A Conceptual Analysis of the Relationship Between Environmental Strategy and Financial Performance
Keywords:
Environmental strategy, resource base view, eco efficiency, environmental management, energy efficiency.
Abstract
The resource-based view (RBV) is emerging as the dominant paradigm for comprehending the interaction between strategic management and the natural environment. Based on the RBV perspective, effective environmental strategies require more resources and capabilities. Firms with more resources can build environmental capabilities more easily as it allows them to invest in technological leadership and gain a competitive advantage. In addition, companies that actively integrate the environment into their business strategies possess sustainable competitive advantages. This paper outlines the concept to investigate the correlation between environmental strategies and financial performance. From the RBV's perspective, environmental strategies are valuable, rare, difficult to imitate, and capable of enhancing firms’ competitive advantage and financial performance. Consequently, firms that adopt environmental policies are poised to elevate their image and reputation among stakeholders, customers, and shareholders, augmenting their competitive advantage and performance. This study's findings are expected to enhance the literature on corporate environmental strategies by offering additional information regarding the impact of applying such strategies on financial success. The findings of this study are also anticipated to encourage corporations to adopt environmentally friendly practices
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References
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Elrayah, M., & Zakariya, A. (2024). INFLUENCE OF WORKPLACE GREEN PRACTICES ON ENVIRONMENTAL SUSTAINABLE PRODUCT SERVICE SYSTEM: MEDIATING ROLE OF GREEN INNOVATIONS. https://journalmodernpm.com/manuscript/index.php/jmpm/article/view/740
Fan, L. W., Pan, S. J., Liu, G. Q., & Zhou, P. (2017). Does energy efficiency affect financial performance? Evidence from Chinese energy-intensive firms. Journal of Cleaner Production, 151, 53–59.
Gazzola, P., Drago, C., Pavione, E., & Pignoni, N. (2024). Sustainable Business Models: An Empirical Analysis of Environmental Sustainability in Leading Manufacturing Companies. Sustainability, 16(19), 8282.
Gunarathne, A. D. N., Lee, K., & Hitigala Kaluarachchilage, P. K. (2021). Institutional pressures, environmental management strategy, and organizational performance: The role of environmental management accounting. Business Strategy and the Environment, 30(2), 825–839. https://doi.org/10.1002/bse.2656
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Hidayat, I., Abbas, D. S., Lam, N. T., & Sari, P. A. (2024). The role of environmental management accounting in mediating green innovation to firm value: Moderated by quality management. International Journal of Energy Economics and Policy, 14(3), 281–287.
Huang, S., & Ge, J. (2024). Is there heterogeneity in ESG disclosure by mining companies? A comparison of developed and developing countries. Environmental Impact Assessment Review, 104, 107348.
Huo, D., Yang, H., Zhou, X., & Kang, W. (2025). Key industrial sectors and their evolutionary trends in China’s embodied carbon emission network. Alexandria Engineering Journal. https://www.sciencedirect.com/science/article/pii/S1110016825000535
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Ma, D., & Zhu, Y. (2024). The impact of economic uncertainty on carbon emission: Evidence from China. Renewable and Sustainable Energy Reviews, 191, 114230.
Malhotra, G., Dandotiya, G., Shaiwalini, S., Khan, A., & Homechaudhuri, S. (2024). Benchmarking for organizational competitiveness: A resource-based view perspective. Benchmarking: An International Journal. https://www.emerald.com/insight/content/doi/10.1108/BIJ-09-2023-0668/full/html
Marei, A., Ashal, N., Abou-Moghli, A., Daoud, L., & Lutfi, A. (2024). The effect of strategic orientation on operational performance: The mediating role of operational sustainability. Business Strategy Review, 5(1), 346–355.
Meleddu, M., Vecco, M., & Mazzanti, M. (2024). The Role of Voluntary Environmental Policies Towards Achieving Circularity. Ecological Economics, 219, 108134.
Nikolakis, N., Catti, P., Chaloulos, A., van de Kamp, W., Coy, M. P., & Alexopoulos, K. (2024). A methodology to assess circular economy strategies for sustainable manufacturing using process eco-efficiency. Journal of Cleaner Production, 445, 141289.
Olarewaju, T., Dani, S., Obeng-Fosu, C., Olarewaju, T., & Jabbar, A. (2024). The Impact of Climate Action on the Financial Performance of Food, Grocery, and Supermarket Retailers in the UK. Sustainability, 16(5), 1785.
Palenychak, O., Hadzalo, A., & Nakonechnyi, R. (2024). Competitive Environmental Strategy of Agricultural Enterprises of the Carpathian Region of Ukraine. Baltic Journal of Economic Studies, 10(2), 211–218.
