Socio-eco-efficiency of high-tech companies: a cross-sector and cross-regional study

Studies that consider all dimensions of sustainable development (well-being of communities, protection of natural environment, and the competitive economy) are scarce. The main objective of this paper is to evaluate relationships between socio-eco-financial inputs and outputs and investigate high-tech companies' dynamic efficiency. Relationships were assessed by estimating Spearman as well as canonical correlations. Changes in socio-eco-efficiency through 2010–2016 were calculated using the panel data variant of data envelopment analysis – Malmquist index. High-tech companies were split into manufacturing (HTM) and knowledge-intensive services (HTKIS) sectors and, for additional insights, into Europe, North America, Asia & Pacific, and other regions. Findings indicate tight interrelatedness of socio-eco aspects and their weak relationship to the financial situation, where undesirable socio-eco situation reduces sales and return on assets only in HTM sector. Technological changes reveal post-crisis market recovery with increasing competition bringing fluctuating socio-eco-efficiency changes during the period analyzed. Pharmaceuticals in HTM and renewable energy in HTKIS had the highest efficiency changes of 0.73% and 0.81% on average, respectively, but these changes were not statistically significant. Meanwhile, for a few NACE categories significantly negative changes were found. North America featured a non-significantly positive socio-eco-efficiency change on average (only in HTM), whereas the Asia & Pacific region featured the most stable efficiency dynamics. To the authors' knowledge, this is the first research that recognizes all three dimensions of sustainable development to investigate high-tech companies' correlation patterns and dynamic efficiency throughout different sectors and world regions.