Aleksandar Petreski, Dorothea Schäfer, Andreas Stephan
This study explores the effect of frequent green‐bond issuance on a firm's financing costs. Using a sample of listed Swedish real estate companies issuing a total of 1074 bonds over the period from 2011 to 2021, difference‐in‐differences analyses and instrumental variable estimations are applied to identify the causal impact of frequent green‐bond vis‐à‐vis frequent non‐green‐bond issuance on a firm's cost of capital and credit rating. The paper argues that repetitive issuance lowers a firm's cost of capital, while the effects of first or one‐time green‐bond issuance are the opposite. In line with the reputation capital hypothesis, issuing green bonds even lowers the firm's cost of equity capital, while issuing non‐green bonds does not affect the cost of equity.
{"title":"The Reputation Effect of Repeated Green‐Bond Issuance and Its Impact on the Cost of Capital","authors":"Aleksandar Petreski, Dorothea Schäfer, Andreas Stephan","doi":"10.1002/bse.4111","DOIUrl":"https://doi.org/10.1002/bse.4111","url":null,"abstract":"This study explores the effect of frequent green‐bond issuance on a firm's financing costs. Using a sample of listed Swedish real estate companies issuing a total of 1074 bonds over the period from 2011 to 2021, difference‐in‐differences analyses and instrumental variable estimations are applied to identify the causal impact of frequent green‐bond vis‐à‐vis frequent non‐green‐bond issuance on a firm's cost of capital and credit rating. The paper argues that repetitive issuance lowers a firm's cost of capital, while the effects of first or one‐time green‐bond issuance are the opposite. In line with the reputation capital hypothesis, issuing green bonds even lowers the firm's cost of equity capital, while issuing non‐green bonds does not affect the cost of equity.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"25 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2024-12-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142879970","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}
Kimitaka Nishitani, Jin Dong Park, Mohammad Badrul Haider
The purpose of this study is to bridge the gap between conventional assumptions of legitimacy and voluntary disclosure theories and current practices of corporate nonfinancial reporting. The analysis conducts regressions using data on 244 Japanese companies in 2019 to clarify whether the triadic relationship between a company's nonfinancial reporting motivation and practices and user information satisfaction is consistent. It contributes to the literature by showing that conventional assumptions have limitations in explaining the triadic relationship and identifying the mechanism underpinning how corporate nonfinancial reporting functions. First, although companies are more motivated by financial accountability than legitimacy in nonfinancial reporting, these motivations are not directly opposing, but are instead relative. Second, even when the financial accountability and legitimacy motivations are clear, they do not consistently satisfy user information needs. Finally, companies fulfil the financial accountability role only after they fulfil the legitimacy role.
{"title":"Bridging the Gap Between Legitimacy and Voluntary Disclosure Theory and Current Corporate Nonfinancial Reporting Practices: Insights From Japanese Companies","authors":"Kimitaka Nishitani, Jin Dong Park, Mohammad Badrul Haider","doi":"10.1002/bse.4119","DOIUrl":"https://doi.org/10.1002/bse.4119","url":null,"abstract":"The purpose of this study is to bridge the gap between conventional assumptions of legitimacy and voluntary disclosure theories and current practices of corporate nonfinancial reporting. The analysis conducts regressions using data on 244 Japanese companies in 2019 to clarify whether the triadic relationship between a company's nonfinancial reporting motivation and practices and user information satisfaction is consistent. It contributes to the literature by showing that conventional assumptions have limitations in explaining the triadic relationship and identifying the mechanism underpinning how corporate nonfinancial reporting functions. First, although companies are more motivated by financial accountability than legitimacy in nonfinancial reporting, these motivations are not directly opposing, but are instead relative. Second, even when the financial accountability and legitimacy motivations are clear, they do not consistently satisfy user information needs. Finally, companies fulfil the financial accountability role only after they fulfil the legitimacy role.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"1 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2024-12-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142879971","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}
Hiva Rastegar, Aymen Sajjad, Gabriel Eweje, Kazunori Kobayashi
This study investigates peer influence on a firm's pursuit of renewable energy innovation following climate change–induced disasters. While mimetic pressures and competitive dynamics have been recognized as drivers of green innovation, the impact of external uncertainties, such as climate change–induced disasters, on these dynamics remains underexplored. This study fills this gap by revealing how firms pursue renewable energy innovation amid competitive pressures and environmental challenges. Utilizing the behavioral theory of the firm and the threat rigidity model, we analyze US firms' pursuit of renewable energy innovation following climatological disasters from 2013 to 2018 through a difference‐in‐difference‐in‐differences approach. Our findings reveal that peers' pursuit of renewable energy innovation can dampen a firm's own pursuit of renewable energy innovation postdisaster, and this effect is less pronounced among multinational enterprise subsidiaries. Theoretically, this study deepens our understanding of how climatological disasters shape competitive dynamics and innovation, challenging the view that competition invariably drives innovation. Practically, it provides insights into effective resource allocation and prioritizing collaborations for sustainability. For policy‐makers, the findings highlight the need for regulatory environments that encourage collaborative innovation and enhance resilience, directly contributing to Sustainable Development Goal 7 (affordable and clean energy) by promoting sustainable energy use.
