Laura Michelini, Elena Rinallo, Massimiliano Scopelliti, Alessia Pisoni
Food‐sharing platforms are nowadays recognised as a powerful tool to increase food saving. However, little is known about the key determinants fostering its usage. We propose testing the psychosocial determinants of food‐sharing app usage and its impact on post consumption behaviour by combining the technology acceptance model (TAM) with the theory of planned behaviour (TPB). A survey was conducted involving 1077 participants from Gen Z. By adopting covariance‐based structural equation modeling, the findings support all the hypotheses proposed within TPB. Contrary to our prediction, we found that food‐sharing app usage is positively associated with food waste behaviours. This unexpected result suggests a rebound effect, whereby the more frequently the app is used, the greater the amount of food wasted. This paradoxical dynamic opens up important theoretical implications, which challenge the assumption that food‐sharing platforms and prosocial behaviours always lead to desirable environmental outcomes. It calls for a more nuanced understanding of the interplay between app usage and negative spillovers, particularly in the context of sustainability‐oriented digital platforms, which may ultimately result in a rebound effect. From a managerial perspective, the study provides insights for improving the design of food‐sharing platforms, emphasising the importance of not only facilitating access to surplus food but also fostering responsible consumption behaviours.
{"title":"Reducing Food Waste Through Sharing Platforms: Unveiling the Rebound Effect","authors":"Laura Michelini, Elena Rinallo, Massimiliano Scopelliti, Alessia Pisoni","doi":"10.1002/bse.70501","DOIUrl":"https://doi.org/10.1002/bse.70501","url":null,"abstract":"Food‐sharing platforms are nowadays recognised as a powerful tool to increase food saving. However, little is known about the key determinants fostering its usage. We propose testing the psychosocial determinants of food‐sharing app usage and its impact on post consumption behaviour by combining the technology acceptance model (TAM) with the theory of planned behaviour (TPB). A survey was conducted involving 1077 participants from Gen Z. By adopting covariance‐based structural equation modeling, the findings support all the hypotheses proposed within TPB. Contrary to our prediction, we found that food‐sharing app usage is positively associated with food waste behaviours. This unexpected result suggests a rebound effect, whereby the more frequently the app is used, the greater the amount of food wasted. This paradoxical dynamic opens up important theoretical implications, which challenge the assumption that food‐sharing platforms and prosocial behaviours always lead to desirable environmental outcomes. It calls for a more nuanced understanding of the interplay between app usage and negative spillovers, particularly in the context of sustainability‐oriented digital platforms, which may ultimately result in a rebound effect. From a managerial perspective, the study provides insights for improving the design of food‐sharing platforms, emphasising the importance of not only facilitating access to surplus food but also fostering responsible consumption behaviours.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"11 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2026-01-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145908092","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}
Shamaila Ishaq, Umair Tanveer, Thinh Gia Hoang, Stefan Seuring
The transition to a circular economy (CE) remains hindered by the lack of practical strategies that simultaneously secure competitiveness and deliver sustainability outcomes for manufacturing organisations. While circular design is often cited as a cornerstone of CE, its concrete role in driving competitive advantage and organisational transformation remains underexplored. This research examines the crucial role of circular design strategies in enhancing competitiveness and facilitating the transition to a CE within manufacturing organisations. Drawing on 42 in‐depth, semi‐structured interviews across eight leading sustainability‐focused manufacturing enterprises, this study sheds light on the practical implications and theoretical underpinnings of circular design strategies. The findings emphasise the potential of circular design strategies, including reconditioning, modularity, adaptability, standardisation and commonality, to disrupt markets, drive continuous innovation, enhance risk management and prioritise customer‐centric approaches, ultimately enhancing business competitiveness. Simultaneously, these strategies contribute to the circular transition by promoting resource efficiency, cost savings, circular supply chain transformation and waste reduction. This research contributes to practice by highlighting the practical relevance of circular design strategies in achieving sustainability, resilience and competitiveness in the manufacturing sector. Moreover, it enriches the theoretical landscape by elucidating the intricate interplay between circular design strategies, circularity and competitive advantage, offering comprehensive insights into their mutual influence. Ultimately, this study highlights the transformative potential of circular design strategies in shaping sustainable business futures.
