This study investigates the financial consequences of greenwashing, operationalized as the misalignment between ESG disclosure and actual ESG performance. While prior research has explored the reputational and ethical dimensions of greenwashing, its impact on firms' cost of debt remains underexamined. Drawing on a panel of 411 S&P 500 companies over a 10‐year period (2014–2023), we construct two firm‐level indicators of greenwashing, grESG and gr2ESG, based on z‐scores and percentile ranks, respectively. These measures capture the credibility gap between what firms communicate and what they deliver in terms of sustainability. Using random effects within‐between (REWB) models, we decompose structural (between‐firm) and temporal (within‐firm) effects to assess how ESG inconsistency influences debt pricing. Our findings reveal that the between‐firm component of greenwashing is positively and significantly associated with the after‐tax cost of debt, suggesting that financial markets interpret ESG misalignment as a persistent reputational trait rather than a short‐term deviation. The results are robust across alternative specifications, including models that account for ESG‐related controversies. The study contributes to the literature by demonstrating that ESG credibility is a priced financial attribute and that symbolic sustainability efforts, defined as disclosure‐oriented or reputational gestures without substantive operational changes, may backfire in terms of financing costs.
{"title":"Green Talk, Costly Walk: The Financial Cost of Greenwashing","authors":"S. Taddeo, A. Regoli, O. Weber, R. Carè","doi":"10.1002/bse.70595","DOIUrl":"https://doi.org/10.1002/bse.70595","url":null,"abstract":"This study investigates the financial consequences of greenwashing, operationalized as the misalignment between ESG disclosure and actual ESG performance. While prior research has explored the reputational and ethical dimensions of greenwashing, its impact on firms' cost of debt remains underexamined. Drawing on a panel of 411 S&P 500 companies over a 10‐year period (2014–2023), we construct two firm‐level indicators of greenwashing, grESG and gr2ESG, based on z‐scores and percentile ranks, respectively. These measures capture the credibility gap between what firms communicate and what they deliver in terms of sustainability. Using random effects within‐between (REWB) models, we decompose structural (between‐firm) and temporal (within‐firm) effects to assess how ESG inconsistency influences debt pricing. Our findings reveal that the between‐firm component of greenwashing is positively and significantly associated with the after‐tax cost of debt, suggesting that financial markets interpret ESG misalignment as a persistent reputational trait rather than a short‐term deviation. The results are robust across alternative specifications, including models that account for ESG‐related controversies. The study contributes to the literature by demonstrating that ESG credibility is a priced financial attribute and that symbolic sustainability efforts, defined as disclosure‐oriented or reputational gestures without substantive operational changes, may backfire in terms of financing costs.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"13 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2026-02-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146138643","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
With the increasing demand for high‐quality agricultural products, the agricultural cold‐chain logistics packaging (ACLP) industry faces significant environmental pressure and circular economy issues. This study analyzes the critical success factors (CSFs) that would enhance ACLP circular economy performance (CEP). The adversarial interpretive structure model uncovers CSF interdependence and driving forces, whereas the fuzzy analytic hierarchy process quantifies their weights. This comprehensive analysis suggests that waste management regulations are the most motivating CSFs among all strategies. The research results also underscore the critical importance of factors such as recyclable material input, government circular economy incentives, and eco‐design. Consequently, this study lays a theoretical framework for formulating systematic development strategies for ACLP organizations while promoting the sustainable advancement of CEP. These findings provide researchers with an integrated theoretical and methodological framework and offer policymakers and logistics managers a prioritized action plan.
