Business Strategy and The Environment最新文献

{"title":"Carbon emissions, fracking, and firm value of U.S. oil and gas firms","authors":"André Varella Mollick,&nbsp;Md Ismail Haidar","doi":"10.1002/bse.3610","DOIUrl":"10.1002/bse.3610","url":null,"abstract":"<p>We examine in this paper how firm value (market-to-book ratio, MTB) of U.S. oil and gas sector firms from 2010 to 2020 responds to carbon emissions intensity measures. We investigate three measures comprising total carbon emissions relative to assets, to market value of equity, and to net property, plant, and equipment. Our dynamic panel data approach separates the 82 firms into 35 fracking and 47 non-fracking companies to address features underlying firm financing during the shale oil revolution. Concerned investors about the companies' large carbon emissions may have pulled out of the sector. These companies may also have overleveraged when expanding into new technologies of oil production or kept larger cash flow ratios. We report lower average carbon emissions for fracking firms, together with the larger size of fracking techniques: mean of assets of $46 billion for fracking versus $12 billion for non-fracking companies. Using fixed-effects and system generalized methods of moments (SGMM) models, we find that carbon emissions decrease MTB of fracking firms more than non-fracking firms. Our dynamic panel approach provides a more accurate measure of the real effect of carbon emissions that is very robust to Tobin's <i>q</i> as alternative measure of firm value.</p>","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"33 3","pages":"2462-2477"},"PeriodicalIF":13.4,"publicationDate":"2023-11-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71507222","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}

{"title":"Saving the environment with indigenous directors: Evidence from Africa","authors":"Vincent Tawiah,&nbsp;Reon Matemane,&nbsp;Babajide Oyewo,&nbsp;Tesfaye T. Lemma","doi":"10.1002/bse.3603","DOIUrl":"10.1002/bse.3603","url":null,"abstract":"<p>We build on and extend the literature on corporate governance and sustainability by examining whether indigenous directors (IDs, hereinafter) shape corporate environmental performance (CEP, hereinafter). Drawing insights from image motivation, resource dependence, and critical mass theories, we develop models that link IDs with CEP. Analyzing 1,372 firm-year observations extracted from firms listed on the Johannesburg Securities Exchange (JSE, hereinafter), for the period spanning from 2015 to 2021, we provide robust evidence that IDs are positively associated with a firm's environmental performance and the association is driven primarily by non-executive and female IDs. In additional analyses, we demonstrate that a token appointment of IDs to a firm's board would not have an impact on CEP, while the appointment of a “critical mass” of IDs promotes CEP. We also find that a higher percentage of IDs on a firm's board increases corporate financial performance (CFP, hereinafter) and reinforces the positive impact of CEP on CFP. Our findings suggest that appointing a higher proportion of IDs to a firm's board promotes both the financial as well as the environmental performance of the firm. Thus, companies could exploit the virtues of especially non-executive and female IDs to promote corporate environmental sustainability.</p>","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"33 3","pages":"2445-2461"},"PeriodicalIF":13.4,"publicationDate":"2023-11-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71507220","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}

{"title":"Interpreting stakeholder ecosystems through relational stakeholder theory: The case of a highly contested megaproject","authors":"Laura Corazza,&nbsp;Dario Cottafava,&nbsp;Daniel Torchia,&nbsp;Amandeep Dhir","doi":"10.1002/bse.3601","DOIUrl":"10.1002/bse.3601","url":null,"abstract":"<p>Managing stakeholders' concerns in megaprojects with an inclusive and ethical vision is a current open challenge. To overcome company-centered stakeholder-management practices, an ecosystem view, (i.e., one based on the network of relationships among involved stakeholders), should be adopted by designing bottom-up participatory stakeholder mapping processes that include the stakeholders affected by the construction of a megaproject. This paper presents an analysis of the stakeholder ecosystem of a contested megaproject in Italy (the Turin–Lyon high-speed rail) aimed at identifying similarities and discrepancies in stakeholder identification and prioritization between the managers' perception and an ecosystem point of view. The study followed a mixed-method approach. By coding the self-declared statements from 21 interviews with middle and top managers of the organization in charge of the construction and visualizing the emerging network of actors through a social network analysis and the use of centrality degrees, the most relevant stakeholders are identified. Our findings reveal how the prioritization of stakeholders obtained through the centrality degrees significantly differs from what the managers declare in reference to the concept of salience, highlighting how a bottom-up stakeholder mapping process—by including the stakeholders themselves in the mapping process—should be designed and reiterated during the whole life of a megaproject in order to adopt an inclusive stakeholder management approach.