{"title":"Circular Design Strategies Unleashed: Competitiveness and the Journey Towards Circular Manufacturing Businesses","authors":"Shamaila Ishaq, Umair Tanveer, Thinh Gia Hoang, Stefan Seuring","doi":"10.1002/bse.70512","DOIUrl":"https://doi.org/10.1002/bse.70512","url":null,"abstract":"The transition to a circular economy (CE) remains hindered by the lack of practical strategies that simultaneously secure competitiveness and deliver sustainability outcomes for manufacturing organisations. While circular design is often cited as a cornerstone of CE, its concrete role in driving competitive advantage and organisational transformation remains underexplored. This research examines the crucial role of circular design strategies in enhancing competitiveness and facilitating the transition to a CE within manufacturing organisations. Drawing on 42 in‐depth, semi‐structured interviews across eight leading sustainability‐focused manufacturing enterprises, this study sheds light on the practical implications and theoretical underpinnings of circular design strategies. The findings emphasise the potential of circular design strategies, including reconditioning, modularity, adaptability, standardisation and commonality, to disrupt markets, drive continuous innovation, enhance risk management and prioritise customer‐centric approaches, ultimately enhancing business competitiveness. Simultaneously, these strategies contribute to the circular transition by promoting resource efficiency, cost savings, circular supply chain transformation and waste reduction. This research contributes to practice by highlighting the practical relevance of circular design strategies in achieving sustainability, resilience and competitiveness in the manufacturing sector. Moreover, it enriches the theoretical landscape by elucidating the intricate interplay between circular design strategies, circularity and competitive advantage, offering comprehensive insights into their mutual influence. Ultimately, this study highlights the transformative potential of circular design strategies in shaping sustainable business futures.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"125 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2026-01-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145908089","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}
Amid growing calls for sustainability in the healthcare sector, this study examines how and under what conditions environmental, social, and governance (ESG) performance influences research and development (R&D) output. Although existing studies suggest that ESG performance enhances R&D output, the financial mechanisms that enable or constrain this relationship remain underexplored. We address this gap by theorizing and testing the dual role of debt financing as both a mediator and a moderator in the ESG performance and R&D output relationship within the healthcare sector, where innovation is highly capital‐intensive and socially consequential. Integrating stakeholder theory and agency theory, we argue that ESG performance promotes R&D output through improved access to reputational and financial resources, whereas high debt levels weaken this effect due to agency conflicts. Using panel data from 2016 to 2022 on healthcare firms in Europe and the United States, we estimate our main models using OLS and applying instrumental variable and system GMM techniques as robustness checks to address endogeneity. Our findings show that debt financing partially mediates the ESG–R&D link and negatively moderates it, revealing its ambivalent role. Compared to existing studies, our findings indicate that the effects of ESG performance on R&D output are conditional and context specific, with stronger impacts observed in Europe than in the United States, reflecting institutional conditions such as stricter European Union sustainability reporting frameworks, notably the Corporate Sustainability Reporting Directive (CSRD), along with robust policy incentives and longer term investment horizons. We also find pronounced effects in the biotechnology and pharmaceutical subsectors. This study contributes to theory by bridging competing views on ESG performance and offering a more nuanced understanding of how debt financing shapes the ESG–R&D output relationship.
