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Maximizing Financial Performance Through ESG Excellence and Sustainable Practices 通过卓越的ESG和可持续实践最大化财务绩效
IF 4.2 Q1 BUSINESS Pub Date : 2025-09-18 DOI: 10.1002/bsd2.70218
Marta Guterres, Denize Demarche Minatti Ferreira, Moacir Manoel Rodrigues Junior

This paper aims to investigate the effect of Environmental, Social, and Governance (ESG) variables on business financial performance and their influence on operational and investment decisions. The financial performance of Latin American corporations from 2019 to 2022 was quantitatively analyzed using secondary data from Refinitiv. The analysis conducted through Partial Least Squares Structural Equation Modeling (PLS-SEM) revealed a positive effect of environmental factors on profitability, while social factors notably have a negative effect on asset utilization. However, there was no observable impact of governance characteristics on financial performance. These findings suggest that while social issues may hinder operational efficiency, proactive and sustainable corporate practices aimed at addressing environmental challenges can enhance company profitability. Suggestions include adopting comprehensive ESG governance, implementing successful CSR initiatives, and making sustainable investments in environmental policies. A comprehensive understanding of the relationship between ESG factors and financial performance, which seeks to promote both financial success and positive societal and environmental outcomes, necessitates further in-depth contextual study.

本文旨在探讨环境、社会和治理(ESG)变量对企业财务绩效的影响及其对运营和投资决策的影响。利用Refinitiv的二手数据,对拉丁美洲公司2019年至2022年的财务业绩进行了定量分析。通过偏最小二乘结构方程模型(PLS-SEM)进行的分析显示,环境因素对盈利能力有正向影响,而社会因素对资产利用率有显著的负向影响。然而,没有观察到治理特征对财务绩效的影响。这些发现表明,虽然社会问题可能会阻碍运营效率,但旨在应对环境挑战的积极和可持续的企业实践可以提高公司的盈利能力。建议包括采用全面的ESG治理,实施成功的CSR举措,以及在环境政策方面进行可持续投资。全面理解ESG因素与财务绩效之间的关系,寻求促进财务成功和积极的社会和环境成果,需要进一步深入的背景研究。
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引用次数: 0
An Investigative Study on Entrepreneurial Motives and Venture Creation: A Select Study on Women Entrepreneurship and Sustainable Development Goals 创业动机与创业创新的调查研究:女性创业与可持续发展目标的选择研究
IF 4.2 Q1 BUSINESS Pub Date : 2025-09-17 DOI: 10.1002/bsd2.70221
Jitendra Kumar Dixit, Sucheta Agarwal, Vivek Agrawal, Yigit Kazancoglu

Women entrepreneurs who started ventures post-marriage without prior experience represent an underexplored niche. This study addresses the issues related to their motives for entrepreneurial engagement and the role of stakeholders in their entrepreneurial success. For the study, data have been collected from 25 women entrepreneurs from different industries across multiple cities of Uttar Pradesh (U.P.), India. In this study, a grounded theory approach has been utilized; data were collected through in-person comprehensive interviews, which were analyzed according to identified themes. The study concluded that the intensity of entrepreneurial motives drives entrepreneurial engagements and stakeholders act as supporting agents in the success of entrepreneurial ventures after marriage. This is a qualitative study, and its outcomes can be utilized by educational institutions, policymakers, researchers, and other stakeholders.

