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Publication date: 4 September 2024

Ayşegül Gürsoy and Gökçe Sinem Erbuğa

Introduction: The global financial crisis has affected the financial markets and has had social consequences in addition to economic ones. The concept of ‘sustainability’ concerns…

Abstract

Introduction: The global financial crisis has affected the financial markets and has had social consequences in addition to economic ones. The concept of ‘sustainability’ concerns firms reaching their main corporate goals. So, to maximise corporate financial performance (FINP), firms pay attention to non-financial data, such as elements of governance, social, and environmental concerns (henceforth referred to as ESG). Therefore, non-financial information provided by EGS factors measured by the ESG score has a crucial role in incorporating strategy and firm performance.

Purpose: This chapter looks at how ESG scores affect the performance of firms. The term ‘ESG’ describes how corporate operations include ESG principles. The ESG score is a novel way to gauge a company’s sustainability.

Methodology: ESG practices are a current phenomenon that has taken the attention of researchers in the last decades. Besides the amount of research conducted, researchers still need consensus regarding its impact. This chapter implements a systematic literature review to compile the research on ESG performance (ESGP) and how it affects business performance.

Findings: Businesses can incorporate sustainability practices into their operations with the help of ESG reports. ESG reports and scores provide non-financial information, which is crucial for businesses to achieve sustainability in their activities and attract more investors. The chapter contributes to the literature by creating value through a comprehensive and theoretical literature review.

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Sustainability Development through Green Economics
Type: Book
ISBN: 978-1-83797-425-2

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Book part
Publication date: 16 May 2024

Martina Barbaglia, Roberto Bianchini, Vincenzo Butticè and Stefano Elia

This study investigates how firms’ awareness of sustainability affects the revision of their internationalization strategy. Adopting a resource-based view (RBV) approach, the…

Abstract

This study investigates how firms’ awareness of sustainability affects the revision of their internationalization strategy. Adopting a resource-based view (RBV) approach, the authors argue that sustainable-oriented firms have a higher propensity to de-internationalize (i.e., to go back to their home country) when confronted with the need to relocate foreign manufacturing subsidiaries, as the shortening of value chains would allow the reduction of transportation emissions and enhanced corporate image as green-oriented entities. Furthermore, the authors explore the role exerted by a stringent regulatory setting in the home country on the likelihood of de-internationalization. The empirical test conducted on a sample of relocations performed across European nations in 2002–2014 reveals that multinational enterprises (MNEs) – regardless of their sustainability orientation – have a higher probability to de-internationalize when their home countries have strict institutional contexts in place.

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Walking the Talk? MNEs Transitioning Towards a Sustainable World
Type: Book
ISBN: 978-1-83549-117-1

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Book part
Publication date: 17 October 2022

Cameron Roberts

Electric vehicles are often positioned as a politically easy option for low-carbon mobility, compared to other options, such as cycling, public transit, and walkable communities

Abstract

Electric vehicles are often positioned as a politically easy option for low-carbon mobility, compared to other options, such as cycling, public transit, and walkable communities. This is difficult to assess confidently, however. The rate of adoption for electric vehicles that will be necessary over the next few decades to avoid the worst consequences of climate change will bring about new political struggles. This chapter uses a political-economic analysis to discuss what these struggles might look like. Using literature on the structure of automobility, along with evidence on the ways which electric vehicles disrupt the existing systems built around private car use, it discusses how a rapid transition to electric mobility will affect the material interests of various groups. One big impact will be on production, where the radical changes necessary to re-tool the auto industry to build electric vehicles will create major risks for car companies and their workers. A second impact will be on infrastructure, where the conversion of parking space into electric vehicle charging stations could arouse local political opposition, particularly in cities. Finally, electric vehicles might conflict with the cultural and symbolic lock-in of conventional vehicles, resulting not only in slower adoption but also the potential for active resistance against electric vehicle policies and infrastructure. Taken together, this implies that electric vehicles will not be a form of low-carbon mobility that is free of political struggle. Widespread electrification of private automobility could be aggressively opposed by powerful groups who have strong economic incentives to do so.

