Business Strategy and The Environment最新文献_第2页

Circular Economy Financial Performance: Sustainability (ESGUI), and Tourism Uncertainty (TUI) 循环经济财务绩效：可持续性（ESGUI）和旅游不确定性（TUI）

IF 13.4 1区管理学

Business Strategy and The Environment Pub Date : 2026-10-19 DOI: 10.1002/bse.71656

Cem Işık, Moslem Ansarinasab, Serdar Ongan

{"title":"Circular Economy Financial Performance: Sustainability (ESGUI), and Tourism Uncertainty (TUI)","authors":"Cem Işık, Moslem Ansarinasab, Serdar Ongan","doi":"10.1002/bse.71656","DOIUrl":"https://doi.org/10.1002/bse.71656","url":null,"abstract":"Although circular economy investments are seen as an important tool for achieving the SDGs, studies that examine the different sources of uncertainty affecting these investments within a nonlinear framework remain limited. The current literature largely focuses only on traditional uncertainty indices such as EPU, GPR, and pandemic‐related uncertainty. This study fills this gap in literature by including, for the first time in the circular economy literature, two newly developed uncertainty indices, the ESG‐related sustainability uncertainty indices (ESGUI) and the Tourism Uncertainty Index (TUI), alongside traditional uncertainty indicators, and examining their associations with circular economy financial performance. In this study, wavelet power spectrum (WPS), wavelet quantile regression (WQR), wavelet quantile‐on‐quantile regression (WQQR), and Baruník–Křehlík frequency‐domain connectedness (BKFSC) methods were used. The findings show that the relationships between uncertainty and circular economy financial performance differ across investment horizons and market regimes. WQQR results show that the relationships between ESGUI and TUI and circular economy financial performance are nonlinear and vary by market regime. Similarly, the relationships between EPU, GPR, PNDMC, the S&P 500, and circular economy financial performance also differ by market conditions. These findings highlight the importance of considering different sources of uncertainty and general market conditions together when evaluating circular economy financial performance.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"73 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2026-10-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149218345","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

From Stakeholder Pressure to Public Value: The Role of Non‐Financial Reporting in the Waste Management Sector 从利益相关者压力到公共价值：非财务报告在废物管理领域的作用

IF 13.4 1区管理学

Business Strategy and The Environment Pub Date : 2026-10-19 DOI: 10.1002/bse.71623

Paolo Esposito, Massimiliano Tufo, Emanuele Doronzo

{"title":"From Stakeholder Pressure to Public Value: The Role of Non‐Financial Reporting in the Waste Management Sector","authors":"Paolo Esposito, Massimiliano Tufo, Emanuele Doronzo","doi":"10.1002/bse.71623","DOIUrl":"https://doi.org/10.1002/bse.71623","url":null,"abstract":"The research investigates the creation and destruction of public value in the Italian waste management sector through stakeholder engagement and the quality of nonfinancial reporting (NFR). Drawing on stakeholder theory and public service logic, public value is conceptualized as the result of dynamic relational processes, where stakeholder salience mediates the impact of external pressure on organizational priorities. A structural model is developed and empirically tested using partial least squares structural equation modeling (PLS‐SEM) on a sample of 69 Italian waste management firms disclosing nonfinancial information. The analysis shows that stakeholder pressure (especially from customers and governments) affects the quality and inclusiveness of NFR. High‐quality NFR enhances stakeholder salience by absorbing environmental and social claims into governance and reporting practices, promoting a more responsive and accountable service delivery. Public value is measured by using a hybrid set of indicators combining financial performance (ROI and ROE) with socio‐environmental outcomes (e.g., recycling rates and waste reduction). The findings highlight the strategic importance of participatory, materiality‐driven reporting in fostering public value creation.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"26 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2026-10-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149221370","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

ESG‐linked Executive Compensation and Firm Value: The Mediating Role of Environmental Innovation and Moderating Role of ESG Training 与ESG相关的高管薪酬与企业价值：环境创新的中介作用和ESG培训的调节作用

IF 13.4 1区管理学

Business Strategy and The Environment Pub Date : 2026-10-19 DOI: 10.1002/bse.71682