{"title":"Enhancing Sustainability in Renewable Energy Innovation: The Role of Peer Dynamics and Firm Characteristics Amid Climate Crises","authors":"Hiva Rastegar, Aymen Sajjad, Gabriel Eweje, Kazunori Kobayashi","doi":"10.1002/bse.4092","DOIUrl":"https://doi.org/10.1002/bse.4092","url":null,"abstract":"This study investigates peer influence on a firm's pursuit of renewable energy innovation following climate change–induced disasters. While mimetic pressures and competitive dynamics have been recognized as drivers of green innovation, the impact of external uncertainties, such as climate change–induced disasters, on these dynamics remains underexplored. This study fills this gap by revealing how firms pursue renewable energy innovation amid competitive pressures and environmental challenges. Utilizing the behavioral theory of the firm and the threat rigidity model, we analyze US firms' pursuit of renewable energy innovation following climatological disasters from 2013 to 2018 through a difference‐in‐difference‐in‐differences approach. Our findings reveal that peers' pursuit of renewable energy innovation can dampen a firm's own pursuit of renewable energy innovation postdisaster, and this effect is less pronounced among multinational enterprise subsidiaries. Theoretically, this study deepens our understanding of how climatological disasters shape competitive dynamics and innovation, challenging the view that competition invariably drives innovation. Practically, it provides insights into effective resource allocation and prioritizing collaborations for sustainability. For policy‐makers, the findings highlight the need for regulatory environments that encourage collaborative innovation and enhance resilience, directly contributing to Sustainable Development Goal 7 (affordable and clean energy) by promoting sustainable energy use.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"64 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2024-12-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142874174","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}
Viktor Prokop, Laura Carraresi, Agnieszka Karman, Fazal Ur Rehman, Martin Ibl
This study investigates the direct and reverse relationships among environmental benefits, eco‐innovation, and business model innovation (BMI), emphasizing the role of national and foreign cooperation among firms. We employed a structural equation model using data from the 2014 European Community Innovation Survey (CIS), the most recent survey to include questions on firms' environmental activities and eco‐innovations. We studied 6827 firms from the Czech Republic (2363), Germany (3264), and Greece (1200). Findings confirm reverse relationships between eco‐innovation and BMI and between eco‐innovation and environmental benefits. This study challenges the notion that (foreign) cooperation positively impacts eco‐innovation, highlighting a paradox that warrants further investigation. Additionally, we emphasize the reliance of companies on cooperative partners for BMI. Our results underscore the need for a holistic approach to eco‐innovation in light of increasing global environmental challenges. Practical implications include heightened environmental awareness, adjustments to corporate business models, and enhanced cooperation within the analyzed countries.
