Circular Procurement (CP) integrates Circular Economy ( CE ) principles into purchasing decisions to close material loops and retain value across product life cycles. Yet, its adoption remains limited due to persistent barriers within procurement processes. This study investigates where these barriers emerge across procurement phases and how firms develop capabilities to overcome them. Drawing on Dynamic Capabilities (DCs) theory and the microfoundational perspective, we conduct a multiple‐case study of nine Italian manufacturing firms recognized for leadership in CP. Our analysis identifies five key DCs–demand intelligence, market intelligence, strategic design, reconfiguring supplier selection, reconfiguring contracts–each underpinned by distinct microfoundations at individual, process, and structural levels. Building on these insights, this study offers a process‐based framework linking CP barriers to DCs and microfoundations addressing them. The findings aim to advance theoretical understanding of capability building for CP and offer practical guidance for managers seeking to embed circularity into purchasing routines.
{"title":"Transforming Procurement: The Dynamic Capabilities and Microfoundations to Buy Circular","authors":"Francesco Cafforio, Ilaria Giannoccaro","doi":"10.1002/bse.70506","DOIUrl":"https://doi.org/10.1002/bse.70506","url":null,"abstract":"Circular Procurement (CP) integrates Circular Economy ( <jats:sc>CE</jats:sc> ) principles into purchasing decisions to close material loops and retain value across product life cycles. Yet, its adoption remains limited due to persistent barriers within procurement processes. This study investigates <jats:italic>where</jats:italic> these barriers emerge across procurement phases and <jats:italic>how</jats:italic> firms develop capabilities to overcome them. Drawing on Dynamic Capabilities (DCs) theory and the microfoundational perspective, we conduct a multiple‐case study of nine Italian manufacturing firms recognized for leadership in CP. Our analysis identifies five key DCs–demand intelligence, market intelligence, strategic design, reconfiguring supplier selection, reconfiguring contracts–each underpinned by distinct microfoundations at individual, process, and structural levels. Building on these insights, this study offers a process‐based framework linking CP barriers to DCs and microfoundations addressing them. The findings aim to advance theoretical understanding of capability building for CP and offer practical guidance for managers seeking to embed circularity into purchasing routines.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"93 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2025-12-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145812759","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}
Impact measurement is crucial for sustainable ventures to quantify their contribution to sustainable development. Although research has highly focused on impact measurement as a static activity, we conduct a qualitative study to explore how impact measuring as a process unfolds over time. Our analysis reveals that sustainable ventures move along three impact measuring trajectories, which we label reactive , proactive , and agentic impact measuring . Each trajectory results in distinct positions of impact within the value proposition of the sustainable venture. Thus, we propose a novel process perspective on impact measuring, unveiling the role of agency along different impact measuring trajectories and uncovering the relationship between impact measurement and the value proposition in sustainable business models.
{"title":"Impact Measuring in Sustainable Ventures: A Process Perspective","authors":"Jan Moellmann, Esther Salvi, Frank‐Martin Belz","doi":"10.1002/bse.70499","DOIUrl":"https://doi.org/10.1002/bse.70499","url":null,"abstract":"Impact measurement is crucial for sustainable ventures to quantify their contribution to sustainable development. Although research has highly focused on impact measurement as a static activity, we conduct a qualitative study to explore how impact measuring as a process unfolds over time. Our analysis reveals that sustainable ventures move along three impact measuring trajectories, which we label <jats:italic>reactive</jats:italic> , <jats:italic>proactive</jats:italic> , and <jats:italic>agentic impact measuring</jats:italic> . Each trajectory results in distinct positions of impact within the value proposition of the sustainable venture. Thus, we propose a novel process perspective on impact measuring, unveiling the role of agency along different impact measuring trajectories and uncovering the relationship between impact measurement and the value proposition in sustainable business models.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"20 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2025-12-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145812758","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}
Ismail Badraoui, Tarik Saikouk, Nejib Fattam, Ahmed Hamdi, Vikas Kumar
The shift towards sustainable food production is essential to address the urgent dual challenges of climate change and population growth, with agricultural cooperatives playing a vital role in this transformation. However, many cooperatives struggle to deliver the expected value to their members. By considering cooperatives as member‐centred production systems, this research investigates relational capital's role in determining cooperative success. This study uses a sequential mixed‐methods research approach. First, we use empirical survey data from 320 farmers to test a moderated mediation model that links relational capital to collaboration activities and outcomes. Then, we use qualitative responses from 50 farmers to investigate the results obtained from the survey study further. The survey study reveals the existence of a ‘dark side’ to relational capital in agricultural cooperatives, materialised by its surprising negative moderating effect on the relationship between collaborative efforts and outcomes. The qualitative interview results reveal the underlying mechanisms that bring out this dark side, namely the effects of restriction, complaisance, and blurred lines. By revealing the existence of a dark side to relational capital and meticulously categorising the mechanisms underlying its emergence, this study extends the limited existing knowledge of the adverse effects of relational capital.
