1,079
Views
0
CrossRef citations to date
0
Altmetric
FINANCIAL ECONOMICS

Do sustainable investments propel the national economy? Evidence from manufacturing and service sectors in India

ORCID Icon, ORCID Icon & ORCID Icon
Article: 2114172 | Received 15 Oct 2021, Accepted 12 Aug 2022, Published online: 28 Aug 2022

References

  • Abolarinwa, S. I., Asogwa, C. I., Adedoyin, S., Court, T. O., Charity, A., Charity, A., Court, T. O., Adedoyin, S., Ige, S., Asogwa, C. I., & Adedoyin, S., Court, T. O., Charity, A., & Eriksson, T. (2020). Corporate growth strategies and financial performance of quoted manufacturing firms in Nigeria : The mediating role of global economic crises corporate growth strategies and financial performance of quoted manufacturing firms in Nigeria : The mediating ro. Cogent Economics & Finance, 8(1), 1750259. https://doi.org/10.1080/23322039.2020.1750259
  • Alfalih, A. A. (2022). The role of sustainable entrepreneurship and corporate social performance on social innovation: The case of the private industrial sector in Saudi Arabia. Journal of the Knowledge Economy, 13(3), 1928–17. https://doi.org/10.1007/s13132-021-00798-7
  • Ali, Q., Salman, A., Parveen, S., & Zaini, Z. (2020). Green behavior and financial performance: Impact on the Malaysian fashion industry. SAGE Open, 10(3). https://doi.org/10.1177/2158244020953179
  • Ali, Q., Salman, A., Yaacob, H., Zaini, Z., & Abdullah, R. (2020). Does big data analytics enhance sustainability and financial performance? The case of ASEAN banks. The Journal of Asian Finance, Economics and Business, 7(7), 1–13. https://doi.org/10.13106/jafeb.2020.vol7.no7.001
  • Allouche, J., & Laroche, P. (2005). A Meta-analytical investigation of the relationship between corporate social and financial performance. Revue de Gestion Des Ressources Humaines, 57(1), 18. https://ideas.repec.org/p/hal/journl/hal-00923906.html
  • Andrés, M. R., Ramos, M., Ángel, M., Castillo, S., & Danvila, I. (2019). Exploring sustainability, good governance, and social responsibility in small and medium enterprises. August, 261, 1–18. https://doi.org/10.1002/csr.1849
  • Artiach, T., Lee, D., Nelson, D., & Walker, J. (2010). The determinants of corporate sustainability performance. Accounting and Finance, 50(1), 31–51. https://doi.org/10.1111/j.1467-629X.2009.00315.x
  • Bilbao-terol, A., Alvarez-otero, S., Arenas-parra, M., Arenas-parra, M., Alvarez-otero, S., Cañal-fernández, V., Bilbao-terol, A., Alvarez-otero, S., & Arenas-parra, M. (2019). Integrating corporate social responsibility and financial performance. Management Decision, 57(2), 324–348. https://doi.org/10.1108/MD-03-2018-0290
  • Carayannis, E. G., Grigoroudis, E., Sindakis, S., & Walter, C. (2014). Business model innovation as antecedent of sustainable enterprise excellence and resilience. Journal of the Knowledge Economy, 5(3), 440–463. https://doi.org/10.1007/s13132-014-0206-7
  • Castro, C., & Lopes, C. (2021). Digital government and sustainable development. Journal of the Knowledge Economy, 13(2), 880–903. February 2020 https://doi.org/10.1007/s13132-021-00749-2
  • Chang, D., & Kuo, L. R. (2008). The effects of sustainable development on firms. Financial Performance – an Empirical Approach. Sustainable Development, 380(January), 365–380. https://doi.org/10.1002/sd
  • Cheikh, I. B., & Noubbigh, H. (2019). The effect of intellectual capital drivers on performance and value creation: The case of tunisian non-financial listed companies. Journal of the Knowledge Economy, 10(1), 147–167. https://doi.org/10.1007/s13132-016-0442-0
  • Chouaibi, J. (2021). Innovation and financial performance in manufacturing companies: an empirical study Tunisian. Journal of the Knowledge Economy, 12(4), 1870–1890. https://doi.org/10.1007/s13132-020-00692-8
  • Christoforidis, T., & Katrakilidis, C. (2021). Does foreign direct investment matter for environmental degradation? Empirical evidence from Central–Eastern European Countries. Journal of the Knowledge Economy, 0123456789, (2). https://doi.org/10.1007/s13132-021-00820-y
  • Cortez, M. A. A., & Cudia, C. P. (2012). Environmental Innovations and financial performance of Japanese automotive and electronics companies. Green Growth: Managing the Transition to a Sustainable Economy, 1(1), 173–190. https://doi.org/10.1007/978-94-007-4417-2
  • Dewri, L. V. (2021). A critical assessment of interrelationship among corporate governance, financial performance, refined economic value added to measure firm value and return on Stock. In Journal of the Knowledge Economy Springer US https://doi.org/10.1007/s13132-021-00808-8
  • Dhar, S., Pathak, M., & Shukla, P. R. (2020). Transformation of India’s steel and cement industry in a sustainable 1.5 °C world. Energy Policy, 137(1), 111104. https://doi.org/10.1016/j.enpol.2019.111104
  • Din, S. U., Khan, M. Y., Khan, M. J., & Nilofar, M. (2022). Nexus between sustainable development, adjusted net saving, economic growth, and financial development in south asian emerging economies. Journal of the Knowledge Economy, 13(3), 2372–2385. https://doi.org/10.1007/s13132-021-00818-6
  • Earnhart, D. (2018). The Effect of Corporate Environmental Performance on Corporate Financial Performance. Social Responsibility Journal, 14(4), 895–916. https://doi.org/10.1108/SRJ-12-2016-0212
  • Fernández-guadaño, J. (2015). Measuring the economic performance of socially responsible companies. Zbornik radova ekonomskog fakulteta u rijeci-proceedings of rijeka faculty of economics, 33, 1–10.