{"title":"Tracing the Reverse Relationship Among Environmental Benefits, Business Model Innovation, and Eco‐Innovation: Does Cooperation Matter?","authors":"Viktor Prokop, Laura Carraresi, Agnieszka Karman, Fazal Ur Rehman, Martin Ibl","doi":"10.1002/bse.4084","DOIUrl":"https://doi.org/10.1002/bse.4084","url":null,"abstract":"This study investigates the direct and reverse relationships among environmental benefits, eco‐innovation, and business model innovation (BMI), emphasizing the role of national and foreign cooperation among firms. We employed a structural equation model using data from the 2014 European Community Innovation Survey (CIS), the most recent survey to include questions on firms' environmental activities and eco‐innovations. We studied 6827 firms from the Czech Republic (2363), Germany (3264), and Greece (1200). Findings confirm reverse relationships between eco‐innovation and BMI and between eco‐innovation and environmental benefits. This study challenges the notion that (foreign) cooperation positively impacts eco‐innovation, highlighting a paradox that warrants further investigation. Additionally, we emphasize the reliance of companies on cooperative partners for BMI. Our results underscore the need for a holistic approach to eco‐innovation in light of increasing global environmental challenges. Practical implications include heightened environmental awareness, adjustments to corporate business models, and enhanced cooperation within the analyzed countries.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"112 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2024-12-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142874175","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}
Food waste concerns are growing globally. Previous studies identified several strategies to reduce food waste. However, how individuals' values guide them towards food waste has not been adequately explored. This study examines the role of individual values and attitudinal mechanisms on food waste reduction behaviors. We adopt the value–attitude–behavior (VAB) theory as a theoretical underpinning to conceptualize a research model. Specifically, the study utilized altruistic and biospheric values as value dimensions, anticipated guilt and personal responsibility as attitudinal mechanisms, willingness to pay for food waste recycling, and food waste segregation as the outcome behavioral constructs. A survey approach is used to collect data from US household consumers. Findings indicate that altruistic values evoke anticipated guilt and personal responsibility, whereas biospheric values shape anticipated guilt. The anticipated guilt and personal responsibility determine consumers' willingness to pay for food waste recycling and segregation of food waste. Additionally, mediating roles of anticipated guilt and personal responsibility were also confirmed. Furthermore, the moderating role of long‐term orientation as a critical contingency that affects VAB linkages has been empirically substantiated. The study's findings contribute to the literature on food waste and provide empirical justification for how values shape attitudes that determine food waste reduction behaviors. Policymakers should design instruments to foster food waste reduction behaviors based on the effectuality of values and attitudes unraveled by this research.
{"title":"The Role of Values and Attitude in Food Waste Reduction: Exploring Ideal Sustainable Business Strategies","authors":"Sushant Kumar, Ankit Mehrotra, Muhammad Zafar Yaqub, Bhumika Gupta, Vaishali Agarwal","doi":"10.1002/bse.4087","DOIUrl":"https://doi.org/10.1002/bse.4087","url":null,"abstract":"Food waste concerns are growing globally. Previous studies identified several strategies to reduce food waste. However, how individuals' values guide them towards food waste has not been adequately explored. This study examines the role of individual values and attitudinal mechanisms on food waste reduction behaviors. We adopt the value–attitude–behavior (VAB) theory as a theoretical underpinning to conceptualize a research model. Specifically, the study utilized altruistic and biospheric values as value dimensions, anticipated guilt and personal responsibility as attitudinal mechanisms, willingness to pay for food waste recycling, and food waste segregation as the outcome behavioral constructs. A survey approach is used to collect data from US household consumers. Findings indicate that altruistic values evoke anticipated guilt and personal responsibility, whereas biospheric values shape anticipated guilt. The anticipated guilt and personal responsibility determine consumers' willingness to pay for food waste recycling and segregation of food waste. Additionally, mediating roles of anticipated guilt and personal responsibility were also confirmed. Furthermore, the moderating role of long‐term orientation as a critical contingency that affects VAB linkages has been empirically substantiated. The study's findings contribute to the literature on food waste and provide empirical justification for how values shape attitudes that determine food waste reduction behaviors. Policymakers should design instruments to foster food waste reduction behaviors based on the effectuality of values and attitudes unraveled by this research.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"92 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2024-12-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142874176","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}
Existing research on board gender diversity often overlooks the role of firm size. It lacks a comprehensive evaluation of financial market and environmental performance, particularly in emerging markets with high gender bias. Addressing these gaps, we investigate the moderated mediation between board gender diversity, environmental stewardship, firm size, and market performance in emission‐intensive sectors of emerging Asian economies with significant gender disparity. We perform FE 2‐SLS regressions on a panel of 1012 firm‐year observations from 96 firms (2013–2023) and test Hayes Process Macro‐Model 7 on cross‐sectional data from 929 firms in 2023. Results robust to alternative measures and endogeneity concerns suggest that women board directorships enhance financial market performance directly and via improved environmental stewardship. The environmental benefits, however, diminish in larger firms. Notably, gender diversity in executive roles does not affect environmental stewardship but increases financial market performance. The study introduces a novel measure of environmental stewardship and offers new insights into corporate governance, environment management, and financial markets literature, with significant implications for regulators, investors, and managers.