Jinfeng Wu, Ramiz ur Rehman, Muhammad Ishfaq Ahmad, Riccardo Torelli

{"title":"ESG‐linked Executive Compensation and Firm Value: The Mediating Role of Environmental Innovation and Moderating Role of ESG Training","authors":"Jinfeng Wu, Ramiz ur Rehman, Muhammad Ishfaq Ahmad, Riccardo Torelli","doi":"10.1002/bse.71682","DOIUrl":"https://doi.org/10.1002/bse.71682","url":null,"abstract":"This study examines whether environmental, social, and governance (ESG)‐linked executive compensation influences firm value and the channels through which its effects emerge. Using panel data of listed firms from STOXX Europe 600 during 2015–2023, the study employs Tobin's Q and price‐to‐book value to assess firm value and robustness, respectively. The empirical analysis uses firm‐ and year‐fixed–effects models complemented by system‐generalized method of moments (GMM) and an event‐study difference‐in‐differences design to address endogeneity. The results show that ESG‐linked compensation is positively associated with environmental innovation. In the baseline fixed‐effects estimates, moving from no ESG‐linked pay to ESG‐linked pay is associated with a 7.6‐point increase in the environmental innovation score, equivalent to approximately 14% of its sample mean, and approximately 5.2% higher firm value. However, the association with firm value is not robust under system‐GMM and event‐study specifications. ESG‐related training conditions the ESG‐linked pay–environmental innovation relation; governance variables do not show consistent moderating effects. The mediation analysis does not support a statistically significant indirect effect. Overall, ESG‐linked pay appears to influence firm behavior more consistently compared with immediate financial outcomes.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"12 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2026-10-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149218347","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

Adaptive vs. Commitment Governance in Circular Value Chains: Contracting and Pricing Under Uncertainty in Wind Turbine Blade End‐of‐Life Management 循环价值链中的自适应与承诺治理：风电叶片寿命终止管理不确定性下的合同与定价

IF 13.4 1区管理学

Business Strategy and The Environment Pub Date : 2026-10-17 DOI: 10.1002/bse.71660

Oscar Nieto‐Cerezo, Jabier Retegi Albisua, Joan Manuel F. Mendoza

{"title":"Adaptive vs. Commitment Governance in Circular Value Chains: Contracting and Pricing Under Uncertainty in Wind Turbine Blade End‐of‐Life Management","authors":"Oscar Nieto‐Cerezo, Jabier Retegi Albisua, Joan Manuel F. Mendoza","doi":"10.1002/bse.71660","DOIUrl":"https://doi.org/10.1002/bse.71660","url":null,"abstract":"Circular business models rely on interfirm recovery relationships in which effort is difficult to monitor and operating conditions evolve over time. Using wind turbine blade end‐of‐life management, we develop a finite‐horizon dynamic principal–agent model of a circular manufacturer, a recycler and downstream competition with a virgin‐material manufacturer. We compare ex‐ante commitment to a time‐varying incentive sequence with adaptive governance, under which the performance‐based incentive can respond to observed recovery conditions and circular‐material availability before effort is chosen. Because the adaptive policy set contains the committed policy set, adaptive governance yields weakly greater gross circular‐manufacturer value. Numerically, its advantage comes from better incentive targeting, not higher average incentive intensity. Manufacturer value and certified recovery increase despite slightly lower average incentives and effort. In the numerical analysis, the value of adaptation rises with observable operating‐state heterogeneity, but adaptation is attractive in net terms only when these gains exceed monitoring, verification, information‐processing and contractual‐adjustment costs.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"33 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2026-10-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149198955","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

Digitalisation and Carbon Efficiency: Does the Digital Economy Enable Sustainable Production Systems? 数字化与碳效率：数字经济能否实现可持续生产系统？

IF 13.4 1区管理学

Business Strategy and The Environment Pub Date : 2026-10-17 DOI: 10.1002/bse.71676