{"title":"ESG Performance, Debt Financing, and R&D Output: Evidence From the Healthcare Sector","authors":"Sarmad Ali, Oriana Ciani, Simone Ghislandi","doi":"10.1002/bse.70522","DOIUrl":"https://doi.org/10.1002/bse.70522","url":null,"abstract":"Amid growing calls for sustainability in the healthcare sector, this study examines how and under what conditions environmental, social, and governance (ESG) performance influences research and development (R&D) output. Although existing studies suggest that ESG performance enhances R&D output, the financial mechanisms that enable or constrain this relationship remain underexplored. We address this gap by theorizing and testing the dual role of debt financing as both a mediator and a moderator in the ESG performance and R&D output relationship within the healthcare sector, where innovation is highly capital‐intensive and socially consequential. Integrating stakeholder theory and agency theory, we argue that ESG performance promotes R&D output through improved access to reputational and financial resources, whereas high debt levels weaken this effect due to agency conflicts. Using panel data from 2016 to 2022 on healthcare firms in Europe and the United States, we estimate our main models using OLS and applying instrumental variable and system GMM techniques as robustness checks to address endogeneity. Our findings show that debt financing partially mediates the ESG–R&D link and negatively moderates it, revealing its ambivalent role. Compared to existing studies, our findings indicate that the effects of ESG performance on R&D output are conditional and context specific, with stronger impacts observed in Europe than in the United States, reflecting institutional conditions such as stricter European Union sustainability reporting frameworks, notably the Corporate Sustainability Reporting Directive (CSRD), along with robust policy incentives and longer term investment horizons. We also find pronounced effects in the biotechnology and pharmaceutical subsectors. This study contributes to theory by bridging competing views on ESG performance and offering a more nuanced understanding of how debt financing shapes the ESG–R&D output relationship.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"77 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2026-01-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145902434","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}
Min‐Jae Lee, Anna Pak, Donghwi (Josh) Seo, Taewoo Roh
As firms increasingly incorporate environmental, social, and governance (ESG) concerns into their strategic agendas, stakeholder legitimacy—an audience‐conferred judgment of organizational appropriateness—has become pivotal. We theorize legitimacy as expanding a hybrid response portfolio in which firms may pursue substantive change (business model innovation [BMI]) alongside symbolic communication that can become ESG washing when disproportionate to operations. Integrating legitimacy, institutional, and signaling perspectives, we argue that institutional pressures allocate effort across these responses rather than forcing an either–or choice. Using a two‐wave survey of South Korean firms ( N = 478), we find that legitimacy generally promotes BMI and deters ESG washing. Regulatory pressure strengthens the legitimacy—BMI link and amplifies the deterrent effect of legitimacy on washing, while normative pressure attenuates both relationships, consistent with a shift toward symbolic compliance. These findings highlight the ethical ambivalence of legitimacy and demonstrate how institutional context shapes ESG behavior. The study contributes to corporate responsibility literature by clarifying when legitimacy drives innovation versus deception and by bridging signaling, legitimacy, and institutional perspectives. We also offer implications for managers balancing ethical responsibility with signaling and for policymakers designing regulations to curb ESG washing.
{"title":"Navigating the ESG Paradox: Strategic Pathways Between Innovation and Washing Under Stakeholder Scrutiny","authors":"Min‐Jae Lee, Anna Pak, Donghwi (Josh) Seo, Taewoo Roh","doi":"10.1002/bse.70525","DOIUrl":"https://doi.org/10.1002/bse.70525","url":null,"abstract":"As firms increasingly incorporate environmental, social, and governance (ESG) concerns into their strategic agendas, stakeholder legitimacy—an audience‐conferred judgment of organizational appropriateness—has become pivotal. We theorize legitimacy as expanding a hybrid response portfolio in which firms may pursue substantive change (business model innovation [BMI]) alongside symbolic communication that can become ESG washing when disproportionate to operations. Integrating legitimacy, institutional, and signaling perspectives, we argue that institutional pressures allocate effort across these responses rather than forcing an either–or choice. Using a two‐wave survey of South Korean firms ( <jats:italic>N</jats:italic> = 478), we find that legitimacy generally promotes BMI and deters ESG washing. Regulatory pressure strengthens the legitimacy—BMI link and amplifies the deterrent effect of legitimacy on washing, while normative pressure attenuates both relationships, consistent with a shift toward symbolic compliance. These findings highlight the ethical ambivalence of legitimacy and demonstrate how institutional context shapes ESG behavior. The study contributes to corporate responsibility literature by clarifying when legitimacy drives innovation versus deception and by bridging signaling, legitimacy, and institutional perspectives. We also offer implications for managers balancing ethical responsibility with signaling and for policymakers designing regulations to curb ESG washing.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"381 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2026-01-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145902431","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}
Jan‐Friedrich Kulp, Konstantin Remke, Yacine Cherraoui, Jill Richard Kickul
Firms continue to rely on unsustainable practices and linear business models that push planetary boundaries to their limits. While the concept of the regenerative business model (RBM) has emerged to restore and enhance social–ecological systems, it remains conceptual and requires guidance on how to transform existing business models to prioritize planetary health and societal well‐being. This study aims to develop a practical approach for firms to transform existing business models toward regeneration. Using a Design Science Research Methodology (DSRM), we designed and evaluated a three‐step process template supported by transformative questions based on six design requirements (DRs) that guide a RBM transformation. Our findings show that regenerative transformation unfolds through three interconnected phases: re‐grounding, re‐wiring, and re‐seizing business models. We advance theory by identifying the mechanisms of regenerative transformation, inform practice by offering a structured and actionable process, and contribute methodologically by demonstrating how design science can generate design knowledge for regeneration.
