Sustainability Strategy and Financial Performance in SMEs—On the Role of Sustainability Management Control Systems

IF 8.3 2区 管理学 Q1 BUSINESS
Emmi Hasu, Minna Saunila, Juhani Ukko
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Abstract

This paper investigates the interplay among sustainability strategy, sustainability management control systems (SMCSs) and financial performance among small- and medium-sized enterprises (SMEs). The research focuses on two distinct SMCS aspects: interactive and diagnostic control systems. With data collected from 271 out of 5656 randomly selected Finnish SMEs in 2021, this research aimed to investigate how sustainability strategy affects financial performance and whether SMCSs can moderate the connection between a company's sustainability strategy and financial performance. The ordinary least-squares analysis of the results shows that economic strategy positively affects financial performance, while environmental strategy negatively affects financial performance. No significant effect was detected between social strategy and financial performance. Furthermore, interactive control systems drive the connection between economic strategy and financial performance, while diagnostic control systems drive the relationship between environmental strategy and financial performance. By being somewhat contradictory to the current research, the findings provide novel insights into how financial performance is affected differently by various aspects of sustainability strategy. It is speculated that contradictions exist because SMEs lack resources, Finland is a developed country and the research focuses on short-term effects. The findings also suggest that the moderating the influence of SMCS depends on the strategic sustainability aspect and the chosen SMCS method, indicating a need for further research. Similarly, it is speculated that the complexity and novelty of the strategic goal affect the usability of SMCS methods.

Abstract Image

可持续发展战略与中小企业财务绩效——论可持续发展管理控制系统的作用
本文研究了可持续发展战略、可持续发展管理控制系统(SMCSs)与中小企业财务绩效之间的相互作用。研究集中在两个不同的SMCS方面:交互式和诊断控制系统。本研究收集了2021年随机选择的5656家芬兰中小企业中的271家的数据,旨在调查可持续发展战略如何影响财务绩效,以及SMCSs是否可以调节公司可持续发展战略与财务绩效之间的联系。普通最小二乘分析结果表明,经济战略对财务绩效有正向影响,而环境战略对财务绩效有负向影响。社会策略与财务绩效之间无显著影响。此外,交互式控制系统驱动经济战略和财务绩效之间的联系,而诊断控制系统驱动环境战略和财务绩效之间的关系。虽然与目前的研究有些矛盾,但这些发现为可持续发展战略的各个方面对财务绩效的不同影响提供了新的见解。推测存在矛盾的原因是中小企业缺乏资源,芬兰是发达国家,研究侧重于短期效应。研究结果还表明,减轻SMCS的影响取决于战略可持续性方面和所选择的SMCS方法,这表明需要进一步研究。同样,我们推测战略目标的复杂性和新颖性会影响SMCS方法的可用性。
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来源期刊
CiteScore
17.20
自引率
16.30%
发文量
189
期刊介绍: Corporate Social Responsibility and Environmental Management is a journal that publishes both theoretical and practical contributions related to the social and environmental responsibilities of businesses in the context of sustainable development. It covers a wide range of topics, including tools and practices associated with these responsibilities, case studies, and cross-country surveys of best practices. The journal aims to help organizations improve their performance and accountability in these areas. The main focus of the journal is on research and practical advice for the development and assessment of social responsibility and environmental tools. It also features practical case studies and evaluates the strengths and weaknesses of different approaches to sustainability. The journal encourages the discussion and debate of sustainability issues and closely monitors the demands of various stakeholder groups. Corporate Social Responsibility and Environmental Management is a refereed journal, meaning that all contributions undergo a rigorous review process. It seeks high-quality contributions that appeal to a diverse audience from various disciplines.
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