那些在结婚后没有经验就开始创业的女性企业家代表了一个未被充分开发的利基市场。本研究解决了与他们的创业参与动机和利益相关者在其创业成功中的作用相关的问题。在这项研究中,收集了来自印度北方邦多个城市不同行业的25名女企业家的数据。本研究采用扎根理论方法;通过面对面的综合访谈收集数据,并根据确定的主题进行分析。研究得出的结论是,创业动机的强度推动了创业参与,而利益相关者在婚后创业成功中扮演着支持代理人的角色。这是一项定性研究,其结果可以被教育机构、政策制定者、研究人员和其他利益相关者利用。
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引用次数: 0
Leadership Networks, Gender-Inclusive Boards, and Corporate Environmental Transparency: The Influence of CEO Social Capital in Indonesian Firms 领导网络、性别包容性董事会与企业环境透明度:印尼企业CEO社会资本的影响
IF 4.2 Q1 BUSINESS Pub Date : 2025-09-16 DOI: 10.1002/bsd2.70212
Saiful Anwar, Ardianto Ardianto

This study aims to investigate the effect of CEO social capital on corporate environmental transparency, emphasizing how leadership dynamics and governance structures affect environmental reporting. Specifically, this study explores the moderating role of board gender diversity and socio-political factors such as CEO tenure, organizational culture, and corporate political connections. Using a sample of 1076 firm-year observations from companies listed on the Indonesia Stock Exchange (IDX) during the period 2017–2023, panel data analysis is conducted with robustness and endogeneity tests to ensure the validity of the results. The findings indicate that CEO social capital has a positive effect on corporate environmental transparency, indicating that CEOs with extensive and quality social networks are more likely to drive accountable environmental reporting practices. In addition, board gender diversity and socio-political variables significantly strengthen the relationship. These results underscore the importance of inclusive leadership and executive social networks in shaping corporate sustainability strategies. This study contributes to the corporate governance and sustainability literature by highlighting the role of leadership networks and board diversity in driving environmental transparency, particularly in emerging markets such as Indonesia.

本研究旨在探讨CEO社会资本对企业环境透明度的影响,强调领导动态和治理结构如何影响环境报告。具体而言,本研究探讨了董事会性别多样性和社会政治因素(如CEO任期、组织文化和公司政治关系)的调节作用。利用2017-2023年期间印度尼西亚证券交易所(IDX)上市公司的1076个公司年度观察样本,进行面板数据分析,并进行鲁棒性和内生性检验,以确保结果的有效性。研究结果表明,CEO社会资本对企业环境透明度具有正向影响,这表明拥有广泛和高质量社会网络的CEO更有可能推动负责任的环境报告实践。此外,董事会性别多样性和社会政治变量显著加强了这种关系。这些结果强调了包容性领导和高管社交网络在塑造企业可持续发展战略中的重要性。这项研究强调了领导网络和董事会多样性在推动环境透明度方面的作用,特别是在印度尼西亚等新兴市场,从而为公司治理和可持续发展文献做出了贡献。
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引用次数: 0
Collaborating for Inclusive Business: A Systematic Literature Review 合作实现包容性商业:系统文献综述
IF 4.2 Q1 BUSINESS Pub Date : 2025-09-12 DOI: 10.1002/bsd2.70213
Marijn Faling, Greetje Schouten

It is commonly assumed that inclusive business relies on collaboration to create commercial businesses that benefit low-income populations. Yet, the relationship between collaboration and inclusive business remains unclear. Through a systematic literature review, we assess the state of knowledge on how collaboration informs inclusive business. An interpretive synthesis based on abductive coding of 35 articles selected through systematic screening led to three inclusive business archetypes with unique interpretations of inclusive business and collaboration. The “Pragmatist” favors transactional collaboration to overcome market constraints in low-income markets, (faultily) assuming product access enhances consumer wellbeing. The “Connector” proposes an integrative collaboration to establish linkages between inclusive business and low-income populations and facilitate resource and knowledge exchange, raising tensions between capacity development and commercial viability. The “Transformer” prioritizes transformative collaboration to address the root causes of problems, advocating significant investments with uncertain returns. The archetypes provide a conceptual starting point to classify inclusive business. Each archetype presents unique challenges in the integration of commercial and development objectives, underscoring the need for further research on the viability of win–win discourses.

