Business Strategy and Development最新文献

{"title":"Cost of Capital and Product Responsibility: The Moderating Roles of Board Gender Diversity, ESG Controversies, and Institutional Ownership in Firms Listed on the Frankfurt Stock Exchange","authors":"Richard Arhinful,&nbsp;Leviticus Mensah","doi":"10.1002/bsd2.70321","DOIUrl":"https://doi.org/10.1002/bsd2.70321","url":null,"abstract":"<div>\u0000 \u0000 <p>The capacity of a firm to deliver high-quality products is shaped by its cost of capital. Guided by signaling theory, this study examines the influence of the cost of capital on product responsibility, while also assessing the moderating roles of board gender diversity, ESG controversies, and institutional ownership. The analysis draws on data from 227 firms listed on the Frankfurt Stock Exchange between 2002 and 2023, sourced from Thomson Reuters Eikon DataStream and selected through purposive sampling. Methodologically, the study employs the Augmented Mean Group (AMG) estimator, Feasible Generalized Least Squares (FGLS), and the two-step Generalized Method of Moments (GMM) to test the hypothesized relationships. Results indicate that the cost of capital, proxied by the Weighted Average Cost of Capital (WACC), exerts a negative and statistically significant effect on product responsibility. Moreover, board gender diversity, ESG controversies, and institutional ownership significantly strengthen the relationship between WACC and product responsibility. These findings underscore the need for managers to integrate cost of capital considerations with the ethical and quality standards of their products. Such integration is essential for sustaining stakeholder trust, enhancing long-term competitiveness, and safeguarding corporate reputation, particularly under financial constraints.</p>\u0000 </div>","PeriodicalId":36531,"journal":{"name":"Business Strategy and Development","volume":"9 2","pages":""},"PeriodicalIF":4.2,"publicationDate":"2026-03-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147708367","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Assessing the Impact of ESG Practices on Financial Performance and Market Valuation: Heterogeneity Analyses Across Regions, Income Levels, and Industries","authors":"Sofik Handoyo,&nbsp;Gia Kardina Prima Amrania,&nbsp;Annisa Nabila Hasan","doi":"10.1002/bsd2.70319","DOIUrl":"https://doi.org/10.1002/bsd2.70319","url":null,"abstract":"<div>\u0000 \u0000 <p>This study examines how environmental, social and governance (ESG) practices relate to corporate financial performance and market valuation across regions, income groups and industries. Using an unbalanced panel of 2157 listed firms (17,247 firm-year observations) from 2016 to 2023, the analysis combines firm fixed-effects models, fixed-effects instrumental-variable (IV) estimator and two-step System Generalized Method of Moments (System GMM) robustness tests. In the baseline fixed-effects models, ESG is not significantly associated with return on assets (ROA) or Tobin's Q. In the IV models, however, ESG is positively associated with ROA at the 10% level and with Tobin's Q at the 1% level. However, in the preferred two-step System GMM specifications, lagged ESG is not significantly associated with either ROA or Tobin's Q once dynamic persistence is modelled explicitly, although the Hansen and Arellano–Bond diagnostics support the reported specifications. Regional heterogeneity is statistically significant for both outcomes, with the strongest valuation effect concentrated in North America. Income-group heterogeneity appears for Tobin's Q but not for ROA. ESG is positively associated with valuation in high-income and lower-middle-income economies, whereas the upper-middle-income estimate is insignificant. Industry evidence shows that ESG is weaker for ROA in environmentally sensitive industries and stronger for ROA in customer proximity industries, but valuation effects are not statistically stronger than in the rest of the sample once formal interaction tests are applied. Overall, the findings indicate that the estimated ESG–performance relationship is sensitive to the identification strategy. Positive contemporaneous IV associations are strongest for market valuation, but the dynamic panel evidence does not confirm a robust lagged ESG effect.</p>\u0000 </div>","PeriodicalId":36531,"journal":{"name":"Business Strategy and Development","volume":"9 2","pages":""},"PeriodicalIF":4.2,"publicationDate":"2026-03-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147569775","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Green Finance and Sustainable Performance: The Mediating Roles of Green Innovation and Green Capabilities and the Moderating Effect of Stakeholder Pressure","authors":"Darsono Darsono,&nbsp;Hersugondo Hersugondo,&nbsp;Ahyar Yuniawan,&nbsp;Hengky Latan","doi":"10.1002/bsd2.70317","DOIUrl":"https://doi.org/10.1002/bsd2.70317","url":null,"abstract":"<div>\u0000 \u0000 <p>This study examines the relationship between green finance and sustainable performance, considering the mediating roles of green innovation and green capabilities and the moderating effect of stakeholder pressure. Grounded in dynamic capability and stakeholder theories, data were collected from 227 financial, R&amp;D, and environmental managers in Indonesian banks using a multi-respondent design and analyzed via covariance-based structural equation modeling (CB-SEM). The results show that green finance significantly enhances sustainable performance, both directly and indirectly, by fostering green innovation and green capabilities. Additionally, stakeholder pressure strengthens the effects of green innovation and green capabilities on sustainable performance, highlighting the importance of external expectations in reinforcing sustainability outcomes. This study advances theory by integrating dynamic capability and stakeholder perspectives and offers practical insights for banks and policymakers seeking to promote sustainability through green financing.