{"title":"Critical Success Factors for Enhancing the Circular Economy Performance of Last‐Mile Cold Chain Logistics Packaging for Urban Agricultural Products","authors":"Miao Su, Chunyu Liu, Shucheng Duan, Taewoo Roh","doi":"10.1002/bse.70613","DOIUrl":"https://doi.org/10.1002/bse.70613","url":null,"abstract":"With the increasing demand for high‐quality agricultural products, the agricultural cold‐chain logistics packaging (ACLP) industry faces significant environmental pressure and circular economy issues. This study analyzes the critical success factors (CSFs) that would enhance ACLP circular economy performance (CEP). The adversarial interpretive structure model uncovers CSF interdependence and driving forces, whereas the fuzzy analytic hierarchy process quantifies their weights. This comprehensive analysis suggests that waste management regulations are the most motivating CSFs among all strategies. The research results also underscore the critical importance of factors such as recyclable material input, government circular economy incentives, and eco‐design. Consequently, this study lays a theoretical framework for formulating systematic development strategies for ACLP organizations while promoting the sustainable advancement of CEP. These findings provide researchers with an integrated theoretical and methodological framework and offer policymakers and logistics managers a prioritized action plan.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"1 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2026-02-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146138614","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Christian Schachtner, Nadine Baumann, Marek Jabłoński, Adam Jabłoński, Mariusz Bednarek, Sławomir Luściński, Piotr Bilski
The concept of predictive maintenance in advanced manufacturing systems is crucial from the point of view of resource efficiency in the era of high competitiveness forced by energy transformation in the digital economy. Against the backdrop of sustainability and the opportunities a data cooperative offers, the combination of predictive maintenance, sustainable data use and data cooperatives could not only enable the private sector, but also the public sector to harmonise innovation, efficiency and sustainability to reach globally significant political goals such as the UN's 17 Sustainable Development Goals with the help of technology. The aim is to create social added value when understanding data as a resource, sharing it and using it specifically for sustainable change. In the subject literature and among application solutions, one can identify numerous forms of a taxonomy of various variables describing explained and explanatory variables. Aimed at improving the efficiency of production processes, taxonomy is of fundamental importance. It mainly affects the effectiveness of event prediction used to identification components based on taxonomy description which have influence for monitor the efficiency of production systems. The article provides a review of the literature on the predictive maintenance of production systems categorisation. The cognitive gap in the presented results identifies main thematic areas of predictive maintenance. The study was conducted on 54 articles from the Scopus database and 37 articles from the Web of Science database. Within the applied methodology the Prisma model was used.
从数字经济能源转型所带来的高竞争力时代的资源效率角度来看，先进制造系统的预测性维护概念至关重要。在可持续性和数据合作社提供的机遇的背景下，预测性维护、可持续数据使用和数据合作社的结合不仅可以使私营部门，也可以使公共部门协调创新、效率和可持续性，从而在技术的帮助下实现联合国17项可持续发展目标等全球重大政治目标。其目的是在将数据理解为一种资源、共享数据并将其专门用于可持续变革时，创造社会附加价值。在主题文献和应用解决方案中，可以识别描述被解释变量和解释变量的各种变量分类法的许多形式。为了提高生产过程的效率，分类学是至关重要的。它主要影响事件预测的有效性，而事件预测用于基于分类描述的组件识别，对生产系统的监控效率有影响。本文对生产系统分类预测性维护方面的文献进行了综述。提出的结果中的认知差距确定了预测性维护的主要主题领域。该研究对Scopus数据库中的54篇文章和Web of Science数据库中的37篇文章进行了研究。在应用方法中，使用了Prisma模型。
{"title":"A Taxonomy of Predictive Maintenance as a Basis for Supra‐Regional Sustainability Monitoring—Literature Review","authors":"Christian Schachtner, Nadine Baumann, Marek Jabłoński, Adam Jabłoński, Mariusz Bednarek, Sławomir Luściński, Piotr Bilski","doi":"10.1002/bse.70599","DOIUrl":"https://doi.org/10.1002/bse.70599","url":null,"abstract":"The concept of predictive maintenance in advanced manufacturing systems is crucial from the point of view of resource efficiency in the era of high competitiveness forced by energy transformation in the digital economy. Against the backdrop of sustainability and the opportunities a data cooperative offers, the combination of predictive maintenance, sustainable data use and data cooperatives could not only enable the private sector, but also the public sector to harmonise innovation, efficiency and sustainability to reach globally significant political goals such as the UN's 17 Sustainable Development Goals with the help of technology. The aim is to create social added value when understanding data as a resource, sharing it and using it specifically for sustainable change. In the subject literature and among application solutions, one can identify numerous forms of a taxonomy of various variables describing explained and explanatory variables. Aimed at improving the efficiency of production processes, taxonomy is of fundamental importance. It mainly affects the effectiveness of event prediction used to identification components based on taxonomy description which have influence for monitor the efficiency of production systems. The article provides a review of the literature on the predictive maintenance of production systems categorisation. The cognitive gap in the presented results identifies main thematic areas of predictive maintenance. The study was conducted on 54 articles from the Scopus database and 37 articles from the Web of Science database. Within the applied methodology the Prisma model was used.