{"title":"Debunking the Myth: A Dive Into the Role of Relational Capital in Sustainable Food Production Systems","authors":"Ismail Badraoui, Tarik Saikouk, Nejib Fattam, Ahmed Hamdi, Vikas Kumar","doi":"10.1002/bse.70474","DOIUrl":"https://doi.org/10.1002/bse.70474","url":null,"abstract":"The shift towards sustainable food production is essential to address the urgent dual challenges of climate change and population growth, with agricultural cooperatives playing a vital role in this transformation. However, many cooperatives struggle to deliver the expected value to their members. By considering cooperatives as member‐centred production systems, this research investigates relational capital's role in determining cooperative success. This study uses a sequential mixed‐methods research approach. First, we use empirical survey data from 320 farmers to test a moderated mediation model that links relational capital to collaboration activities and outcomes. Then, we use qualitative responses from 50 farmers to investigate the results obtained from the survey study further. The survey study reveals the existence of a ‘dark side’ to relational capital in agricultural cooperatives, materialised by its surprising negative moderating effect on the relationship between collaborative efforts and outcomes. The qualitative interview results reveal the underlying mechanisms that bring out this dark side, namely the effects of restriction, complaisance, and blurred lines. By revealing the existence of a dark side to relational capital and meticulously categorising the mechanisms underlying its emergence, this study extends the limited existing knowledge of the adverse effects of relational capital.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"123 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2025-12-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145812760","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 how the communicator's role and the framing of ESG statements affect investor capital allocation in the context of earnings calls. Based on a virtual asset market experiment, the analysis identifies that the assurance and reinforcement of ESG messages have a positive effect of up to 8% on capital allocation, with especially strong effects when the CEO (rather than the CFO) communicates messages in a risk mitigation‐focus (compared to an upside focus) framing. The findings underscore the need to leverage the communication of ESG disclosures and communication in unstructured formats to address investor needs and preferences.