人们通常认为,包容性商业依赖于合作来创建有利于低收入人群的商业企业。然而,合作与包容性业务之间的关系仍不清楚。通过系统的文献回顾,我们评估了协作如何影响包容性业务的知识状况。通过系统筛选选出的35篇文章,基于溯因编码的解释性综合得出了三个对包容性商业和协作具有独特解释的包容性商业原型。“实用主义者”倾向于交易性合作,以克服低收入市场的市场约束,(错误地)假设产品准入会提高消费者的福祉。“连接器”提出了一种综合合作,在包容性企业和低收入人群之间建立联系,促进资源和知识交流,从而加剧了能力发展与商业可行性之间的紧张关系。“变形者”优先考虑变革性协作,以解决问题的根本原因,提倡具有不确定回报的重大投资。原型提供了对包容性业务进行分类的概念起点。每种原型在整合商业和发展目标方面都提出了独特的挑战,强调了对双赢话语可行性进一步研究的必要性。
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引用次数: 0
Correction to “Exploring Firm Performance in Global Value Chains—A Sustainability-Oriented Study” 对“探索全球价值链中的企业绩效——一项以可持续发展为导向的研究”的修正
IF 4.2 Q1 BUSINESS Pub Date : 2025-09-11 DOI: 10.1002/bsd2.70220

Jacob, N. R., and Ritika. 2025. “Exploring Firm Performance in Global Value Chains—A Sustainability-Oriented Study.” Business Strategy & Development 8, no. 3: 70210. https://doi.org/10.1002/bsd2.70210.

The surname of the second author has been removed as Dr Ritika does not use her surname in professional settings.

We apologize for this error.

雅各布,n.r.和丽蒂卡,2025。“全球价值链中企业绩效的探索——一项以可持续性为导向的研究”。商业战略与发展8,第1期。3: 70210。https://doi.org/10.1002/bsd2.70210.The第二作者的姓氏已被删除,因为Ritika博士在专业场合不使用她的姓氏。我们为这个错误道歉。
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引用次数: 0
Nexus Between Green Human Resource Management and Organizational Sustainability: Role of Environmental Performance and Top Management Affective Commitment 绿色人力资源管理与组织可持续性的关系:环境绩效与高层管理者情感承诺的作用
IF 4.2 Q1 BUSINESS Pub Date : 2025-09-11 DOI: 10.1002/bsd2.70211
Md. Nurun Nabi, Zhiqiang Liu, Monabbir Rafsan Fahim

Drawing on the ability-motivation-opportunity (AMO) theory, this study aims to investigate the influence of green human resource management (GHRM) practices on organizational sustainability performance (OSP). The study considers environmental performance (EP) to be a mediator between GHRM practices and OSP. Additionally, the research examines top management affective commitment (TMAC) as a moderator. The study collected data from diverse Bangladeshi firms, including those in textiles, telecommunications, food, and pharmaceuticals, using a survey questionnaire. Employing a multiple methods analytical approach, including PLS-SEM and IPMA, this study tested the hypothesized relationships and assessed the relative performance and importance of the constructs. The findings revealed that GHRM practices have a positive influence on EP, which significantly mediates the relationship between GHRM and OSP. Furthermore, TMAC positively moderates the relationship between EP and OSP. Unlike previous conventional AMO theory, this study broadens the AMO scope by examining EP and TMAC, thus investigating the nexus between GHRM and OSP and contributing to the current literature on GHRM and OSP relationships. This research provides guidelines for industry practitioners, policymakers, industry leaders, and managers to enhance environmentally friendly production systems while improving environmental performance.