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"9 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2026-02-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146138613","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Eric Sie Forenten, Philip Opoku Mensah, Jing Yi Yong, Henry Kofi Mensah
Environmental sustainability has gained more scholarly attention because of the dangers of business and human activities to the natural environment. To mitigate the environmental problems, scholars have advocated for the deliberate development of the green intellectual capital of firms. Drawing on the natural resource‐based view (NRBV) theory, the study examined the impact of green intellectual capital (GIC) on environmental performance (ENVP) mediated by green creativity (GC), moderated by green transformational leadership (GTL) and environmental regulations (ENREGs). A survey of 264 managers and owners in Ghana's transport and logistics sector was analysed using PROCESS macro. The findings demonstrated that GC mediates the relationship between GIC and ENVP. Furthermore, the effect of GIC on ENVP via GC depends on GTL and ENREG. These findings advance theoretical understanding of GIC mechanisms and provide practical guidance for environmentally responsible leadership in emerging economies.
{"title":"Green Minds, Green Outcomes: Green Intellectual Capital Drives Environmental Performance via Creativity, Moderated by Leadership and Regulations in Ghana","authors":"Eric Sie Forenten, Philip Opoku Mensah, Jing Yi Yong, Henry Kofi Mensah","doi":"10.1002/bse.70605","DOIUrl":"https://doi.org/10.1002/bse.70605","url":null,"abstract":"Environmental sustainability has gained more scholarly attention because of the dangers of business and human activities to the natural environment. To mitigate the environmental problems, scholars have advocated for the deliberate development of the green intellectual capital of firms. Drawing on the natural resource‐based view (NRBV) theory, the study examined the impact of green intellectual capital (GIC) on environmental performance (ENVP) mediated by green creativity (GC), moderated by green transformational leadership (GTL) and environmental regulations (ENREGs). A survey of 264 managers and owners in Ghana's transport and logistics sector was analysed using PROCESS macro. The findings demonstrated that GC mediates the relationship between GIC and ENVP. Furthermore, the effect of GIC on ENVP via GC depends on GTL and ENREG. These findings advance theoretical understanding of GIC mechanisms and provide practical guidance for environmentally responsible leadership in emerging economies.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"30 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2026-02-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146146022","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Dejun Zhou, Joana Cobbinah, Ishmael Wiredu, Fadhila Hamza
Drawing on the Resource‐Based View (RBV) and Stakeholder Theory, this study examines how green innovation contributes to firm value, emphasizing the mediating role of environmental, social, and governance (ESG) performance and the moderating role of corporate reputation. Using panel data from 593 environmentally sensitive manufacturing firms across Asian economies between 2014 and 2023, the proposed relationships are tested with the Baron and Kenney mediation approach and IV‐2SLS estimation to address potential endogeneity. The results demonstrate that green innovation directly enhances firm value and significantly improves ESG performance. ESG performance itself exerts a positive effect on firm value, and mediation analysis reveals that ESG partially transmits the impact of green innovation on financial outcomes. Robustness checks strengthen these findings: The Variance Accounted For (VAF) ratio shows that 41.2% of the total effect of green innovation on firm value operates through ESG, while the Sobel test ( Z = 3.462, p < 0.001) and the Z ‐test of mediation ( Z = 3.291, p < 0.01) confirm the significance of the indirect pathway. These results provide consistent evidence that ESG is an important, though partial, channel linking innovation to value creation. Furthermore, corporate reputation is found to strengthen the effect of green innovation on firm value, suggesting that reputational capital amplifies the benefits of sustainability engagement. The study contributes to theory by integrating RBV and Stakeholder perspectives and offers practical insights for Asian manufacturing firms, where aligning innovation strategies with ESG improvements and reputation management is crucial for sustainable competitiveness.
