ANNOUNCEMENTS
In today's world, a sovereign nation's economic growth and development are significantly influenced by the petrochemical sector. However, this industry produces waste products that are difficult to manage and discards enormous amounts of poisonous and harmful substances that are released as effluents into the atmosphere. The performance of the Petrochemical sector in the context of the Indian economy has only been the subject of very few studies. This study aims to assess the level of EMP adopted by organizations specifically in the Petrochemical Sector and then score each firm's sustainability based on how much EMP it has implemented. Content analysis of the sustainability reports and annual reports of the enterprises has been carried out to ascertain the environmental management practices used by the firms. Another objective of this study is to evaluate the performance of decision-making units, the non-parametric method known as data envelopment analysis (DEA) will be used. Consequently, the current study suggests an alternative description of the conversion of inputs (financial indicators) into outputs (environment management practices). The DEA scores demonstrate how committed the businesses are to adopting environmental management practices. Firms' performance should be explained in terms of both inputs and outputs. For this study, a group of petrochemical companies listed in the CMIE Prowess database will be used for sustainability assessment and their financial performance. Given their financial situation, a higher DEA score of the enterprises is viewed as a greater commitment to incorporating environmental management practices. The findings reveal that many of the large petrochemical companies have high DEA scores, indicating that they are adhering to best practices considering their financial situation whereas small – medium firms need to improve their performance regarding sustainability.
Keywords: Data Envelopment Approach, Content Analysis, Sustainability Scores, and Environmental Management Practices.