关于董事会性别多样性的现有研究往往忽视了公司规模的作用。研究缺乏对金融市场和环境绩效的全面评估，尤其是在性别偏见严重的新兴市场。为了弥补这些不足，我们研究了董事会性别多样性、环境管理、公司规模以及性别差异显著的亚洲新兴经济体排放密集型行业的市场绩效之间的中介作用。我们对 96 家公司（2013-2023 年）的 1012 个公司年观测数据进行了 FE 2-SLS 回归，并对 2023 年 929 家公司的横截面数据进行了 Hayes Process Macro-Model 7 检验。结果表明，女性董事会成员直接提高了金融市场表现，并通过改善环境管理提高了金融市场表现。然而，在规模较大的公司中，环境效益会有所降低。值得注意的是，高管中的性别多元化不会影响环境管理，但会提高金融市场表现。这项研究引入了一种新的环境监管措施，为公司治理、环境管理和金融市场文献提供了新的见解，对监管者、投资者和管理者具有重要意义。
{"title":"Interplay Between Financial Markets, Environmental Stewardship, Gender Diversity, and Firm Size in Emission‐Intensive Sectors of Emerging Asian Economies: A Board‐Level Perspective","authors":"Pratibha Wasan, Sunil Luthra, Kalyani Mulchandani, Sushma Vishnani","doi":"10.1002/bse.4086","DOIUrl":"https://doi.org/10.1002/bse.4086","url":null,"abstract":"Existing research on board gender diversity often overlooks the role of firm size. It lacks a comprehensive evaluation of financial market and environmental performance, particularly in emerging markets with high gender bias. Addressing these gaps, we investigate the moderated mediation between board gender diversity, environmental stewardship, firm size, and market performance in emission‐intensive sectors of emerging Asian economies with significant gender disparity. We perform FE 2‐SLS regressions on a panel of 1012 firm‐year observations from 96 firms (2013–2023) and test Hayes Process Macro‐Model 7 on cross‐sectional data from 929 firms in 2023. Results robust to alternative measures and endogeneity concerns suggest that women board directorships enhance financial market performance directly and via improved environmental stewardship. The environmental benefits, however, diminish in larger firms. Notably, gender diversity in executive roles does not affect environmental stewardship but increases financial market performance. The study introduces a novel measure of environmental stewardship and offers new insights into corporate governance, environment management, and financial markets literature, with significant implications for regulators, investors, and managers.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"29 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2024-12-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142825094","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}
Water and wastewater management sector is one of the basic areas of implementing a circular economy (CE). Enterprises operating in this sector are mainly wastewater treatment plants (WWTPs) managed by municipalities or private companies. They encounter various barriers and facilitators to implement CE, in the area of technology development and management. However, a limited number of works in the available literature focus on nontechnological aspects of implementing CE in WWTPs. Therefore, this paper presents a comprehensive analysis of challenges (including driving forces and barriers) for WWTPs in the process of implementing CE policy goals. The PESTEL strategic analysis method was used, taking into account the identification of political, economic, social, technological, environmental, and legal factors. It was confirmed that there are more incentives than barriers to actively implementing CE model in analyzed enterprises. The most important driving forces include: (i) favorable European CE policy, as recommendations and law regulations in the area of water, raw materials, and energy recovery; (ii) society's pressure on resource protection; (iii) possible revenues from the sale of recovered water, energy or CE‐fertilizers; (iv) financial support for CE solutions. Among defined barriers that could slow down the circular transformation, the most important are: (i) lack of clearly stated regulations regarding water, energy, and raw materials recovery, as well as transparency and regulatory risk; (ii) limited own financial resources of WWTPs operators; (iii) high cost of investments and maintaining recovery/recycling technologies. Those results may be of key importance to practitioners in strategic decision making for the improved application of circularity in the operating process. Because the implementation of CE solutions should have an integrated approach throughout the enterprise, it is recommended to develop circular business models for these companies, that would take into account both the core business (water and wastewater management) as well as possibilities of further CE implementation, such as recovery of water, energy, and raw materials. In the coming years, such solutions could be financially supported by the national and European sources, which may have a positive impact on the acceleration to the CE model.