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Electrifying Mobility: Realising a Sustainable Future for the Car
Type: Book
ISBN: 978-1-83982-634-4

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Book part
Publication date: 16 May 2024

Stefano Elia, Gezim Hoxha and Lucia Piscitello

This study aims at investigating the effect of corporate social responsibility (CSR) and corporate social irresponsibility (CSI) on corporate financial performance (CFP) in firms…

Abstract

This study aims at investigating the effect of corporate social responsibility (CSR) and corporate social irresponsibility (CSI) on corporate financial performance (CFP) in firms headquartered in developed versus emerging countries. Drawing upon stakeholder and legitimacy perspectives, the authors argue that the CSR/CSI–CFP relationship differs depending on the home-countries’ level of economic development as this reflects their different sensitivity to sustainability. Indeed, as emerging economies are normally characterized by weaker regulations, they are likely to place lower pressures on companies for superior CSR practices. Therefore, the authors expect the effect of CSR on CFP to be more positive for firms headquartered in advanced than in emerging countries. At the same time, the authors propose a more negative relationship between CSI and CFP for firms headquartered in developed countries due to the higher overall sustainability expectations required to gain legitimacy. The empirical analyses, run on a sample of 1,971 publicly listed firms between 2010 and 2020 from developed and emerging economies, support the expectations, thus confirming that country-specific contextual factors do play a role in shaping both the positive and the negative impact of CSR and CSI on CFP, and that the reactions of stakeholders to responsible and irresponsible behavior are stronger when their sensitivity to sustainability is higher.

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Walking the Talk? MNEs Transitioning Towards a Sustainable World
Type: Book
ISBN: 978-1-83549-117-1

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Book part
Publication date: 6 May 2024

Mirza Muhammad Naseer and Tanveer Bagh

Corporate social responsibility (CSR) promotes society, reduces risk, and encourages ethical business practices. Due to its relevance, we study how CSR influences firms'…

Abstract

Corporate social responsibility (CSR) promotes society, reduces risk, and encourages ethical business practices. Due to its relevance, we study how CSR influences firms' sustainable development. We analyze data from 427 New York Stock Exchange (NYSE)-listed firms from 2008 to 2022. The Refinitiv environmental and social score is used to measure CSR, whereas for firms' sustainable development we rely on corporate sustainable growth rate (SGR) and market-based metrics. The analysis employs various econometric techniques, including ordinary least square, fixed effect regression, two-stage least square, generalized method of moment, and simultaneous quantile regression. The results indicate that CSR has a positive and significant effect on firms' sustainable development across all models. This relationship supports the notion that socially responsible business can contribute to long-term financial sustainability in line with “stakeholder theory”, indicating that companies should accommodate the concerns of various stakeholders, including society and the environment, to achieve sustainable development. We evaluate how the conditional distributions of SGR and firms’ value are affected by CSR, categorizing them into high, moderate, and low regimes. The quantile regression estimates indicate that the effect of CSR is more pronounced at upper quantiles, followed by moderate and low regimes. These findings underscore the importance of considering CSR in assessing the SGR and enterprises market value. We also confirm that our results are robust under range of different econometrics' methods. Finally, we enlighten current literature, and our research has useful policy implications for management and investors.

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The Emerald Handbook of Ethical Finance and Corporate Social Responsibility
Type: Book
ISBN: 978-1-80455-406-7

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Book part
Publication date: 19 July 2024

Giuseppe Danese

Although adaptation to climate change is a well-researched topic at the individual level and in highly vulnerable industries, its integration into business strategies is poorly…

Abstract

Although adaptation to climate change is a well-researched topic at the individual level and in highly vulnerable industries, its integration into business strategies is poorly researched. In this chapter, we conduct bibliometric analyses on a sample of 368 relevant papers published in business journals to derive descriptive statistics and map the conceptual and intellectual structure of the field. We find an increased interest in adaptation and confirm a strong representation of industry-specific research. We complement the bibliometric analyses with a content analysis focused on emergent themes in the adaptation scholarship. We discuss systemic influences, individual effects, regulations and stakeholders, and exposure as areas likely to attract further scrutiny in future scholarship. For each theme, we derive practical implications for practitioners and policymakers.

