Man Dang, Premkanth Puwanenthiren, Edward Jones, Hoang Long Phan, Abdelhafid Benamraoui
The study examines the relationship between stock price crashes and firm environment reputational risk. Using a large sample of US listed firms, covering a time span from 2007 to 2021, we test the effect of environmental reputation risk on three measures for the stock price crash risk (NEGCSK, DRUV, and CRASH). The findings reveal a strong positive relationship between stock price crash risk and environmental reputation risk. The relationship is more pronounced in firms with weaker governance, less concentrated industries, and subject to corporate cultures that lack innovation. The study contributes to the literature linking corporate environmental approach or strategy and financial markets, emphasizing the importance of green reputation in firms' strategy to protect shareholder value and to promote long‐term sustainability.
{"title":"Reputational Risk: An Investigation Into How Environmental Failures Drive Stock Price Crashes","authors":"Man Dang, Premkanth Puwanenthiren, Edward Jones, Hoang Long Phan, Abdelhafid Benamraoui","doi":"10.1002/bse.70466","DOIUrl":"https://doi.org/10.1002/bse.70466","url":null,"abstract":"The study examines the relationship between stock price crashes and firm environment reputational risk. Using a large sample of US listed firms, covering a time span from 2007 to 2021, we test the effect of environmental reputation risk on three measures for the stock price crash risk (NEGCSK, DRUV, and CRASH). The findings reveal a strong positive relationship between stock price crash risk and environmental reputation risk. The relationship is more pronounced in firms with weaker governance, less concentrated industries, and subject to corporate cultures that lack innovation. The study contributes to the literature linking corporate environmental approach or strategy and financial markets, emphasizing the importance of green reputation in firms' strategy to protect shareholder value and to promote long‐term sustainability.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"44 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2025-12-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145770620","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}
Francisco José Castillo‐Díaz, Luis J. Belmonte‐Ureña, Pedro Fernandes da Anunciação, Francisco Camacho‐Ferre
This article evaluates the average business performance of construction firms across Spain's 17 autonomous communities within a decentralised governance framework. A regional composite sustainability index is developed, integrating economic, social and environmental intensity indicators. ANOVA, stepwise regression and k ‐means clustering are applied to identify territorial differences and patterns. The findings reveal significant regional disparities: Galicia leads in environmental and overall sustainability, the Balearic Islands perform best in the social dimension and the Basque Country demonstrates the strongest economic performance alongside the weakest environmental profile. Positive predictors of sustainable performance include a higher share of nonresidential construction, labour productivity, employment levels, mixed income, fixed capital investment, business growth, contribution to gross value added (GVA) and wages. In contrast, key negative predictors include CO 2 emissions, SO x , PM 10 , HFCs and temporary collective residential buildings. Cluster analysis identifies two business profiles: one prevalent in the Mediterranean arc, northern Spain and Madrid, characterised by high residential intensity and poor environmental metrics, and another dominated by nonresidential activity and stronger sustainability outcomes. From a managerial perspective, firms are encouraged to rebalance their portfolios toward nonresidential, efficient residential and rehabilitation projects; electrify construction processes; control particulate emissions; adopt design for disassembly principles; and implement reverse logistics. The proposed index is positioned as a performance dashboard to support interregional benchmarking and continuous improvement.