{"title":"How to Transform Resource‐Intensive Industries Toward Regenerative Business Models: A Design Science Study","authors":"Jan‐Friedrich Kulp, Konstantin Remke, Yacine Cherraoui, Jill Richard Kickul","doi":"10.1002/bse.70502","DOIUrl":"https://doi.org/10.1002/bse.70502","url":null,"abstract":"Firms continue to rely on unsustainable practices and linear business models that push planetary boundaries to their limits. While the concept of the regenerative business model (RBM) has emerged to restore and enhance social–ecological systems, it remains conceptual and requires guidance on how to transform existing business models to prioritize planetary health and societal well‐being. This study aims to develop a practical approach for firms to transform existing business models toward regeneration. Using a Design Science Research Methodology (DSRM), we designed and evaluated a three‐step process template supported by transformative questions based on six design requirements (DRs) that guide a RBM transformation. Our findings show that regenerative transformation unfolds through three interconnected phases: re‐grounding, re‐wiring, and re‐seizing business models. We advance theory by identifying the mechanisms of regenerative transformation, inform practice by offering a structured and actionable process, and contribute methodologically by demonstrating how design science can generate design knowledge for regeneration.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"516 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2026-01-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145902432","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}
Andrea Rizzuni, Daniel Lundgaard, Maria Alejandra Torres‐Cuello, Steen Vallentin
Collaborations with nonprofits can enhance firms' legitimacy, yet the relationship between their communication and corporate environmental legitimacy remains poorly understood. Furthermore, research lacks an analysis of the communication of business‐nonprofit collaborations through multiple actors' perspectives. Employing a mixed‐methods content analysis, we analyze 440 firm, nonprofit and media communications on 91 business‐nonprofit collaborations involving Italian firms in environmentally sensitive industries. Our exploratory results indicate that firms' communication is influenced by their environmental legitimacy—firms with stronger environmental legitimacy tend to frame collaborations as substantive rather than symbolic efforts. Furthermore, the media, unlike nonprofit partners, emphasize the symbolic nature of corporate involvement and adopt a negative tone when covering collaborations by firms with weaker environmental legitimacy. Interpreting our findings, we propose that less legitimate firms prioritize pragmatic rather than moral forms of legitimacy in their communication, and vice versa. Our results contribute to research and inform practice by deepening the empirical and conceptual understanding of the relationship between corporate environmental legitimacy, strategic legitimation objectives, and the framing of sustainability communication.