</p>","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"33 3","pages":"2384-2412"},"PeriodicalIF":13.4,"publicationDate":"2023-10-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/bse.3601","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71417459","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Effects of green and circular products' features on consumers' choice of remanufactured smartphones","authors":"Jaqueline Carneiro Kerber,&nbsp;Diego Castro Fettermann,&nbsp;Marina Bouzon","doi":"10.1002/bse.3597","DOIUrl":"10.1002/bse.3597","url":null,"abstract":"<p>Purchasing green products is one of the cornerstones to promote sustainable development since the negative impact of these products is lower than traditional goods. In a Circular Economic (CE) context, green products begin to encompass reconditioned products reintroduced to the production and consumption cycle, such as remanufactured products. Many green products and remanufactured products' features intersect; however, the consumers' perception of these two products is not equal. The present work analyses the consumers' intention to purchase remanufactured products in the Southern Brazil, in a CE context. To that end, 228 consumers from Southern Brazil answered a stated preference questionnaire with different scenarios of remanufactured smartphones with warranty, label and discount. Results indicate that warranty, label, and discount positively impact the consumers' choice towards remanufactured smartphones. Furthermore, results indicate that consumers would be willing to give up more on the discount in order to have a scenario where the remanufactured smartphone has a label and warranty. This study contributes to the literature on consumers' perception and purchase intention towards remanufactured products in emerging economies, which is still scarce. Furthermore, the industry might benefit from this work since understanding what affects consumers' purchase intention may help redirect marketing strategies to increase demand and competitiveness.</p>","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"33 3","pages":"2331-2344"},"PeriodicalIF":13.4,"publicationDate":"2023-10-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71417463","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}

{"title":"What is unique about sustainable business models for the base of the pyramid?","authors":"Eduardo Méndez-León,&nbsp;René Díaz-Pichardo,&nbsp;Tatiana Reyes-Carrillo,&nbsp;María del Rosario Reyes-Santiago","doi":"10.1002/bse.3609","DOIUrl":"10.1002/bse.3609","url":null,"abstract":"<p>Research on sustainable business models (SBMs) has been hindered by the use of traditional business model (BM) components indiscriminately applied to explain sustainable value (SV). Moreover, little has been done to reveal key components in BMs aiming to address the needs of the poor; that is, that part of the population referred to as the base of the pyramid (BoP). Following a case study methodology, we observe that conventional components are insufficient to clearly explain SV in SBMs for the BoP. The main contribution of this research is that it discloses that in SBMs for the BoP, activities (grouped into elements and components) are distinctively amalgamated to produce SV. This arrangement might be unique to SBMs for the BoP, and here we opt to present it in the form of a framework that articulates both a priori and emergent components and elements. In this framework, value adoption and value transmission are integrated as new components for analyzing this type of BM.</p>","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"33 3","pages":"2345-2366"},"PeriodicalIF":13.4,"publicationDate":"2023-10-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71417460","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}

