Business Strategy and The Environment最新文献

Aligning Pay With Purpose: ESG‐Linked Compensation and ESG Decoupling 调整薪酬与目标：ESG关联薪酬与ESG脱钩

IF 13.4 1区管理学

Business Strategy and The Environment Pub Date : 2025-10-10 DOI: 10.1002/bse.70258

Yasser Eliwa, Ahmed Saleh, Ahmed Hassan Ahmed

{"title":"Aligning Pay With Purpose: ESG‐Linked Compensation and ESG Decoupling","authors":"Yasser Eliwa, Ahmed Saleh, Ahmed Hassan Ahmed","doi":"10.1002/bse.70258","DOIUrl":"https://doi.org/10.1002/bse.70258","url":null,"abstract":"This study investigates the relationship between ESG‐linked executive compensation and ESG decoupling and examines the moderating role of CSR committees in this association. Using a global dataset of 36,055 firm‐year observations across 40 countries and 32 industries from 2005 to 2023, we find that ESG‐linked executive compensation is associated with a significant reduction in ESG decoupling, thereby strengthening the alignment between ESG disclosure and actual practices. The presence of a CSR committee further enhances this effect, with the interaction between ESG‐linked compensation and CSR committees leading to a more pronounced reduction in decoupling. Robustness tests using propensity score matching, instrumental variable 2SLS estimation and contextual analyses confirm the validity of our findings. Additional evidence distinguishes between greenwashing and brownwashing, showing that ESG‐linked pay mitigates overstatement of disclosure (greenwashing) but may incentivise understatement of disclosure (brownwashing). These results highlight the importance of adopting integrated governance mechanisms to mitigate symbolic compliance and enhance the credibility of ESG disclosure. The study offers important implications for corporate governance and sustainability, emphasising the need for policymakers and firms to strengthen the alignment of ESG incentives with accountability.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"114 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2025-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145255246","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}

引用次数: 0

Unveiling Circular Ecosystems in the Wine Sector: A Design Science Application 揭示循环生态系统在葡萄酒行业：设计科学的应用

IF 13.4 1区管理学

Business Strategy and The Environment Pub Date : 2025-10-09 DOI: 10.1002/bse.70257

Giulio Paolo Agnusdei, Stefano Abbate, Pasquale del Vecchio, Pier Paolo Miglietta

引用次数: 0

Uncovering Motivation for Sustainable Entrepreneurship in Fashion, Beauty, and Wellness: Evidence From Global North and Global South 揭示时尚、美容和健康领域可持续创业的动机：来自全球北方和全球南方的证据

IF 13.4 1区管理学

Business Strategy and The Environment Pub Date : 2025-10-09 DOI: 10.1002/bse.70263

Ekaterina Ivanova, Mihajlo Jakovljevic, Marina Klevtsova, Yuriy Timofeyev

{"title":"Uncovering Motivation for Sustainable Entrepreneurship in Fashion, Beauty, and Wellness: Evidence From Global North and Global South","authors":"Ekaterina Ivanova, Mihajlo Jakovljevic, Marina Klevtsova, Yuriy Timofeyev","doi":"10.1002/bse.70263","DOIUrl":"https://doi.org/10.1002/bse.70263","url":null,"abstract":"Sustainable entrepreneurship plays a crucial role in driving sustainable development, yet the motivation behind entrepreneurs' decisions to engage in sustainable businesses remains understudied. This research aims to identify the factors influencing entrepreneurs' motivation to engage in sustainable business in the fashion, beauty, and wellness industries. Employing a qualitative thematic content analysis of sustainable entrepreneurship cases published on the AIM2Flourish platform, the study reveals distinct patterns across different socioeconomic contexts. In “rising” economies, motivation for sustainable entrepreneurship is rooted in appreciative compassion, while developed countries show a greater emphasis on conscious guilt. Notably, the study demonstrates that the factors influencing entrepreneurs' motivation for sustainable businesses in developed countries are more complex and inside‐out oriented, while those in rising economies are more homogeneous and directed outside‐in. These findings contribute to a more nuanced understanding of sustainable entrepreneurship drivers across varying cultural landscapes. The results offer valuable context‐specific insights for policymakers and educators seeking to foster sustainable business practices.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"18 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2025-10-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145246860","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}

引用次数: 0

One Size Still Does Not Fit All: Configuration Pathways of Environmental, Social, and Governance and Board Diversities for Higher Firm Performances Across One‐ and Two‐Tier Systems 一个尺度仍然不适合所有：环境、社会、治理和董事会多样性在一级和二级系统中提高公司绩效的配置路径

IF 13.4 1区管理学

Business Strategy and The Environment Pub Date : 2025-10-09 DOI: 10.1002/bse.70250

