The nexus between sustainability and firm performance is an area of debate among researchers and academicians. The objective of this study is to examine the level and extent of sustainable financial reporting for non-financial firms in Pakistan and to assess the level of the impact of sustainable financial reporting on firm performance in Pakistan. This study is a novel research work as the sustainability practices are not mandatory in many Pakistani firms. Rather kinds of mix sustainability reporting practices are being practiced. The dilemma still exists whether sustainability practices affect the performance of Pakistani firms positively or not. We collect data from the sustainability reports as well as annual reports of 50 non-financial public limited companies listed in Pakistan Stock Exchange for the period 2013 to 2017. We calculate sustainability reporting index using content analysis procedure based on 42 indicators. The index is based on three subindices, namely, environmental, health and safety, and social indicators. We apply two regression models with a view to ascertain the individual effect of each indicator of the sustainability as well as the composite effect of sustainability reporting index on firm performance. The results confirm positive effects of all three individual indicators as well as the composite form of sustainability reporting index on firm performance. The findings of the study clearly outline the economic relevance for introducing the corporate sustainability reporting practices in corporate strategy.
Corporate investment efficiency (CIE) is an imperative factor influencing the smooth functioning and financial sustainability of an enterprise. The role of a firm life cycle on risk and performance fundamentals has been extensively explored in the literature. However, it remains unclear as to whether the life cycle stages of a firm have any impact on corporate investment efficiency. This paper investigates the role of firm life cycle stages (FLCS) in determining the investment efficiency of 351 Pakistani non-financial listed firms over the course of 12 years (2005–2016). It used panel data fixed effects and ordinary least squares (OLS) techniques to empirically examine the proposed relationship. By employing Dickinson’s FLCS measure, we found that CIE was lower during the introduction and decline stages and higher at the growth and maturity stages of a firm’s life cycle. Moreover, the results of regression analysis revealed that mature firms enjoyed the highest level of investment efficiency followed by the growth firms. Overall, CIE exhibited an inverted U-shaped trend across FLCS. In addition, the findings corroborated the idea that the sample firms could not sustain their investment efficiency when they moved along different stages of the life cycle. Thus, policymakers are suggested to customize their investment policies for each stage of FLC to attain sustainable financial performance throughout the life of a firm.
Purpose The purpose of this paper is to contribute to a unified theory of entrepreneurial orientation. To this end, the study considers the nexus of entrepreneurial orientation and venture performance contingent on entrepreneurial political skill, as well as in relation to organizational justice as it influences stakeholder commitment. Design/methodology/approach A diverse sample of 237 entrepreneurs from private entrepreneurial enterprises throughout an eastern province (Zhejiang) of China participated in a questionnaire study during three years. The study applies structural equation modeling and hierarchical moderated regression analyses to test the hypotheses. Findings In the context of a developing economy (China), the study verifies the influence of entrepreneurial political skill on entrepreneurial performance. Amongst those involved in the venture, a sense of organizational justice combined with entrepreneurial orientation work to moderate the entrepreneur’s political skill in achieving outcomes. Research limitations/implications Limitations of the study are the questionnaire survey identifies entrepreneurial “perceptions” of success or failure with actual success or failure; and responses are weighted to founders and top managers as representing entrepreneurial actors more generally. Practical implications The study concludes that access to scarce resources and maintenance of goal congruence are more likely to be achieved when entrepreneurial innovativeness and pro-activeness are combined with entrepreneurial political skill in a setting of organizational justice. Social implications The study finds that entrepreneurs are able to improve performance by instilling a group culture of trust and social justice. Originality/value The study is located contextually in the guanxi-centered social exchange atmosphere of China as the economy transforms from a planned to a market model, with institutional arrangements of a mixed economy of state-owned and privately owned enterprises. In this context, the study explores the constructs of entrepreneurial orientation in relation to entrepreneurial political skill in a context of organizational justice as they combine to influence a venture’s success.
PurposeThis study aims to examine the impact of the supplier's coercive and cognitive pressures on a manufacturer's green purchasing decision-making process and the resultant implications in terms of operational and environmental performances.Design/methodology/approachPath analysis is performed to test the hypothesized linkages.FindingsThis study finds that the supplier's coercive pressure, environmental focus and socio-cultural responsibility will lead a firm to more successful implementations of green purchasing, which, in turn, results in improved operational and environmental performances. The study findings reveal that the commercial values of green purchasing in addition to social and political obligations will promote the adoption of green purchasing in supply chain management practice.Originality/valueThis study helps business managers understand the impacts of the supplier's coercive and cognitive pressures on green purchasing and the manufacturer's resultant performances. In particular, coercive pressure is operationalized by the supplier's coercive pressure and environmental regulatory pressure, while cognitive pressure is reflected in the supplier's environmental focus and socio-cultural responsibility. This study contributes to the extant theories and enriches the literature on green purchasing.
PurposeThis study aims to examine the impact of supplier relationship quality on curtailing opportunism and promoting cooperation between the exchange partners. It also investigates the contingent impact of contract specificity on the relationships and assesses performance implications of relationship quality for both buyer and its major supplier in the exchange.Design/methodology/approachConfirmatory factor analysis and path analysis were performed based on data collected from manufacturers in a survey. The hypotheses were tested using path analysis.FindingsThe findings of this study indicate a pivotal role of supplier relationship quality in suppressing opportunism and enhancing cooperation between exchange parties, which lead to dyadic performance. Furthermore, the effect of supplier relationship quality is strengthened by contract specificity.Originality/valueThis study adds value to the existing streams of studies in several ways. First, informed by the nexus of relational capital theory and transaction cost economics, the authors emphasize the pivotal role of relationship quality in curtailing opportunism and fostering cooperation and the moderating effect of contract specificity on the above linkages. Second, this study provides empirical evidence of the mechanism of the effect of contract specificity on opportunism and cooperation.
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