Jifei Wei, Chuks Okogor, Damilola Felix Eluyela

{"title":"Digitalisation and Carbon Efficiency: Does the Digital Economy Enable Sustainable Production Systems?","authors":"Jifei Wei, Chuks Okogor, Damilola Felix Eluyela","doi":"10.1002/bse.71676","DOIUrl":"https://doi.org/10.1002/bse.71676","url":null,"abstract":"This paper examines the effect of digitalisation on carbon intensity in 44 countries from 2000 to 2024 using a principal component index that combines internet use, mobile connections and landline telephone ownership. The standard model uses a static Common Correlated Effects Mean Group (CCEMG) regression. Other specifications, such as CS‐ARDL(1,0), interaction, quadratic, interactive fixed‐effects CCEMG threshold and dynamic subgroup estimators, allow for cross‐sectional dependence, adjustment dynamics and heterogeneity. The results show no statistically significant average, short‐run or long‐run effect of digitalisation on carbon intensity. The interaction terms of financial development and institutional quality, and the squared digitalisation index, are also not statistically significant. Although the threshold model estimates a digitalisation level of 1.438, the likelihood‐ratio confidence interval covers the search range, suggesting weak identification. Furthermore, digitalisation does not significantly affect carbon intensity in most country subgroups; the only exception is a long‐run positive and marginally significant effect in countries with high‐energy intensity. Energy intensity stands out as the most significant positive contributor to carbon intensity. Hence, the results refute the theoretical expectations of Ecological Modernisation and Socio‐Technical Transition about the inherent environmental benefits of digital growth. Digital connectivity is an enabling infrastructure, with environmental impacts conditional on electricity supply and use. Given policy and firm practices, investments in digital connectivity should go hand in hand with investments in clean electricity, energy efficiency improvements and industry decarbonisation to advance SDGs 9, 12 and 13.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"410 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2026-10-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149198931","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

Does Green Supply Chain Partnership Governance Pay Off? An Investigation of the Impact on Corporate Financial Performance 绿色供应链伙伴治理是否有成效？对公司财务绩效影响的研究

IF 13.4 1区管理学

Business Strategy and The Environment Pub Date : 2026-10-17 DOI: 10.1002/bse.71667

Qile He, Hossam Omara, Shumin Liu, Nicholas O'Regan, David Sarpong

{"title":"Does Green Supply Chain Partnership Governance Pay Off? An Investigation of the Impact on Corporate Financial Performance","authors":"Qile He, Hossam Omara, Shumin Liu, Nicholas O'Regan, David Sarpong","doi":"10.1002/bse.71667","DOIUrl":"https://doi.org/10.1002/bse.71667","url":null,"abstract":"This study examines whether governance of green supply chain partnerships (GSCPs) using environmental criteria for supplier selection and termination is positively associated with corporate financial performance of focal firms. Drawing on the social capital theory, this study highlights the dichotomous nature of social capital in GSCPs, showing whether firms can gain corporate reputation and then financial benefits while proactively managing GSCPs. This study analysed the panel data of 994 firm‐year observations from UK FTSE All‐Share firms obtained from the Thomson Reuters Eikon's ESG (Environmental, Social, and Governance) database. Analysis result shows that although there is evidence that GSCP governance is positively related to corporate reputation, no evidence shows that corporate reputation will be a mediator between GSCP governance and corporate finance performance. Instead, GSCP governance variables have shown positive direct relationship with financial performance. Findings provide practical guidance for managers seeking to strengthen financial performance through GSCP governance approaches.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"7 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2026-10-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149198913","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

ESG Reliability Post‐Paris Agreement: Evidence From S&P 500 Firms 《巴黎协定》后的ESG可靠性：来自标普500公司的证据

IF 13.4 1区管理学

Business Strategy and The Environment Pub Date : 2026-10-17 DOI: 10.1002/bse.71691

Noah Farhadi, Joseph F. Hair

{"title":"ESG Reliability Post‐Paris Agreement: Evidence From S&P 500 Firms","authors":"Noah Farhadi, Joseph F. Hair","doi":"10.1002/bse.71691","DOIUrl":"https://doi.org/10.1002/bse.71691","url":null,"abstract":"This research investigates whether the 2015 Paris Agreement has changed environmental, social, and governance (ESG) performance scores. We compiled a balanced panel of 392 S&P 500 companies from 2010 to 2025 using Refinitiv data. The final dataset contained 6272 observations on the 10 ESG scores at the most detailed level possible. Based on stakeholder theory, interrupted time series analysis (ITSA) was applied to determine whether the intercorrelations among the ESG variables decreased post‐Paris. Moreover, in accordance with legitimacy theory, the reported ESG measures were examined using Benford's law. It was found that the uniformity of the last digits improved over time. Three robustness checks were carried out: (a) an out‐of‐sample ITSA with 293 STOXX‐listed companies, (b) a quadratic ITSA, and (c) placebo tests with different breakpoints. The evidence indicates (1) the downward trend became stronger in the period after the Paris Agreement and (2) the differentiation among ESG scores accelerated in a nonlinear manner. We conclude the reliability of ESG performance scores has increased over time, providing a more trustworthy foundation for stakeholders' decision‐making.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"21 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2026-10-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149198914","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

