Business Strategy and Development最新文献

Family firms represent a large share of the private sector in emerging economies. A key feature of family firms is that their behavior is driven by factors other than financial, making them more prone to adopt proactive environmental strategies (PES). Our objective is to assess the relationship between the firms' degree of family ownership and PES adoption through the lens of Socio-Emotional Wealth (SEW), the emotional and non-economic value family members consider when making decisions. We also investigate the moderating effect of two institutional factors: the perceived level of informal firms' competition and the perceived degree of environmental policy stringency in adopting PES. Our results suggest that family firms are more likely to adopt PES. However, both moderating factors tend to weaken this effect. Our results suggest that for family managers aiming to implement PES, they should consider institutional external factors rather than focus solely on internal drivers. Policymakers, meanwhile, should recognize that environmental stringency alone is insufficient for family firms to achieve sustainable production. As an alternative, these regulations may be accompanied by enforcement, monitoring, and support measures.

The transition to sustainability has become an urgent priority for firms in emerging economies, where rapid industrial growth often collides with environmental limits. Against this backdrop, circular business strategy offers a pathway to decouple development from ecological harm, yet the organizational capabilities that enable its adoption remain underexplored, particularly in contexts shaped by institutional constraints and uneven digital readiness. To address this gap, this study examines how green innovation supports the adoption of circular practices, while also assessing the mediating role of strategic environmental orientation and the moderating effect of digital transformation. Drawing on Dynamic Capabilities Theory and the Technology–Organization–Environment framework, the analysis uses panel data from 413 listed manufacturing firms in India, Brazil, South Africa, and Kenya between 2010 and 2023, and applies advanced econometric techniques with instrumental variables to ensure robust estimation. The results show that innovation significantly strengthens circular adoption, especially when firms intensify their innovation efforts. Moreover, strategic environmental orientation provides the alignment needed to embed innovation into long-term sustainability goals, while digital transformation amplifies the influence of both, particularly in digitally advanced firms. Variation across ownership types and industry sectors further underscores the role of context in shaping outcomes. Taken together, the study advances theoretical understanding of how innovation, environmental orientation, and digitalization interact to accelerate circular transitions in emerging markets, while offering practical guidance for managers, policymakers, and development actors.

Firms attempt to recover from the damage caused by ESG controversies by improving their sustainability efforts to enhance post-controversy performance. We argue that a firm's ability to recover from such damage is influenced by decreased financial performance resulting from the controversies. Furthermore, we investigate whether this financial decline acts as a complementary mediator, whereby both the mediated and direct effects of controversies on sustainability performance operate in the same direction. Using 37,291 longitudinal observations from 2007 to 2023 across 35 countries in America, Asia, Europe, and Oceania, we employ instrumental variable approaches for the generalized method of moments (GMM IV) and structural equation modeling (SEM IV). The main results reveal that the decrease in accounting, market, and growth-based financial performance has complementary mediating effects on the relationship between controversies and sustainability performance. Moreover, earnings acceleration emerges as a robust indicator of growth-based financial performance, significantly influencing sustainability performance. These findings advance stakeholder and legitimacy theory perspectives by highlighting decreased financial performance as a key driver of recovery mechanisms following ESG controversies.

This study investigates the impact of corporate governance, innovation, and regulation on the use of renewable energy and firm performance. Unlike previous studies, this research models conditional relationships by incorporating corporate governance, innovation, and regulation as determinants of the strength and direction of these impacts in the context of Indonesia's energy sector. Data were collected from 87 energy sector companies listed on the Indonesia Stock Exchange (IDX), and Partial Least Squares Structural Equation Modeling (PLS-SEM) was applied to analyze the relationships among these variables. The results indicate that innovation significantly drives the use of renewable energy, which, in turn, enhances firm performance by improving operational efficiency, reducing costs, and strengthening corporate reputation. However, corporate governance and regulation do not show statistically significant effects on the use of renewable energy or firm performance, highlighting the complexity of these relationships. These findings underscore the importance of fostering innovation capabilities within firms to leverage renewable energy for performance gains. Moreover, policymakers are encouraged to refine regulatory frameworks, ensuring they are contextually relevant and aligned with economic realities to support the adoption of sustainable energy practices better. The study's practical implications highlight the need for firms to prioritize innovation and for policymakers to design stable, enforceable regulations that account for both institutional pressures and market dynamics.

This study examines how green training and green rewards influence environmental outcomes through the mediating roles of perceived organizational support and value congruence, with green leadership serving as a moderator. Using structural equation modeling with data from 437 hotel employees, the findings are explained through three theoretical lenses: resource-based view, which demonstrates how green training creates competitive advantages; social exchange theory, which explains reciprocal organizational–employee environmental exchanges; and social identity theory, which illustrates how green leadership enhances environmental commitment. All proposed relationships were empirically confirmed, including the effects of green training and green rewards on perceived organizational support, value congruence, environmental performance, and pro-environmental behavior. The results revealed significant moderating effects of green leadership on the POS–environmental performance linkage, which represents a key contribution of this study. The findings offer practical recommendations for hotel managers in developing countries to implement effective environmental strategies through integrated green human resource management practices.