衡。研究结果还为决策提供了管理指南。为了获得更大的收益，管理人员应致力于将多个环境方面的绩效差异降至最低，并在运营绩效和环境绩效之间实现微妙的平衡。研究结果还为决策提供了管理指南。为了获得更大的收益，管理人员应致力于将多个环境方面的绩效差异降至最低，并在运营绩效和环境绩效之间实现微妙的平衡。