{"title":"Strategic Sustainability Assessment in the Construction Sector: A Multidimensional Index for Decision Making in Decentralised Economies","authors":"Francisco José Castillo‐Díaz, Luis J. Belmonte‐Ureña, Pedro Fernandes da Anunciação, Francisco Camacho‐Ferre","doi":"10.1002/bse.70323","DOIUrl":"https://doi.org/10.1002/bse.70323","url":null,"abstract":"This article evaluates the average business performance of construction firms across Spain's 17 autonomous communities within a decentralised governance framework. A regional composite sustainability index is developed, integrating economic, social and environmental intensity indicators. ANOVA, stepwise regression and <jats:italic>k</jats:italic> ‐means clustering are applied to identify territorial differences and patterns. The findings reveal significant regional disparities: Galicia leads in environmental and overall sustainability, the Balearic Islands perform best in the social dimension and the Basque Country demonstrates the strongest economic performance alongside the weakest environmental profile. Positive predictors of sustainable performance include a higher share of nonresidential construction, labour productivity, employment levels, mixed income, fixed capital investment, business growth, contribution to gross value added (GVA) and wages. In contrast, key negative predictors include CO <jats:sub>2</jats:sub> emissions, SO <jats:sub>x</jats:sub> , PM <jats:sub>10</jats:sub> , HFCs and temporary collective residential buildings. Cluster analysis identifies two business profiles: one prevalent in the Mediterranean arc, northern Spain and Madrid, characterised by high residential intensity and poor environmental metrics, and another dominated by nonresidential activity and stronger sustainability outcomes. From a managerial perspective, firms are encouraged to rebalance their portfolios toward nonresidential, efficient residential and rehabilitation projects; electrify construction processes; control particulate emissions; adopt design for disassembly principles; and implement reverse logistics. The proposed index is positioned as a performance dashboard to support interregional benchmarking and continuous improvement.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"22 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2025-12-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145770651","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}
Javier Bilbao‐Ubillos, Vicente Camino‐Beldarrain, Gurutze Intxaurburu‐Clemente, Eva Velasco‐Balmaseda
Globalisation has deepened the integration of international production within global value chains (GVCs), where the various stages of the manufacturing process are dispersed across countries. In today's volatile business environment, characterised by rapid technological advances (Industry 4.0) and evolving consumer preferences towards use‐based models (servitisation), firms are compelled to adapt swiftly to maintain competitiveness and environmental performance. However, existing research has paid limited attention to how the combined dynamics of Industry 4.0 and servitisation reshapes GVCs in spatial terms and influence proximity constraints and sustainability outcomes. This paper addresses this research gap by examining how digital and servitised production models affect the reconfiguration of GVCs and contribute to the transition towards more circular and sustainable production systems. The study follows a mixed theoretical‐empirical approach, combining an extensive literature review with 23 semistructured interviews conducted with executives and experts from industrial firms, technology centres and cluster organisations in the Autonomous Community of the Basque Country (Spain). Findings indicate that the technological adaptation challenges of Industry 4.0 and the growing cognitive complexity of servitised solutions reinforce spatial concentration dynamics, leading to reshoring and regionalisation processes in high‐tech environments. These dynamics may contribute to reducing the ecological footprint, enhancing resource efficiency and facilitating circular economy practices. The paper provides new insights into the territorial implications of the joint deployment of Industry 4.0 and servitisation, contributing to a more comprehensive understanding of the emerging geography of sustainable global production.
{"title":"Connecting Industry 4.0, Servitisation and Sustainability: Territorial Implications for Global Value Chains","authors":"Javier Bilbao‐Ubillos, Vicente Camino‐Beldarrain, Gurutze Intxaurburu‐Clemente, Eva Velasco‐Balmaseda","doi":"10.1002/bse.70456","DOIUrl":"https://doi.org/10.1002/bse.70456","url":null,"abstract":"Globalisation has deepened the integration of international production within global value chains (GVCs), where the various stages of the manufacturing process are dispersed across countries. In today's volatile business environment, characterised by rapid technological advances (Industry 4.0) and evolving consumer preferences towards use‐based models (servitisation), firms are compelled to adapt swiftly to maintain competitiveness and environmental performance. However, existing research has paid limited attention to how the combined dynamics of Industry 4.0 and servitisation reshapes GVCs in spatial terms and influence proximity constraints and sustainability outcomes. This paper addresses this research gap by examining how digital and servitised production models affect the reconfiguration of GVCs and contribute to the transition towards more circular and sustainable production systems. The study follows a mixed theoretical‐empirical approach, combining an extensive literature review with 23 semistructured interviews conducted with executives and experts from industrial firms, technology centres and cluster organisations in the Autonomous Community of the Basque Country (Spain). Findings indicate that the technological adaptation challenges of Industry 4.0 and the growing cognitive complexity of servitised solutions reinforce spatial concentration dynamics, leading to reshoring and regionalisation processes in high‐tech environments. These dynamics may contribute to reducing the ecological footprint, enhancing resource efficiency and facilitating circular economy practices. The paper provides new insights into the territorial implications of the joint deployment of Industry 4.0 and servitisation, contributing to a more comprehensive understanding of the emerging geography of sustainable global production.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"30 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2025-12-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145770623","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 economic consequences of Digital Technologies Disclosure (DTD), focusing on its impact on the cost of capital. The increasing significance of digital transformation in shaping corporate strategies and market perceptions motivates the study. Using a sample of 280 nonfinancial firms listed on the FTSE All‐Share Index between 2015 and 2022, we conducted an empirical analysis. This period represents a dynamic phase of digital evolution and heightened regulatory focus on corporate disclosures. We employ automated content analysis, using the Python language, to analyze the frequency of DTs in the annual reports. Our findings report that there is a positive relationship between DTD and the cost of capital, suggesting that higher levels of DTD may increase perceived risks, leading investors and lenders to demand higher returns. Furthermore, ESG performance mediates the relationship between DTD and the cost of capital. These findings highlight the importance of incorporating DTD into investment decision‐making processes. The study contributes to the growing body of literature on the economic implications of technology‐related disclosures. This paper is the first study to examine how DTD affects the UK capital market using a holistic view of digital activities. The current research provides valuable insights for financial market participants, academics, and regulators, emphasizing how DTD influences the cost of capital and its broader economic impact.