Pavel, T., Polina, S., & Liubov, N. (2024). The research of the impact of energy efficiency on mitigating greenhouse gas emissions at the national level. Energy Conversion and Management, 314, 118671.
Reid, A., Ringel, E., & Pendleton, S. M. (2024). Transparency reports as CSR reports: Motives, stakeholders, and strategies. Social Responsibility Journal, 20(1), 81–107.
Rugman, A. M., & Verbeke, A. (2002). Edith Penrose’s contribution to the resource?based view of strategic management. Strategic Management Journal, 23(8), 769–780. https://doi.org/10.1002/smj.240
Sáez de Guinoa Sentre, J., Llera-Sastresa, E., Senante, I., Pascual, S., & Romeo, L. M. (2024). Eco-efficiency assessment of carbon capture and hydrogen transition as decarbonization strategies in alumina production. https://zaguan.unizar.es/record/147686
Savitri, E., & Nik Abdullah, N. H. (2023). The effect of eco-efficiency and good corporate governance on firm value: Profitability as a mediator. Management & Accounting Review (MAR), 22(1), 379–399.
Tan, K., Siddik, A. B., Sobhani, F. A., Hamayun, M., & Masukujjaman, M. (2022). Do environmental strategy and awareness improve firms’ environmental and financial performance? The role of competitive advantage. Sustainability, 14(17), 10600.
Tiwari, S., Mentel, G., Mohammed, K. S., Rehman, M. Z., & Lewandowska, A. (2024). Unveiling the role of natural resources, energy transition and environmental policy stringency for sustainable environmental development: Evidence from BRIC+ 1. Resources Policy, 96, 105204.
Wang, J., & Azam, W. (2024a). Natural resource scarcity, fossil fuel energy consumption, and total greenhouse gas emissions in top emitting countries. Geoscience Frontiers, 15(2), 101757.
Wang, J., & Azam, W. (2024b). Natural resource scarcity, fossil fuel energy consumption, and total greenhouse gas emissions in top emitting countries. Geoscience Frontiers, 15(2), 101757.
Wiredu, J., Yang, Q., Sampene, A. K., Gyamfi, B. A., & Asongu, S. A. (2024). The effect of green supply chain management practices on corporate environmental performance: Does supply chain competitive advantage matter? Business Strategy and the Environment, 33(3), 2578–2599. https://doi.org/10.1002/bse.3606
Wu, Y., & Tham, J. (2023). The impact of environmental regulation, Environment, Social and Government Performance, and technological innovation on enterprise resilience under a green recovery. Heliyon, 9(10), e20278. https://doi.org/10.1016/j.heliyon.2023.e20278
Yang, Y., Chen, J., Lee, P. K., & Cheng, T. C. E. (2023). How to enhance the effects of the green supply chain management strategy in the organization: A diffusion process perspective. Transportation Research Part E: Logistics and Transportation Review, 175, 103148.
Ahmed, R. R., Streimikiene, D., & Zheng, X. (2021). The impact of proactive environmental strategy on competitive and sustainable development of organizations. Journal of Competitiveness. https://opus.lib.uts.edu.au/handle/10453/154416
Ahsan, M. J. (2024). Green leadership and innovation: Catalysts for environmental performance in Italian manufacturing. International Journal of Organizational Analysis. https://www.emerald.com/insight/content/doi/10.1108/IJOA-04-2024-4450/full/html
Albitar, K., Al-Shaer, H., & Liu, Y. S. (2023). Corporate commitment to climate change: The effect of eco-innovation and climate governance. Research Policy, 52(2), 104697.
Ali, Q., Salman, A., & Parveen, S. (2022). Evaluating the effects of environmental management practices on environmental and financial performance of firms in Malaysia: The mediating role of ESG disclosure. Heliyon, 8(12). https://www.cell.com/heliyon/fulltext/S2405-8440(22)03774-4
Alkandi, I., Alhajri, N., & Alnajim, A. (2024). Green Supply Chain Management, Business Performance, and Future Challenges: Evidence from Emerging Industrial Sector. Sustainability, 17(1), 29.
Alkaraan, F., Elmarzouky, M., Hussainey, K., Venkatesh, V. G., Shi, Y., & Gulko, N. (2024). Reinforcing green business strategies with Industry 4.0 and governance towards sustainability: Natural?resource?based view and dynamic capability. Business Strategy and the Environment, 33(4), 3588–3606. https://doi.org/10.1002/bse.3665
Ardini, L., & Fahlevi, M. (2024). Circular economy from an environmental accounting perspective: Strengthening firm performance through green supply chain management and import regulation in Indonesia’s plastic recycling industry. Uncertain Supply Chain Management, 12(3), 1633–1646.
Awewomom, J., