Economic Factors of Corporate Sustainability and Performance of Foam Manufacturing Firms (Published)
Corporate sustainability is essential for balancing economic performance with environmental responsibility. This study investigates the relationship between economic factors of corporate sustainability—specifically recycling and product innovation—and the organizational performance of foam manufacturing firms in Anambra State, Nigeria. Employing a descriptive survey design, 600 copies of questionnaire were administered, while 560 were found valid and useful for data analysis. Statistical analysis Spearman’s correlation and paired sample t-tests were used it revealed significant relationships between the variables. Recycling demonstrated a significant positive relationship with profitability, with a Spearman correlation coefficient of 0.020** and a paired t-test value of 2.326 and p = 0.001. Similarly, product innovation was found to have a strong positive relationship with profitability, reflected by a correlation coefficient of -0.048** and a paired t-test value of 9.035 and p = 0.003). The findings underscore the importance of sustainability practices in enhancing profitability through cost reduction, operational efficiency, and market differentiation. Guided by the Natural Resource-Based View (NRBV) theory, the study concludes that sustainability strategies can transform organizational performance. Recommendations include investing in advanced recycling technologies, fostering eco-friendly product innovation, and implementing supportive government policies to ensure sustainable economic growth and operational efficiency in the foam manufacturing sector of Anambra State.
Keywords: Performance, Product Innovation, Profitability, Recycling, corporate sustainability