Investing in a Cleaner Future: The Role of Institutional Investors in Corporate Waste Management

IF 12.5 1区管理学 Q1 BUSINESS

Business Strategy and The Environment Pub Date : 2025-03-11 DOI:10.1002/bse.4222

Afef Slama, Khaled Ghozzi, Faten Lakhal, Assil Guizani, Khaled Hussainey

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引用次数: 0

Abstract

As environmental sustainability gains prominence, institutional investors are increasingly recognized for their influence on corporate environmental practices. Despite this growing interest, their impact on waste management and circular economy initiatives is yet to be explored. This study seeks to bridge this gap by examining how institutional investors' ownership and investment horizon affect corporate waste management in France, where companies face increasing regulatory pressure under the 2015 Energy Transition Law. Analyzing 1001 firm‐year observations over 2011–2021 in France, the results reveal that long‐term (short‐term) institutional investors negatively (positively) affect waste generation. This suggests that long‐term investors exert pressure on managers to prioritize waste reduction strategies, supporting the neo‐institutional theory perspective. Further analysis shows that the effect of long‐term institutional investors on waste generation has accentuated after the adoption of the French Law on the Energy Transition in 2015, especially for firms with high environmental performance and strong corporate governance and those operating in environmentally sensitive industries. These results offer actionable insights for policymakers, investors, and corporate managers seeking to promote sustainable waste management practices.

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投资于更清洁的未来：机构投资者在企业废物管理中的作用

随着环境可持续性日益突出，机构投资者对企业环境实践的影响日益得到认可。尽管人们的兴趣日益浓厚，但它们对废物管理和循环经济倡议的影响尚未得到探讨。本研究旨在通过研究机构投资者的所有权和投资范围如何影响法国企业废物管理来弥合这一差距，法国企业在2015年《能源转型法》（Energy Transition Law）下面临越来越大的监管压力。分析2011-2021年法国1001家公司的年度观察结果，结果显示长期（短期）机构投资者对废物产生产生消极（积极）影响。这表明，长期投资者对管理者施加压力，要求他们优先考虑减少浪费的策略，这支持了新制度理论的观点。进一步的分析表明，在2015年法国能源转型法通过后，长期机构投资者对废物产生的影响有所加剧，特别是对于那些具有高环境绩效和强大公司治理的公司以及那些在环境敏感行业经营的公司。这些结果为寻求促进可持续废物管理实践的政策制定者、投资者和企业管理者提供了可行的见解。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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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.