Business Strategy and Development最新文献

This paper examines the relationship between water disclosure and firm value within the stakeholder framework. Data were collected from non-financial companies listed on the FTSE Emerging Asia Pacific index from 2018 to 2022, encompassing 779 observations from seven countries. Using a robust panel regression model, our results indicate that water disclosure positively impacts firm value. Transparent water disclosure not only enhances corporate reputation but also fulfills stakeholders' growing demand for environmental accountability. This study provides empirical evidence that companies' transparent water management enhance their market value, supporting Stakeholder Theory. We also tested the robustness of our findings using sub-sampling, alternative measurements, and address potential endogeneity issues. Our study uniquely focuses on the specific impact of water disclosure, contrasting previous research on overall corporate social responsibility (CSR) disclosure. This research offers significant theoretical, empirical, and managerial insights into the role of environmental disclosure in business ethics and firm valuation.

Enterprises are increasingly under pressure to respond to volatile market environments and uncertainties. Although higher environmental, social, and governance (ESG) performance facilitates the stabilization of corporate operations, studies provide limited understanding on how ESG performance affects organizational resilience. By analyzing dataset from China's listed enterprises from 2010 to 2023, this research examines the connection between ESG performance and organizational resilience, as well as its influence mechanism. Results evidence that ESG performance significantly increases organizational resilience. In addition, ESG performance promotes organizational resilience by improving ambidextrous innovation capability (AIC). Further analysis indicated that digitalization amplified the positive influence of ESG on financial volatility. Our research determines the value of ESG, AIC, and digitalization in assisting enterprises to develop a resiliency capability to cope with threat and stressful environment. This research offers a novel theoretical perspective through the integration of stakeholder theory and dynamic capability view (DCV) to explore how ESG promotes organizational resilience by releasing the value of its own, AIC and digitalization. It offers practical implications for practitioners to shape strategies to actively embracing ESG practices, nurturing dynamic capabilities, such as AIC and higher degree of digitalization to effectively promote organizational resilience to respond to crises and uncertainty.

In the era of rapid technological advancement and growing global challenges, the interaction between sustainability, digital technology (DT), and sustainable development goals (SDGs) presents a vital opportunity for transformative action. This convergence opens doors to innovative solutions for addressing critical environmental and societal issues while advancing economic progress. Therefore, this study aims to explore the intricate relationship between sustainability, digital technology, and SDGs. A systematic literature review and Preferred Reporting Items for Systematic Review and Meta-Analyses (PRISMA) protocol have been used to comprehend the impact of DT on promoting SDGs across diverse sectors while enhancing sustainability. By analyzing the 141 articles, it could be concluded that achieving sustainability by adhering to the SDGs requires effective integration of DT and a thorough understanding of the policy reforms and SDG knowledge that support both sustainability goals and digitalization. The findings also indicate that achieving the SDGs in the era of digitalization relies on the collective and collaborative ability to leverage digital technology as a crucial tool and resource for positive transformation while mitigating its adverse impacts. Furthermore, the successful integration of DT with SDGs requires a comprehensive approach that encompasses technological innovation, a supportive governance framework, and capacity building.

This study investigates how institutional factors, specifically the role of the State, influence corporate ESG performance in emerging markets. Using a dataset of 293 companies operating in sensitive industries from 2017 to 2021, the analysis employs panel data models to assess the impact of State Direct Dominance (SDD), State Indirect Intervention (SII), and State typologies. The results indicate that SDD negatively affects ESG scores, potentially due to increased bureaucracy. Conversely, SII, characterized by mechanisms such as policy incentives and governance support, positively influences ESG outcomes. Additionally, companies operating in predatory States exhibit significantly lower ESG performance, highlighting governance challenges in such environments. This study provides actionable insights for policymakers, managers, and investors to promote sustainable corporate practices in emerging economies. By emphasizing the nuanced impacts of State interventions, the research advances the understanding of institutional dynamics shaping ESG outcomes.

Sustainability Reporting, which is a non-financial reporting, is an important practice that includes measuring and reporting the social, environmental, and economic impacts of an organization. The accuracy and transparency of these reports is a crucial factor for consumers and investors. Blockchain technology is seen as a tool that can increase the accuracy and transparency of sustainability reporting by offering a decentralized and transparent system. However, there are barriers to the use and adoption of blockchain technology. Studies reveal technological, institutional, organizational, and environmental factors. Integration issues between different blockchain networks can threaten data integrity and accuracy. In addition, problems such as high energy consumption and low transaction speed can also affect the sustainability of blockchain technology. In the study, the barriers to the use of blockchain technology in sustainability reporting were analysed. For this purpose, the criteria determined were presented to expert opinions and criterion weighting was made with the Fuzzy AHP method. The most important results from the study show that resistance to change, the idea that the system works at a limited capacity, and the lack of trust in the system are the most affecting barriers preventing the adoption of blockchain technology in this space.

This study investigates the relationship between environmental, social, and governance (ESG) practices and return on assets (ROA) in Indian companies, focusing on industry-specific variations. Using 10 years of panel data across resource-intensive, consumer-facing, and service sectors, the analysis employs the system generalized method of moments (GMM) for robust estimation. The results reveal a positive overall effect of ESG practices on ROA, with significant differences across industries. The study uses the categorization of resource-intensive, consumer-facing, and service industries to examine the differential effects of ESG factors on ROA. However, environmental scores do not significantly impact ROA, suggesting uniform effects across industries. Social scores enhance ROA without notable industry-specific differences, while governance scores show varying effects, indicating sector-specific drivers of profitability. The analysis also highlights the moderating effects of industry categories on the ESG–ROA relationship, suggesting that the impact of ESG practices varies across different sectors. The study also considers the economic effects of COVID-19, highlighting its marginal impact on ROA and the need for resilient financial strategies. However, the moderating effect of COVID-19 on this relationship was not significant, indicating limited variation in the ESG–ROA dynamics during the pandemic period except in the governance model. These findings suggest that tailored ESG strategies, aligned with industry-specific challenges, can optimize financial performance. Policymakers and investors are encouraged to focus on sector-specific ESG practices to better evaluate company performance and formulate effective regulations. This research contributes to the emerging market context by emphasizing the importance of industry-specific ESG integration for enhancing financial outcomes.