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This study adopts a resource-based view to explain the complementary role of the corporate structure in the value creation of green supply chain management (GSCM) practices. Using 8-year panel data collected from 317 US international manufacturers, we analyze the influence of GSCM practices on corporate financial performance (CFP) and the mediating role of a certified environmental management system (EMS) in this relationship. We show that GSCM practices have a positive impact on accounting-based financial performance, meaning, return on assets (ROA) and return on equity (ROE). In contrast, firms that implement GSCM practices and a certified EMS simultaneously achieve a higher market valuation in terms of Tobin's Q in addition to a higher ROA and ROE in the following year. Our study demonstrates that, through their synergistic combination with a firm's complementary EMS, utilizing GSCM practices can result in intangible assets as sources of long-term financial benefits. Our results have several theoretical and managerial implications. They also address the limitations of the prior use of varying survey-based items for internal and external GSCM practices and add nuance to the existing GSCM practices in the literature.corporate financial performance (CFP), environmental management system (EMS), green supply chain management (GSCM) practices, resource-based theory, value creation | INTRODUCTIONAccording to the "WMO Statement on the State of the Global Climate in 2020" (World Meteorological Organization, 2020), the past 6 years (2015-2020) were the warmest on record. It is widely recognized that the accelerating pace of global warming is primarily caused by increased levels of greenhouse-gas emissions, to which firms are pivotal contributors. Increasing pressures from a broad range of stakeholders, including national and international governments, nongovernmental organizations, media, lobbyists, suppliers, and customers, are pushing firms to embed sustainability into their business practices to tackle climate change. Using green supply chain management (GSCM) practices, which integrate environmental management with supply chain management, has become a core strategy for Abbreviations: CFP, corporate financial performance; CSR, corporate social responsibility; EMS, environmental management system; GHRM, green human resource management; GSCM, green supply chain management; ROA, return on assets; ROE, return on equity; VIFs, variance inflation factors.

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Purpose The governance structure of international franchise firms varies from higher control modes, such as wholly owned subsidiaries and joint venture franchising, to lower control modes, such as area development and master franchising. Based on organizational economics, strategic management, and international business perspectives, the purpose of this paper is to use the case study analysis to empirically evaluate an integrative model on the franchisor’s choice of international governance modes. Design/methodology/approach The study applies qualitative methods, such as in-depth case analysis, to investigate a large set of variables that influence the governance structure decision of the international franchise firm. Specifically, it applies a theory-testing case study with two major competitors in the European automotive rental industry, i.e. Europcar and Sixt. Theory-testing case research is justified by the lack of explanatory research due to the complexity of the franchisor-franchisee relationship phenomena, such as the factors that influence the franchisor’s choice of international governance modes. The investigation of the complex governance structure phenomenon requires a holistic analysis. Findings The case study shows that environmental, behavioral, transaction-specific, resource-based (system-specific, market-specific, financial resources), and international strategy considerations are important determinants of the governance mode decision of the international franchise firm. Research limitations/implications The study responds to the recent call in organizational economics, marketing, strategic management, and international business literature to develop and test a multi-theoretical framework to explain the governance structure of inter-organizational networks, such as franchise networks. Originality/value Few previous studies in international franchising have used more than one theoretical perspective to explain the governance structure of the international franchise firm. This study contributes to the theory-testing case study literature by applying a rigorous method of conducting case research. This includes developing a theoretical framework and a systematic research design. A systematic research design requires a holistic analysis by investigating the international franchise governance modes from a variety of theoretical perspectives which are the organizational economics, strategic management, and the strategy-structure perspective.