{"title":"Communication of Business‐Nonprofit Collaborations and Environmental Legitimacy: Exploratory Insights From Italian Firms","authors":"Andrea Rizzuni, Daniel Lundgaard, Maria Alejandra Torres‐Cuello, Steen Vallentin","doi":"10.1002/bse.70519","DOIUrl":"https://doi.org/10.1002/bse.70519","url":null,"abstract":"Collaborations with nonprofits can enhance firms' legitimacy, yet the relationship between their communication and corporate environmental legitimacy remains poorly understood. Furthermore, research lacks an analysis of the communication of business‐nonprofit collaborations through multiple actors' perspectives. Employing a mixed‐methods content analysis, we analyze 440 firm, nonprofit and media communications on 91 business‐nonprofit collaborations involving Italian firms in environmentally sensitive industries. Our exploratory results indicate that firms' communication is influenced by their environmental legitimacy—firms with stronger environmental legitimacy tend to frame collaborations as substantive rather than symbolic efforts. Furthermore, the media, unlike nonprofit partners, emphasize the symbolic nature of corporate involvement and adopt a negative tone when covering collaborations by firms with weaker environmental legitimacy. Interpreting our findings, we propose that less legitimate firms prioritize pragmatic rather than moral forms of legitimacy in their communication, and vice versa. Our results contribute to research and inform practice by deepening the empirical and conceptual understanding of the relationship between corporate environmental legitimacy, strategic legitimation objectives, and the framing of sustainability communication.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"94 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2026-01-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145902433","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}
South Korea faces a persistent tension between export‐led industrial growth and rapid decarbonization, making an integrated view of institutional, financial, technological, and governance levers essential. This study quantifies how business‐environment quality and related mechanisms shape environmental sustainability. Annual national data for 1998–2023 are used, including regulatory efficiency, green finance, energy transition, digitalization, corporate environmental disclosure, and green technology innovation. An autoregressive distributed lag model with bounds testing and an error‐correction term identifies short‐run dynamics and long‐run equilibrium; Kernel‐based Regularized Least Squares provides nonlinear robustness. Results show significant long‐run reductions in CO 2 per capita across all factors, with the largest effect from energy transition, followed by regulatory efficiency, green innovation, green finance, digitalization, and disclosure. Cointegration is confirmed; diagnostics indicate well‐specified, stable estimates; the error‐correction coefficient implies gradual but steady adjustment toward equilibrium. Robustness checks reproduce sign and magnitude patterns. The evidence indicates that streamlined regulation, credible disclosure, green intermediation, digital capabilities, and renewable substitution operate as complementary channels. Policy design should therefore combine enforcement reforms, scalable green finance, accelerated renewable integration, and firm‐level digital and innovation investment. These steps are suited to bank‐mediated, supply‐chain‐dense economies and offer a practical path to durable abatement.
{"title":"Unlocking Green Growth: The Role of Business Environment in Enhancing Environmental Sustainability","authors":"Yugang He","doi":"10.1002/bse.70528","DOIUrl":"https://doi.org/10.1002/bse.70528","url":null,"abstract":"South Korea faces a persistent tension between export‐led industrial growth and rapid decarbonization, making an integrated view of institutional, financial, technological, and governance levers essential. This study quantifies how business‐environment quality and related mechanisms shape environmental sustainability. Annual national data for 1998–2023 are used, including regulatory efficiency, green finance, energy transition, digitalization, corporate environmental disclosure, and green technology innovation. An autoregressive distributed lag model with bounds testing and an error‐correction term identifies short‐run dynamics and long‐run equilibrium; Kernel‐based Regularized Least Squares provides nonlinear robustness. Results show significant long‐run reductions in CO <jats:sub>2</jats:sub> per capita across all factors, with the largest effect from energy transition, followed by regulatory efficiency, green innovation, green finance, digitalization, and disclosure. Cointegration is confirmed; diagnostics indicate well‐specified, stable estimates; the error‐correction coefficient implies gradual but steady adjustment toward equilibrium. Robustness checks reproduce sign and magnitude patterns. The evidence indicates that streamlined regulation, credible disclosure, green intermediation, digital capabilities, and renewable substitution operate as complementary channels. Policy design should therefore combine enforcement reforms, scalable green finance, accelerated renewable integration, and firm‐level digital and innovation investment. These steps are suited to bank‐mediated, supply‐chain‐dense economies and offer a practical path to durable abatement.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"33 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2026-01-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145893712","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 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}
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