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Sustainable and Resilient Global Practices: Advances in Responsiveness and Adaptation
Type: Book
ISBN: 978-1-83797-612-6

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Book part
Publication date: 4 December 2024

Jako Volschenk, Wojciech Czakon, Adriana Fumi Chim-Miki and Rui Augusto da Costa

Coopetition refers to the collaboration or cooperation of competitors with each other with the objective to create value for individuals, firms and society. This chapter provides…

Abstract

Coopetition refers to the collaboration or cooperation of competitors with each other with the objective to create value for individuals, firms and society. This chapter provides an overview and taxonomy of different types of value generated by coopetition by considering seven types of capital: financial, manufactured, intellectual, human, social, natural and cultural. It goes beyond the current literature on value creation and appropriation in the tourism industry. It offers a framework for future research on value creation from coopetition and how the interplay of capital in the tourism destination generates a blend of values. These values can be appropriated at common, private, privately captured common or public levels. The results showed that tourism coopetition is an essential strategy for the host society, as it can generate socio-economic, socio-environmental and socio-cultural value.

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Value Proposition to Tourism Coopetition
Type: Book
ISBN: 978-1-83797-827-4

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Book part
Publication date: 7 December 2020

Tobias Hahn

Business sustainability urges firms to simultaneously address economic, ecological, and social concerns. It innately combines different potentially competing organizational…

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Business sustainability urges firms to simultaneously address economic, ecological, and social concerns. It innately combines different potentially competing organizational elements. Therefore, sustainability represents a suitable context for the study and practice of hybridity. Based on an understanding of hybridity as a continuum, in this chapter, the author distinguish between four different forms of hybridity for business sustainability, depending on the degree of integration and autonomy of sustainability initiatives in business organizations. With ceremonial hybridity, businesses only leave the impression to pursue business and sustainability goals but focus their practices on conventional business priorities. Contingent hybridity denotes an approach where ecological and social concerns are only pursued to the extent that they align with business goals. With peripheral hybridity, firms pursue sustainability initiatives in their own right but do not integrate them with core business activities. Full hybridity puts both business as well as sustainability at the core of the organization without emphasizing one over the other. These different forms of hybridity in business sustainability are illustrated with examples from various business organizations. By characterizing different degrees of hybridity in business sustainability, the argument and the examples highlight how organizational hybridity and business sustainability can fruitfully inform one another. The author develop research opportunities for using business sustainability as a context for studying different degrees as well as the dynamics of hybrid organizing and for using different degrees of hybridity for achieving a better understanding of different pathways toward substantive business contributions to sustainable development.

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Organizational Hybridity: Perspectives, Processes, Promises
Type: Book
ISBN: 978-1-83909-355-5

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Book part
Publication date: 9 May 2019

Marco Sartor, Guido Orzes and Elisa Moras

ISO 14001 standard is the environmental certification developed by the International Organization for Standardization to describe the requirements for a certifiable Environmental…

Abstract

ISO 14001 standard is the environmental certification developed by the International Organization for Standardization to describe the requirements for a certifiable Environmental Management System (EMS). The standard is included in the ISO 14000 series, developed because of the need for improved environmental quality. The current version of the ISO 14001 is the ISO 14001:2015; the purpose of the revision was to structure all the ISO standard (e.g., ISO9001) similarly and facilitate management systems’ integration.

The literature highlights that many drivers encourage companies to obtain the certification (e.g., need for an improved image of the company, pressure from customers, and ethical reasons), but there are also some barriers to its implementation (e.g., risk of spreading confidential information, reduction in productivity, and cost of the certification). However, the certification is connected to better performances indicated by the increase in process productivity and control, the reduction in resources’ consumption and waste, and the improved quality of products/processes.

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Quality Management: Tools, Methods, and Standards
Type: Book
ISBN: 978-1-78769-804-8

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Article
Publication date: 1 August 2006

R.J. Orsato

2858

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Strategic Direction, vol. 22 no. 8
Type: Research Article
ISSN: 0258-0543

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