M.A. Thesis:

energy efficiency and financial performance of manufacturing companies

Today, one of the important topics is the analysis of financial information of companies, their profitability and performance. On the other hand, one of the factors influencing the performance of companies is growth opportunities, which can reflect the potential for participation in profitability and investment. The purpose of this study was to investigate the relationship between energy efficiency and financial performance of the company in Tehran Stock Exchange. The statistical population of the Tehran Stock Exchange companies during the research period from the beginning of 2011 to the end of 1396 was 7 years, which is 128 Companies were selected with the necessary requirements. In this study, the Pagan-Cook and Visber tests were used to investigate the existence of inequality of variance. According to the results of this test, in the first and third models, there is no problem of heterogeneity of variance. Therefore, the final estimation of these models is made using the GLS test to assume the consistency of the variances in the regression analysis. The problem of heterogeneity of variances is thus solved. The results for the two research models showed that there is a significant relationship between energy efficiency and financial performance of the companies that were approved in Tehran Stock Exchange.

Keywords: Productivity, Energy Efficiency, Financial Performance, Tehran Stock Exchange Companies