This study examines the impact of environmental, social and governance (ESG) assurance on a firm's dividend payout policies within the unique African context. Using a staggered difference‐in‐differences (DiD) model, this study examines how voluntary third‐party assurance of ESG reports influences firms' dividend payout policies compared to those without assurance. This study utilises a panel data set comprising a sample of 738 listed African firms across 18 African countries, yielding 8645 firm‐year observations. Based on the stakeholder and agency theories, we find that after implementing ESG assurance, assured firms increase their dividend payout policies compared to non‐assured firms. The mining and metals industry sectors lead with the highest ESG assurance. ESG‐assured firms consistently report high dividend payouts compared to non‐assured firms. Furthermore, our results suggest that following ESG assurance, firms increase dividend payout driven by reduced information asymmetry. This result builds upon existing studies, primarily focusing on the impact of ESG on firm decision‐making and performance. Accounting professionals, researchers, policymakers, business executives and investors would find this study insightful in understanding how ESG assurance impacts firm dividend policies.
{"title":"ESG Assurance and Dividends: Evidence From 18 Countries in Africa","authors":"Samuel Karanja Kogi, June Cao","doi":"10.1002/bse.70523","DOIUrl":"https://doi.org/10.1002/bse.70523","url":null,"abstract":"This study examines the impact of environmental, social and governance (ESG) assurance on a firm's dividend payout policies within the unique African context. Using a staggered difference‐in‐differences (DiD) model, this study examines how voluntary third‐party assurance of ESG reports influences firms' dividend payout policies compared to those without assurance. This study utilises a panel data set comprising a sample of 738 listed African firms across 18 African countries, yielding 8645 firm‐year observations. Based on the stakeholder and agency theories, we find that after implementing ESG assurance, assured firms increase their dividend payout policies compared to non‐assured firms. The mining and metals industry sectors lead with the highest ESG assurance. ESG‐assured firms consistently report high dividend payouts compared to non‐assured firms. Furthermore, our results suggest that following ESG assurance, firms increase dividend payout driven by reduced information asymmetry. This result builds upon existing studies, primarily focusing on the impact of ESG on firm decision‐making and performance. Accounting professionals, researchers, policymakers, business executives and investors would find this study insightful in understanding how ESG assurance impacts firm dividend policies.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"3 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2026-01-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145893713","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}
Eco‐conscious businesses are increasingly adopting sustainable materials and improving production efficiency to reduce carbon emissions. These efforts not only minimize waste but also help conserve natural resources. Through extended business responsibility (EBR), firms actively promote sustainable consumption by raising consumer awareness. As awareness grows, purchasing behavior shifts toward environmentally responsible choices, ultimately reducing ecological harm. In contexts where environmental values (EVs) are prominent, social pressure often drives firms toward more sustainable practices. This study addresses a gap in the literature by examining the mediating role of EVs in the relationship between EBR and sustainable environmental awareness (SEA). Based on survey data from 396 participants in Türkiye, partial least squares structural equation modeling (PLS‐SEM) was employed for analysis. The findings reveal that EVs partially mediate the relationship between EBR and SEA, serving as a catalyst that enhances the effect of EBR on sustainability awareness. The results provide valuable insights for a wide range of businesses, including manufacturers and e‐commerce firms. By aligning with the expectations of environmentally conscious consumers, companies can not only strengthen their sustainability agendas but also gain a sustainable competitive advantage. This study contributes to the literature on sustainable business practices by applying PLS‐SEM in the context of an emerging economy and highlighting the critical role of EVs in fostering sustainability awareness.