本研究考察了数字技术披露（DTD）的经济后果，重点关注其对资本成本的影响。数字化转型在塑造企业战略和市场认知方面日益重要的意义促使了这项研究。我们以2015年至2022年间在富时全股指数（FTSE All - Share Index）上市的280家非金融公司为样本，进行了实证分析。这一时期代表着数字化演进的动态阶段，同时监管机构对企业信息披露的关注也在加强。我们采用自动化内容分析，使用Python语言来分析年度报告中dt的频率。我们的研究结果表明，DTD与资本成本之间存在正相关关系，这表明较高的DTD水平可能会增加感知风险，导致投资者和贷款人要求更高的回报。此外，ESG绩效调节了DTD和资金成本之间的关系。这些发现强调了将DTD纳入投资决策过程的重要性。这项研究为越来越多的关于技术相关披露的经济影响的文献做出了贡献。本文是第一个使用数字活动的整体视图来检查DTD如何影响英国资本市场的研究。当前的研究为金融市场参与者、学者和监管者提供了有价值的见解，强调DTD如何影响资本成本及其更广泛的经济影响。
{"title":"Digital Technologies Disclosure and the Cost of Capital: The Mediating Role of Sustainability Performance","authors":"Hussein Mohsen Saber Ahmed, Awad Elsayed Awad Ibrahim, Khaldoon Albitar","doi":"10.1002/bse.70383","DOIUrl":"https://doi.org/10.1002/bse.70383","url":null,"abstract":"This study examines the economic consequences of Digital Technologies Disclosure (DTD), focusing on its impact on the cost of capital. The increasing significance of digital transformation in shaping corporate strategies and market perceptions motivates the study. Using a sample of 280 nonfinancial firms listed on the FTSE All‐Share Index between 2015 and 2022, we conducted an empirical analysis. This period represents a dynamic phase of digital evolution and heightened regulatory focus on corporate disclosures. We employ automated content analysis, using the Python language, to analyze the frequency of DTs in the annual reports. Our findings report that there is a positive relationship between DTD and the cost of capital, suggesting that higher levels of DTD may increase perceived risks, leading investors and lenders to demand higher returns. Furthermore, ESG performance mediates the relationship between DTD and the cost of capital. These findings highlight the importance of incorporating DTD into investment decision‐making processes. The study contributes to the growing body of literature on the economic implications of technology‐related disclosures. This paper is the first study to examine how DTD affects the UK capital market using a holistic view of digital activities. The current research provides valuable insights for financial market participants, academics, and regulators, emphasizing how DTD influences the cost of capital and its broader economic impact.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"22 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2025-12-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145770618","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}
Maria Elena Latino, Marta Menegoli, Maria Laura Giangrande
The agri‐food industry faces major sustainability challenges, requiring a shift in companies' approach. Circular economy principles offer a promising path by enhancing resource efficiency, reducing waste, and valorizing by‐products. However, the integration of sustainability and circularity practices remains limited, especially in developing effective, sector‐specific assessment models. This study addresses the gap by proposing a novel self‐assessment framework based on mixed methods, to evaluate sustainability and circularity performance. It combines ESG dimensions with 10 circular R‐strategies, offering a dual‐level assessment. Legitimacy theory underpins the framework, highlighting that firms pursue sustainable and circular practices not only for compliance but also to gain social acceptance. The framework is validated through a multiple case study of three agri‐food firms. Results show that circularity is not always equivalent to sustainability, revealing differing levels of strategy adoption. This research contributes a comprehensive, practical tool to support sustainable innovation and measure circularity in agri‐food.