</p>\u0000 </div>","PeriodicalId":36531,"journal":{"name":"Business Strategy and Development","volume":"9 2","pages":""},"PeriodicalIF":4.2,"publicationDate":"2026-03-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147569773","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"ESG And Strategic Value Creation in Scandinavian Markets","authors":"Suzan Dsouza,&nbsp;Ajay Kumar Jain","doi":"10.1002/bsd2.70318","DOIUrl":"https://doi.org/10.1002/bsd2.70318","url":null,"abstract":"<div>\u0000 \u0000 <p>This study investigates the association between ESG performance and firm market value in the Scandinavian context, which is characterized by relatively mature sustainability institutions. Focusing on publicly listed firms in Scandinavia (Denmark, Norway, and Sweden) over the period 2011–2023, the analysis employs panel data comprising 2223 firm-year observations and fixed-effects regression models to examine the effects of ESG on firm market value. Given the institutional maturity of Scandinavian sustainability systems, limited evidence exists on whether ESG remains a value-relevant strategic differentiator and through which financial channels it affects firm market value. Contrary to conventional expectations, the findings reveal a statistically significant negative association between ESG performance and firm market value, measured by Tobin's Q ratio. However, ESG performance is positively related to profitability, and mediation analysis confirms that profitability partially transmits ESG's influence on firm value. No mediating effect is observed through operational efficiency. These results suggest that in mature sustainability regimes where ESG norms are deeply embedded, ESG performance may cease to operate as a competitive differentiator and instead function as a strategic hygiene factor, drawing on Herzberg's Two-Factor Theory, in which hygiene factors are necessary baseline conditions rather than sources of differentiation. The study contributes to strategy and sustainability research by showing that the ESG–firm market value relationship may vary across contexts and by highlighting the importance of aligning sustainability initiatives with core value creation mechanisms in the Scandinavian setting.</p>\u0000 </div>","PeriodicalId":36531,"journal":{"name":"Business Strategy and Development","volume":"9 2","pages":""},"PeriodicalIF":4.2,"publicationDate":"2026-03-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147569771","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Private Label Brands and Sustainability: A Thematic Synthesis of Emerging Research Patterns","authors":"Pinki,&nbsp;Meenakshi Katyal","doi":"10.1002/bsd2.70320","DOIUrl":"https://doi.org/10.1002/bsd2.70320","url":null,"abstract":"<div>\u0000 \u0000 <p>Retailers are increasingly using sustainability to redefine the role of private label (store) branded products within their overall retail strategies. Therefore, this study is based on a systematic literature review that synthesizes the existing body of knowledge on sustainability and private label branding and identifies the need for theoretical development and research gaps in the area. The systematic literature review was conducted in accordance with the PRISMA (Preferred Reporting Items for Systematic Reviews and Meta-Analyses) guidelines, including all relevant research published between 2000 and 2025, identified through the databases Scopus and Web of Science. After screening the studies with rigorous criteria, 43 peer-reviewed studies were selected for thematic analysis. The results indicated that private label brands have transitioned from being low-cost alternatives to retailers' product offerings to becoming strategic retail assets, where sustainability acts as a key element to define competitive dynamics, retailer–manufacturer relationships, and consumers' perceptions of private label brands. Additionally, seven themes were found to describe the ways in which sustainability affects store-brand strategy, distribution channel power, brand identity, trust development, value perception, and consumers' behavioral responses to private label brands. It has been demonstrated that sustainability efforts lead to increased intentions to purchase, loyalty, and shop visits by increasing trust among consumers and reducing perceived risk and enhancing retailer legitimacy. Building on these findings, an integrated conceptual model was developed linking sustainability-driven retail tactics, supply chain coordination, and customer response to store-brand strategies.