{"title":"Linking Extended Business Responsibility to Sustainable Environmental Awareness: Evidence on the Mediating Role of Environmental Values","authors":"Zehra Binnur Avunduk, Eyup Kahveci, Elif Habip","doi":"10.1002/bse.70521","DOIUrl":"https://doi.org/10.1002/bse.70521","url":null,"abstract":"Eco‐conscious businesses are increasingly adopting sustainable materials and improving production efficiency to reduce carbon emissions. These efforts not only minimize waste but also help conserve natural resources. Through extended business responsibility (EBR), firms actively promote sustainable consumption by raising consumer awareness. As awareness grows, purchasing behavior shifts toward environmentally responsible choices, ultimately reducing ecological harm. In contexts where environmental values (EVs) are prominent, social pressure often drives firms toward more sustainable practices. This study addresses a gap in the literature by examining the mediating role of EVs in the relationship between EBR and sustainable environmental awareness (SEA). Based on survey data from 396 participants in Türkiye, partial least squares structural equation modeling (PLS‐SEM) was employed for analysis. The findings reveal that EVs partially mediate the relationship between EBR and SEA, serving as a catalyst that enhances the effect of EBR on sustainability awareness. The results provide valuable insights for a wide range of businesses, including manufacturers and e‐commerce firms. By aligning with the expectations of environmentally conscious consumers, companies can not only strengthen their sustainability agendas but also gain a sustainable competitive advantage. This study contributes to the literature on sustainable business practices by applying PLS‐SEM in the context of an emerging economy and highlighting the critical role of EVs in fostering sustainability awareness.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"8 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2025-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145893760","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 study employs hierarchical regression modelling on a survey of 550 firms from Nigeria and Ghana to examine the impact of sustainability auditing on corporate governance, environmental performance, and financial outcomes of high‐impact industries. Our findings reveal that internal sustainability auditing significantly enhances environmental performance, regulatory compliance, corporate governance transparency, and accountability. Additionally, external sustainability auditing positively influences firms' financial performance and long‐term value. Notably, we identify cross‐country variations: Internal sustainability auditing has a stronger effect on environmental performance and corporate governance in Ghana, whereas external audits exhibit a greater impact on financial performance and long‐term firm value in Nigeria. Moreover, industry‐specific insights indicate that internal audits are particularly influential in improving environmental performance within the mining sector while they play a critical role in strengthening corporate governance within the oil and gas industry. The study underscores the importance of sustainability auditing in corporate governance frameworks for promoting environmental and financial sustainability in high‐impact industries, providing valuable insights for policymakers and corporate leaders.
{"title":"Does Sustainability Auditing Lead to Enhanced Corporate Governance, Environmental Performance, and Financial Outcomes? Empirical Evidence From High‐Impact Industries","authors":"Mandella Osei‐Assibey Bonsu, Ying Wang, Grace Eghe‐Ikhurhe, Katie Hyslop","doi":"10.1002/bse.70503","DOIUrl":"https://doi.org/10.1002/bse.70503","url":null,"abstract":"This study employs hierarchical regression modelling on a survey of 550 firms from Nigeria and Ghana to examine the impact of sustainability auditing on corporate governance, environmental performance, and financial outcomes of high‐impact industries. Our findings reveal that internal sustainability auditing significantly enhances environmental performance, regulatory compliance, corporate governance transparency, and accountability. Additionally, external sustainability auditing positively influences firms' financial performance and long‐term value. Notably, we identify cross‐country variations: Internal sustainability auditing has a stronger effect on environmental performance and corporate governance in Ghana, whereas external audits exhibit a greater impact on financial performance and long‐term firm value in Nigeria. Moreover, industry‐specific insights indicate that internal audits are particularly influential in improving environmental performance within the mining sector while they play a critical role in strengthening corporate governance within the oil and gas industry. The study underscores the importance of sustainability auditing in corporate governance frameworks for promoting environmental and financial sustainability in high‐impact industries, providing valuable insights for policymakers and corporate leaders.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"20 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2025-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145893761","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}
Muhammad Jameel Hussain, Qian Yang, Adnan Ashraf, Muhammad Saleem, Irfan Kazim
Using a sample of US publicly listed firms from 2002 to 2023, our findings reveal a significant association between CEO tenure and a firm's exposure to climate change risk. Specifically, we show that a firm's climate risk exposure tends to increase during the early stages of a CEO's tenure and declines as their tenure progresses. Our results are robust across multiple model specifications and alternative proxies, confirming the validity of our findings. The concave (inverse‐U‐shaped) relationship between CEO tenure and climate risk is especially pronounced in firms facing higher environmental litigation risk and those with strong environmental, social, and governance (ESG) performance. Notably, we find that this concave relationship is more evident in firms led by lower ability CEOs and those with higher CEO compensation. Moreover, CEOs in firms with lower efficiency in conventional input–output measures, as well as those operating in more transparent environments, are more effective at shifting their firms' climate risk exposure from positive to negative. By examining the influence of corporate governance mechanisms on firm‐level climate change risk, our study contributes to the ongoing discourse on the CEO's role in managing corporate climate footprints.