{"title":"Is Circular Also Sustainable? Assessing Circularity and Sustainability to Enhance Legitimacy in Agri‐Food Industry","authors":"Maria Elena Latino, Marta Menegoli, Maria Laura Giangrande","doi":"10.1002/bse.70420","DOIUrl":"https://doi.org/10.1002/bse.70420","url":null,"abstract":"The agri‐food industry faces major sustainability challenges, requiring a shift in companies' approach. Circular economy principles offer a promising path by enhancing resource efficiency, reducing waste, and valorizing by‐products. However, the integration of sustainability and circularity practices remains limited, especially in developing effective, sector‐specific assessment models. This study addresses the gap by proposing a novel self‐assessment framework based on mixed methods, to evaluate sustainability and circularity performance. It combines ESG dimensions with 10 circular R‐strategies, offering a dual‐level assessment. Legitimacy theory underpins the framework, highlighting that firms pursue sustainable and circular practices not only for compliance but also to gain social acceptance. The framework is validated through a multiple case study of three agri‐food firms. Results show that circularity is not always equivalent to sustainability, revealing differing levels of strategy adoption. This research contributes a comprehensive, practical tool to support sustainable innovation and measure circularity in agri‐food.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"29 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2025-12-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145770621","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}
José Antonio Clemente‐Almendros, Marcelo Vallejo García, María Blanco‐Hernández
The necessary environmental transition involves a substantial challenge for micro, small, and medium‐sized enterprises (MSMEs). Moreover, in the Ibero‐American context, it is even more challenging. Our study aims to shed light on the scarce and inconclusive evidence in this regard, analyzing the influence of digitalization, given its inclusion in the so‐called MSMEs' double transition, as well as the effect of the institutional setting. The so‐called double transition is more sensitive in emerging areas. By means of analyzing direct and moderation effects on a representative database of 17.498 Ibero‐American MSMEs, we aim to show the existence of linear and nonlinear relationships that determine the level of environmental involvement of those organizations. Our results show that the expected positive effect of digitalization exists, but it is not linear, but U‐shaped. The extension of the Kuznets curve is confirmed for digitalization in MSMEs. Additionally, the institutional context's positive influence also moderates this nonlinear influence. These findings involve the need for not only digital technologies but also a transformational internal process, which is influenced by institutional quality. Managers need to understand the importance of substantial organizational commitment and their own transformational capacity in the dual transition to avoid negative effects. In this vein, institutions must focus on reducing the duration of the downward part of the U‐shaped influence of digitalization. Ultimately, digital transformation and institutional quality must move forward to sustainable change in MSMEs aligned.
{"title":"Understanding the MSME Environmental Transition: Nonlinear and Moderation Effects of Digitalization and Institutional Context","authors":"José Antonio Clemente‐Almendros, Marcelo Vallejo García, María Blanco‐Hernández","doi":"10.1002/bse.70477","DOIUrl":"https://doi.org/10.1002/bse.70477","url":null,"abstract":"The necessary environmental transition involves a substantial challenge for micro, small, and medium‐sized enterprises (MSMEs). Moreover, in the Ibero‐American context, it is even more challenging. Our study aims to shed light on the scarce and inconclusive evidence in this regard, analyzing the influence of digitalization, given its inclusion in the so‐called MSMEs' double transition, as well as the effect of the institutional setting. The so‐called double transition is more sensitive in emerging areas. By means of analyzing direct and moderation effects on a representative database of 17.498 Ibero‐American MSMEs, we aim to show the existence of linear and nonlinear relationships that determine the level of environmental involvement of those organizations. Our results show that the expected positive effect of digitalization exists, but it is not linear, but U‐shaped. The extension of the Kuznets curve is confirmed for digitalization in MSMEs. Additionally, the institutional context's positive influence also moderates this nonlinear influence. These findings involve the need for not only digital technologies but also a transformational internal process, which is influenced by institutional quality. Managers need to understand the importance of substantial organizational commitment and their own transformational capacity in the dual transition to avoid negative effects. In this vein, institutions must focus on reducing the duration of the downward part of the U‐shaped influence of digitalization. Ultimately, digital transformation and institutional quality must move forward to sustainable change in MSMEs aligned.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"15 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2025-12-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145770619","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}