{"title":"How do stakeholder groups make sense of sustainability: Analysing differences in the complexity of their cognitive frames","authors":"Lutz Preuss,&nbsp;Isabel Fischer,&nbsp;Bimal Arora","doi":"10.1002/bse.3611","DOIUrl":"10.1002/bse.3611","url":null,"abstract":"<p>Characterizing major sustainability issues as ‘grand challenges’ has led to a call for collaboration among heterogeneous stakeholder groups, not least in multi-stakeholder initiatives (MSIs). Research into MSIs has made substantial progress in understanding their workings; yet, it is still criticized for remaining undertheorized, echoing a criticism of management studies generally as paying insufficient attention to the micro–macro divide. Hence, we examined differences between stakeholder groups in the complexity of their cognitive frames on the topic of sustainability. We analysed 265 cognitive frames across four stakeholder groups (business, government, NGO, education). Analysing these frames in terms of the two dimensions of cognitive complexity—differentiation and integration—we found statistically significant differences in frame complexity between stakeholder groups. These micro-level cognitive differences can explain macro-level problems in stakeholder engagement and communication. Hence, we conclude by discussing the implications of our findings for the enhancement of the effectiveness of MSIs.</p>","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"33 3","pages":"2367-2383"},"PeriodicalIF":13.4,"publicationDate":"2023-10-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/bse.3611","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71417462","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Determinants of environmental, social, and governance disclosure: A systematic literature review","authors":"Richard Yeaw Chong Seow","doi":"10.1002/bse.3604","DOIUrl":"10.1002/bse.3604","url":null,"abstract":"<p>The popularity of environmental, social, and governance (ESG) investing or socially responsible investing is pushing private sectors to improve their ESG performance. Stakeholders, namely, investors, are relying on firms' environmental, social, and governance disclosures (ESGD) to evaluate their ESG performance and strategize their investment decision-making. Since firms have substantial discretionary power in deciding the quantity and quality of ESGD, understanding the drivers and motivations of ESGD is paramount. This study examines the literature on the determinants of ESGD, and 36 articles published in a period spanning from 2006 to 2022 were analyzed and synthesized via a systematic literature review approach. Ninety-one researchers from 30 countries contributed to these studies. Of these studies, 28% perform cross-country investigations. This study found that although there is no single underpinning theory for ESGD, ESGD determinant studies are well supported by multiple theoretical frameworks, such as stakeholder theory, legitimacy theory, and institutional theory. This study reveals many factors that have an impact on ESGD, such as natural disasters, political and legal systems, ownership structure, board characteristics, and the CEO's characteristics. This study contributed to the burgeon of literature on ESG by offering valuable insights into the antecedents to ESG performance and facilitating future enhancements of a better ESGD framework. Lastly, this study also reveals future research directions for scholars to enrich the burgeoning literature in ESG.</p>","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"33 3","pages":"2314-2330"},"PeriodicalIF":13.4,"publicationDate":"2023-10-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71417489","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}

{"title":"Sustainable development: The role of sustainability committees in achieving ESG targets","authors":"Aso Abdullah,&nbsp;Sibel Yamak,&nbsp;Anna Korzhenitskaya,&nbsp;Roya Rahimi,&nbsp;Jeanette McClellan","doi":"10.1002/bse.3596","DOIUrl":"10.1002/bse.3596","url":null,"abstract":"<p>This study investigating the impact of sustainability committee characteristics (SCCs) on corporate sustainability performance (CSP) utilised environmental, social and governance (ESG) scoring. Based on secondary data obtained from Refinitiv, Fame and FTSE 150 databases, the sample consists of 112 non-financial companies from 2010 to 2018, thus 926 firm-year observations. The results reveal a positive and significant relationship between organisational factors including firm size, profitability and firm age across combined ESG and environmental scores. As for the sustainability committee characteristics, there is a positive association between frequency of committee meeting and age diversity with governance scores and a negative relationship between frequency of committee meeting and environmental performance. The empirical finding shows positive and negative relationships under the presence of focussed and non-focussed committees equally. Furthermore, the presence of focussed or non-focussed sustainability committees (SCs) do appear to have an association with the overall CSP. Furthermore, this paper provides empirical evidence of the insignificant relationship of SCC with the sub-dimension of social performance, which contradicts our hypothesis and existing studies. Together with SCC's weak associations with environment and governance dimensions, this finding supports the argument that firms are actively using sustainability committees to create positive public image and reputation to protect legitimacy.