Journal
JOURNAL OF ENVIRONMENTAL MANAGEMENT
Volume 218, Issue -, Pages 322-332Publisher
ACADEMIC PRESS LTD- ELSEVIER SCIENCE LTD
DOI: 10.1016/j.jenvman.2018.04.005
Keywords
Corporate financial performance; Corporate social responsibility; Environmental performance; Stakeholder engagement; Stakeholder prioritization
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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. (C) 2018 Elsevier Ltd. All rights reserved.
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