{"title":"Investor Perception of ESG in Earnings Calls","authors":"Felix Bachner","doi":"10.1002/bse.70469","DOIUrl":"https://doi.org/10.1002/bse.70469","url":null,"abstract":"This study examines how the communicator's role and the framing of ESG statements affect investor capital allocation in the context of earnings calls. Based on a virtual asset market experiment, the analysis identifies that the assurance and reinforcement of ESG messages have a positive effect of up to 8% on capital allocation, with especially strong effects when the CEO (rather than the CFO) communicates messages in a risk mitigation‐focus (compared to an upside focus) framing. The findings underscore the need to leverage the communication of ESG disclosures and communication in unstructured formats to address investor needs and preferences.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"5 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2025-12-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145808073","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}
The transition to recyclable packaging is a strategic priority for the Fast‐Moving Consumer Goods (FMCG) sector, aligning with the EU Packaging and Packaging Waste Regulation (PPWR). Adapting to regulatory uncertainty and integrating evolving recyclability criteria require not only technical innovation but also organisational transformation and cross‐functional alignment. This paper investigates how FMCG companies can develop dynamic capabilities to embed recyclability into packaging design, balancing sustainability, functionality and business viability. This paper aims to develop and validate design‐led toolkits that enable FMCG companies to integrate recyclability and regulatory compliance into packaging innovation in alignment with the EU PPWR. Drawing on a mixed‐methods approach combining literature review, stakeholder interviews and a case study within the case company's packaging division, we develop and validate strategic and tactical roadmaps and a recyclable‐ready design process template. The toolkits support managerial decision‐making by enabling regulatory preparedness, sustainable innovation and enhanced collaboration across R&D, marketing and supply chain functions. By framing recyclability as both a design and strategic organisational challenge, this paper positions PPWR compliance readiness as a dynamic capability and offers actionable frameworks for FMCG companies' transition towards circular packaging in a complex regulatory landscape. The findings contribute to sustainability‐oriented innovation literature and provide practical recommendations and solutions to managers and decision‐makers aiming at sustainable packaging transitions while maintaining competitive advantage.
{"title":"From Compliance to Circularity: A Design‐Led Approach to Recyclable Packaging","authors":"Tessa Bronsky, Shahrokh Nikou, Pien Jager","doi":"10.1002/bse.70494","DOIUrl":"https://doi.org/10.1002/bse.70494","url":null,"abstract":"The transition to recyclable packaging is a strategic priority for the Fast‐Moving Consumer Goods (FMCG) sector, aligning with the EU Packaging and Packaging Waste Regulation (PPWR). Adapting to regulatory uncertainty and integrating evolving recyclability criteria require not only technical innovation but also organisational transformation and cross‐functional alignment. This paper investigates how FMCG companies can develop dynamic capabilities to embed recyclability into packaging design, balancing sustainability, functionality and business viability. This paper aims to develop and validate design‐led toolkits that enable FMCG companies to integrate recyclability and regulatory compliance into packaging innovation in alignment with the EU PPWR. Drawing on a mixed‐methods approach combining literature review, stakeholder interviews and a case study within the case company's packaging division, we develop and validate strategic and tactical roadmaps and a recyclable‐ready design process template. The toolkits support managerial decision‐making by enabling regulatory preparedness, sustainable innovation and enhanced collaboration across R&D, marketing and supply chain functions. By framing recyclability as both a design and strategic organisational challenge, this paper positions PPWR compliance readiness as a dynamic capability and offers actionable frameworks for FMCG companies' transition towards circular packaging in a complex regulatory landscape. The findings contribute to sustainability‐oriented innovation literature and provide practical recommendations and solutions to managers and decision‐makers aiming at sustainable packaging transitions while maintaining competitive advantage.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"29 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2025-12-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145801075","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}
Alessandro Muscio, Amir Maghssudipour, Yuntao Wang
Firms face a fundamental strategic dilemma: how to align digital transformation with environmental sustainability while maintaining competitive advantage. Drawing on the eco‐innovation and green business strategy literature, this paper investigates how Agriculture 4.0 technologies act as enablers of sustainability strategies. Using original survey data from 387 Italian wine firms, we examine the relationship between digital adoption, eco‐innovation, and competitive positioning within premium segments, reflecting a “win–win” sustainable differentiation strategy. We operationalize eco‐innovation through Cleaner Production (proactive) and End‐of‐Pipe (reactive) strategies. Results show that Agriculture 4.0 adoption is strongly associated with Cleaner Production, with precision agriculture, weather monitoring, and management software emerging as the most effective digital tools to foster eco‐innovation, while blockchain and Big Data remain limited due to capability gaps. Importantly, digital adopters are more likely to compete in premium and ultra‐premium market segments, suggesting that digital transformation enables sustainable differentiation strategies.
