This study investigates the effect of eco-efficiency actions on firm performance, considering
the turnover growth, on a sample of 7083 enterprises located in Portugal. Empirical results
suggest that in general, for all the sectors involved, the undertaking of an eco-strategy aimed
at being more resource efficient is related with increased growth in turnover. They also
seem to show that there exists an inverted U-shaped relationship between the number of
eco-innovation strategies implemented and turnover growth, allowing us to conclude that
while in an initial stage an increase on the number of eco-innovations implemented by a
firm increases turnover growth, in a second stage it will lead to decreased turnover growth.
This may induce the existence of an optimal value for eco-innovation-strategies implemented
within the firm. The substitution of fossil fuels by renewable sources also seems
to be an important strategy that benefits turnover growth, as well as the environmental
benefit of recycled waste, water or materials for own use or sale.