Diego Grazia, Federico Zilia, Stefano Corsi, Chiara Mazzocchi, Jean‐Marie Cardebat
This paper investigates the economic impact of long‐run climatic conditions on Italian wine farms by applying a Ricardian framework to 1431 firms from the 2022 RICA‐FADN survey. We combine farm‐level revenues with viticulture‐specific agroclimatic indicators to assess how climate stress shapes profitability across 77 Italian NUTS3 provinces. Results reveal a significant non‐linear relationship between temperature, precipitation and net revenue per hectare, with stronger negative effects beyond thermal thresholds, particularly in Southern Italy. We further analyse the moderating role of EU subsidies, showing that while public support buffers short‐term losses, it may also weaken incentives for long‐term adaptation. Forward‐looking simulations under mild (+0.5°C), moderate (+1°C) and severe (+1.5°C) warming scenarios indicate potential revenue declines of up to −50 € per hectare by 2030 in the absence of adaptation. Policy implications highlight the need to align subsidy design with climate resilience, promote irrigation and varietal innovation and strengthen adaptation incentives in Mediterranean viticulture.
{"title":"Too Hot to Profit? Climatic Stress and Farm‐Level Performance in Italian Viticulture","authors":"Diego Grazia, Federico Zilia, Stefano Corsi, Chiara Mazzocchi, Jean‐Marie Cardebat","doi":"10.1002/bse.70454","DOIUrl":"https://doi.org/10.1002/bse.70454","url":null,"abstract":"This paper investigates the economic impact of long‐run climatic conditions on Italian wine farms by applying a Ricardian framework to 1431 firms from the 2022 RICA‐FADN survey. We combine farm‐level revenues with viticulture‐specific agroclimatic indicators to assess how climate stress shapes profitability across 77 Italian NUTS3 provinces. Results reveal a significant non‐linear relationship between temperature, precipitation and net revenue per hectare, with stronger negative effects beyond thermal thresholds, particularly in Southern Italy. We further analyse the moderating role of EU subsidies, showing that while public support buffers short‐term losses, it may also weaken incentives for long‐term adaptation. Forward‐looking simulations under mild (+0.5°C), moderate (+1°C) and severe (+1.5°C) warming scenarios indicate potential revenue declines of up to −50 € per hectare by 2030 in the absence of adaptation. Policy implications highlight the need to align subsidy design with climate resilience, promote irrigation and varietal innovation and strengthen adaptation incentives in Mediterranean viticulture.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"17 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2025-12-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145765160","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}
{"title":"Correction to “Achieving Sustainable Development With Sustainable Packaging: A Natural‐Resource‐Based View Perspective”","authors":"","doi":"10.1002/bse.70492","DOIUrl":"https://doi.org/10.1002/bse.70492","url":null,"abstract":"","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"21 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2025-12-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145765154","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}
Mauro Aliano, Daniela Lo Cascio, Saudi‐Yulieth Enciso‐Alfaro, Isabel‐María García‐Sánchez
Does corporate CO 2 abatement pay? We assembled an international panel of listed firms (2019–2023), linking Scope 1–2 emissions to institutional (G7, CCPI) and search‐based attention measures. The dataset consists of an unbalanced panel of 1724 multinational firms, together with a sub‐sample of 922 firms operating in G7 economies. Firm and time fixed effects, dynamic system‐GMM, and Granger tests indicate that reductions in operational CO 2 are followed by higher returns on assets, with larger effects in G7 markets. National climate ambition (CCPI) does not reliably amplify profitability. By contrast, the information environment moderates payoffs: in G7 economies, ecological‐risk attention amplifies the abatement–performance relationship, whereas climate‐crisis attention weakens it, despite a modestly positive main effect. Results are robust with alternative abatement measures, though a binary specification produces weaker results outside the G7. The sum of the evidence indicates that decarbonisation is a value‐creating capability whose payoff is mediated by attention rather than headline policy. Implications for managers, lenders, investors and regulators follow: credibility, disclosure quality and enforcement shape returns on cuts CO 2 .
