竞争格局下可持续发展实践与企业绩效的战略含义实证调查

IF 8.6 1区环境科学与生态学 Q1 ENVIRONMENTAL SCIENCES

Global Environmental Change Pub Date : 2025-05-16 DOI:10.1016/j.gloenvcha.2025.103010

Umakanta Gartia, Rajesh Bhue, Ajaya Kumar Panda

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引用次数: 0

摘要

如今，商业成功在很大程度上取决于竞争策略和可持续性的结合。现有文献主要关注可持续性实践对企业财务结果的影响，但在不同水平的产品市场竞争（PMC）下，这些文献大多未被探索。因此，本研究旨在分析“可持续实践”与“企业财务绩效”（FFP）之间的联系，并考虑PMC的调节作用。本文采用可行最小二乘法（FGLS）分析了2010年至2022年间569家印度上市公司的样本。研究表明，可持续发展实践提高了企业的内部和外部收益。此外，PMC的调节作用是一种惩戒机制。在高PMC水平下，可持续发展实践对企业内部盈余的影响显著，而在低PMC水平下，可持续发展实践对企业内部盈余的影响不显著。本研究还观察到，在非竞争环境中，只有环境实践对企业的内部收益产生负面影响。此外，PMC并不影响可持续性实践与外部收益之间的联系。这一发现通过“两阶段最小二乘法”（2SLS）方法和不同的诊断后测试解决了内生性问题，从而验证并提供了稳健的结果。研究结果通过将PMC与可持续性实践和FFP相结合，对公司信息披露的威慑假设和利益相关者理论进行了补充。公司应在战略上将可持续性实践的采用与竞争力量结合起来，以提高FFP，加强市场保障，并保持长期价值创造。该研究强调了可持续性实践作为竞争市场战略工具的重要性。它通过制定有效的战略和政策，在竞争环境中发展弹性，同时平衡短期收益和长期绩效，为企业决策者、投资者、政策制定者和学者提供了理论和实践意义。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Strategic implication of sustainability practices and corporate performance under competitive landscape; An empirical investigation

Business success is now significantly shaped by combining competitive tactics and sustainability. The existing literature focuses on the effect of sustainability practices on corporate financial outcomes, yet under different levels of product market competition (PMC) are largely unexplored. Thus, the present study aims to analyze the link between ‘sustainable practices’ and ‘firm financial performance’ (FFP), considering the moderating role of PMC. We analyzed a sample of 569 Indian listed firms from 2010 to 2022, using the Feasible Least Squares (FGLS) technique. The study reveals that sustainability practices enhance firm’s internal and external earnings. Further, the moderating role of PMC acts as a disciplinary mechanism. Under high PMC level, sustainability practices increase firm’s internal earnings, while with low PMC, sustainability practices do not carry significant influence. The present study also observed that only environmental practices negatively impacting firm’s internal earnings in non-competitive environments. Furthermore, PMC does not influence the link between sustainability practices and external earnings. This finding validates and provides a robust result by addressing the endogeneity concerns through ‘two-stage least squares’ (2SLS) method and different post-diagnostic tests. The findings complement the deterrence hypothesis and stakeholder theory of corporate disclosure by integrating PMC with sustainability practices and FFP. The firm should strategically align the adoption of sustainability practices with competitive forces to enhance FFP, strengthen market assurance, and maintain long-run value creation. The study underscores the significance of sustainability practices as a strategic tool in competitive markets. It offers theoretical and practical implications for corporate decision-makers, investors, policymakers and academics by formulating effective strategies and policies that develop resilience under competitive environments while balancing short-time gains and long-run performance.

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来源期刊

Global Environmental Change 环境科学-环境科学

CiteScore

18.20

自引率

2.20%

发文量

146

审稿时长

12 months

期刊介绍： Global Environmental Change is a prestigious international journal that publishes articles of high quality, both theoretically and empirically rigorous. The journal aims to contribute to the understanding of global environmental change from the perspectives of human and policy dimensions. Specifically, it considers global environmental change as the result of processes occurring at the local level, but with wide-ranging impacts on various spatial, temporal, and socio-political scales. In terms of content, the journal seeks articles with a strong social science component. This includes research that examines the societal drivers and consequences of environmental change, as well as social and policy processes that aim to address these challenges. While the journal covers a broad range of topics, including biodiversity and ecosystem services, climate, coasts, food systems, land use and land cover, oceans, urban areas, and water resources, it also welcomes contributions that investigate the drivers, consequences, and management of other areas affected by environmental change. Overall, Global Environmental Change encourages research that deepens our understanding of the complex interactions between human activities and the environment, with the goal of informing policy and decision-making.