</p>\u0000 </div>","PeriodicalId":36531,"journal":{"name":"Business Strategy and Development","volume":"9 2","pages":""},"PeriodicalIF":4.2,"publicationDate":"2026-03-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147569720","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Decoding Critical Factors for Sustainable Supply Chain Performance: Insights From Grey ISM and Grey MICMAC Approach","authors":"Vinay Singh,&nbsp;Sachin Kumar,&nbsp;Mahendra Sahu,&nbsp;Vivek Kumar","doi":"10.1002/bsd2.70292","DOIUrl":"https://doi.org/10.1002/bsd2.70292","url":null,"abstract":"<div>\u0000 \u0000 <p>This study investigates the influential relationship among the key factors of sustainable supply chain performance (SCP), which are green supply chain (GSC), resilient supply chain (RSC), information sharing (INS), big data analytics (BDA), information quality (INQ), and SCP. This research employs a mixed-method approach, utilizing Grey-MICMAC and Grey-ISM techniques to explore the interrelationships among the six important factors. Data was collected from 10 domain experts and evaluated to ascertain the hierarchical relationships among these factors. The Grey-ISM assesses the interdependence and influence of these essential factors. The analysis indicated that INQ, RSC, and INS exhibit higher driving power, establishing them as essential facilitators in improving SCP. The Grey-ISM findings highlight that INQ, achieved by INS, is paramount in improving SCP. The Grey MICMAC analysis categorized these elements into four clusters: driving, linking, dependence, and autonomous variables. The findings offer pragmatic direction for managers to enhance supply chain resilience and bolster strategies while also advising policymakers on the necessity of regulatory frameworks that facilitate the integration of essential enablers and sophisticated technology. This study contributes to the literature by proposing an integrated analytical framework, Grey-ISM and Grey-MICMAC analysis, establishing a foundation for future research across many industries and regions to investigate the interrelationship among sustainability, technology, and SCP.</p>\u0000 </div>","PeriodicalId":36531,"journal":{"name":"Business Strategy and Development","volume":"9 1","pages":""},"PeriodicalIF":4.2,"publicationDate":"2026-02-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147320915","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Walking the Tightrope of Governance and Sustainability: Strategic ESG Disclosure Under Regulatory Environment in Emerging Markets","authors":"Timothy Masuni Nagriwum,&nbsp;Abednego Osei,&nbsp;Richard Wiredu,&nbsp;Newman Amaning","doi":"10.1002/bsd2.70290","DOIUrl":"https://doi.org/10.1002/bsd2.70290","url":null,"abstract":"<div>\u0000 \u0000 <p>The growing emphasis on environmental, social, and governance (ESG) considerations reflects a shift in corporate responsibilities, stakeholders' expectations, and influencing stakeholder engagement, coupled with the growing environmental regulatory pressure for sustainability disclosure initiatives. Therefore, this study investigates how strategically configured board features impact ESG disclosure and how environmental regulation influences this relationship. Based on agency, stakeholder, resource-based theories and data analysis from 428 oil and gas firms within Latin America and the Caribbean region from 2012 to 2023 and by deploying econometric estimators like General Method of Moments (GMM), Pooled Mean Group (PMG), Common Correlated Effects Mean Group (CCEMG), and Two-Stage Least Squares (2SLS), the study revealed that gender diversity, board size, and board independence positively impact ESG disclosure, while foreign nationality and CEO duality exhibit negative impacts. Furthermore, the environmental regulation moderates the nexus between board features and ESG disclosure. The study offers actionable insights for policymakers and corporate leaders to enhance ESG disclosure through tailored governance reforms and robust regulatory policies.</p>\u0000 </div>","PeriodicalId":36531,"journal":{"name":"Business Strategy and Development","volume":"9 1","pages":""},"PeriodicalIF":4.2,"publicationDate":"2026-02-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147320929","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Sustainable Liquidity: When Financial Strength Meets SDG 8 Ambitions","authors":"Suzan Dsouza,&nbsp;K. Krishnamoorthy","doi":"10.1002/bsd2.70293","DOIUrl":"https://doi.org/10.1002/bsd2.70293","url":null,"abstract":"<div>\u0000 \u0000 <p>The aim of this paper is to investigate how corporate liquidity influences firms' engagement with SDG 8, which is related to decent work and economic growth, within the European Union context. Using 5154 firm-year observations from 952 EU listed companies between 2010 and 2024, it uses a dynamic random-effects probit model with Mundlak correction and a control function approach in order to address endogeneity and persistence in SDG adoption. The results indicate that liquidity enhances short-term SDG 8 adoption by providing financial flexibility to invest in workforce and productivity, while sustained excess liquidity weakens long-term SDG 8 commitment. Furthermore, governance mechanisms, in particular, CSR committees, significantly strengthen the translation of financial capacity into sustainable outcomes. These findings emphasize the dual role of liquidity as an enabler and constraint, where governance quality decides whether financial resources are effectively mobilized toward achieving inclusive and sustainable economic growth.