Erasmus School of Economics, Department of Business Economics, Burgemeester Oudlaan 50, P.O. Box 1738, 3000DR, Rotterdam, Netherlands.
University of Florence, Economics and Management School, Accounting and Finance Division, Via delle Pandette 9, Building D6, 50127, Florence, Italy.
J Environ Manage. 2018 Jul 15;218:322-332. doi: 10.1016/j.jenvman.2018.04.005. Epub 2018 Apr 22.
This study contributes to the debate about the moderating factors that affect the relationship between environmental and financial performance. Combining stakeholder theory, stakeholder salience, and legitimacy theory, and based on a large international sample, we demonstrate that stakeholder prioritization and engagement jointly positively moderate the relationship between environmental and financial performance. However, this moderating effect is only found when both formal and informal societal characteristics are strong and support the business environment surrounding the firm and its stakeholders. Contributions and implications for managers and regulators are discussed.
本研究为关于影响环境和财务绩效关系的调节因素的争论做出了贡献。本研究结合了利益相关者理论、利益相关者显著性和合法性理论，并基于一个大型国际样本，证明了利益相关者的优先级和参与度共同正向调节了环境和财务绩效之间的关系。然而，只有当正式和非正式的社会特征都很强，并且支持企业及其利益相关者所处的商业环境时，这种调节效应才会显现。讨论了对管理者和监管者的贡献和启示。
