How do shareholders influence international firms' environmental strategies? The differential impact of strategic and financial investors
Metadatos
Afficher la notice complèteAuteur
Bueno García, Manuel; Delgado Márquez, Blanca Luisa; Georgallis, Panikos; Aragón Correa, Juan AlbertoEditorial
Elsevier
Materia
Environmental proactivity Environmental strategy Ownership Shareholders Internationalization Institutional theory Natural resource based-view Multinational enterprises MNEs Green capabilities Governance
Date
2022Referencia bibliográfica
Published version: Bueno-García, M., Delgado-Márquez, B., Georgallis, P., & Aragón-Correa, J. A. (2022). How do shareholders influence international firms' environmental strategies? The differential impact of strategic and financial investors. Long Range Planning, 102183. https://doi.org/10.1016/j.lrp.2022.102183
Patrocinador
Spanish State Research Agency – Innovation and Science Ministry, 10.13039/501100011033: BES-2017-081174, ECO2016-75909-P, PID2019- 106725GB-I00; FEDER B-SEJ-398-UGR20, B-SEJ-291-UGR18; Government of Andalusia; University of Granada UCE2018.02_2021–02Résumé
Debates about the drivers of corporate environmental strategy as well as the influence of
shareholders on environmental investments have grown exponentially in the last decade. This
paper provides a novel perspective on the influence of investors on a firm’s environmental
strategy by theorizing how the shareholders’ orientation may provide different resources for firms
to outperform environmental institutional pressures, and further analyzing how foreign market
exposure moderates this relationship. Our results, produced from a longitudinal sample of 2237
observations between 2007 and 2017 from 276 US firms in 11 industries, show that having a
higher percentage of strategic shareholders positively drives firms’ environmental proactivity.
Meanwhile, having a higher percentage of financial shareholders is positively related to firms’
environmental proactivity only at high levels of foreign market exposure, but is negatively related
at low levels. Our results contribute to the ownership and environmental strategy literature by
delimitating the different influences of strategic and financial investors on firms’ environmental
strategy and making a bridge between institutional and resource-based perspectives.