利用资源基础理论（RBV）和利益相关者理论，本研究探讨了绿色创新对企业价值的贡献，强调了环境、社会和治理（ESG）绩效的中介作用和企业声誉的调节作用。利用2014年至2023年间来自亚洲经济体593家环境敏感型制造企业的面板数据，采用Baron和Kenney中介方法和IV‐2SLS估计来检验所提出的关系，以解决潜在的内生性问题。结果表明，绿色创新直接提升了企业价值，显著提高了企业ESG绩效。ESG绩效本身对企业价值有正向影响，中介分析显示ESG部分传递了绿色创新对财务结果的影响。稳健性检验强化了这些发现：方差占比（VAF）表明，绿色创新对企业价值的总影响中有41.2%是通过ESG发挥作用的，而Sobel检验（Z = 3.462, p < 0.001）和中介Z‐检验（Z = 3.291, p < 0.01）证实了间接途径的显著性。这些结果提供了一致的证据，表明ESG是连接创新与价值创造的重要渠道，尽管只是部分渠道。此外，我们还发现企业声誉会强化绿色创新对企业价值的影响，这表明声誉资本放大了可持续发展参与的收益。该研究通过整合RBV和利益相关者的观点，为亚洲制造企业提供了理论支持，并为亚洲制造企业提供了实践见解，在这些企业中，将创新战略与ESG改进和声誉管理相结合对于可持续竞争力至关重要。
{"title":"Strategic Pathways to Green Innovation Capacity and ESG Performance: Driving Sustainable Value Creation in Asian Economies","authors":"Dejun Zhou, Joana Cobbinah, Ishmael Wiredu, Fadhila Hamza","doi":"10.1002/bse.70620","DOIUrl":"https://doi.org/10.1002/bse.70620","url":null,"abstract":"Drawing on the Resource‐Based View (RBV) and Stakeholder Theory, this study examines how green innovation contributes to firm value, emphasizing the mediating role of environmental, social, and governance (ESG) performance and the moderating role of corporate reputation. Using panel data from 593 environmentally sensitive manufacturing firms across Asian economies between 2014 and 2023, the proposed relationships are tested with the Baron and Kenney mediation approach and IV‐2SLS estimation to address potential endogeneity. The results demonstrate that green innovation directly enhances firm value and significantly improves ESG performance. ESG performance itself exerts a positive effect on firm value, and mediation analysis reveals that ESG partially transmits the impact of green innovation on financial outcomes. Robustness checks strengthen these findings: The Variance Accounted For (VAF) ratio shows that 41.2% of the total effect of green innovation on firm value operates through ESG, while the Sobel test ( <jats:italic>Z</jats:italic> = 3.462, <jats:italic>p</jats:italic> < 0.001) and the <jats:italic>Z</jats:italic> ‐test of mediation ( <jats:italic>Z</jats:italic> = 3.291, <jats:italic>p</jats:italic> < 0.01) confirm the significance of the indirect pathway. These results provide consistent evidence that ESG is an important, though partial, channel linking innovation to value creation. Furthermore, corporate reputation is found to strengthen the effect of green innovation on firm value, suggesting that reputational capital amplifies the benefits of sustainability engagement. The study contributes to theory by integrating RBV and Stakeholder perspectives and offers practical insights for Asian manufacturing firms, where aligning innovation strategies with ESG improvements and reputation management is crucial for sustainable competitiveness.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"301 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2026-02-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146122049","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Institutional investors are increasingly responding to biodiversity loss through nature‐related investment strategies. Using survey data from 557 institutional investors, this study examines the drivers of strategy selection and how biodiversity risk is integrated across investor types, sizes, and regions. Financial motivations, especially risk reduction and return opportunities, are most strongly associated with divestment and portfolio biodiversity risk analysis, while shareholder engagement remains comparatively limited. Pressure from clients and activists steers institutional investors toward visible, low‐burden measures (risk analysis, divestment, and target‐setting) rather than resource‐intensive stewardship. US‐based investors report stronger commitments to nature‐related investments, whereas larger institutions do not exhibit higher engagement. The findings suggest targeted policy support for nature‐related investment practices: clearer recognition of biodiversity loss as a financially material risk within fiduciary frameworks, integration of nature objectives into stewardship codes and proxy‐voting norms, and harmonized biodiversity disclosure standards to reduce data uncertainty and enable more effective investor responses.
