{"title":"ESG Performance–Stock Price Volatility Nexus: The Moderating Effect of Board Cultural Diversity in G20 Markets","authors":"Rami Salem, Musa Ghazwani, Waleed Alshaer","doi":"10.1002/bse.70024","DOIUrl":"https://doi.org/10.1002/bse.70024","url":null,"abstract":"This paper investigates the relationship between ESG performance and stock price volatility (SPV) in G20 countries, with a focus on the moderating influence of board cultural diversity (BCD) in this association. Using a comprehensive sample of 117,449 firm‐year observations from companies listed in G20 markets between 2005 and 2021, our analysis provides robust empirical evidence of a negative association between ESG performance and SPV. Furthermore, the findings indicate that BCD strengthens this negative link by serving as a mitigating factor, assisting firms in better managing ESG‐related risks and opportunities, resulting in higher sustainability performance and lower SPV. Our results contribute to existing literature by integrating legitimacy, resource‐based, and agency theories to explain how ESG practices, complemented by board diversity, contribute to corporate stability. This study extends the understanding of how governance structures, specifically board diversity, can influence the ESG performance nexus in global markets. Our study has implications for policymakers and investors, highlighting the strategic importance of ESG practices and diverse governance structures in promoting corporate resilience and market confidence. Encouraging the adoption of robust ESG reporting standards and fostering board diversity may enhance corporate stability and investor trust.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"10 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2025-06-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144290197","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}
Andrei Bonamigo, Eduardo da Silva Pereira, João Marcos de Oliveira, Jiju Antony, Jose Arturo Garza‐Reyes
{"title":"Lean Service 5.0 in Dairy Production: An Empirical Evaluation From the Perspective of the Sociotechnical and Circular Economy Approach","authors":"Andrei Bonamigo, Eduardo da Silva Pereira, João Marcos de Oliveira, Jiju Antony, Jose Arturo Garza‐Reyes","doi":"10.1002/bse.70015","DOIUrl":"https://doi.org/10.1002/bse.70015","url":null,"abstract":"The Lean Service 5.0 concept improves service operations through sociotechnical innovation, while the Circular Economy enables sustainable processes. Thus, this research aims to empirically diagnose the key enablers of adopting LS5.0 in the dairy production system from the <jats:sc>CE</jats:sc> perspective. To achieve this objective, we conducted a multiple case study through structured qualitative interviews with eight dairy farmers from two of the largest milk‐producing regions of Brazil, followed by a content analysis. The results indicated four central factors: digital transformation, value co‐creation, LS5.0 implementation and <jats:sc>CE</jats:sc> concepts, presented as guidelines for applying LS5.0 in the dairy sector to support sustainable agro‐industrial activities. The findings highlighted that LS5.0 technologies were key enablers for farmers to promote <jats:sc>CE</jats:sc> in the dairy supply chain, followed by management systems and continuous improvement. This study offers empirical and theoretical support for developing dairy systems, contributing to academic research and supporting professionals.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"602 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2025-06-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144269394","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}
Simone Guercini, Giulia Monteverde, Andrea Runfola, Matilde Milanesi
{"title":"To Tell or Not to Tell? On the Under Communicating of Sustainability in Digital Environments","authors":"Simone Guercini, Giulia Monteverde, Andrea Runfola, Matilde Milanesi","doi":"10.1002/bse.70001","DOIUrl":"https://doi.org/10.1002/bse.70001","url":null,"abstract":"The paper investigates sustainability communication using digital tools—such as social media, websites, emails, and newsletters—and delves into the drivers that determine the undercommunication of sustainability (i.e., the green blushing phenomenon) in digital environments. The paper adopts a qualitative methodology mainly based on in‐depth interviews. It identifies six drivers that prevent companies, or severely limit them, from communicating their sustainability initiatives in digital environments, thus resulting in green blushing. These drivers include the lack of a well‐structured sustainability communication plan, criticalities in the company's skills and internal coordination, challenges in finding sustainability KPIs, issues related to the target audience, difficulties in communicating joint sustainability initiatives, and fear of greenwashing accusations. The paper originally presents interesting theoretical and managerial implications, ending with limitations and indications for further research.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"25 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2025-06-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144252273","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}
Erica Varese, Magdalena Wojnarowska, Paweł Dziekański, Łukasz Popławski, Maria Chiara Cesarani
