Enhancing Sustainability in Renewable Energy Innovation: The Role of Peer Dynamics and Firm Characteristics Amid Climate Crises

IF 12.5 1区管理学 Q1 BUSINESS

Business Strategy and The Environment Pub Date : 2024-12-23 DOI:10.1002/bse.4092

Hiva Rastegar, Aymen Sajjad, Gabriel Eweje, Kazunori Kobayashi

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引用次数: 0

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.

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来源期刊

Business Strategy and The Environment Multiple-

CiteScore

22.50

自引率

19.40%

发文量

336

期刊介绍： Business Strategy and the Environment (BSE) is a leading academic journal focused on business strategies for improving the natural environment. It publishes peer-reviewed research on various topics such as systems and standards, environmental performance, disclosure, eco-innovation, corporate environmental management tools, organizations and management, supply chains, circular economy, governance, green finance, industry sectors, and responses to climate change and other contemporary environmental issues. The journal aims to provide original contributions that enhance the understanding of sustainability in business. Its target audience includes academics, practitioners, business managers, and consultants. However, BSE does not accept papers on corporate social responsibility (CSR), as this topic is covered by its sibling journal Corporate Social Responsibility and Environmental Management. The journal is indexed in several databases and collections such as ABI/INFORM Collection, Agricultural & Environmental Science Database, BIOBASE, Emerald Management Reviews, GeoArchive, Environment Index, GEOBASE, INSPEC, Technology Collection, and Web of Science.