Baoying Zhu, Dominika Brozkova, Tarlan Ahmadov, Susanne Durst, Viktor Prokop

{"title":"One Size Still Does Not Fit All: Configuration Pathways of Environmental, Social, and Governance and Board Diversities for Higher Firm Performances Across One‐ and Two‐Tier Systems","authors":"Baoying Zhu, Dominika Brozkova, Tarlan Ahmadov, Susanne Durst, Viktor Prokop","doi":"10.1002/bse.70250","DOIUrl":"https://doi.org/10.1002/bse.70250","url":null,"abstract":"There is an ongoing, albeit uncertain, debate among stakeholders regarding the benefits of environmental, social, and governance (ESG) reporting, reflected in mixed empirical findings on its impact on firm performance. In addition to this reporting, diversity (gender and cultural) on boards, which is strongly promoted at the EU level, has gained increasing importance. However, prior research offers inconsistent results and leaves significant shortcomings regarding how the interaction of this diversity with the ESG pillars affects firm performance across governance structures. This study employs a fuzzy‐set qualitative comparative analysis and Refinitiv Eikon data of 554 European Union companies from 2023 to examine configuration pathways that combine gender and cultural diversity with ESG pillars, thus influencing firm performance across different governance forms. Drawing on Upper Echelons and Contingency Theories—enhanced by insights from Resource Dependence and Social Identity Theory lenses—we show that configurations combining gender and cultural diversity with the social pillar of ESG are linked to higher performance within one‐tier firms. In two‐tier firms, this higher performance is driven by environmental and social ESG pillars combined with cultural diversity. Recognizing that there is no single governance structure in the ESG and diversity context, we offer practitioners guidance on aligning ESG and diversity strategies with their governance architectures, developing governance‐sensitive policies, increasing transparency in diversity integration, promoting ESG competency training, and providing targeted incentives.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"86 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2025-10-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145255247","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}

引用次数: 0

Measuring Sustainability Under Uncertainty: Introducing Net ESG (N‐ESG) Performance 不确定性下的可持续性衡量：引入净ESG （N - ESG）绩效

IF 13.4 1区管理学

Business Strategy and The Environment Pub Date : 2025-10-09 DOI: 10.1002/bse.70246

Serdar Ongan, Cem Işık, Rahman Aydın, İlyas Kays İmamoğlu, Rafael Alvarado, Munir Ahmad

{"title":"Measuring Sustainability Under Uncertainty: Introducing Net ESG (N‐ESG) Performance","authors":"Serdar Ongan, Cem Işık, Rahman Aydın, İlyas Kays İmamoğlu, Rafael Alvarado, Munir Ahmad","doi":"10.1002/bse.70246","DOIUrl":"https://doi.org/10.1002/bse.70246","url":null,"abstract":"This study examines the reliability of environmental, social, and governance (ESG) scores in uncertain environments by introducing a new indicator, Net ESG (N‐ESG), for the first time. This new index was calculated by subtracting a new ESG‐based sustainability uncertainty index (ESGUI) from ESG scores. This study employed Pedroni (2004) and Westerlund (2007) tests, as well as the DOLS method, for 12 developed countries from 2002 to 2020. It analyzed the impact of economic, geopolitical, climate, and energy price‐related uncertainties on both ESG and N‐ESG through eight different models. Empirical findings indicate that a 1% change in CPU, GPR, EPU, and OPU indices increases ESG by 0.048, 0.355, 0.111, and 0.044 units, respectively, while the same rate of change decreases N‐ESG by −6.501, −18.756, −8.972, and −8.193 units, respectively. These results can be interpreted as ESG scores may not fully reflect the “true” performance of companies in times of uncertainty, while N‐ESG provides a more accurate representation of sustainability practices. These results suggest that policymakers should focus their sustainability policies not only on increasing ESG scores but also on preserving the true value of ESG by reducing uncertainty effects.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"57 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2025-10-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145255249","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}

引用次数: 0

Sustainability Performance, Cost of Debt, and Institutional Environment Quality: Global Evidence From the Hospitality and Tourism Industry 可持续发展绩效、债务成本和制度环境质量：来自酒店和旅游业的全球证据

IF 13.4 1区管理学

Business Strategy and The Environment Pub Date : 2025-10-08 DOI: 10.1002/bse.70230

Tantawy Moussa, Natalia Krasnikova, Maria Postoyeva, Amira Hawas, Akrum Helfaya

{"title":"Sustainability Performance, Cost of Debt, and Institutional Environment Quality: Global Evidence From the Hospitality and Tourism Industry","authors":"Tantawy Moussa, Natalia Krasnikova, Maria Postoyeva, Amira Hawas, Akrum Helfaya","doi":"10.1002/bse.70230","DOIUrl":"https://doi.org/10.1002/bse.70230","url":null,"abstract":"This study examines how sustainability performance affects the cost of debt financing in the hospitality and tourism industry and whether institutional environment quality moderates this relationship. Using a dataset of 2302 firm‐year observations from 34 countries between 2010 and 2022, the results show that sustainability performance is negatively associated with the cost of debt financing, indicating that sustainability initiatives reduce lender‐perceived risk. Notably, institutional environment quality strengthens this relationship, as countries with stronger governance frameworks and regulatory enforcement enable lenders to reward sustainability commitments more effectively. However, the association weakened during the COVID‐19 pandemic, highlighting how systemic uncertainty altered lender risk perceptions and curtailed the financial benefits of sustainability practices. The findings remain robust across alternative measures, different model specifications, and controls for endogeneity. The findings provide new cross‐country evidence on how firm‐level sustainability initiatives interact with institutional contexts to shape debt financing costs in the hospitality and tourism industry. This study extends neo‐institutional and stakeholder theories by demonstrating how sustainability practices and national governance jointly influence the cost of debt. It also offers critical insights for managers, lenders, and policymakers seeking to align sustainability strategies with financial resilience.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"7 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2025-10-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145241196","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}