{"title":"Drivers of Nature‐Related Investment Strategies Among Institutional Investors","authors":"Emma Olofsson","doi":"10.1002/bse.70598","DOIUrl":"https://doi.org/10.1002/bse.70598","url":null,"abstract":"Institutional investors are increasingly responding to biodiversity loss through nature‐related investment strategies. Using survey data from 557 institutional investors, this study examines the drivers of strategy selection and how biodiversity risk is integrated across investor types, sizes, and regions. Financial motivations, especially risk reduction and return opportunities, are most strongly associated with divestment and portfolio biodiversity risk analysis, while shareholder engagement remains comparatively limited. Pressure from clients and activists steers institutional investors toward visible, low‐burden measures (risk analysis, divestment, and target‐setting) rather than resource‐intensive stewardship. US‐based investors report stronger commitments to nature‐related investments, whereas larger institutions do not exhibit higher engagement. The findings suggest targeted policy support for nature‐related investment practices: clearer recognition of biodiversity loss as a financially material risk within fiduciary frameworks, integration of nature objectives into stewardship codes and proxy‐voting norms, and harmonized biodiversity disclosure standards to reduce data uncertainty and enable more effective investor responses.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"91 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2026-02-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146122050","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Leviticus Mensah, Richard Arhinful, Hayford Asare Obeng, Bright Akwasi Gyamfi
Environmental fines function as regulatory instruments that compel firms to adopt innovative approaches to environmental protection. This fosters more efficient industrial processes, strengthens sustainability practices, and stimulates competition as regulatory frameworks evolve. Whereas some corporations perceive such fines merely as punitive measures, others regard them as catalysts for innovation. However, the relationship between environmental fines and innovation, as well as the moderating roles of financial slack, firm size, and board environmental expertise, remains underexplored in the literature. This study addresses these gaps by drawing on Porter's hypothesis and focusing on nonfinancial entities listed on the Frankfurt Stock Exchange. Using purposive sampling, data were collected from 347 firms covering the period 2008–2024 through the Bloomberg database. To address cross‐sectional dependence, slope heterogeneity, and endogeneity, the study employed advanced estimation techniques, including the two‐step generalized method of moments, fixed effects with Driscoll–Kraay standard errors, and the Common Correlated Effects Mean Group estimator. The results indicate a significant positive relationship between environmental fines and environmental innovation. Furthermore, financial slack, firm size, and board environmental expertise were found to significantly and positively moderate this relationship. These findings offer important insights for corporations, highlighting that compliance with environmental fines can stimulate innovation, strengthen sustainability initiatives, optimize operational efficiency, and create long‐term value.