</p>","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"33 3","pages":"2250-2268"},"PeriodicalIF":13.4,"publicationDate":"2023-10-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/bse.3596","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71417490","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Influential factors of pro-environmental behaviors among franchisees in the fast-food sector","authors":"Olufunmilola (Lola) Dada,&nbsp;Rozenn Perrigot,&nbsp;Anna Watson","doi":"10.1002/bse.3599","DOIUrl":"10.1002/bse.3599","url":null,"abstract":"<p>In spite of the increasing attention on environmental sustainability, there is a dearth of knowledge about franchisees' pro-environmental behaviors. This study aims to understand the factors that influence the extent to which franchisees engage in pro-environmental behaviors in the fast-food sector. The research is based on in-depth interviews with franchisees operating restaurants in the fast-food sector in France. The empirical evidence in this qualitative study shows how franchisees' pro-environmental behaviors can be explained as a result of organizational and personal factors, thereby extending the theory of planned behavior, norm-activation-model and organizational support theory within the franchising context. This study offers avenues for more research on green practices in franchising, as well as in the hospitality sector and other sectors such as retailing. It provides important implications for franchise practitioners in the fast-food sector on how to create a more environmentally sustainable business model. The findings offer the first known model of pro-environmental behaviors of franchisees.</p>","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"33 3","pages":"2301-2313"},"PeriodicalIF":13.4,"publicationDate":"2023-10-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/bse.3599","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71416817","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The role of interorganizational collaboration and digital technologies in the implementation of circular economy practices—Empirical evidence from manufacturing firms","authors":"Josef-Peter Schöggl,&nbsp;Lukas Stumpf,&nbsp;Rupert J. Baumgartner","doi":"10.1002/bse.3593","DOIUrl":"10.1002/bse.3593","url":null,"abstract":"<p>Interorganizational collaboration and the use of new digital technologies, such as artificial intelligence (AI), big data analytics, internet of things (IoT), or blockchain technology, are regarded as key enablers in implementing sustainability and circular economy-oriented practices. While this is reflected in a few conceptual and case studies, statistical analyses on the topic are rare. No study so far has focused on collaboration, and digital technologies have only been studied in isolation. Therefore, the purpose of this study is to investigate the effect of interorganizational collaboration practices on a firm's circular economy practices and on outcomes (sustainability performance and economic performance), as well as the potentially facilitative role of new digital technologies on both. The research is based on a deductive approach, using a random sample of 112 Austrian manufacturing companies. The study employs partial least squares structural equation modeling (PLS-SEM), features a multiple-respondent design, and uses the dynamic capabilities view as a theoretical foundation. The study finds that interorganizational collaboration practices have a strong positive effect on the implementation of sustainability and CE practices, while the use of new digital technologies and general dynamic capabilities do not. The use of digital technologies positively affects only interorganizational collaboration, while general dynamic capabilities serve as an antecedent for both the use of digital technologies and interorganizational collaboration. Regarding the outcomes of CE implementation, the study finds a positive impact on firm-level sustainability and economic performance. From a theoretical point of view, the study provides a new perspective on the prerequisites for successful CE implementation, highlights the importance of collaboration, and contextualizes the role of new digital technologies and dynamic capabilities. From a practical point of view, based on the positive outcomes found, the study supports arguments in favor of company engagement in CE activity. It also serves to motivate purposive digitization and systems thinking in order to create efficient CE collaboration networks.</p>","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"33 3","pages":"2225-2249"},"PeriodicalIF":13.4,"publicationDate":"2023-10-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/bse.3593","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50166990","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}