基于能力-动机-机会(AMO)理论,本研究旨在探讨绿色人力资源管理(GHRM)实践对组织可持续性绩效的影响。研究认为环境绩效(EP)是GHRM实践与OSP之间的中介。此外,本研究亦检视高层管理人员情感承诺(TMAC)是否为调节因子。该研究通过问卷调查的方式收集了孟加拉国不同企业的数据,包括纺织、电信、食品和制药企业。采用多方法分析方法,包括PLS-SEM和IPMA,本研究检验了假设的关系,并评估了结构的相对性能和重要性。结果表明,GHRM对EP有正向影响,并在GHRM与OSP之间起着显著的中介作用。此外,工作效率和工作效率之间存在正向调节关系。与以往传统的AMO理论不同,本研究通过考察EP和TMAC,拓宽了AMO的范围,从而探讨了GHRM和OSP之间的联系,并为GHRM和OSP关系的现有文献做出了贡献。本研究为行业从业者、政策制定者、行业领导者和管理者在改善环境绩效的同时加强环境友好型生产系统提供了指导。
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引用次数: 0
Business Model Innovation for Sustainable Development: Evidence From the Forest Mapping Technology Sector in Finland 可持续发展的商业模式创新:来自芬兰森林测绘技术部门的证据
IF 4.2 Q1 BUSINESS Pub Date : 2025-09-04 DOI: 10.1002/bsd2.70214
Ghazale Kordi, Jari Salo

Forests play a critical role in mitigating climate change, protecting biodiversity, and enhancing ecosystem resilience. However, sustainable forest management requires innovative approaches that integrate ecological and economic considerations. Recent advances in remote sensing, LiDAR, and artificial intelligence (AI) have revolutionized forest mapping by providing exceptional precision and scalability. Despite the potential of these technologies, their successful adoption in forestry is not guaranteed. The key challenge lies in integrating these technological capabilities into business models supporting economic viability and sustainability goals. This study addresses this gap by investigating how Business Model Innovation (BMI) facilitates the integration of advanced technologies in forest management, focusing on the strategic alignment of technological capabilities with sustainable development outcomes. Employing a qualitative case study methodology, this research draws on semi-structured interviews with knowledgeable informants from Finland's forestry sector, including researchers, industry experts, and policymakers. Using the Gioia methodology for data analysis, the study uncovers key themes related to stakeholder collaboration, cost optimization, value creation, and scalability in technology adoption. The findings demonstrate that innovative business models are crucial for harnessing the full potential of AI and LiDAR technologies, as they enhance precision in forest mapping while addressing challenges related to cost and scalability. BMI emerges as a vital enabler, fostering partnerships, optimizing value delivery, and promoting resilient, development-oriented forestry practices.

森林在减缓气候变化、保护生物多样性和增强生态系统恢复力方面发挥着关键作用。然而,可持续森林管理需要综合考虑生态和经济因素的创新办法。遥感、激光雷达和人工智能(AI)的最新进展通过提供卓越的精度和可扩展性,彻底改变了森林测绘。尽管这些技术具有潜力,但不能保证它们在林业中的成功采用。关键的挑战在于将这些技术能力整合到支持经济可行性和可持续性目标的商业模式中。本研究通过调查商业模式创新(BMI)如何促进先进技术在森林管理中的整合来解决这一差距,重点关注技术能力与可持续发展成果的战略一致性。本研究采用定性案例研究方法,对芬兰林业部门知识渊博的知情者(包括研究人员、行业专家和政策制定者)进行了半结构化访谈。该研究使用Gioia方法进行数据分析,揭示了与利益相关者协作、成本优化、价值创造和技术采用可扩展性相关的关键主题。研究结果表明,创新的商业模式对于充分利用人工智能和激光雷达技术的潜力至关重要,因为它们提高了森林测绘的精度,同时解决了与成本和可扩展性相关的挑战。BMI成为一个至关重要的推动者,促进伙伴关系,优化价值交付,促进有弹性的、面向发展的林业实践。
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引用次数: 0
Exploring Firm Performance in Global Value Chains—A Sustainability-Oriented Study 全球价值链中的企业绩效研究——一项面向可持续性的研究
IF 4.2 Q1 BUSINESS Pub Date : 2025-09-01 DOI: 10.1002/bsd2.70210
Nimmy Rose Jacob, Ritika Aneja

