Business Strategy and Development最新文献

This study investigates how small and medium-sized enterprises (SMEs) can proactively institutionalize environmental, social, and governance (ESG) practices despite limited resources and weak regulatory pressures. Drawing on transformational leadership and institutional theory, we conducted a qualitative case study of Yuren Industrial Technology, a Taiwanese manufacturing firm. Data from in-depth interviews and document analysis were coded thematically around four institutionalization stages: void recognition, strategic framing, top management accountability, and data-driven institutionalization. The findings show that visionary leadership reframed institutional gaps as strategic opportunities, mobilized employees through role modeling and individualized support, and embedded ESG into daily operations via data visibility and accountability mechanisms. This study highlights how data-driven ESG actions can evolve into substantive governance in emerging-market SMEs, providing theoretical insights and practical guidance for leaders and policymakers to advance sustainability.

This study examines how opportunity-driven entrepreneurship supports the achievement of the Sustainable Development Goals, highlighting the influential contributions of digital infrastructure and ease of doing business (EDB) in 18 emerging economies from 2004 to 2019. Using an instrumental variable Tobit model and sustainability indices derived through principal component analysis, we investigate how institutional and technological contexts condition the contributions of entrepreneurial activity to sustainable development at both aggregated and dimensional levels—economic, social, and environmental. Results reveal that opportunity-driven entrepreneurship promotes sustainable development, with the strongest effects observed in the economic and social dimensions. Moreover, we find that digital infrastructure—measured through e-government development, ICT access, and ICT use—positively moderates this relationship. In contrast, while EDB indicators also yield generally positive effects, their interaction with entrepreneurship exhibits more nuanced, context-dependent results. Specifically, longer registration times and more start-up procedures, often seen as bureaucratic burdens, are found to contribute positively when they serve to enforce regulatory compliance and promote business formalization. These findings underscore the relevance of integrated policy approaches that develop entrepreneurial ecosystems through digital inclusion and effective regulation. By illustrating the interaction between entrepreneurial motivation, institutional quality, and technological readiness, the present study provides valuable insights for policymakers seeking to leverage entrepreneurship to achieve the Sustainable Development Goals in emerging markets.

This study investigates the influence of board gender diversity on firm performance, focusing on age diversity, doctoral-level qualifications, economic academic backgrounds, and the presence of three or more female directors. Drawing on agency theory, the knowledge-based view, and critical mass theory, the research examines whether these characteristics improve market-based (Tobin's Q) and accounting-based (ROA) measures of firm performance. Using panel data of Malaysian listed firms from 2018 to 2021, regression models and robustness checks were employed to test the proposed hypotheses. The findings reveal that age diversity negatively affects both market and financial performance, indicating potential generational conflicts on boards. Conversely, female directors with PhDs positively influence profitability, consistent with the knowledge-based view. Directors with an economic background enhance market valuation but show limited effects on profitability, while the presence of at least three female directors significantly improves performance, supporting critical mass theory. These results highlight that the benefits of diversity depend not only on representation but also on expertise and meaningful participation. The study contributes to the literature by integrating multiple theoretical perspectives and offering empirical evidence from Malaysia, a developing economy with evolving governance practices. Furthermore, the study aligns with the United Nations Sustainable Development Goals (SDGs), particularly SDG 5 (Gender Equality), SDG 8 (Decent Work and Economic Growth), SDG 10 (Reduced Inequalities), and SDG 16 (Peace, Justice, and Strong Institutions), by emphasizing the role of gender-diverse boards in promoting inclusive, equitable, and sustainable governance. Future research should expand to cross-country analyses and explore the moderating effects of institutional and cultural contexts. Policy implications suggest that corporate governance reforms should prioritize the inclusion of highly qualified women with relevant expertise to maximize board effectiveness.

This paper examines the relationship between Environmental, Social, and Governance (ESG) practices and the weighted average cost of capital (WACC) within the banking sector, utilizing data from 508 banks across 45 countries over the period 2009–2023. The research reveals a non-linear, inverted U-shaped relationship between ESG and WACC, which is further moderated by the country's level of trade freedom. Particularly, for developing economies, high levels of trade freedom reshape the original curve, yielding a U-shaped ESG–WACC relationship. The study enriches the academic discourse around ESG and WACC by challenging the prevailing assumption of linearity while highlighting trade freedom as a critical moderating factor, offering empirical insights into strategic and sustainable ESG integration. The study urges bank managers to pursue ESG adaptively, balancing integration with economic contexts. For policymakers, ESG adoption can be facilitated through taxonomies and incentives to assist banks in the initial costly transition stage. For emerging economies, liberalized, sustainability-aligned trade policies may be pursued to better incentivize ESG adoption and accelerate the transition to a sustainable financial system that supports inclusive growth and long-term economic resilience.

Sustainable performance (SUPE) remains a critical priority for businesses. However, empirical evidence quantifying the roles of accounting practices and innovation in achieving SUPE is still limited. This study investigates the indirect impact of environmental management accounting (ENMA) on SUPE through the mediating role of sustainable innovation. Additionally, it examines whether a proactive sustainability strategy (PRSS) strengthens the relationship between ENMA and sustainable innovation. Data were collected via an online survey of 339 chief executive officers (CEOs) and chief financial officers (CFOs) from manufacturing firms in Vietnam and analyzed using SmartPLS version 4.1.1.2. The results reveal that: (1) ENMA positively influences sustainable innovation; (2) sustainable innovation significantly enhances SUPE; (3) sustainable innovation mediates the relationship between ENMA and SUPE; and (4) PRSS positively moderates the relationship between ENMA and sustainable innovation. These findings contribute to the advancement of dynamic capability and stakeholder theories. Specifically, PRSS serves as a mechanism for identifying stakeholder needs and transforming external pressures into enhanced ENMA capabilities, thereby promoting sustainable innovation and, ultimately, SUPE.

To attain sustained economic development, organizations need to commit resources to proactive environmental measures. The purpose of this paper is to analyze the influence of customer heterogeneity on proactive environmental strategies (PES). Specifically, we study whether the type of customers, along with other customer factors such as concentration, internationalization, and cooperation, impacts a firm's spending policies on environmental protection. Empirical research has been conducted on a sample of 798 Spanish industrial firms. Our results confirm that the type of customer, whether a company or a final consumer, influences environmental protection policies. However, this was not the case for public entities. Furthermore, internationalization and cooperation with clients are other factors to consider in environmental protection decisions, yet customer concentration is not significant. Finally, we present our key conclusions along with insightful contributions for managers, public administrators, and final consumers as relevant agents under social pressure to support sustainable development.