{"title":"Gen Z Consumption: Who Chooses Green?","authors":"Erica Varese, Magdalena Wojnarowska, Paweł Dziekański, Łukasz Popławski, Maria Chiara Cesarani","doi":"10.1002/bse.70008","DOIUrl":"https://doi.org/10.1002/bse.70008","url":null,"abstract":"This study examines how demographic factors influence the purchasing behaviour and preferences of Gen Z consumers, with a focus on sustainable consumption. The research aims to determine whether these factors can inform more effective marketing strategies and personalized consumer profiles to promote environmentally responsible purchasing decisions. A quantitative research approach was employed through an online survey using computer‐assisted web interviewing (CAWI). Data were collected from university students across Italy to assess the impact of gender, age and education on sustainable shopping behaviors. The results reveal a significant relationship between shopping frequency, environmental awareness and gender, as well as between education level, shopping frequency and personal commitment to environmental care. The findings suggest that tailored educational strategies targeting different demographic groups may enhance sustainable consumption practices and contribute to broader sustainability goals. This study contributes to the discourse on sustainable consumption by integrating demographic segmentation into marketing and policy strategies. Given the socio‐economic and environmental crises shaping consumer behaviours, understanding the role of gender, age and education in sustainability‐oriented decision‐making can inform targeted interventions and promote responsible consumption patterns among Gen Z.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"249 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2025-06-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144237153","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":"Fuelling Organisational Capabilities for Sustainable Innovation Disruption: Performing to Be a Pioneer","authors":"Vinay Singh, Jainendra Singh, Nikita Singh","doi":"10.1002/bse.70013","DOIUrl":"https://doi.org/10.1002/bse.70013","url":null,"abstract":"This study explores disruptive innovation (DI) within the context of organisational capabilities (OCs) and sustainable customer‐centric innovation performance (SCCIP). It proposes a comprehensive framework to examine (a) OC's impact on DI, (b) the relationship between DI and SCCIP and (c) DI's moderating role between OC and SCCIP. Data were collected from 829 respondents across 128 innovative firms over 10 months. Statistical methodologies were employed to validate the research hypotheses, including descriptive statistics, exploratory and confirmatory factor analyses and structural equation modelling. The results indicate that OC significantly influences DI, which in turn enhances SCCIP. Furthermore, DI moderates the relationship between OC and SCCIP. These findings provide critical insights for theoretical advancements and offer practical guidance for organisations that leverage DI for improved SCCIP. The study's implications extend to managerial strategies and decision‐making processes, highlighting OC, DI and SCCIP dynamics.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"7 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2025-06-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144236835","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":"Green Innovation and Sustainability Reporting: Linking Environmental Practices to Sustainable Competitive Advantage Through a Moderated Moderation and Mediation Model","authors":"Hien Vo Van, Malik Abu Afifa, Duong Van Bui","doi":"10.1002/bse.70022","DOIUrl":"https://doi.org/10.1002/bse.70022","url":null,"abstract":"This study explores the relationship between green innovation (GRIN) and sustainability reporting (SURE), investigating the direct and indirect pathways through which GRIN influences SURE. It examines whether the relationship is strengthened by environmental management accounting (EMAC) and the role of green absorptive capacity (GACA) as a moderator. Additionally, the study assesses the mediating effect of SURE in the link between GRIN and sustainable competitive advantage (SCAD). Data were collected from 225 managers in Vietnamese manufacturing firms and analyzed using SmartPLS 3 and SPSS 26. The findings confirm that GRIN significantly drives SURE, with EMAC enhancing this relationship. GACA moderates the effect of EMAC on the GRIN–SURE relationship, making it crucial for optimizing environmental performance and reporting. SURE is shown to contribute to SCAD, offering firms a competitive edge. Furthermore, GRIN indirectly impacts SCAD through SURE. These insights emphasize the importance of integrating GRIN, EMAC, and absorptive capacity to strengthen sustainability practices and competitive advantage. The study contributes valuable knowledge to both academic research and managerial practices in the context of environmental and sustainability efforts.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"7 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2025-06-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144237115","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":"Institutional Logics and Stakeholder Stances on Sustainability Reporting Regulation. Insights From the European Union Public Consultation","authors":"Rodolfo Damiano, Giuseppe Valenza","doi":"10.1002/bse.70016","DOIUrl":"https://doi.org/10.1002/bse.70016","url":null,"abstract":"This study examines how market and nonmarket logics influence the European sustainability reporting regulation revision. Drawing on institutional logics, we analyse the consultation that informed the Directive 2014/95/EU (NFRD) to Directive 2022/2464/EU (CSRD) shift. We performed correspondence analysis of closed‐ended and close reading of open‐ended responses to explore contrasting stakeholder stances and whether these reflect competing logics. We found that business representatives (organisations and associations) are more conservative than nonbusiness (e.g., NGOs and citizens) on the proposed revisions due to market logics adherence. Furthermore, the CSRD regulatory stance aligns more with progressives, pushing conservatives towards reporting requirements they perceive as risky. This study contributes to the institutional logics and sustainability reporting literature, extending it to the regulation phenomenon. It provides theoretical insights on the competing logics roots of dissatisfaction with regulated sustainability reporting. It advocates for a regulatory design fostering dialogue and helping organisations develop capabilities for effective compliance.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"34 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2025-06-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144237146","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}
