Influence of Business-Operational Performances and Company Size on CO2 Emissions Decrease-Case of Serbian Road Transport Companies
Abstract
:1. Introduction
2. Literature Review
2.1. Indicators of Business Performance
- EBITDA margin analyzed in [8], determining that top tier truckers record an EBITDA that is 10 times their interest payments.
2.2. Indicators of Operational Performance
2.3. Indicators of Environmental Performance
3. Methodology
3.1. Theoretical Framework and Variable Operationalization
- Identification of key indicators of performance in the case of road transport companies (business, operational, environmental), acquired through literature survey and measured through statistics tests.
- Analysis of key differences related to indicators of performance (business, operational, environmental), divided between companies by size and type of business activity (cargo or passenger line transport).
- Analysis of significance (between and within groups of road transport companies), in terms of domestic and international road transport companies, in terms of CO2 emissions decrease.
3.2. Sample Design
3.3. Research Hypothesis Formulation and Data Analysis
- To determine the regression level of environmental parameters with business-operational parameters, distinction was made between small (the largest share in total number) and the largest companies (the largest revenue) dealing with domestic cargo transport,
- To determine the regression level of environmental parameter “CO2 emissions” with business-operational parameters, distinction was made between the smallest (the largest share in total number) and the largest companies (the largest revenue) dealing with international cargo transport.
- To determine the regression level of CO2 emissions with business and operational indicators, by differentiating between small (the largest share in total number) and the largest companies (the largest revenue) dealing with domestic passenger transport,
- To determine regression level of CO2 emissions with business-operational parameters, by differentiating between small (the largest share in total number) and the largest companies (the largest revenue) dealing with international transport of passengers.
[Tonnes CO-emissions = litres × kg CO2 per litre fuel/1.000]
4. Results
4.1. Sample Characteristics
- (1)
- the estimation of CO2 emissions is not precise enough,
- (2)
- the turnover growth is a consequence of more stable economy,
- (3)
- the fleet renewal is causing a larger share of vehicles with modern engine technology, thus decreasing emissions per vehicle,
- (4)
- the growth in number of international transporters may fall to regional market exchange (Balkans region) where transporters are not facing the same environment protection standards as in EU.
4.2. Findings
4.3. Testing of Research Hypotheses
5. Discussion
5.1. Discussion and Conclusions
- Better business (financial) and operational performances, alongside the fact of doing business abroad, significantly affects the decrease in CO2 emissions made by road transport companies, thus contributing to fulfilment of environment protection goals.
- Key indicators of business performance influencing CO2 emissions are profitability and investments in new fleet (buses or trucks). Mixed with key indicators of operational performance (fleet size and doing business abroad), findings show that smaller companies tend to be oriented towards profitability (with less investments in a new fleet), while larger companies are focused on fleet modernization and achieving greater success on international markets (all of this leads to significant decrease in CO2 emissions, compared to companies doing business only in Serbia);
- A statistically significant correlation can be found in analyzing business performance between road transport companies dealing with cargo transport, which are doing business both at home and abroad, with a decrease in CO2 emissions. Additionally, passenger line transport companies do not show the same correlation;
- Efforts towards business sustainability observed through profitability, are more successful in road transport companies with larger fleet size, which are doing business mostly within foreign borders;
- There is no statistically significant difference in operational costs (indicator of business performance) in terms of business type (cargo or passenger transport) or even the main market (home or abroad). This indicator is only relevant to fleet size, in cases where large companies find ways to decrease operating costs per vehicle, while smaller ones do not have that possibility.
5.2. Limitations and Future Research
Author Contributions
Funding
Institutional Review Board Statement
Informed Consent Statement
Acknowledgments
Conflicts of Interest
Appendix A