水和废水管理部门是实施循环经济（CE）的基本领域之一。该领域的企业主要是由市政当局或私营公司管理的污水处理厂（WWTPs）。它们在技术开发和管理方面遇到了实施循环经济的各种障碍和促进因素。然而，现有文献中关注在污水处理厂实施消费电子化的非技术方面的著作数量有限。因此，本文全面分析了污水处理厂在实施能源效率政策目标过程中所面临的挑战（包括驱动力和障碍）。本文采用了 PESTEL 战略分析方法，考虑了政治、经济、社会、技术、环境和法律因素的识别。结果表明，在所分析的企业中，积极实施消费经济模式的动力大于障碍。最重要的推动力包括(i) 有利的欧洲 CE 政策，如水、原材料和能源回收领域的建议和法律法规；(ii) 社会对资源保护的压力；(iii) 出售回收水、能源或 CE 肥料的可能收入；(iv) 对 CE 解决方案的财政支持。在已确定的可能减缓循环转型的障碍中，最重要的是(i) 缺乏有关水、能源和原材料回收的明确规定，以及透明度和监管风险；(ii) 污水处理厂运营商自身财力有限；(iii) 回收/再循环技术的投资和维护成本高。这些结果对于从业人员在运营过程中改善循环应用的战略决策具有重要意义。由于循环经济解决方案的实施应贯穿整个企业，因此建议为这些公司开发循环商业模式，既考虑到核心业务（水和废水管理），也考虑到进一步实施循环经济的可能性，如水、能源和原材料的回收。在未来几年中，这些解决方案可能会得到国家和欧洲方面的资金支持，这可能会对加速实现 CE 模式产生积极影响。
{"title":"Identification of Barriers and Driving Forces for Circular Economy (CE) Implementation in Water and Wastewater Companies","authors":"Marzena Smol, Dominika Szołdrowska, Joanna Duda","doi":"10.1002/bse.4097","DOIUrl":"https://doi.org/10.1002/bse.4097","url":null,"abstract":"Water and wastewater management sector is one of the basic areas of implementing a circular economy (<jats:sc>CE</jats:sc>). Enterprises operating in this sector are mainly wastewater treatment plants (WWTPs) managed by municipalities or private companies. They encounter various barriers and facilitators to implement <jats:sc>CE</jats:sc>, in the area of technology development and management. However, a limited number of works in the available literature focus on nontechnological aspects of implementing <jats:sc>CE</jats:sc> in WWTPs. Therefore, this paper presents a comprehensive analysis of challenges (including driving forces and barriers) for WWTPs in the process of implementing <jats:sc>CE</jats:sc> policy goals. The PESTEL strategic analysis method was used, taking into account the identification of political, economic, social, technological, environmental, and legal factors. It was confirmed that there are more incentives than barriers to actively implementing <jats:sc>CE</jats:sc> model in analyzed enterprises. The most important driving forces include: (i) favorable European <jats:sc>CE</jats:sc> policy, as recommendations and law regulations in the area of water, raw materials, and energy recovery; (ii) society's pressure on resource protection; (iii) possible revenues from the sale of recovered water, energy or <jats:sc>CE</jats:sc>‐fertilizers; (iv) financial support for <jats:sc>CE</jats:sc> solutions. Among defined barriers that could slow down the circular transformation, the most important are: (i) lack of clearly stated regulations regarding water, energy, and raw materials recovery, as well as transparency and regulatory risk; (ii) limited own financial resources of WWTPs operators; (iii) high cost of investments and maintaining recovery/recycling technologies. Those results may be of key importance to practitioners in strategic decision making for the improved application of circularity in the operating process. Because the implementation of <jats:sc>CE</jats:sc> solutions should have an integrated approach throughout the enterprise, it is recommended to develop circular business models for these companies, that would take into account both the core business (water and wastewater management) as well as possibilities of further <jats:sc>CE</jats:sc> implementation, such as recovery of water, energy, and raw materials. In the coming years, such solutions could be financially supported by the national and European sources, which may have a positive impact on the acceleration to the <jats:sc>CE</jats:sc> model.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"82 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2024-12-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142825060","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}
Hoa Luong, Jayanthi Kumarasiri, Abeyratna Gunasekarage