{"title":"Turning Carbon Into Cash? Cross‐Country Evidence on the Profitability of Emission Reductions","authors":"Mauro Aliano, Daniela Lo Cascio, Saudi‐Yulieth Enciso‐Alfaro, Isabel‐María García‐Sánchez","doi":"10.1002/bse.70481","DOIUrl":"https://doi.org/10.1002/bse.70481","url":null,"abstract":"Does corporate CO <jats:sub>2</jats:sub> abatement pay? We assembled an international panel of listed firms (2019–2023), linking Scope 1–2 emissions to institutional (G7, CCPI) and search‐based attention measures. The dataset consists of an unbalanced panel of 1724 multinational firms, together with a sub‐sample of 922 firms operating in G7 economies. Firm and time fixed effects, dynamic system‐GMM, and Granger tests indicate that reductions in operational CO <jats:sub>2</jats:sub> are followed by higher returns on assets, with larger effects in G7 markets. National climate ambition (CCPI) does not reliably amplify profitability. By contrast, the information environment moderates payoffs: in G7 economies, ecological‐risk attention amplifies the abatement–performance relationship, whereas climate‐crisis attention weakens it, despite a modestly positive main effect. Results are robust with alternative abatement measures, though a binary specification produces weaker results outside the G7. The sum of the evidence indicates that decarbonisation is a value‐creating capability whose payoff is mediated by attention rather than headline policy. Implications for managers, lenders, investors and regulators follow: credibility, disclosure quality and enforcement shape returns on cuts CO <jats:sub>2</jats:sub> .","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"4 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2025-12-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145770643","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}
Andréia Cittadin, Fabricia Silva da Rosa, Januario Monteiro
How do wineries design sustainability practices and use environmental management accounting (EMA)? This study addresses that question by analyzing the influence of contingency factors on the adoption of sustainability practices and the use of EMA tools to improve the environmental performance of wineries. The research was carried out through a survey with 171 Brazilian wineries, and structural equation modeling regression was used to test the hypothesis. The results suggest that contingency factors, such as environmental uncertainties, environmental strategy, and technology influence the adoption of sustainability practices and the use of EMA tools and have a positive impact on the environmental performance of Brazilian wineries. The study also shows that there is no direct effect between the use of EMA tools and environmental performance, but there is a positive impact on financial and nonfinancial performance, indicating that in a winery setting EMA tools are mainly used for cost saving and economic purposes rather than environmental impact. This study extends our understanding of how wineries design sustainability practices and deploy EMA tools in response to contextual contingencies. Drawing on contingency theory, we highlight the role of environmental uncertainty, strategy, and technology in shaping sustainability behavior. Our findings further show that the use of EMA tools by Brazilian wineries often leads to economic benefits.
{"title":"Environmental Sustainability in Wineries: How Contingency Factors and Environmental Management Accounting Tools Influence Environmental Performance?","authors":"Andréia Cittadin, Fabricia Silva da Rosa, Januario Monteiro","doi":"10.1002/bse.70437","DOIUrl":"https://doi.org/10.1002/bse.70437","url":null,"abstract":"How do wineries design sustainability practices and use environmental management accounting (EMA)? This study addresses that question by analyzing the influence of contingency factors on the adoption of sustainability practices and the use of EMA tools to improve the environmental performance of wineries. The research was carried out through a survey with 171 Brazilian wineries, and structural equation modeling regression was used to test the hypothesis. The results suggest that contingency factors, such as environmental uncertainties, environmental strategy, and technology influence the adoption of sustainability practices and the use of EMA tools and have a positive impact on the environmental performance of Brazilian wineries. The study also shows that there is no direct effect between the use of EMA tools and environmental performance, but there is a positive impact on financial and nonfinancial performance, indicating that in a winery setting EMA tools are mainly used for cost saving and economic purposes rather than environmental impact. This study extends our understanding of how wineries design sustainability practices and deploy EMA tools in response to contextual contingencies. Drawing on contingency theory, we highlight the role of environmental uncertainty, strategy, and technology in shaping sustainability behavior. Our findings further show that the use of EMA tools by Brazilian wineries often leads to economic benefits.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"6 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2025-12-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145765164","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}
京公网安备 11010802042870号
京ICP备2023020795号-1
扫码关注我们
求助内容：
应助结果提醒方式：