“…Stakeholder theory argues that a company's actions can result in direct or indirect impacts on stakeholders attributed to externalities, moral hazards and monopoly power, thereby creating legitimate claims for these stakeholders (Freeman, 1984, 1999; Laplume et al, 2008; Marrucci et al, 2023; Qi et al, 2013; Steurer et al, 2005). Consequently, various types of pressures from stakeholders such as customers, competitors, employees and suppliers are exerted to drive companies towards environmental sustainability (Babiak & Trendafilova, 2011; Chang, 2019; Freudenreich et al, 2020; Hörisch et al, 2014).…”