The relationship between non-financial factors and technological innovation expenditures (CAPEXtech) and the level of technological innovation (TI Index) in logistics companies. Panel analysis for international markets

Monika  Wodnicka; Agata Gniadkowska-Szymańska

doi:10.31648/aspal.12178

Published: 2026-06-24

Vol. 25 No. 2 (2026)

The relationship between non-financial factors and technological innovation expenditures (CAPEXtech) and the level of technological innovation (TI Index) in logistics companies. Panel analysis for international markets

Monika Wodnicka , Agata Gniadkowska-Szymańska

Acta Scientiarum Polonorum Administratio Locorum

Section: Articles

https://doi.org/10.31648/aspal.12178

Abstract

Motives: The growing importance of sustainable development and corporate responsibility positions ESG factors (environmental, social, and corporate governance) as key determinants of investment decisions. Companies increasingly incorporate non‑financial, ESG‑related performance measures into strategic and operational decision‑making processes, which raises an important research question. The analyses examined the impact of environmental, social, and corporate governance factors (ESG, ENV, CSR, CG), alongside financial variables (CR, asset turnover), on firms’ investment decisions. Two parallel econometric approaches were applied: fixed‑effects panel models (FE) and system SUR (Seemingly Unrelated Regressions) models.

Aim: The aim of the article is to provide an empirical assessment of the relationship between innovation and technology‑related expenditures (CAPEXtech), the level of technological innovativeness measured by the TI Index, and disclosures in the environmental, social, and governance (ESG) domains. The analysis covers logistics companies operating in Europe, the Asia‑Pacific region, and North America (the United States and Canada) over the period 2017–2024.

Results: The results indicate that managers should shift their focus from capital‑intensive investments to qualitative, modernization, and digital projects that align with growing ESG requirements and ensure higher capital efficiency. Strong corporate governance effects confirm the need to strengthen oversight mechanisms and increase selectivity in investment decisions. Investment strategies should be regionally tailored and managed holistically, taking into account interdependencies between different types of investments, which enables firms to respond more effectively to market volatility and build competitive advantage.

Keywords:

ESG, corporate governance, innovations, digital technologies, sustainable investment

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Wodnicka, M. ., & Gniadkowska-Szymańska, A. (2026). The relationship between non-financial factors and technological innovation expenditures (CAPEXtech) and the level of technological innovation (TI Index) in logistics companies. Panel analysis for international markets. Acta Scientiarum Polonorum Administratio Locorum, 25(2), 427–442. https://doi.org/10.31648/aspal.12178

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