Patrick Hartmann, Vanessa Apaolaza, Ainhize Eletxigerra, Jose M. Barrutia, Carmen Echebarria
{"title":"Beyond Climate Change Concern: Why Air Pollution Health Concern and Health Orientation Matter in Battery Electric Vehicle Adoption","authors":"Patrick Hartmann, Vanessa Apaolaza, Ainhize Eletxigerra, Jose M. Barrutia, Carmen Echebarria","doi":"10.1002/bse.70003","DOIUrl":"https://doi.org/10.1002/bse.70003","url":null,"abstract":"While previous research has emphasized climate change concern as a driver of battery electric vehicle (BEV) adoption, concerns about the personal health impacts of air pollution caused by internal combustion vehicles—such as respiratory and cardiovascular diseases—have been neglected as behavioral triggers. Our findings from a representative US survey (<jats:italic>N</jats:italic> = 800) show that, besides climate change concern, health concern about air pollution significantly influences BEV adoption intention. Furthermore, health orientation moderates this relationship, with highly health‐oriented individuals showing a stronger positive effect of air pollution health concern on BEV adoption. For highly health‐oriented individuals, air pollution health concern has a stronger influence than climate change concern. These findings highlight the importance of emphasizing personal health benefits alongside environmental benefits in marketing and policy strategies. Further findings of the study show that adoption barriers, such as high costs and infrastructure limitations, remain significant deterrents to the switch to electric mobility. Increasing awareness of the noxious health impacts of pollution caused by internal combustion engines and promoting health awareness, together with overcoming the known adoption barriers, can accelerate the transition to sustainable electric mobility, contributing to climate change mitigation while enhancing public health outcomes.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"17 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2025-06-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144236840","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}
Richard Arhinful, Hayford Asare Obeng, Leviticus Mensah, Comfort Constance Mensah
{"title":"Signaling Sustainability: The Impact of Sustainable Finance on Dividend Policy Among Firms Listed on the London Stock Exchange","authors":"Richard Arhinful, Hayford Asare Obeng, Leviticus Mensah, Comfort Constance Mensah","doi":"10.1002/bse.70020","DOIUrl":"https://doi.org/10.1002/bse.70020","url":null,"abstract":"The UK regulatory framework mandates that firms report their social and environmental implications, ensuring that sustainability factors are incorporated into policy formulation, including dividend policies. For this reason, the study examined how sustainable finance of the firms listed on the London Stock Exchange impacts dividend policy. The study used 17 years of data from n143 companies between 2007 and 2023, obtained from Thomson Reuters Eikon DataStream. The data were analyzed using the generalized method of movement (GMM) due to its capacity to overcome and address the issues of endogeneity and autoserial correlation in the datasets, leading to robust, unbiased, and reliable estimation results. The study discovered that green bond issues had a positive and significant impact on dividend yield and retention. Also, the findings reveal that environmental expenditure and policy for emission reduction had a negative and significant impact on dividend yield and retention. Furthermore, the moderating relationship between green bond issues, environmental expenditures, and leverage revealed a positive and significant impact on dividend yield and retention. The companies should retain financial viability while promoting environmental measures. Environmental policies that foster sustainable development without compromising the company's capacity to sustain cash flow or dividends are essential. Therefore, the management should rigorously assess environmental investments to guarantee that selected projects yield returns consistent with environmental goals and shareholder expectations.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"13 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2025-06-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144218659","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":"Leveraging Entrepreneurship for Environmental Sustainability: A Machine Learning Approach to SDG Achievement","authors":"Mehmet Ali Köseoglu","doi":"10.1002/bse.70011","DOIUrl":"https://doi.org/10.1002/bse.70011","url":null,"abstract":"In the face of escalating environmental challenges, the United Nations' Sustainable Development Goals (SDGs) have become crucial benchmarks for sustainability, with SDG 7 (Affordable and Clean Energy), SDG 12 (Responsible Consumption and Production), and SDG 13 (Climate Action) addressing key issues like energy efficiency, resource management, and climate change. This study explores the impact of the entrepreneurship ecosystem (EE) on these environmental goals, using data from the Global Entrepreneurship Monitor (GEM) and applying advanced machine learning techniques such as bagging, random forest, boosting, Shapley Additive Explanations (SHAP), and Partial Dependence Plots (PDPs). Grounded in sustainability, innovation, Resource‐Based View (RBV), and institutional theories, the study reveals the critical role of the business services sector, entrepreneurial intentions, and entrepreneurial education in driving progress toward environmental sustainability. The findings offer actionable insights for policymakers and contribute to the academic understanding of how entrepreneurship can be leveraged to achieve SDGs, emphasizing the need for a robust and integrated entrepreneurial ecosystem to foster sustainable practices.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"11 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2025-06-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144218661","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}