Do Investors Follow Their Heart? The Role of Value Congruence in Guiding Investors' Decisions 投资者跟随自己的心吗？价值一致性在指导投资者决策中的作用

IF 13.4 1区管理学

Business Strategy and The Environment Pub Date : 2026-10-17 DOI: 10.1002/bse.71694

Kristian Roed Nielsen, Meike Janssen, Emma Sjöström, Kristjan Jespersen

引用次数: 0

Biodiversity Action Planning Within a Global Agricultural Supply Chain 全球农业供应链中的生物多样性行动计划

IF 13.4 1区管理学

Business Strategy and The Environment Pub Date : 2026-10-16 DOI: 10.1002/bse.71637

Lyndsey Dowell, Michael Wironen, Neil Crescenti, Jennifer McGowan

{"title":"Biodiversity Action Planning Within a Global Agricultural Supply Chain","authors":"Lyndsey Dowell, Michael Wironen, Neil Crescenti, Jennifer McGowan","doi":"10.1002/bse.71637","DOIUrl":"https://doi.org/10.1002/bse.71637","url":null,"abstract":"Agriculture is a primary driver of biodiversity loss through habitat conversion and degradation. Companies are increasingly being asked to investigate, disclose, and act on their biodiversity impacts by both regulatory policies and voluntary commitments. Yet companies lack practical guidance for identifying actions that mitigate negative externalities and improve natural systems on commodified lands and throughout their supply chains. We collaborated with an international food and beverage company sourcing from 120 regions around the world to develop a generalizable opportunity mapping framework based on cost‐effectiveness. We used publicly available datasets, a decision‐theoretic prioritization framework, and included both quantitative and qualitative insights. Our intent is to demonstrate how opportunity mapping and prioritization can integrate biodiversity into a company's decisions or nature strategies. Our approach helps companies see where and how their activities may contribute to pressures on biodiversity. We then help companies operationalize those insights into sourcing policies, regional investment, and engagement strategies across supply chains.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"08 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2026-10-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149199019","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

Who Qualifies to Assure? The Professional and Managerial Capture of Sustainability Assurance 谁有资格担保？可持续发展保证的专业和管理捕获

IF 13.4 1区管理学

Business Strategy and The Environment Pub Date : 2026-10-16 DOI: 10.1002/bse.71669

Flavia Rodricks, Muhammad Al Mahameed, Umair Riaz

{"title":"Who Qualifies to Assure? The Professional and Managerial Capture of Sustainability Assurance","authors":"Flavia Rodricks, Muhammad Al Mahameed, Umair Riaz","doi":"10.1002/bse.71669","DOIUrl":"https://doi.org/10.1002/bse.71669","url":null,"abstract":"This study examines how the qualification of assurors in sustainability and environmental reporting assurance (SERA) is constructed and why it remains fiercely contested. Drawing on actor–network theory (ANT) and qualitative evidence from regulators, NGOs, assurors and reporting companies in India, we conceptualise ‘qualification’ as a ‘boundary object’ flexible enough for competing actors to invoke, yet too ambiguous to secure substantive credibility. Assurance standards do not license practitioners, a function ordinarily undertaken by regulators and professional bodies. Nevertheless, ISAE 3000 (Revised) requires the engagement partner to possess ‘sufficient competence in the underlying subject matter’ and requires practitioners who are not professional accountants to identify the equivalent professional requirements under which they operate. Our analysis examines what becomes of these competence requirements when no external mechanism consistently verifies the claims made. The findings reveal that assurance standards require competence but rely substantially on practitioners to identify and disclose the professional requirements governing their work, without themselves providing an external licensing or verification mechanism. This ambiguity enables professional and managerial actors to privilege reputational legitimacy over the transparent demonstration of expertise, potentially reducing assurance to a symbolic exercise rather than a mechanism of substantive accountability. The study contributes to the SERA literature by reframing qualification as a fragile, networked achievement rather than a fixed credential. It highlights the need for transparent, dialogic and enforceable mechanisms through which competence claims can be demonstrated, scrutinised and sustained, thereby safeguarding independence, rigorous materiality assessments and stakeholder trust. These findings offer theoretical and practical insights for standard setters and policy makers seeking to mitigate greenwashing and strengthen the integrity of sustainability assurance.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"14 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2026-10-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149199024","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