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Evaluating the Impact of Energy–Cost Management on Financial and Environmental Performance Using an Exergy-Based Network DEA Framework.

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Title: Evaluating the Impact of Energy–Cost Management on Financial and Environmental Performance Using an Exergy-Based Network DEA Framework.
Authors: Hajishams, Maryam1 (AUTHOR), Rasekh, Shahed2 (AUTHOR), Robaina, Margarita1 (AUTHOR), Matias, João C. O.1,2 (AUTHOR) jmatias@ua.pt
Source: Energies (19961073). Jun2026, Vol. 19 Issue 11, p2694. 43p.
Subject Terms: *Exergy, *Data envelopment analysis, *Sustainability, *Evaluation research, *Energy industries, *Financial performance, *Economic efficiency, *Carbon dioxide mitigation
Abstract: In the context of the energy transition and increasing environmental pressures, firms' competitiveness increasingly depends on effective energy–cost management and environmental performance. However, integrating energy, financial, and environmental dimensions into performance evaluation remains methodologically challenging. This study develops an exergy-based two-stage Network Data Envelopment Analysis (NDEA) framework linking energy and cost management in Stage 1 to financial performance under environmental constraints in Stage 2. Using Refinitiv/London Stock Exchange Group (LSEG) data for 45 firms across 18 industries in Portugal and Spain in 2023, the model integrates thermodynamic, financial, and environmental indicators within a unified efficiency framework. The Exergy-to-Sales ratio serves as a fixed intermediate link between thermodynamic and financial efficiency. Results show that incorporating environmental performance increases the number of fully efficient firms in overall efficiency from 3 to 5, while 27 firms move closer to the efficiency frontier. The environmental specification reduces the average improvement required for Return on Sales (ROS) and Return on Equity (ROE) but increases the adjustment needed for Return on Assets (ROA), indicating heterogeneous profitability responses. The study contributes to sustainable performance assessment literature by integrating exergy analysis and NDEA within a unified decision-support framework for managers and policymakers pursuing competitiveness and decarbonization objectives. [ABSTRACT FROM AUTHOR]
Database: Energy & Power Source
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Header DbId: enr
DbLabel: Energy & Power Source
An: 194588082
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PubType: Academic Journal
PubTypeId: academicJournal
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  Label: Title
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  Data: Evaluating the Impact of Energy–Cost Management on Financial and Environmental Performance Using an Exergy-Based Network DEA Framework.
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  Data: <searchLink fieldCode="JN" term="%22Energies+%2819961073%29%22">Energies (19961073)</searchLink>. Jun2026, Vol. 19 Issue 11, p2694. 43p.
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  Data: *<searchLink fieldCode="DE" term="%22Exergy%22">Exergy</searchLink><br />*<searchLink fieldCode="DE" term="%22Data+envelopment+analysis%22">Data envelopment analysis</searchLink><br />*<searchLink fieldCode="DE" term="%22Sustainability%22">Sustainability</searchLink><br />*<searchLink fieldCode="DE" term="%22Evaluation+research%22">Evaluation research</searchLink><br />*<searchLink fieldCode="DE" term="%22Energy+industries%22">Energy industries</searchLink><br />*<searchLink fieldCode="DE" term="%22Financial+performance%22">Financial performance</searchLink><br />*<searchLink fieldCode="DE" term="%22Economic+efficiency%22">Economic efficiency</searchLink><br />*<searchLink fieldCode="DE" term="%22Carbon+dioxide+mitigation%22">Carbon dioxide mitigation</searchLink>
– Name: Abstract
  Label: Abstract
  Group: Ab
  Data: In the context of the energy transition and increasing environmental pressures, firms' competitiveness increasingly depends on effective energy–cost management and environmental performance. However, integrating energy, financial, and environmental dimensions into performance evaluation remains methodologically challenging. This study develops an exergy-based two-stage Network Data Envelopment Analysis (NDEA) framework linking energy and cost management in Stage 1 to financial performance under environmental constraints in Stage 2. Using Refinitiv/London Stock Exchange Group (LSEG) data for 45 firms across 18 industries in Portugal and Spain in 2023, the model integrates thermodynamic, financial, and environmental indicators within a unified efficiency framework. The Exergy-to-Sales ratio serves as a fixed intermediate link between thermodynamic and financial efficiency. Results show that incorporating environmental performance increases the number of fully efficient firms in overall efficiency from 3 to 5, while 27 firms move closer to the efficiency frontier. The environmental specification reduces the average improvement required for Return on Sales (ROS) and Return on Equity (ROE) but increases the adjustment needed for Return on Assets (ROA), indicating heterogeneous profitability responses. The study contributes to sustainable performance assessment literature by integrating exergy analysis and NDEA within a unified decision-support framework for managers and policymakers pursuing competitiveness and decarbonization objectives. [ABSTRACT FROM AUTHOR]
PLink https://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=enr&AN=194588082
RecordInfo BibRecord:
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    Identifiers:
      – Type: doi
        Value: 10.3390/en19112694
    Languages:
      – Code: eng
        Text: English
    PhysicalDescription:
      Pagination:
        PageCount: 43
        StartPage: 2694
    Subjects:
      – SubjectFull: Exergy
        Type: general
      – SubjectFull: Data envelopment analysis
        Type: general
      – SubjectFull: Sustainability
        Type: general
      – SubjectFull: Evaluation research
        Type: general
      – SubjectFull: Energy industries
        Type: general
      – SubjectFull: Financial performance
        Type: general
      – SubjectFull: Economic efficiency
        Type: general
      – SubjectFull: Carbon dioxide mitigation
        Type: general
    Titles:
      – TitleFull: Evaluating the Impact of Energy–Cost Management on Financial and Environmental Performance Using an Exergy-Based Network DEA Framework.
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          Name:
            NameFull: Hajishams, Maryam
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            NameFull: Rasekh, Shahed
      – PersonEntity:
          Name:
            NameFull: Robaina, Margarita
      – PersonEntity:
          Name:
            NameFull: Matias, João C. O.
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            – D: 01
              M: 06
              Text: Jun2026
              Type: published
              Y: 2026
          Identifiers:
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              Value: 19961073
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              Value: 19
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              Value: 11
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            – TitleFull: Energies (19961073)
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