{"title":"CEO Tenure and Firm‐Level Climate Change Risk","authors":"Muhammad Jameel Hussain, Qian Yang, Adnan Ashraf, Muhammad Saleem, Irfan Kazim","doi":"10.1002/bse.70446","DOIUrl":"https://doi.org/10.1002/bse.70446","url":null,"abstract":"Using a sample of US publicly listed firms from 2002 to 2023, our findings reveal a significant association between CEO tenure and a firm's exposure to climate change risk. Specifically, we show that a firm's climate risk exposure tends to increase during the early stages of a CEO's tenure and declines as their tenure progresses. Our results are robust across multiple model specifications and alternative proxies, confirming the validity of our findings. The concave (inverse‐U‐shaped) relationship between CEO tenure and climate risk is especially pronounced in firms facing higher environmental litigation risk and those with strong environmental, social, and governance (ESG) performance. Notably, we find that this concave relationship is more evident in firms led by lower ability CEOs and those with higher CEO compensation. Moreover, CEOs in firms with lower efficiency in conventional input–output measures, as well as those operating in more transparent environments, are more effective at shifting their firms' climate risk exposure from positive to negative. By examining the influence of corporate governance mechanisms on firm‐level climate change risk, our study contributes to the ongoing discourse on the CEO's role in managing corporate climate footprints.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"253 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2025-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145893759","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}
Currently, there is an ongoing call to increase collective understanding on how to design and optimize business strategies for a sustainable healthcare ecosystem. In this vein, the DeLone and McLean (D&M) Information Systems Success Model is broadly used to evaluate information systems and their application to lightweight apps. However, research on the quality factors that influence consumer behavior in lightweight applications remains limited. The D&M model with flow experience is applied in this study to examine how quality factors influence consumer behavior in healthcare WeChat mini‐programs. This study uses a questionnaire and structural equation modeling (SEM) to analyze and find that health consciousness moderates the relationships between information quality, system quality, service quality, and flow experience. Findings suggest that positive flow experiences enhance user trust and satisfaction, promoting continued use of lightweight applications for healthcare services. This study proposes strategies to enhance user engagement, trust, and satisfaction in the development of personalized health applications tailored to varying levels of health consciousness. This study offers specific guidance for stakeholders, including health app developers, designers, and policymakers, to help them optimize functional design based on varying levels of health awareness, enhance users' trust, and provide an immersive experience.
