Outline

  • Abstract
  • Keywords
  • 1. Introduction
  • 2. Theoretical Background and Hypotheses
  • 2.1. Stakeholder Theory
  • 2.2. Environmental Sustainability
  • 2.3. Stakeholder Integration, Environmental Sustainability Orientation, and Financial Performance
  • 2.4. the Moderating Effect of Competitive Intensity
  • 3. Research Method
  • 3.1. Study Setting
  • 3.2. Sampling and Data Collection
  • 3.3. Measures
  • 3.3.1. Stakeholder Integration
  • 3.3.2. Environmental Sustainability Orientation
  • 3.3.3. Competitive Intensity
  • 3.3.4. Financial Performance
  • 3.3.5. Control Variables
  • 4. Model Estimation
  • 4.1. Common Method Variance, Validity, and Reliability Test
  • 4.2. Results
  • 4.3. Robustness Tests
  • 5. Discussion and Conclusion
  • 6. Limitations and Suggestions for Future Research
  • References

رئوس مطالب

  • چکیده
  • کلیدواژه ها
  • 1. مقدمه
  • 2. پیش زمینه نظری و فرضیه ها
  • 2.1 نظریه ذینفعان
  • 2.2 پایداری زیست محیطی
  • 2.3 مشارکت ذینفعان، گرایش های پایداری زیست محیطی و عملکرد مالی
  • 2.4 تاثیر تعدیل کننده شدت رقابت
  • 3. روش تحقیقاتی
  • 3.1 . تنظیم مطالعه
  • 3.2 نمونه برداری و جمع آوری داده ها
  • 3.3 معیار ها
  • 4. تخمین مدل
  • 4.1 واریانس روش مشترک، اعتبار و تست های پایایی
  • 4.2 نتایج
  • 4.3 تست استواری
  • 5. مباحث و جمع بندی
  • 6. محدودیت ها و پیشنهاداتی برای تحقیقات آتی
  • منابع

Abstract

Despite the growing research on the influence of stakeholder integration on organizational outcomes, our understanding of the specific firm-level conditions that may mediate the relationship between stakeholder integration and financial performance is lacking. Using primary data gathered from 233 small and medium-sized enterprises in Ghana, we found empirical support for our contention that the link between stakeholder integration and financial performance is mediated by a firm’s environmental sustainability orientation (ESO). In addition, our study demonstrated that competitive intensity moderates the indirect relationship between stakeholder integration and financial performance in such a way that the indirect effect through environmental sustainability orientation is stronger for higher levels of industry competition. We discuss theoretical and managerial implications of these findings.

Keywords: - - - -

Conclusions

The main objective of the study was to examine relationships between environmental stakeholder integration and firm financial performance. We found that the relationship between stakeholder integration and financial performance is mediated by environmental sustainability orientation. We also found that, under conditions of intense industry competition, the indirect effect of levels of stakeholder integration on financial performance was stronger.

Our findings contribute to the stakeholder and environmental sustainability literatures in the following specific ways. First, we show that firms adopting environmental sustainability initiatives have positive outcomes, demonstrating the convergence toward globally accepted environmental sustainability standards (Fiaschi et al., 2015; Marano et al., 2017; Zheng et al., 2015). Thus, it is worthwhile for firms seeking to improve their financial performance to engage in environmental sustainability orientation, especially in the period when their sustainable strategies are receiving increasing attention from various stakeholders. This is particularly important in developing countries in that, in such a context, stakeholder integration may help to provide the needed structural support to mitigate the weak institutional structures, and consequently enhance the financial performance of the firms.

We extend the small business literature by examining the importance of environmental sustainability orientation in the relationship between stakeholder orientation and financial performance. By integrating the relevant insight from stakeholder theory and environmental sustainability perspective, we developed a new and important insight that has not yet been considered by the extant literature and hence opens a new dimension for empirical work. Thus, we attempt to broaden our understanding of the interrelationship between stakeholder orientation, environmental sustainability, and financial performance, particularly from the context of developing economies. In addition, we demonstrate the role of industry competition in boosting the indirect effect of stakeholder integration on financial performance. Thus, in a competitive environment, firms are more likely to take an environmental sustainability orientation to differentiate themselves from other businesses.

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