We investigate how CEO power contributes to the emissions management of Australian companies. Constructing a CEO power index and employing firm‐level carbon emissions data, we document a significant negative relationship between CEO power and carbon emissions, suggesting that firms with powerful CEOs better manage their carbon emissions. Extending our analyses into different dimensions of power, we find that the CEO power–emissions management relationship mainly comes from structural power and expert power sources. Further analyses show that emissions management plays a significant mediating role in the association between CEO power and firm performance. A survey administered among sustainability managers of large Australian companies reveals corroborative evidence that the leadership of powerful CEOs is an essential element in managing carbon emissions and mitigating the risk associated with climate change. The findings of this study provide insights to policymakers, regulators and corporate top‐management teams regarding an issue that is under severe public scrutiny and social pressure.
我们研究了首席执行官权力如何促进澳大利亚公司的排放管理。通过构建首席执行官权力指数并利用公司层面的碳排放数据，我们发现首席执行官权力与碳排放之间存在显著的负相关关系，这表明拥有强大首席执行官的公司能够更好地管理其碳排放。通过对不同权力维度的分析，我们发现 CEO 权力与排放管理之间的关系主要来自结构性权力和专家权力。进一步的分析表明，排放管理在 CEO 权力与公司业绩之间的关系中起着重要的中介作用。对澳大利亚大型公司可持续发展经理进行的一项调查显示，有确凿证据表明，有权力的首席执行官的领导力是管理碳排放和降低气候变化相关风险的重要因素。这项研究的结果为政策制定者、监管者和企业高层管理团队提供了有关这一受到公众密切关注和社会压力的问题的见解。
{"title":"CEO Power and Carbon Emissions Management: Australian Evidence","authors":"Hoa Luong, Jayanthi Kumarasiri, Abeyratna Gunasekarage","doi":"10.1002/bse.4062","DOIUrl":"https://doi.org/10.1002/bse.4062","url":null,"abstract":"We investigate how CEO power contributes to the emissions management of Australian companies. Constructing a CEO power index and employing firm‐level carbon emissions data, we document a significant negative relationship between CEO power and carbon emissions, suggesting that firms with powerful CEOs better manage their carbon emissions. Extending our analyses into different dimensions of power, we find that the CEO power–emissions management relationship mainly comes from structural power and expert power sources. Further analyses show that emissions management plays a significant mediating role in the association between CEO power and firm performance. A survey administered among sustainability managers of large Australian companies reveals corroborative evidence that the leadership of powerful CEOs is an essential element in managing carbon emissions and mitigating the risk associated with climate change. The findings of this study provide insights to policymakers, regulators and corporate top‐management teams regarding an issue that is under severe public scrutiny and social pressure.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"23 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2024-12-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142832265","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}
Marcus Bergmann, Joël Ntsondé, Rémi Beulque, Helen Micheaux
To promote the circular economy and change unsustainable business practices, policymakers are increasingly implementing novel policy instruments. Fostering repair is increasingly seen as a concrete strategy towards strong circularity, involving disruptive business model (BM) transformations.This study explores the impact of the recently implemented mandatory repairability index in France on BMs, utilizing a case study methodology with an embedded design.Our findings reveal 19 emerging company practices that affect all main BM dimensions. We identify three ways retailers and manufacturers adopt the index to shift towards repair‐oriented BMs.While the literature on the interplay between public policies and circular BMs has mainly focused on command‐and‐control policies for circular economy strategies other than repair, we show how an informative policy instrument transcends its role as mere consumer information. Instead, it emerges as a versatile management tool, facilitating the adoption or up scaling of diverse repair activities. However, informative instruments do not ensure widespread diffusion of repair‐based BMs. Instead, we emphasize the imperative of promoting repair through a comprehensive and evolving policy mix.