目前，人们正在呼吁提高对如何为可持续的医疗保健生态系统设计和优化业务战略的集体理解。在这种情况下，DeLone and McLean （D&；M）信息系统成功模型被广泛用于评估信息系统及其在轻量级应用程序中的应用。然而，对影响轻量级应用中消费者行为的质量因素的研究仍然有限。本研究采用流动经验的D&；M模型，探讨品质因素如何影响医疗保健微信小程序中的消费者行为。本研究采用问卷调查和结构方程模型（SEM）分析，发现健康意识对信息质量、系统质量、服务质量和流动体验之间的关系具有调节作用。研究结果表明，积极的流量体验增强了用户的信任和满意度，促进了轻量级应用程序在医疗保健服务中的持续使用。本研究提出针对不同健康意识水平量身定制的个性化健康应用开发策略，以提高用户参与度、信任度和满意度。本研究为包括健康应用开发者、设计师和政策制定者在内的利益相关者提供了具体的指导，帮助他们根据不同的健康意识水平优化功能设计，增强用户信任，并提供沉浸式体验。
{"title":"Exploring Business Strategies for the Sustainable Health Service Ecosystem: A Delone and McLean Information Systems Success Model Perspective","authors":"Jian Wang, Yujia Zhai, Fakhar Shahzad, Ciro Troise, Stefano Bresciani","doi":"10.1002/bse.70497","DOIUrl":"https://doi.org/10.1002/bse.70497","url":null,"abstract":"Currently, there is an ongoing call to increase collective understanding on how to design and optimize business strategies for a sustainable healthcare ecosystem. In this vein, the DeLone and McLean (D&M) Information Systems Success Model is broadly used to evaluate information systems and their application to lightweight apps. However, research on the quality factors that influence consumer behavior in lightweight applications remains limited. The D&M model with flow experience is applied in this study to examine how quality factors influence consumer behavior in healthcare WeChat mini‐programs. This study uses a questionnaire and structural equation modeling (SEM) to analyze and find that health consciousness moderates the relationships between information quality, system quality, service quality, and flow experience. Findings suggest that positive flow experiences enhance user trust and satisfaction, promoting continued use of lightweight applications for healthcare services. This study proposes strategies to enhance user engagement, trust, and satisfaction in the development of personalized health applications tailored to varying levels of health consciousness. This study offers specific guidance for stakeholders, including health app developers, designers, and policymakers, to help them optimize functional design based on varying levels of health awareness, enhance users' trust, and provide an immersive experience.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"30 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2025-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145893762","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}
Naveen Virmani, Vijay Lahri, Srikant Gupta, Jose Arturo Garza‐Reyes
The Circular Economy ( CE ) transition presents a sustainable alternative to linear economic models. Artificial Intelligence (AI) provides a powerful tool for accelerating this change by enabling more innovative resource management and waste reduction alongside real‐time decision‐making. However, multiple complex barriers, including technological, organisational, environmental and human (TOE‐H) perspectives, prevent the widespread adoption of AI within CE practices. Therefore, this research aims to investigate the principal barriers preventing AI from becoming part of CE efforts. The study identifies 18 barriers and 15 solutions through an extensive literature review and expert opinion. The research uses a hybrid framework that combines the Fuzzy Analytic Hierarchy Process (Fuzzy‐AHP) and fuzzy technique of order preference by similarity to ideal solution (Fuzzy‐TOPSIS) to analyse the barriers and solutions. The Fuzzy‐AHP is used to determine the barrier weights; in conjunction with this, fuzzy‐TOPSIS is also employed to rank the solutions. The study reported lack of skilled workforce and low consumer awareness as the top barriers, while ‘encouraging eco‐design’ and ‘support smart reverse logistics systems’ were defined as the top solutions. This research contributes to the scholarly literature by mapping and prioritising strategic solutions to overcome barriers to adopting AI in the circular economy, which previous studies have not adequately addressed. Additionally, the research provides practical recommendations for government officials, industry managers and environmental experts to address these barriers and facilitate a smart circular transition driven by data. This study helps to understand AI's role in CE while establishing the foundations for inclusive technological solutions that support sustainable development.