{"title":"Digital Transformation for Eco‐Innovation: Evidence From Agriculture 4.0 Adoption in Wine Firms","authors":"Alessandro Muscio, Amir Maghssudipour, Yuntao Wang","doi":"10.1002/bse.70510","DOIUrl":"https://doi.org/10.1002/bse.70510","url":null,"abstract":"Firms face a fundamental strategic dilemma: how to align digital transformation with environmental sustainability while maintaining competitive advantage. Drawing on the eco‐innovation and green business strategy literature, this paper investigates how Agriculture 4.0 technologies act as enablers of sustainability strategies. Using original survey data from 387 Italian wine firms, we examine the relationship between digital adoption, eco‐innovation, and competitive positioning within premium segments, reflecting a “win–win” sustainable differentiation strategy. We operationalize eco‐innovation through Cleaner Production (proactive) and End‐of‐Pipe (reactive) strategies. Results show that Agriculture 4.0 adoption is strongly associated with Cleaner Production, with precision agriculture, weather monitoring, and management software emerging as the most effective digital tools to foster eco‐innovation, while blockchain and Big Data remain limited due to capability gaps. Importantly, digital adopters are more likely to compete in premium and ultra‐premium market segments, suggesting that digital transformation enables sustainable differentiation strategies.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"177 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2025-12-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145801037","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}
Nuri C. Onat, Murat Kucukvar, Tadesse Wakjira, Amr Elalfy, Adeeb A. Kutty
Corporate sustainability efforts increasingly emphasize Scope 3 emissions due to their substantial share of total corporate carbon footprints. However, reporting these emissions remains inconsistent, limiting transparency and comparability across firms. This study examines the role of carbon footprint accounting (especially Scope 3 emissions accounting) in shaping corporate sustainability outcomes among S&P 500 technology companies, focusing on how firms measure, disclose, and integrate these emissions into their environmental strategies. Using an empirical analysis of corporate sustainability reports and Environmental, Social, and Governance (ESG) performance data, this study investigates whether comprehensive Scope 3 accounting enhances corporate environmental performance. Findings indicate that firms adopting standardized Scope 3 reporting practices demonstrate improved sustainability integration and stronger ESG performance. However, methodological inconsistencies and voluntary disclosure limitations highlight the need for policy interventions and standardized adoption. This study contributes to the growing literature on carbon accounting by providing empirical insights into Scope 3 emissions disclosure and its implications for corporate sustainability. The findings inform regulatory discussions on mandatory emissions reporting and offer practical recommendations for enhancing transparency in corporate climate strategies.
{"title":"Does Accounting Scope 3 Emissions Improve Sustainable Business Outcomes? Evidence From the S&P 500 Technology Companies","authors":"Nuri C. Onat, Murat Kucukvar, Tadesse Wakjira, Amr Elalfy, Adeeb A. Kutty","doi":"10.1002/bse.70370","DOIUrl":"https://doi.org/10.1002/bse.70370","url":null,"abstract":"Corporate sustainability efforts increasingly emphasize Scope 3 emissions due to their substantial share of total corporate carbon footprints. However, reporting these emissions remains inconsistent, limiting transparency and comparability across firms. This study examines the role of carbon footprint accounting (especially Scope 3 emissions accounting) in shaping corporate sustainability outcomes among S&P 500 technology companies, focusing on how firms measure, disclose, and integrate these emissions into their environmental strategies. Using an empirical analysis of corporate sustainability reports and Environmental, Social, and Governance (ESG) performance data, this study investigates whether comprehensive Scope 3 accounting enhances corporate environmental performance. Findings indicate that firms adopting standardized Scope 3 reporting practices demonstrate improved sustainability integration and stronger ESG performance. However, methodological inconsistencies and voluntary disclosure limitations highlight the need for policy interventions and standardized adoption. This study contributes to the growing literature on carbon accounting by providing empirical insights into Scope 3 emissions disclosure and its implications for corporate sustainability. The findings inform regulatory discussions on mandatory emissions reporting and offer practical recommendations for enhancing transparency in corporate climate strategies.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"66 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2025-12-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145801069","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 Ullah, Shakir Sardar, Hamid Waqas, Qazi Ghulam Mustafa Qureshi
This study examines whether inclusive workplace practices enhance corporate environmental performance (CEP). Drawing on social exchange theory and resource‐based view, we argue that inclusion fosters pro‐environmental behaviors through reciprocity and serves as a strategic resource that strengthens collaboration and eco‐innovation. Using Refinitiv data comprising 23,109 firm‐year observations across 58 countries, we find a positive association between organizational inclusion and CEP after controlling for firm, industry, and country factors. The effect remains robust across alternative measures, industries, and institutional contexts, with flexible working hours, daycare services, disability inclusion, and HIV/AIDS programs emerging as the most influential practices. These findings extend the sustainability literature by positioning inclusion as a distinct antecedent of CEP and highlighting it as a strategic lever for advancing social equity and environmental sustainability. Thereby, the findings offer actionable insights for managers and policymakers to design inclusion‐oriented practices that concurrently strengthen firms' environmental performance.
