How cultural dimensions, legal systems, and industry affect environmental reporting? Empirical evidence from an international perspective

Gallego‐Álvarez, Isabel; Pucheta‐Martínez, María Consuelo

doi:10.1002/bse.2486

Cited by 29 publications

(37 citation statements)

References 74 publications

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“…The results reported in Table 11 show that the alternative control by industry effects 9 that distinguish high-impact industries does not affect the sign or significance of the relationship between carbon performance and debt across the life cycle stages under study. As high-impact industries are more affected by carbon emissions (Gallego-Alvarez & Pucheta-Martínez, 2020), the dominant negative sign of the added variable is consistent with previous studies on debt and cost of capital for emitters versus nonemitters (Kim, An, & Kim, 2015;Tascón, Castro, Fernández-Cuesta, & Castaño, 2020).…”

Section: Robustness To the Presence Of Controls On Industrial Legal And Cultural Contextssupporting

confidence: 90%

How does a firm's life cycle influence the relationship between carbon performance and financial debt?

2021

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In a progressively more stringent regulatory context concerning greenhouse gas emissions derived from a growing awareness of how economic activity affects our environment, this study analyzes how the firm's life cycle affects the relationship between carbon performance and financial debt. Using panel data on a sample of European listed firms during the 2005-2018 period, we find evidence suggesting that firms with better carbon performance have greater access to external financing during their growth stages and lesser access during maturity, although it has no effect during the shake-out stage. Furthermore, carbon performance has a strong positive effect during growth, maturity, and shake-out when firms need to finance additional tangible investments. We also find that the negative relationship between liquidity and debt is reversed during innovative stages for firms with better carbon performance. Our results are robust to the use of alternative measures of life cycle stages and to the consideration of industrial, legal, and cultural contexts.

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Section: Robustness To the Presence Of Controls On Industrial Legal And Cultural Contextssupporting

confidence: 90%

How does a firm's life cycle influence the relationship between carbon performance and financial debt?

2021

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“…Hence, this study's main research questions from institutional and strategic adaptation perspectives and using longitudinal data are as follows: Do GIN and PES have positive causal effects on ECO undertaken by SMEs? Does an SME's PES mediate the positive causal effects of GIN on ECO? How do the GIN–PES–ECO hypotheses hold up when tested using the cross‐lagged panel method (CLPM) of analysis of longitudinal survey data? This study has four main contributions to the business strategy and environme1nt literature. First, this study extends the findings of previous studies on the role of industry contexts in explaining the extent of adoption of firms of environmental sustainability and innovation (e.g., Chen et al, 2017; Gallego‐Álvarez & Pucheta‐Martínez, 2020; Hartmann & Vachon, 2018; Oh et al, 2020; Yang et al, 2018). This study underscores the importance of industry norms such as GIN in enabling firms to pursue ECO.…”

Section: Introductionsupporting

confidence: 83%

“…This study has four main contributions to the business strategy and environme1nt literature. First, this study extends the findings of previous studies on the role of industry contexts in explaining the extent of adoption of firms of environmental sustainability and innovation (e.g., Chen et al, 2017;Gallego-Alvarez & Pucheta-Martínez, 2020;Hartmann & Vachon, 2018;Oh et al, 2020;Yang et al, 2018). This study underscores the importance of industry norms such as GIN in enabling firms to pursue ECO.…”

Section: Introductionsupporting

confidence: 80%

“…These studies tend to adopt a descriptive research design and use single‐source cross‐sectional data, which do not explain the causes of ECO. Hence, an important research gap lies in how a firm's industry explains the variations in the ECO undertaken by firms in a specific context (e.g., Gallego‐Álvarez & Pucheta‐Martínez, 2020; Gunarathne et al, 2021; Liao, 2018; Wang et al, 2019; Yang et al, 2018).…”

Section: Introductionmentioning

confidence: 99%

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Eco‐innovations of firms: A longitudinal analysis of the roles of industry norms and proactive environmental strategy

Roxas

2021

Bus Strat Env

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There is scant empirical longitudinal evidence in the extant eco-innovation literature on how industry norms, standards and expectations influence firms' strategic choices and innovation activities in the context of environmental sustainability. This study fills this research gap by determining the causal effects of industry norms that promote environmentally sustainable business practices on developing a firm's proactive environmental strategy, which propels a firm's eco-innovation outputs or those innovations considered environmentally sustainable. It utilises two waves of survey data involving 274 small and medium enterprises and the cross-lagged panel method of longitudinal analysis to bring to light the explanatory mediating power of a firm's environmental strategy as a response to industry norms that push firms to pursue eco-innovations. Drawing on institutional and strategic adaptation theories, this study's main findings on the causal and predictive temporal effects of industry norms on firm strategy and eco-innovation offer robust empirical evidence that extends and overcomes the shortcomings of previous studies on firm-level eco-innovation and its institutional and strategy-related determinants. This article presents the significant theoretical, empirical, methodological and practical implications of the study.

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“…Past research on corporate social responsibility (CSR) and stakeholder management shows that although more companies across the world have begun to adopt CSR practices, there are remarkable differences across country boundaries in terms of what constitutes CSR as well as how to address the expectations of various stakeholders (Blodgett et al, 2001; Gallego‐Alvarez and Pucheta‐Martínez, 2020; Kang & Moon, 2011; Katamba et al, 2016; Kumar et al, 2019). Although past research recognizes the importance of the relationship between CSR and culture and acknowledges that a company's approach to CSR is contingent upon the national context (Blodgett et al, 2001), the predominant focus of such cross‐national CSR research has been on examining the impact of cultural values and norms on managers' perceptions of their responsibilities toward various stakeholders (Donleavy et al, 2008; Ho et al, 2012; Van der Laan Smith et al, 2010).…”

Section: Introductionmentioning

confidence: 99%

Cross‐national differences in stakeholder management: Applying institutional theory and comparative capitalism framework

et al. 2021

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Drawing upon the research in institutional theory and comparative capitalism, the present study investigates how cross-national differences in the political, business, and economic institutional contexts of the United States, Italy, and Japan are associated with the ways in which companies in each of these countries prioritize and engage in their stakeholder engagement activities (SEAs). Using Porter and Kramer's framework, which classifies corporate social responsibility (CSR) activities as falling into four categories (good citizenship, mitigating harm from value chain, transforming value chain activities, and strategic philanthropy), we investigate how companies in the United States, Japan, and Italy prioritize and engage in these fourSEAs. An analysis of data collected from 340 companies across these countries reveals that while companies in each of these three countries undertake the four types of SEAs, the prioritization and prevalence of the four types of SEAs vary from one country to the other, in ways that align with the prevailing institutional contexts of each country. The results contribute to a more nuanced understanding of why and how companies' approaches to CSR differ across countries. From a practitioner's perspective, the findings highlight the cultural specificity of CSR, implying that despite the global nature of CSR, the implementation of CSR needs to be tailored to a country's context.

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How cultural dimensions, legal systems, and industry affect environmental reporting? Empirical evidence from an international perspective

Cited by 29 publications

References 74 publications

How does a firm's life cycle influence the relationship between carbon performance and financial debt?

How does a firm's life cycle influence the relationship between carbon performance and financial debt?

Eco‐innovations of firms: A longitudinal analysis of the roles of industry norms and proactive environmental strategy

Cross‐national differences in stakeholder management: Applying institutional theory and comparative capitalism framework

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