{"title":"Punishment or Catalyst? The Role of Environmental Fines in Driving Corporate Environmental Innovation in the Frankfurt Stock Exchange. The Moderating Role of Financial Slack, Firm Size, and Board Environmental Expertise","authors":"Leviticus Mensah, Richard Arhinful, Hayford Asare Obeng, Bright Akwasi Gyamfi","doi":"10.1002/bse.70574","DOIUrl":"https://doi.org/10.1002/bse.70574","url":null,"abstract":"Environmental fines function as regulatory instruments that compel firms to adopt innovative approaches to environmental protection. This fosters more efficient industrial processes, strengthens sustainability practices, and stimulates competition as regulatory frameworks evolve. Whereas some corporations perceive such fines merely as punitive measures, others regard them as catalysts for innovation. However, the relationship between environmental fines and innovation, as well as the moderating roles of financial slack, firm size, and board environmental expertise, remains underexplored in the literature. This study addresses these gaps by drawing on Porter's hypothesis and focusing on nonfinancial entities listed on the Frankfurt Stock Exchange. Using purposive sampling, data were collected from 347 firms covering the period 2008–2024 through the Bloomberg database. To address cross‐sectional dependence, slope heterogeneity, and endogeneity, the study employed advanced estimation techniques, including the two‐step generalized method of moments, fixed effects with Driscoll–Kraay standard errors, and the Common Correlated Effects Mean Group estimator. The results indicate a significant positive relationship between environmental fines and environmental innovation. Furthermore, financial slack, firm size, and board environmental expertise were found to significantly and positively moderate this relationship. These findings offer important insights for corporations, highlighting that compliance with environmental fines can stimulate innovation, strengthen sustainability initiatives, optimize operational efficiency, and create long‐term value.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"9 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2026-02-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146129367","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This research examines the influence of environmental performance on organizational resilience during an exogenous shock. Drawing on the natural resource–based view, a sample of 3920 firms from 11 sectors and 19 countries is analyzed. This study employs OLS regressions and Cox proportional hazard models to test the effect of environmental performance on the severity of loss and time to recovery following an exogenous shock. The findings reveal that higher levels of environmental performance mitigate the severity of loss but prolong the time to recovery. These results provide important insights into how environmental performance shapes organizational resilience during exogenous shocks and highlight the need for further research to better understand the temporal dimension of its effects, specifically when and how environmental performance translates into resilience benefits.
{"title":"Organizational Resilience to Exogenous Shocks: The Role of Environmental Performance","authors":"Tim Schroll","doi":"10.1002/bse.70600","DOIUrl":"https://doi.org/10.1002/bse.70600","url":null,"abstract":"This research examines the influence of environmental performance on organizational resilience during an exogenous shock. Drawing on the natural resource–based view, a sample of 3920 firms from 11 sectors and 19 countries is analyzed. This study employs OLS regressions and Cox proportional hazard models to test the effect of environmental performance on the severity of loss and time to recovery following an exogenous shock. The findings reveal that higher levels of environmental performance mitigate the severity of loss but prolong the time to recovery. These results provide important insights into how environmental performance shapes organizational resilience during exogenous shocks and highlight the need for further research to better understand the temporal dimension of its effects, specifically when and how environmental performance translates into resilience benefits.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"28 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2026-02-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146122051","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Alva Marasigan, Muhammad Nurul Houqe, Warwick Stent, Olayinka Moses
We examine the drivers of sustainability reporting quality (QSR), conceptualised along two complementary dimensions, relevance and reliability, to assess how firm‐level attributes and institutional conditions jointly shape disclosure practices in the electricity sector. Using data from S&P Global Top 250, we find that stronger sustainability performance, the adoption of the Global Reporting Initiative framework, and the presence of institutional and foreign investors are positively associated with higher QSR. These underscore the importance of internal performance, established reporting frameworks, and market‐based mechanisms in enhancing the credibility and decision usefulness of sustainability reporting. In contrast, rule of law and carbon pricing policies exhibit negative associations with disclosure relevance, suggesting strategic opacity or compliance fatigue in more highly regulated environments. This study provides industry‐specific, cross‐national evidence from a critical yet underexplored sector. The findings offer timely insights for managers, regulators, investors and standard setters as mandatory sustainability reporting under IFRS S1 and S2 is implemented across jurisdictions.