{"title":"Inclusion and Sustainability: Does the Climate for Inclusion Drive Corporate Environmental Performance?","authors":"Muhammad Ullah, Shakir Sardar, Hamid Waqas, Qazi Ghulam Mustafa Qureshi","doi":"10.1002/bse.70488","DOIUrl":"https://doi.org/10.1002/bse.70488","url":null,"abstract":"This study examines whether inclusive workplace practices enhance corporate environmental performance (CEP). Drawing on social exchange theory and resource‐based view, we argue that inclusion fosters pro‐environmental behaviors through reciprocity and serves as a strategic resource that strengthens collaboration and eco‐innovation. Using Refinitiv data comprising 23,109 firm‐year observations across 58 countries, we find a positive association between organizational inclusion and CEP after controlling for firm, industry, and country factors. The effect remains robust across alternative measures, industries, and institutional contexts, with flexible working hours, daycare services, disability inclusion, and HIV/AIDS programs emerging as the most influential practices. These findings extend the sustainability literature by positioning inclusion as a distinct antecedent of CEP and highlighting it as a strategic lever for advancing social equity and environmental sustainability. Thereby, the findings offer actionable insights for managers and policymakers to design inclusion‐oriented practices that concurrently strengthen firms' environmental performance.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"24 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2025-12-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145801038","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}
Mubeen Abdur Rehman, Duygu Yengin, Nadezhda Baryshnikova, Sarah Ann Wheeler
Sustainable investment has emerged as a pivotal frontier in global asset management, redefining success by integrating profitability with environmental and social responsibility. This study examines the volatility spillover connectedness of water stocks with other sustainable stocks, financial assets, and commodities using 15 years of daily data from Refinitiv London Stock Exchange Group DataStream. Employing connectedness methodologies, the analysis reveals distinct patterns of interdependence. The findings underscore the volatility quantile connectedness between water stocks and other investment options, especially in the distribution tails, which signify the transmission of upside risk from water stocks. The findings appear robust, with portfolio analysis suggesting portfolio adjustments, hedging, and financial stability. These results provide valuable insights for investors, policymakers, and market participants, highlighting the dual imperatives of environmental sustainability and economic resilience, and thereby contributing to the broader climate change agenda.