X1 | X2 | X3 | X4 | X5 | X6 | X7 | X8 | X9 | X10 | X11 | X12 | X13 | X14 | X15 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
X1 | 1 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
X2 | 1 | 0.01 | 0.01 | 0.01 | 0.01 | 0.11 | 0.02 | 0.01 | 0.1 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | |
X3 | 1 | 0.01 | 0.01 | 0.01 | 0.05 | 0.06 | 0.01 | 0.02 | 0.04 | 0.01 | 0.01 | 0.01 | 0.01 | ||
X4 | 1 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.10 | 0.11 | 0.01 | |||
X5 | 1 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.11 | 0.02 | 0.01 | ||||
X6 | 1 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | |||||
X7 | 1 | 0.01 | 0.01 | 0.01 | 0.01 | 0.1 | 0.1 | 0.01 | 0.01 | ||||||
X8 | 1 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | |||||||
X9 | 1 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | ||||||||
X10 | 1 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | |||||||||
X11 | 1 | 0.01 | 0.11 | 0.01 | 0.01 | ||||||||||
X12 | 1 | 0.01 | 0.01 | 0.01 | |||||||||||
X13 | 1 | 0.01 | 0.01 | ||||||||||||
X14 | 1 | 0.01 | |||||||||||||
X15 | 1 |
Indepen. Variables | Possible Values of Independent Variables | Values of Standardized Variables | Dummy Variable |
---|---|---|---|
Type of business | Cargo transport | business_type | |
Passenger line transport | |||
Fleet size (number of vehicles) | Small | Fleet_small | |
Medium | Fleet_medium | ||
Large | Fleet_large | ||
Company size (employees) | Small | Size_small | |
Medium | Size_medium | ||
Large | Size_large | ||
Doing business abroad (cargo) | Home and abroad | Doing_business_abroad_cargo | |
Only domestically | Doing_business_home_cargo | ||
Doing business abroad (passengers) | Home and abroad | Doing_business_abroad_pass | |
Only domestically | Doing_business_home_pass |
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Performance | Key Indicators | Previous Related Research |
---|---|---|
Environmental | CO2 emissions | Jones [38] Mckinnon and Piecyk [39] Manojlovic [22] |
Operational (technical) | Fleet size (trucks, buses) Maximum gross weight per truck Transported cargo (domestic, import, export) Covered distance (km) Number of transported passengers (domestic, international) Number of deliveries (tours) | Radović et al. [40] Martinez and Miranda [20] McKinnon [41] Išoraite [42] |
Business | Type of business activity (logistics, physical distribution, line transport of passengers) Number of markets (countries) Annual income Profitability EBITDA MarginInvestments in new fleet Operational costs | Juntunen [43] Yang [44] Hoffman [4] Arsić et al. [45] |
Type of Raw Data | Source |
---|---|
CO2 emissions | Annual internal company reports on sustainable growth (2020) Authors estimation |
Fleet size (trucks, buses) in company Number of employees Maximum gross weight per truck Transported cargo (domestic, international-import/export) Covered distance (km) Number of transported passengers (domestic, international) Number of deliveries (tours) Number of markets (countries) | Annual internal company reports on sustainable growth (2020) Bureau of statistics of the Republic of Serbia [46] Ministry of Traffic, Construction and Infrastructure of the Republic of Serbia, Sector for road transport, roads and traffic safety [47] |
Annual income from business operations Profitability EBITDA Investments in new fleet Operational costs Firm type (transport only or combined-logistics) | Agency for business registers of the Republic of Serbia [48] |
Data | Response | Pct. of Sample (%) |
---|---|---|
Number of employees | 1–50 | 71.1% |
51–249 | 16.7% | |
250+ | 12.2% | |
Company type | Transport services only | 80% |
Combined (logistics provider) | 20% | |
Presence on different markets? | Only on the domestic market | 40% |
Yes, on Serbian and foreign markets | 50% | |
Yes, on foreign markets only | 10% |
Year | Annual Total Turnover (in Mil Euro) | Investments (in Mil Euro) | Number of Transport Companies with International Permits | Total CO2 Emissions Evaluation (in Tonnes) |
---|---|---|---|---|
2014 | 84 | 24.3 | 750 | 14,400 |
2015 | 83.1 | 23.2 | 863 | 16,520 |
2016 | 85.7 | 25.8 | 1011 | 16,890 |
2017 | 92.3 | 34.9 | 1224 | 16,760 |
2018 | 111.3 | 38.4 | 1315 | 16,120 |
2019 | 118.6 | 53.4 | 1420 | 16,060 |
Fleet Size | Size | Domestic | Internationalized | Share of Total Sample | Number of Companies |
---|---|---|---|---|---|
Number of trucks | 1–50 | 88% | 12% | 36% | 648 |
51–249 | 77% | 23% | 8.9% | 160 | |
250–499 | 52% | 48% | 6.3% | 113 | |
500+ | 32% | 68% | 1.5% | 28 | |
Number of buses | 1–50 | 90% | 10% | 35.1% | 632 |
51–249 | 86% | 14% | 7.8% | 140 | |
250–499 | 80% | 20% | 2.8% | 50 | |
500+ | 76% | 24% | 1.5% | 28 | |
100% | 1800 |
Independent Variable | Y1—CO2 Emissions | |
---|---|---|
X1 | Fleet size (number of trucks) | 0.48 |