The study of global value chains (GVCs) has gained significant attention over the past decade, with the global pandemic further accelerating discussions on their resilience and sustainability. This paper contributes to understanding GVCs by examining their bidirectional relationship with sustainability and their interlinkages with firm performance. While existing literature has extensively explored financial metrics, non-financial performance indicators remain underexamined and often undervalued. To address this gap, this study focuses exclusively on non-financial firm performance, recognizing its critical role in long-term value creation. Employing a mixed-method approach, we first conduct expert interviews to identify key themes through thematic analysis, which then inform the development of a structured questionnaire. Data collected from mid- and senior-level managers is analyzed using PLS-SEM, ensuring a robust empirical validation of qualitative insights. The findings highlight the significance of Goodwill and technology in enhancing firm performance within GVCs, reinforcing their role in driving sustainable business practices. By integrating environmental, social, and governance (ESG) dimensions, this study provides a holistic perspective on the evolving dynamics of global value chains and their impact on sustainability.

在过去十年中,全球价值链的研究受到了极大关注,全球大流行进一步加速了对其复原力和可持续性的讨论。本文通过考察全球价值链与可持续性的双向关系及其与企业绩效的相互联系,有助于理解全球价值链。虽然现有文献广泛探讨了财务指标,但非财务绩效指标仍未得到充分研究,而且往往被低估。为了解决这一差距,本研究仅关注非金融企业绩效,认识到其在长期价值创造中的关键作用。采用混合方法,我们首先进行专家访谈,通过主题分析确定关键主题,然后为结构化问卷的开发提供信息。从中高层管理人员收集的数据使用PLS-SEM进行分析,确保对定性见解进行稳健的实证验证。研究结果强调了商誉和技术在提高全球价值链内企业绩效方面的重要性,并加强了它们在推动可持续商业实践方面的作用。通过整合环境、社会和治理(ESG)维度,本研究为全球价值链的演变动态及其对可持续性的影响提供了一个整体视角。
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引用次数: 0
Green Human Resource Management and Organisational Citizenship Behaviour: Evidence From Textile Industry of Bangladesh 绿色人力资源管理与组织公民行为:来自孟加拉国纺织业的证据
IF 4.2 Q1 BUSINESS Pub Date : 2025-08-31 DOI: 10.1002/bsd2.70207
Farhana Foysal Satata, Md. Nazmus Sakib

The integration of environmentally friendly practices into human resource strategies, processes, and regulations has become indispensable in addressing the pressing issue of rising global climate challenges. While there is a growing body of literature on green human resource management (GHRM), limited research has been found on how these practices affect organisational citizenship behaviour among employee (OCBE), as well as the mediating role of green organisational culture (GOC) and green organisational identity (GOI) within the setting of the textile industry of Bangladesh. To address this gap and to fulfil the objectives, this research has utilised a time-lagged survey research design, collecting data from 747 respondents through a structured questionnaire, working in Leadership in Energy and Environmental Design (LEED) certified and non-LEED certified textile companies of Bangladesh. The partial least square structural equation modelling (PLS SEM) statistical method has been utilised to examine the hypotheses; the results highlight the acceptance of all hypotheses. Thestudy offers contributions for both academicians and professionals. On the theoretical level, the findings contribute by conceptualising and contextualising the theory and introducing internal and psychological non-symbolic enablers that fit with theability-motivation-opportunityO model and GHRM context of an emerging economy like Bangladesh. Practically, it provides actionable insights to managers and policymakers on how to drive GHRM to ingrain a green culture and green identity and eventually encourage pro-environmental behaviours among employees. Although some limitations of the research exist, such as the specificity of the industry of study and the use of the quantitative method, these do not diminish the entire contribution of the paper or the novelty of the idea to contextualise GHRM and OCBE in the textile industry of Bangladesh.