可持续投资已成为全球资产管理的关键前沿，通过将盈利能力与环境和社会责任相结合，重新定义了成功。本研究利用Refinitiv London Stock Exchange Group DataStream 15年的每日数据，考察了水资源股与其他可持续股票、金融资产和大宗商品的波动性溢出连通性。采用连通性方法，分析揭示了相互依赖的不同模式。研究结果强调了水务股与其他投资选择之间的波动分位数连通性，特别是在分布尾部，这表明水务股的上行风险传导。研究结果似乎很有力，投资组合分析表明，投资组合调整、对冲和金融稳定。这些结果为投资者、政策制定者和市场参与者提供了宝贵的见解，突出了环境可持续性和经济复原力的双重必要性，从而为更广泛的气候变化议程做出了贡献。
{"title":"From Flow to Finance: Multidimensional Volatility Connectedness of World Water Stocks","authors":"Mubeen Abdur Rehman, Duygu Yengin, Nadezhda Baryshnikova, Sarah Ann Wheeler","doi":"10.1002/bse.70450","DOIUrl":"https://doi.org/10.1002/bse.70450","url":null,"abstract":"Sustainable investment has emerged as a pivotal frontier in global asset management, redefining success by integrating profitability with environmental and social responsibility. This study examines the volatility spillover connectedness of water stocks with other sustainable stocks, financial assets, and commodities using 15 years of daily data from Refinitiv London Stock Exchange Group DataStream. Employing connectedness methodologies, the analysis reveals distinct patterns of interdependence. The findings underscore the volatility quantile connectedness between water stocks and other investment options, especially in the distribution tails, which signify the transmission of upside risk from water stocks. The findings appear robust, with portfolio analysis suggesting portfolio adjustments, hedging, and financial stability. These results provide valuable insights for investors, policymakers, and market participants, highlighting the dual imperatives of environmental sustainability and economic resilience, and thereby contributing to the broader climate change agenda.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"114 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2025-12-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145801039","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}
Beatriz Garcia‐Ortega, Javier Galan‐Cubillo, Nhu Quynh Do, Mark Stevenson
Transitioning towards a circular economy largely depends on lead firms' ability to orchestrate a circular ecosystem. Despite an ever‐expanding literature on the orchestration mechanisms for delivering circular value, it remains unclear how these microlevel mechanisms interact with and drive macroinstitutional change. This study addresses this gap by developing a circular ecosystem orchestration framework for institutional change. Initial mechanism dimensions—standardising, nurturing and negotiating—and subsequent categories are deductively derived from extant literature and then enhanced inductively through an analysis of 15 leading fashion firms' sustainability reports, encompassing the fast fashion, luxury and sportswear segments. Findings provide a more granular and conceptually holistic orchestration framework, revealing a novel ‘building’ dimension and highlighting the concurrent, mutually reinforcing interactions between mechanisms. At the institutional level, all dimensions directly target the normative pillar to foster shared circular norms and values, while nurturing and standardising dimensions additionally target the cognitive and regulatory pillars, respectively. The resulting framework bridges the existing micro–macro disconnect, lays the foundations for future cross‐sectoral research and provides strategic guidance for managers seeking to effect systemic change and advance circularity.
{"title":"Circular Ecosystem Orchestration and Institutional Change in the Fashion Industry","authors":"Beatriz Garcia‐Ortega, Javier Galan‐Cubillo, Nhu Quynh Do, Mark Stevenson","doi":"10.1002/bse.70483","DOIUrl":"https://doi.org/10.1002/bse.70483","url":null,"abstract":"Transitioning towards a circular economy largely depends on lead firms' ability to orchestrate a circular ecosystem. Despite an ever‐expanding literature on the orchestration mechanisms for delivering circular value, it remains unclear how these microlevel mechanisms interact with and drive macroinstitutional change. This study addresses this gap by developing a circular ecosystem orchestration framework for institutional change. Initial mechanism dimensions—standardising, nurturing and negotiating—and subsequent categories are deductively derived from extant literature and then enhanced inductively through an analysis of 15 leading fashion firms' sustainability reports, encompassing the fast fashion, luxury and sportswear segments. Findings provide a more granular and conceptually holistic orchestration framework, revealing a novel ‘building’ dimension and highlighting the concurrent, mutually reinforcing interactions between mechanisms. At the institutional level, all dimensions directly target the normative pillar to foster shared circular norms and values, while nurturing and standardising dimensions additionally target the cognitive and regulatory pillars, respectively. The resulting framework bridges the existing micro–macro disconnect, lays the foundations for future cross‐sectoral research and provides strategic guidance for managers seeking to effect systemic change and advance circularity.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"24 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2025-12-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145801196","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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