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ORIGINAL RESEARCH
The Relationship between Financial Performance
and Stock Price of Energy Conservation
and Environmental Protection Listed
Companies-A Study Based on fsQCA
1
School of Economics and Management, Beijing Institute of Petrochemical Technology, Beijing, 102617, China
2
Development Research Centre of Beijing New Modern Industrial Area, Beijing, 102617, China
Submission date: 2023-12-31
Final revision date: 2024-03-11
Acceptance date: 2024-04-13
Online publication date: 2024-06-12
Publication date: 2025-01-09
Corresponding author
Huixue Yang
School of Economics and Management, Beijing Institute of Petrochemical Technology, Daxing, 102617, Beijing, China
School of Economics and Management, Beijing Institute of Petrochemical Technology, Daxing, 102617, Beijing, China
Pol. J. Environ. Stud. 2025;34(2):1137-1150
KEYWORDS
TOPICS
ABSTRACT
The energy-saving and environmental protection industry in China has experienced rapid
development, driven by national policies and increased financial investments. This growth has
generated heightened investor interest in investing in listed companies operating in this sector. Taking
112 energy-saving and environmental protection-listed companies as research samples, this paper
applies the Necessary Condition Analysis (NCA) and Fuzzy Set Qualitative Comparative Analysis
(fsQCA) methods to select variables from the five dimensions of a company’s financial performance and
constructs a configurational analytical framework that explores the association between the financial
performance characteristics and the stock price from a configurational point of view. Our analyses show
that stock price performance is the result of a synergistic effect of multiple preconditions. We identify
three driving paths that lead to high stock prices. In addition, we find that earnings per share and net
assets per share are the core conditions for the three high stock price configurations, suggesting that
profitability is the key factor that makes energy-saving and environmental protection firms have higher
stock prices among their peers. This study not only reveals the impact of financial performance on share
price, but also identifies the equivalent paths that affect share price performance. The results of this
study can help firms and investors make better use of financial performance information.
CONFLICT OF INTEREST
The authors declare that they have no known competing financial interests or personal relationships that could have appeared to influence the work reported in this paper.
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