X2 | Fleet size (number of buses) | 0.36 |
X3 | Maximum gross weight per truck | −0.13 |
X4 | Doing business home (cargo) | −0.51 |
X5 | Doing business abroad (cargo) | −0.45 |
X6 | Covered distance (km) | 0.17 |
X7 | Doing business home (passengers) | 0.46 |
X8 | Doing business abroad (passengers) | 0.44 |
X9 | Number of deliveries | 0.21 |
X10 | Number of markets | 0.09 |
X11 | Annual income from business | 0.21 |
X12 | Profitability (in euro) | 0.32 |
X13 | EBITDA margin | 0.19 |
X14 | Investments in new fleet (in euro) | −0.44 |
X15 | Operational costs (in euro) | 0.37 |
Business Perf. Indicator Correlated with CO2 Emissions | ||||
---|---|---|---|---|
Doing Business Home/Abroad | Fleet Size | Profitability | Fleet Investments | Operating Costs |
% of Domestic companies | Number of trucks Number of buses | 77% 62% | 48% 32% | 33% 24% |
% of International companies | Number of trucks Number of buses | 82% 44% | 91% 56% | 69% 24% |
Y1-CO2 Emissions | |||||
---|---|---|---|---|---|
Independent Variable | Adj R2 | p-Value | Slope | Standard Error | |
X1 | Fleet size (number of trucks) | 0.65 | <0.001 | −0.25 | 2.20 |
X2 | Fleet size (number of buses) | 0.28 | <0.001 | 0.54 | 0.05 |
X4 | Doing business home (cargo) | 0.41 | <0.001 | 0.19 | 1.50 |
X5 | Doing business abroad (cargo) | 0.76 | <0.001 | −0.33 | 1.90 |
X7 | Doing business home (passengers) | 0.32 | <0.001 | 0.06 | 2.10 |
X8 | Doing business abroad (passengers) | 0.31 | <0.001 | −0.12 | 0.55 |
X12 | Profitability (in eur) | 0.49 | <0.001 | −0.05 | 1.54 |
X14 | Investments in new fleet (in eur) | 0.33 | <0.001 | −0.01 | 1.88 |
X15 | Operational costs (in eur) | 0.12 | <0.001 | 0.22 | 2.22 |
Hypothesis | Adj R2 | Subgroup of Independent Var. | Regr. Coeff (Slope) | p-Value | t-Test |
---|---|---|---|---|---|
H1 | 0.56 | Fleet size (number of trucks) | −0.54 | <0.01 | 1.98 |
Doing business home | 0.33 | <0.01 | 0.96 | ||
Profitability | 0.65 | <0.01 | 1.34 | ||
H2 | 0.78 | Fleet size (number of trucks) | −1.09 | <0.01 | 2.12 |
Doing business abroad (trucks) | 0.88 | <0.01 | 1.94 | ||
Profitability | −1.42 | <0.01 | 1.33 | ||
H3 | 0.54 | Fleet size (number of buses) | 0.79 | <0.01 | 2.20 |
Doing business home (buses) | 0.51 | <0.01 | 1.12 | ||
Profitability | −0.06 | <0.01 | 1.54 | ||
H4 | 0.24 | Fleet size (number of buses) | 0.09 | <0.01 | 0.68 |
Doing business abroad (buses) | 0.03 | <0.01 | 0.59 | ||
Profitability | −0.01 | <0.01 | 0.44 |
Dependent Variable | Cargo Transport Companies | ANOVA (Sources of Variability Inside and Between Groups) | ||||
---|---|---|---|---|---|---|
Sum of Squares | Mean of Squares | F Test p-Value | ||||
Between Groups | Within Groups | Between Groups | Within Groups | |||
Y1 CO2 Emissions | Doing business abroad | 444,054 | 285,105 | 256,183 | 8073 | F 20.34 p-value 0.01 |
Doing business domestically | 313,727 | 245,837 | 126,605 | 240,247 | F 11.45 p-value 0.01 |
Dependent Variable | Passenger Line Transport Companies | ANOVA (Sources of Variability Inside and Between Groups) | ||||
---|---|---|---|---|---|---|
Sum of Squares | Mean of Squares | F Test p-Value | ||||
Between Groups | Within Groups | Between Groups | Within Groups | |||
Y1 CO2 Emissions | Doing business abroad | 453,667 | 142,853 | 188,605 | 140,247 | F 10.99 p-value 0.01 |
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Sofijanic, S.S.; Arsic, S.M.; Jovanovic, D.; Arsic, M.Z.; Kalac, S.; Ribaric, Z.; Kostadinovic, D.; Peulic, V.; Rosulj, D.; Fazekas, T.; et al. Influence of Business-Operational Performances and Company Size on CO2 Emissions Decrease-Case of Serbian Road Transport Companies. Sustainability 2021, 13, 8176. https://doi.org/10.3390/su13158176
Sofijanic SS, Arsic SM, Jovanovic D, Arsic MZ, Kalac S, Ribaric Z, Kostadinovic D, Peulic V, Rosulj D, Fazekas T, et al. Influence of Business-Operational Performances and Company Size on CO2 Emissions Decrease-Case of Serbian Road Transport Companies. Sustainability. 2021; 13(15):8176. https://doi.org/10.3390/su13158176
Chicago/Turabian StyleSofijanic, Svetozar Slobodan, Sinisa Milos Arsic, Dragutin Jovanovic, Milos Zivko Arsic, Safet Kalac, Zoran Ribaric, Dragan Kostadinovic, Velibor Peulic, Dragana Rosulj, Tibor Fazekas, and et al. 2021. "Influence of Business-Operational Performances and Company Size on CO2 Emissions Decrease-Case of Serbian Road Transport Companies" Sustainability 13, no. 15: 8176. https://doi.org/10.3390/su13158176
APA StyleSofijanic, S. S., Arsic, S. M., Jovanovic, D., Arsic, M. Z., Kalac, S., Ribaric, Z., Kostadinovic, D., Peulic, V., Rosulj, D., Fazekas, T., Ljubojevic, S., Dimic, S., & Ribaric, B. (2021). Influence of Business-Operational Performances and Company Size on CO2 Emissions Decrease-Case of Serbian Road Transport Companies. Sustainability, 13(15), 8176. https://doi.org/10.3390/su13158176