{"title":"A Decision‐Making Framework to Facilitate AI in the Circular Economy: A Case Analysis From an Emerging Economy Context","authors":"Naveen Virmani, Vijay Lahri, Srikant Gupta, Jose Arturo Garza‐Reyes","doi":"10.1002/bse.70482","DOIUrl":"https://doi.org/10.1002/bse.70482","url":null,"abstract":"The Circular Economy ( <jats:sc>CE</jats:sc> ) transition presents a sustainable alternative to linear economic models. Artificial Intelligence (AI) provides a powerful tool for accelerating this change by enabling more innovative resource management and waste reduction alongside real‐time decision‐making. However, multiple complex barriers, including technological, organisational, environmental and human (TOE‐H) perspectives, prevent the widespread adoption of AI within <jats:sc>CE</jats:sc> practices. Therefore, this research aims to investigate the principal barriers preventing AI from becoming part of <jats:sc>CE</jats:sc> efforts. The study identifies 18 barriers and 15 solutions through an extensive literature review and expert opinion. The research uses a hybrid framework that combines the Fuzzy Analytic Hierarchy Process (Fuzzy‐AHP) and fuzzy technique of order preference by similarity to ideal solution (Fuzzy‐TOPSIS) to analyse the barriers and solutions. The Fuzzy‐AHP is used to determine the barrier weights; in conjunction with this, fuzzy‐TOPSIS is also employed to rank the solutions. The study reported <jats:italic>lack of skilled workforce</jats:italic> and <jats:italic>low consumer awareness</jats:italic> as the top barriers, while ‘encouraging eco‐design’ and ‘support smart reverse logistics systems’ were defined as the top solutions. This research contributes to the scholarly literature by mapping and prioritising strategic solutions to overcome barriers to adopting AI in the circular economy, which previous studies have not adequately addressed. Additionally, the research provides practical recommendations for government officials, industry managers and environmental experts to address these barriers and facilitate a smart circular transition driven by data. This study helps to understand AI's role in <jats:sc>CE</jats:sc> while establishing the foundations for inclusive technological solutions that support sustainable development.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"24 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2025-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145893758","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}
Prior research on dynamic capabilities for sustainability (DCfS) highlights how organizations confront the grand challenges by adapting to exogenous changes. This subordinates the external‐facing, forward‐looking approach of shaping through which organizations endogenously design external environments. Shaping as a collaborative and ecosystem‐changing activity is crucial as it highlights firms' agency in addressing the unprecedented uncertainty posed by the grand challenges. Further, assessing how firms adopt both shaping and adapting to tackle these challenges yields a conjunctive conceptualization of DCfS, advancing the conversation on firm‐environment interactions in the context of sustainability. We conduct a longitudinal study on the evolutionary process of DCfS in a semiconductor manufacturing firm. Our process model reveals firm actions constituted in shaping and adapting loops that recur reliably over time and decouples the coevolutionary mechanisms of shaping and adapting DCfS. We establish a sequential influence of shaping on adapting and counterintuitively discover the path independence of shaping and noncontingent origins of adapting. We discuss the role of temporal structuring in oscillating between shaping and adapting and introduce temporal leaps as a previously unaddressed temporal structuring mechanism, advancing research on strategy and sustainability.