将环境友好型实践纳入人力资源战略、流程和法规,对于解决日益严峻的全球气候挑战已不可或缺。虽然关于绿色人力资源管理(GHRM)的文献越来越多,但关于这些实践如何影响员工(OCBE)的组织公民行为,以及绿色组织文化(GOC)和绿色组织认同(GOI)在孟加拉国纺织业背景下的中介作用的研究有限。为了解决这一差距并实现目标,本研究采用了一种滞后的调查研究设计,通过结构化问卷收集了747名受访者的数据,这些受访者在孟加拉国的能源与环境设计(LEED)领导认证和非LEED认证的纺织公司工作。采用偏最小二乘结构方程模型(PLS SEM)统计方法对假设进行检验;结果强调了所有假设的可接受性。本研究对学术界和专业人士都有贡献。在理论层面上,研究结果通过将理论概念化和情境化,并引入内部和心理上的非象征性使能因素,这些使能因素符合能力-动机-机会模型和孟加拉国等新兴经济体的GHRM背景。实际上,它为管理者和政策制定者提供了可操作的见解,如何推动GHRM根深蒂固的绿色文化和绿色身份,并最终鼓励员工的亲环境行为。虽然研究存在一些局限性,例如研究行业的特殊性和定量方法的使用,但这些并没有减少论文的全部贡献,也没有减少将GHRM和OCBE置于孟加拉国纺织业背景下的想法的新新性。
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引用次数: 0
Internal Market Orientation and Its Impact on Social and Business Purpose Fulfilment in Organisations 内部市场导向及其对组织社会和商业目标实现的影响
IF 4.2 Q1 BUSINESS Pub Date : 2025-08-28 DOI: 10.1002/bsd2.70209
Pedro Cuesta-Valiño, Sergey Kazakov, Maria Cristina Loranca-Valle, Azucena Penelas-Leguía

The present study examines the Internal Market Orientation (IMO) concept and its impact on corporate social and business purpose fulfillment. Recognizing employees as pivotal assets, businesses increasingly integrate IMO into their Human Resource Management (HRM) strategies. In this vein, this study positions IMO as a complex internal marketing concept influencing job satisfaction and, subsequently, fulfilling both corporate social and business purposes. To achieve the posed aim, this research employs an empirical quantitative approach and causal study by developing an original theoretical framework, positing seven research hypotheses and surveying 405 employees in business organizations operating in Eastern Europe with an application of the recognized PLS-SEM technique for model validation and hypothesis testing. The findings stemming from this study corroborate the positive effects of IMO implementation on fulfilling an organization's corporate and business purposes. However, this study has not evinced a positive impact of the corporate social purpose fulfillment on accomplishing the organization's business purpose. These and other findings revealed by the present research have significant implications for marketing, HRM, and strategic management literature. On top of that, this research generates valuable insights and recommendations for managers aiming to align HRM strategies with social and business purposes through deploying the IMO concept in their organizations.

本研究探讨了内部市场导向(IMO)概念及其对企业社会和商业目标实现的影响。企业认识到员工是关键资产,越来越多地将国际海事组织纳入其人力资源管理(HRM)战略。在这种情况下,本研究将国际海事组织定位为一个复杂的内部营销概念,影响工作满意度,随后实现企业社会和商业目的。为了实现上述目标,本研究采用实证定量方法和因果研究,建立了一个原创的理论框架,提出了七个研究假设,并对在东欧经营的商业组织的405名员工进行了调查,应用公认的PLS-SEM技术进行模型验证和假设检验。这项研究的结果证实了国际海事组织的实施对实现组织的公司和商业目的的积极影响。然而,本研究并未证明企业社会目的履行对组织商业目的的实现有积极的影响。本研究揭示的这些和其他发现对市场营销、人力资源管理和战略管理文献具有重要意义。最重要的是,本研究为管理者提供了有价值的见解和建议,旨在通过在组织中部署IMO概念,使人力资源管理战略与社会和商业目标保持一致。
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引用次数: 0
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