</p>\u0000 </div>","PeriodicalId":36531,"journal":{"name":"Business Strategy and Development","volume":"9 1","pages":""},"PeriodicalIF":4.2,"publicationDate":"2026-02-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147320928","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Integrated Industry 4.0, Circular Economy, and Low-Carbon Management Framework: Implications for Sustainability Performance in the Manufacturing Sector","authors":"Luay Jum'a,&nbsp;Issa Hazaimeh,&nbsp;Muhammad Ikram,&nbsp;Zulkaif Ahmed Saqib","doi":"10.1002/bsd2.70291","DOIUrl":"https://doi.org/10.1002/bsd2.70291","url":null,"abstract":"<div>\u0000 \u0000 <p>This study examines the integrated impact of low-carbon management practices (LCMPs), Industry 4.0 (I4.0), and circular economy practices (CEPs) on the triple bottom line of manufacturing firms. A conceptual framework incorporating both direct and indirect relationships is developed and theoretically grounded in the resource-based view (RBV) and dynamic capabilities theory (DCT). Data were collected using a structured online survey administered to senior managers in production, procurement, operations, logistics, and supply chain functions, resulting in 286 valid responses. The hypothesized relationships were empirically tested using Partial Least Squares Structural Equation Modeling (PLS-SEM). The results indicate that I4.0 technologies have a strong and significant positive effect on LCMPs, which subsequently enhance economic and social performance. CEPs are found to directly and positively influence environmental, economic, and social performance. However, the direct relationship between I4.0 and CEPs is not statistically significant, and CEPs do not mediate the relationship between I4.0 and sustainability outcomes. Further the findings highlight LCMPs as a critical mechanism through which digital transformation translates into sustainability performance, while revealing limited integration between I4.0 and circular economy initiatives. This study contributes theoretically to sustainability literature and provides practical guidance for managers seeking to align digital transformation with low-carbon and circular strategies.</p>\u0000 </div>","PeriodicalId":36531,"journal":{"name":"Business Strategy and Development","volume":"9 1","pages":""},"PeriodicalIF":4.2,"publicationDate":"2026-02-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147299946","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Identifying Necessary and Sufficient Conditions for Food Loss and Waste Reduction in Agricultural Perishable Food Supply Chains: A Multi-Method Causal Analysis From a B2B Perspective Emerging Rural Economy","authors":"Palash Kumar Ghosh,&nbsp;Rohit Kapoor,&nbsp;Narain Gupta","doi":"10.1002/bsd2.70287","DOIUrl":"https://doi.org/10.1002/bsd2.70287","url":null,"abstract":"<div>\u0000 \u0000 <p>Food loss and waste (FLW) in agricultural perishable food supply chains (APFSCs) remains a persistent barrier to food security, environmental sustainability and rural economic development, particularly in emerging economies. Prior studies have documented various operational, technological, and infrastructural bottlenecks and this limited empirical work clarifies the specific capabilities that are necessary, which are sufficient, and the ones which exert their influence only in specific combinations to reduce FLW in business-to-business (B2B) APFSCs. Grounded in the contingent resource-based view (CRBV), this study examines how capability deficits, contextual constraints and inter-organisational dynamics jointly shape FLW outcomes in India's rural APFSCs. To address the inherent causal complexity of FLW, the study adopts an integrated tri-method approach combining partial least squares structural equation modelling (PLS-SEM), necessary condition analysis (NCA), and fuzzy-set qualitative comparative analysis (fsQCA). Data from 333 valid responses across diverse APFSC actors, including farmers, wholesalers, processors, distributors and cold storage operators. PLS-SEM is used to construct and validate latent constructs while minimising measurement error. Latent scores feed into NCA to identify bottleneck conditions, and into fsQCA to uncover non-linear, equifinal capability configurations associated with high FLW. The findings reveal that FLW emerges not from isolated deficiencies but from interdependent, context-contingent capability gaps, including inadequate cold-chain infrastructure, weak digital information systems, insufficient training, limited coordination mechanisms and fragmented marketing linkages. Several capabilities function as necessary but not sufficient, while others act as sufficient only within particular configurations, highlighting the asymmetric and complementary nature of capability effects. These insights extend CRBV by demonstrating that capability value depends on institutional conditions, actor interdependencies and minimum resource thresholds. The study contributes a nuanced causal explanation of FLW reduction and offers actionable guidance for managers and policymakers regarding the prioritisation and orchestration of operational, technological and relational capabilities in emerging rural B2B agri-food systems.</p>\u0000 </div>","PeriodicalId":36531,"journal":{"name":"Business Strategy and Development","volume":"9 1","pages":""},"PeriodicalIF":4.2,"publicationDate":"2026-02-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147299901","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}