{"title":"Business Models for Strong Circularity—The Role of Informative Policy Instruments Promoting Repair","authors":"Marcus Bergmann, Joël Ntsondé, Rémi Beulque, Helen Micheaux","doi":"10.1002/bse.4096","DOIUrl":"https://doi.org/10.1002/bse.4096","url":null,"abstract":"To promote the circular economy and change unsustainable business practices, policymakers are increasingly implementing novel policy instruments. Fostering repair is increasingly seen as a concrete strategy towards strong circularity, involving disruptive business model (BM) transformations.This study explores the impact of the recently implemented mandatory repairability index in France on BMs, utilizing a case study methodology with an embedded design.Our findings reveal 19 emerging company practices that affect all main BM dimensions. We identify three ways retailers and manufacturers adopt the index to shift towards repair‐oriented BMs.While the literature on the interplay between public policies and circular BMs has mainly focused on command‐and‐control policies for circular economy strategies other than repair, we show how an informative policy instrument transcends its role as mere consumer information. Instead, it emerges as a versatile management tool, facilitating the adoption or up scaling of diverse repair activities. However, informative instruments do not ensure widespread diffusion of repair‐based BMs. Instead, we emphasize the imperative of promoting repair through a comprehensive and evolving policy mix.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"52 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2024-12-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142832635","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}
Valentina Martínez‐Ramón, Talitha Bromwich, Pablo Modernel, Joseph Poore, Joe W. Bull
The private sector is increasingly engaged in formulating biodiversity strategies that aim to achieve net‐positive outcomes. Life cycle impact assessment (LCIA) methodologies are a leading approach for quantifying ‘biodiversity footprints’, providing baselines for biodiversity mitigation strategies. However, differences between existing LCIA methods remain understudied in this context. Using a large agricultural organisation case study, we compared biodiversity footprints from two LCIA methodologies: LC‐IMPACT and ReCiPe2016. Results varied considerably, with LC‐IMPACT attributing the largest impacts to international land use change from imported livestock feeds and ReCiPe2016 highlighting the impacts from imported feeds related to other pathways, such as water use, alongside on‐farm GHG emissions. These differences suggest that using different methodologies could lead to substantially different corporate biodiversity strategies and sub‐optimal prioritisation. To design effective biodiversity strategies, corporations must address uncertainties in biodiversity footprinting methods, and further research is needed to ensure these methodologies drive effective action to combat global biodiversity loss.
{"title":"Alternative Life Cycle Impact Assessment Methods for Biodiversity Footprinting Could Motivate Different Strategic Priorities: A Case Study for a Dutch Dairy Multinational","authors":"Valentina Martínez‐Ramón, Talitha Bromwich, Pablo Modernel, Joseph Poore, Joe W. Bull","doi":"10.1002/bse.4072","DOIUrl":"https://doi.org/10.1002/bse.4072","url":null,"abstract":"The private sector is increasingly engaged in formulating biodiversity strategies that aim to achieve net‐positive outcomes. Life cycle impact assessment (LCIA) methodologies are a leading approach for quantifying ‘biodiversity footprints’, providing baselines for biodiversity mitigation strategies. However, differences between existing LCIA methods remain understudied in this context. Using a large agricultural organisation case study, we compared biodiversity footprints from two LCIA methodologies: LC‐IMPACT and ReCiPe2016. Results varied considerably, with LC‐IMPACT attributing the largest impacts to international land use change from imported livestock feeds and ReCiPe2016 highlighting the impacts from imported feeds related to other pathways, such as water use, alongside on‐farm GHG emissions. These differences suggest that using different methodologies could lead to substantially different corporate biodiversity strategies and sub‐optimal prioritisation. To design effective biodiversity strategies, corporations must address uncertainties in biodiversity footprinting methods, and further research is needed to ensure these methodologies drive effective action to combat global biodiversity loss.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"116 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2024-12-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142825096","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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