Affiliation:
1. Department of Business and Economics Studies University of Gävle Gävle Sweden
2. School of Business, Innovation and Sustainability Halmstad University Halmstad Sweden
3. Department of Entrepreneurship and Innovation Luleå University of Technology Luleå Sweden
4. Department of Business Administration University of Gothenburg Gothenburg Sweden
Abstract
AbstractThe discussion of “whether it pays to be green” is ongoing. This review does not intend to solve the debate, rather it soothes it by contributing to the concept of “when it pays to be green.” By focusing on the shortcomings of existing literature reviews on the topic of corporate sustainability and financial performance (CSFP) in this hybrid review, issues were identified that had been overlooked earlier. In general, CSFP holds a positive relationship but in a time lag. Nonconclusive results about the relationship within CSFP are due to self‐selection bias, endogeneity issues, and the use of multiple datasets and industry categories. Surprisingly, we also discovered that the impact of sustainability on financial performance is elusive in capitalist countries considered to be economically rational. Institutional and legitimacy requirements are a good starting point for shaping corporate behaviors in the short term; however, they might not be equally appropriate in the long term in cases when corporations shift operations to pollution havens. A multifaceted, synergistic interaction between governmental institutions, corporations, and other stakeholders is required—without imposing authority—to ensure durable sustainable development.
Subject
Management, Monitoring, Policy and Law,Strategy and Management,Development
Cited by
15 articles.
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