{"title":"Cycling Between Shaping and Being Shaped: How Firms Tackle the Grand Challenges of Sustainability","authors":"Lekha Warrier, Shirish Sangle","doi":"10.1002/bse.70487","DOIUrl":"https://doi.org/10.1002/bse.70487","url":null,"abstract":"Prior research on dynamic capabilities for sustainability (DCfS) highlights how organizations confront the grand challenges by <jats:italic>adapting</jats:italic> to exogenous changes. This subordinates the external‐facing, forward‐looking approach of <jats:italic>shaping</jats:italic> through which organizations endogenously design external environments. Shaping as a collaborative and ecosystem‐changing activity is crucial as it highlights firms' agency in addressing the unprecedented uncertainty posed by the grand challenges. Further, assessing how firms adopt both shaping and adapting to tackle these challenges yields a conjunctive conceptualization of DCfS, advancing the conversation on firm‐environment interactions in the context of sustainability. We conduct a longitudinal study on the evolutionary process of DCfS in a semiconductor manufacturing firm. Our process model reveals firm actions constituted in shaping and adapting loops that recur reliably over time and decouples the coevolutionary mechanisms of shaping and adapting DCfS. We establish a sequential influence of shaping on adapting and counterintuitively discover the path independence of shaping and noncontingent origins of adapting. We discuss the role of temporal structuring in oscillating between shaping and adapting and introduce <jats:italic>temporal leaps</jats:italic> as a previously unaddressed temporal structuring mechanism, advancing research on strategy and sustainability.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"42 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2025-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145893763","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}
Culture significantly influences corporate strategic behavior and performance. Based on institutional theory and resource‐based perspective, this study constructs a relational model integrating regional cultural diversity and firms' strategic alliances, knowledge base, and environmental innovation. Using 1081 Shanghai and Shenzhen A‐Shares listed firms (2012–2022) as samples, it conducts multiple regression analysis to examine the effect of regional cultural diversity on firms' environmental innovation, the mediating role of strategic alliances, and the moderating role of the knowledge base. Findings show that regional cultural diversity positively affects firms' environmental innovation, which is mediated by strategic alliances. It also shows that this effect is positively moderated by the breadth of the knowledge base but negatively moderated by the depth of the knowledge base. These findings suggest promoting the protection and integration of regional cultural diversity and accelerating the formation of corporate strategic alliances to enhance firms' environmental innovation capabilities.
{"title":"How Does Regional Cultural Diversity Drive Firms' Environmental Innovation? The Role of Strategic Alliances and Knowledge Base","authors":"Zhongju Liao, Mengnan Zhang, Yangyan Shi","doi":"10.1002/bse.70514","DOIUrl":"https://doi.org/10.1002/bse.70514","url":null,"abstract":"Culture significantly influences corporate strategic behavior and performance. Based on institutional theory and resource‐based perspective, this study constructs a relational model integrating regional cultural diversity and firms' strategic alliances, knowledge base, and environmental innovation. Using 1081 Shanghai and Shenzhen A‐Shares listed firms (2012–2022) as samples, it conducts multiple regression analysis to examine the effect of regional cultural diversity on firms' environmental innovation, the mediating role of strategic alliances, and the moderating role of the knowledge base. Findings show that regional cultural diversity positively affects firms' environmental innovation, which is mediated by strategic alliances. It also shows that this effect is positively moderated by the breadth of the knowledge base but negatively moderated by the depth of the knowledge base. These findings suggest promoting the protection and integration of regional cultural diversity and accelerating the formation of corporate strategic alliances to enhance firms' environmental innovation capabilities.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"25 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2025-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145893904","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}
Laura Andreu, Diego Víctor de Mingo‐López, Juan Carlos Matallín‐Saez, José Luis Sarto
This paper investigates how climate‐related news influences mutual fund investor behaviour in the United States. Although prior research has documented the financial relevance of climate risks, little is known about how media attention to climate change shapes capital allocation across mutual funds. Using a sample of 1352 actively managed US equity mutual funds from January 2000 to June 2023, we analyse the persistence of portfolio carbon risk and its role in investor decision‐making. Our findings reveal that mutual funds' carbon risk profiles remain persistent over time, enabling investors to anticipate future exposures. Moreover, heightened media coverage of climate change significantly affects investor flows: Climate news reduces inflows into high‐carbon risk funds while supporting flows towards low‐carbon risk funds, particularly in the latter years of the sample. These effects hold after controlling for fund characteristics and performance and are robust to alternative measures of climate coverage and investor flows. By linking climate news to investor capital allocation, this study contributes to the literature on sustainable finance and highlights the growing importance of media‐driven climate awareness in shaping investment preferences.