  • Fichter, K., & Tiemann, I. (2020). Impacts of promoting sustainable entrepreneurship in generic business plan competitions. Journal of Cleaner Production, 267, 122076. https://doi.org/10.1016/j.jclepro.2020.122076
  • Girón, A., Kazemikhasragh, A., Cicchiello, A. F., & Panetti, E. (2021). Sustainability Reporting and Firms’ Economic Performance: Evidence from Asia and Africa. Journal of the Knowledge Economy, 12(4), 1741–1759. https://doi.org/10.1007/s13132-020-00693-7
  • Goodland, R., & Bank, T. W. (1995a). The concept of environmental sustainability. Annual Reviews Ecological System, 26(1), 1–24. https://doi.org/10.1146/annurev.es.26.110195.000245
  • Imhanzenobe, J. O. (2020). Managers ’ financial practices and financial sustainability of Nigerian manufacturing companies : Which ratios matter most ? Managers ’ financial practices and financial sustainability of Nigerian manufacturing companies : Which ratios matter most ? Cogent Economics & Finance, 8(1). https://doi.org/10.1080/23322039.2020.1724241
  • Jayasundara, S., Worden, D., Weersink, A., Wright, T., Vanderzaag, A., Gordon, R., & Wagner-riddle, C. (2019). Improving farm profitability also reduces the carbon footprint of milk production in intensive dairy production systems. Journal of Cleaner Production, 229(2), 1018–1028. https://doi.org/10.1016/j.jclepro.2019.04.013
  • Kasoga, P. S. (2020). Does investing in intellectual capital improve financial performance ? Panel evidence from firms listed in Tanzania DSE Does investing in intellectual capital improve financial performance ? Panel evidence from firms listed in Tanzania DSE. Cogent Economics & Finance, 8(1), 1802815. https://doi.org/10.1080/23322039.2020.1802815
  • Kuhlman, T., & Farrington, J. (2010). What is sustainability? Sustainability, 2(11), 3436–3448. https://doi.org/10.3390/su2113436
  • Lartey, T., Yirenkyi, D. O., Adomako, S., Danso, A., Amankwah-Amoah, J., & Alam, A. (2020). Going green, going clean: Lean-green sustainability strategy and firm growth. Business Strategy and the Environment, 29(1), 118–139. https://doi.org/10.1002/bse.2353
  • Lee, Y. M., & Hu, J. L. (2018). Integrated approaches for business sustainability: The perspective of corporate social responsibility. Sustainability (Switzerland), 10(7). https://doi.org/10.3390/su10072318
  • Lin, L., Hung, P., Chou, D., & Lai, C. W. (2018). Asia pacific management review financial performance and corporate social responsibility : Empirical evidence from Taiwan. Asia Pacific Management Review, 24(1) , 1–11. https://doi.org/10.1016/j.apmrv.2018.07.001
  • Liu, Z. (2020). Unraveling the complex relationship between environmental and financial performance ––– A multilevel longitudinal analysis. Intern. Journal of Production Economics, 219(7), 328–340. https://doi.org/10.1016/j.ijpe.2019.07.005
  • Lozano, R., & Reid, A. (2018). Energy research & social science socially responsible or reprehensible ? Investors, electricity utility companies, and transformative change in Europe. Energy Research & Social Science, 37(April 2017), 37–43. https://doi.org/10.1016/j.erss.2017.09.018
  • Marti, C. P., Rovira-Val, M. R., & Drescher, L. G. J. (2015). Are Firms that Contribute to Sustainable Development Better Financially? Corporate Social Responsibility and Environmental Management, 22(5), 305–319. https://doi.org/10.1002/csr.1347
  • Minutolo, M. C., Kristjanpoller, W. D., & Stakeley, J. (2019). Exploring environmental, social, and governance disclosure effects on the S & P 500 financial performance. Business Strategy and the Environment, 28(6), 1–13. https://doi.org/10.1002/bse.2303
  • Nguyen, C. T., Nguyen, L. T., & Nguyen, N. Q. (2022). Corporate social responsibility and financial performance : The case in Vietnam Corporate social responsibility and financial performance : The case in Vietnam. Cogent Economics & Finance, 10(1), 0–18. https://doi.org/10.1080/23322039.2022.2075600
  • Nikolaou, I. E. (2017). A framework to explicate the relationship between CSER and financial performance : an intellectual capital-based approach and knowledge-based view of firm. JKnowl Econ, 10(4), 1427–1446. https://doi.org/10.1007/s13132-017-0491-z
  • Noh, Y. (2019). sustainability the effects of corporate green efforts for sustainability : An event study approach. Sustainability, 11(15), 4073. https://doi.org/10.3390/su11154073