引用次数: 0

Sustainability Reporting and External Assurance: Evidence From UK Listed Firms 可持续发展报告与外部保证：来自英国上市公司的证据

IF 13.4 1区管理学

Business Strategy and The Environment Pub Date : 2025-10-08 DOI: 10.1002/bse.70233

Ibrahim A. Alkhataybeh, Wael Hadid, Lei Chen, Akrum Helfaya

{"title":"Sustainability Reporting and External Assurance: Evidence From UK Listed Firms","authors":"Ibrahim A. Alkhataybeh, Wael Hadid, Lei Chen, Akrum Helfaya","doi":"10.1002/bse.70233","DOIUrl":"https://doi.org/10.1002/bse.70233","url":null,"abstract":"This paper develops and tests a model explaining why some companies obtain external assurance for their sustainability reports while others do not. Our model integrates rational choice and stakeholder theories, providing novel insights into the sustainability assurance literature. Data were collected via an online questionnaire from 105 UK listed companies, and partial least squares structural equation modelling (PLS‐SEM) was employed to test the proposed model. We found that decision makers' perceived benefits of external assurance exert a direct positive effect, while perceived costs have a direct negative effect. Indirectly, external assurer independence and market competition positively influence the decision through perceived benefits, whereas adherence to sustainability reporting guidelines has an indirect negative effect. Additionally, institutional investors exert a direct positive impact on the decision to obtain assurance. Interestingly, when institutional investors demand external assurance, the influence of decision makers' perceptions of benefits and costs appears to diminish. These findings advance understanding of the interplay between rational choice and stakeholder theories in shaping decisions to obtain sustainability assurance. The study also carries practical implications for academics, business decision makers, external sustainability assurance providers and policymakers involved in the governance and oversight of sustainability reporting.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"12 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2025-10-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145241195","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}

引用次数: 0

The Fatal Flaw: Unraveling Combinations of Barriers to Corporate Sustainability 致命缺陷：解开企业可持续发展障碍的组合

IF 13.4 1区管理学

Business Strategy and The Environment Pub Date : 2025-10-07 DOI: 10.1002/bse.70225

Patricia Milić, Mitja Hafner‐Fink, Tomaž Čater

{"title":"The Fatal Flaw: Unraveling Combinations of Barriers to Corporate Sustainability","authors":"Patricia Milić, Mitja Hafner‐Fink, Tomaž Čater","doi":"10.1002/bse.70225","DOIUrl":"https://doi.org/10.1002/bse.70225","url":null,"abstract":"The paper deepens understanding of barriers to corporate sustainability by examining internal and external barriers in the food and beverage sector. Drawing on institutional theory, the study highlights how macro‐level pressures interact with meso‐level organizational dynamics. Using data from a questionnaire and analyzed via fuzzy‐set qualitative comparative analysis, the exploration of internal barriers reveals that the combination of insufficient top management motivation, a lack of employee competencies, and misalignment with organizational culture is a critical obstacle to effective strategy implementation. Moreover, the interplay of internal and external barriers, such as weak market demand, limited technological solutions, and inadequate financing, poses considerable challenges to sustainability performance. The study reveals that these barriers stem from conflicting institutional logics across organizational and field levels, with the logic of sustainable development often lacking dominance. The study emphasizes the configurational nature of barriers and the importance of systemic, cross‐level alignment to enable sustainability transformation.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"106 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2025-10-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145241958","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}

引用次数: 0

Environmental Credit Risk, Climate Change and Bank Performance: Evidence From a Global Panel of Banks 环境信贷风险、气候变化与银行绩效：来自全球银行小组的证据

IF 13.4 1区管理学

Business Strategy and The Environment Pub Date : 2025-10-07 DOI: 10.1002/bse.70259

Kenza Mouti, Erhan Kilincarslan, Jiafan Li

引用次数: 0

Strategic Sustainability Reporting, Impression Management and Board Gender Diversity: Evidence From Luxury Fashion Industry 战略可持续发展报告、印象管理和董事会性别多样性：来自奢侈品时尚行业的证据

IF 13.4 1区管理学

Business Strategy and The Environment Pub Date : 2025-10-07 DOI: 10.1002/bse.70253

Christina Ionela Neokleous, Mahmoud Elmarzouky

引用次数: 0