{"title":"Media Attention to Climate Change and Investor Flows in US Equity Mutual Funds","authors":"Laura Andreu, Diego Víctor de Mingo‐López, Juan Carlos Matallín‐Saez, José Luis Sarto","doi":"10.1002/bse.70458","DOIUrl":"https://doi.org/10.1002/bse.70458","url":null,"abstract":"This paper investigates how climate‐related news influences mutual fund investor behaviour in the United States. Although prior research has documented the financial relevance of climate risks, little is known about how media attention to climate change shapes capital allocation across mutual funds. Using a sample of 1352 actively managed US equity mutual funds from January 2000 to June 2023, we analyse the persistence of portfolio carbon risk and its role in investor decision‐making. Our findings reveal that mutual funds' carbon risk profiles remain persistent over time, enabling investors to anticipate future exposures. Moreover, heightened media coverage of climate change significantly affects investor flows: Climate news reduces inflows into high‐carbon risk funds while supporting flows towards low‐carbon risk funds, particularly in the latter years of the sample. These effects hold after controlling for fund characteristics and performance and are robust to alternative measures of climate coverage and investor flows. By linking climate news to investor capital allocation, this study contributes to the literature on sustainable finance and highlights the growing importance of media‐driven climate awareness in shaping investment preferences.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"54 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2025-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145893764","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}
Rakan Alyamani, Yasir Ahmed Solangi, Cosimo Magazzino
Globally, the energy industry is experiencing a significant shift to low‐carbon and resilient energy systems in response to growing climate change concerns. This paper discusses how energy supply chains can be digitized as a tool to enable renewable energy adoption, alleviate the effects of climate change, and improve energy security. Although the integration of renewable energy is critically important, its widespread usage remains limited because of a number of technical, economic, and regulatory obstacles. Overcoming these constraints is a feasible route that can be achieved by digitalizing supply chains. To identify and evaluate these challenges, the study applies the fuzzy Analytical Hierarchy Process (AHP), followed by the fuzzy Technique of Preference by Similarity to Ideal Solution (TOPSIS) to rank the most effective strategies. The fuzzy AHP results highlight economic and financial constraints, environmental and sustainability concerns, and regulatory and policy barriers as the most critical challenges. Meanwhile, the fuzzy TOPSIS analysis identifies digital twin technology for predictive maintenance, decentralized energy management platforms, and AI‐enhanced demand response systems as the most impactful strategies for improving energy security and advancing renewable energy adoption through digitalized energy supply chains. The results show that the digitalization of energy supply chains is a strategic way to achieve global climate goals and sustainable development and provides both opportunities to maximize operational efficiency and increase the resilience of energy infrastructure.
{"title":"Strengthening Energy Security and Advancing Renewable Energy Adoption Through Supply Chain Digitalization","authors":"Rakan Alyamani, Yasir Ahmed Solangi, Cosimo Magazzino","doi":"10.1002/bse.70516","DOIUrl":"https://doi.org/10.1002/bse.70516","url":null,"abstract":"Globally, the energy industry is experiencing a significant shift to low‐carbon and resilient energy systems in response to growing climate change concerns. This paper discusses how energy supply chains can be digitized as a tool to enable renewable energy adoption, alleviate the effects of climate change, and improve energy security. Although the integration of renewable energy is critically important, its widespread usage remains limited because of a number of technical, economic, and regulatory obstacles. Overcoming these constraints is a feasible route that can be achieved by digitalizing supply chains. To identify and evaluate these challenges, the study applies the fuzzy Analytical Hierarchy Process (AHP), followed by the fuzzy Technique of Preference by Similarity to Ideal Solution (TOPSIS) to rank the most effective strategies. The fuzzy AHP results highlight economic and financial constraints, environmental and sustainability concerns, and regulatory and policy barriers as the most critical challenges. Meanwhile, the fuzzy TOPSIS analysis identifies digital twin technology for predictive maintenance, decentralized energy management platforms, and AI‐enhanced demand response systems as the most impactful strategies for improving energy security and advancing renewable energy adoption through digitalized energy supply chains. The results show that the digitalization of energy supply chains is a strategic way to achieve global climate goals and sustainable development and provides both opportunities to maximize operational efficiency and increase the resilience of energy infrastructure.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"35 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2025-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145893765","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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