  • Nor, N. M., Bahari, N. A. S., Adnan, N. A., Kamal, S. M. Q. A. S., & Ali, I. M. (2016). The Effects of Environmental Disclosure on Financial Performance in Malaysia. Procedia Economics and Finance, 35, 117–126. https://doi.org/10.1016/s2212-5671(16)00016-2
  • Nunes, S., Lopes, R., & Fuller-Love, N. (2019). Networking, Innovation, and Firms’ Performance: Portugal as Illustration. Journal of the Knowledge Economy, 10(3), 899–920. https://doi.org/10.1007/s13132-017-0508-7
  • Park, J. H., Park, H. Y., & Lee, H. Y. (2018). The effect of social ties between outside and inside directors on the association between corporate social responsibility and firm value. Sustainability (Switzerland), 10(11), 1–24. https://doi.org/10.3390/su10113840
  • Pekovic, M. A. D. (2012). Environmental standards and labor productivity : Understanding the mechanisms that sustain sustainability. Journal of Organizational Behavior, 33(2), 193–215. https://doi.org/10.1002/job
  • Quartey, S. H., & Oguntoye, O. (2021). Understanding and promoting industrial sustainability in Africa through the triple helix approach: a conceptual model and research propositions. Journal of the Knowledge Economy, 12(3), 1100–1118. https://doi.org/10.1007/s13132-020-00660-2
  • Raja, A. (2018). sustainable business practices and stock performance : A study of BSE greenex and its constituents. International Bulletin of Management and Economics, 2018(July), 124–131.
  • Reimsbach, D., Braam, G., & Wang, Z. (2018). Political embeddedness and the diffusion of corporate social responsibility practices in China: A trade-off between financial and CSR performance? Journal of Cleaner Production, 198, 1185–1197. https://doi.org/10.1016/j.jclepro.2018.07.116
  • Setó-Pamies, D. (2013). The Relationship between women directors and corporate social responsibility. Corporate Social Responsibility and Environmental Management, 22(6). https://doi.org/10.1002/csr.1349
  • Shrivastav, S. M., & Kalsie, A. (2017). Corporate governance disclosure index and firm performance: evidence from NSE companies. Business Analyst, 38(1), 173–213.
  • Sial, M. S., Zheng, C., Cherian, J., Gulzar, M. A., Thu, P. A., Khan, T., & Khuong, N. V. (2018). Does corporate social responsibility mediate the relation between boardroom gender diversity and firm performance of Chinese listed companies? Sustainability (Switzerland), 10(10). https://doi.org/10.3390/su10103591
  • Siminica, M., Cristea, M., Sichigea, M., & Noja, G. G. (2019). Well-governed sustainability and financial performance : a new integrative approach. Sustainability, 11(17). https://doi.org/10.3390/su11174562
  • Sokołowski, M. M. (2019). When black meets green: A review of the four pillars of India’s energy policy. Energy Policy, 130(10), 60–68. https://doi.org/10.1016/j.enpol.2019.03.051
  • Thornton, L. M., Autry, C. W., & Gligor, D. M. (2013). Does socially responsible supplier selection pay off for customer firms ? A cross-cultural comparison University of Tennessee. Journal of Supply Chain Management, 49(3), 66–89. https://doi.org/10.1111/jscm.12014
  • Tiba, S., & Frikha, M. (2020). Sustainability challenge in the Agenda of African Countries: Evidence from simultaneous equations models. Journal of the Knowledge Economy, 11(3), 1270–1294. https://doi.org/10.1007/s13132-019-00605-4
  • Ukko, J., Nasiri, M., Saunila, M., & Rantala, T. (2019). Sustainability strategy as a moderator in the relationship between digital business strategy and fi nancial performance. Journal of Cleaner Production, 236, 117626. https://doi.org/10.1016/j.jclepro.2019.117626
  • VAIDYA, P. N. (2019). Board Size and Firm Performance: A Study on BSE 100 Companies. Journal of Management, 10(3), 117–123. https://doi.org/10.34218/jom.6.3.2019.013
  • Wiersum, K. F. (1995). 200 years of sustainability in forestry: Lessons from history. Environmental Management, 19(3), 321–329. https://doi.org/10.1007/BF02471975
  • Yoon, B., Lee, J. H., & Byun, R. (2018). Does ESG performance enhance firm value? Evidence from Korea. Sustainability (Switzerland), 10(10). https://doi.org/10.3390/su10103635
  • Younsi, M., & Nafla, A. (2019). Financial stability, monetary policy, and economic growth: Panel data evidence from developed and developing countries. Journal of the Knowledge Economy, 10(1), 238–260. https://doi.org/10.1007/s13132-017-0453-5