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Purpose The purpose of this paper is to explore the determinants of successful eco-innovation processes, using R&D intensity and green patents as metrics for eco-innovation measurement and analysis. Design/methodology/approach The paper reports the results of a quantitative study based on a sample of 2,218 firms with proactive profiles in eco-innovation, 249 of which have green patents registered in Spain or in the European Union. Findings The results suggest positive relationships between the activity of eco-innovation of firms with both the innovation activity in firms and the R&D intensity. The findings also confirm the influence of implementing innovation in the financial performance of business. Research limitations/implications The results will be useful for future studies on the subject and for practitioners making decisions on investments in collaborative R&D and its protection through industrial property in the form of green patents. The main determinants of eco-innovation analysed in this paper can be directly translated into practices because they provide information on how to strengthen these determinants in environmental R&D investments and the registration of green patents. Practical implications The results will be useful for future studies on the subject and for practitioners making decisions on investments in collaborative R&D and its protection through industrial property in the form of green patents. The main determinants of eco-innovation analysed in this paper can be directly translated into practices because they provide information on how to strengthen these determinants in environmental R&D investments and the registration of green patents. Originality/value Despite the popularity and potential impact of the eco-innovation on economy or society, it has fallen short in terms of its potential to improve financial performance in firms. This paper argues that the level of eco-innovation activity explains some variability in financial performance. In fact, those firms that have greater levels of innovation increase their performance.
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