{"title":"Powering Transparency: Global Drivers of Sustainability Reporting in the Electricity Sector","authors":"Alva Marasigan, Muhammad Nurul Houqe, Warwick Stent, Olayinka Moses","doi":"10.1002/bse.70606","DOIUrl":"https://doi.org/10.1002/bse.70606","url":null,"abstract":"We examine the drivers of sustainability reporting quality (QSR), conceptualised along two complementary dimensions, relevance and reliability, to assess how firm‐level attributes and institutional conditions jointly shape disclosure practices in the electricity sector. Using data from S&P Global Top 250, we find that stronger sustainability performance, the adoption of the Global Reporting Initiative framework, and the presence of institutional and foreign investors are positively associated with higher QSR. These underscore the importance of internal performance, established reporting frameworks, and market‐based mechanisms in enhancing the credibility and decision usefulness of sustainability reporting. In contrast, rule of law and carbon pricing policies exhibit negative associations with disclosure relevance, suggesting strategic opacity or compliance fatigue in more highly regulated environments. This study provides industry‐specific, cross‐national evidence from a critical yet underexplored sector. The findings offer timely insights for managers, regulators, investors and standard setters as mandatory sustainability reporting under IFRS S1 and S2 is implemented across jurisdictions.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"87 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2026-02-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146122055","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Wei Wu, Rsha Alghafes, Nidhi Sahore, Enrico Battisti, Xin Liu
Carbon accounting is the monitoring and recording of greenhouse gas (GHG) emissions to mitigate and manage carbon emissions. There are numerous singular studies on carbon accounting across geographies and industries. However, there is a need for a comprehensive study discussing carbon accounting enablers, barriers, policy, and reporting landscape and strategies. This study applies a mixed‐method approach to present insights into its enablers, barriers, policy, and reporting landscape and strategies with the help of two integrated studies in this paper. Study A systematically reviews the contemporary literature to identify the thematic focus of carbon accounting literature. The systematic literature review (SLR) conducted on a sample of 53 shortlisted studies comprehends carbon accounting enablers, barriers, policies, and reporting aspects, along with presenting the carbon accounting strategies to reduce and mitigate carbon emissions. The Study B incorporates an empirical analysis of the qualitative responses gathered through essay‐based questions designed to list potential carbon accounting strategies articulated by industry experts. This study offers theoretical, practical, and policy implications for all the stakeholders: firm‐level managers; city, regional, or national level officers; accounting professionals; investors; sustainable finance providers; and carbon policymakers.
{"title":"The Nitty Gritty of Carbon Accounting: Enablers, Barriers, Reporting, and Strategies","authors":"Wei Wu, Rsha Alghafes, Nidhi Sahore, Enrico Battisti, Xin Liu","doi":"10.1002/bse.70490","DOIUrl":"https://doi.org/10.1002/bse.70490","url":null,"abstract":"Carbon accounting is the monitoring and recording of greenhouse gas (GHG) emissions to mitigate and manage carbon emissions. There are numerous singular studies on carbon accounting across geographies and industries. However, there is a need for a comprehensive study discussing carbon accounting enablers, barriers, policy, and reporting landscape and strategies. This study applies a mixed‐method approach to present insights into its enablers, barriers, policy, and reporting landscape and strategies with the help of two integrated studies in this paper. Study A systematically reviews the contemporary literature to identify the thematic focus of carbon accounting literature. The systematic literature review (SLR) conducted on a sample of 53 shortlisted studies comprehends carbon accounting enablers, barriers, policies, and reporting aspects, along with presenting the carbon accounting strategies to reduce and mitigate carbon emissions. The Study B incorporates an empirical analysis of the qualitative responses gathered through essay‐based questions designed to list potential carbon accounting strategies articulated by industry experts. This study offers theoretical, practical, and policy implications for all the stakeholders: firm‐level managers; city, regional, or national level officers; accounting professionals; investors; sustainable finance providers; and carbon policymakers.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"241 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2026-02-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146122052","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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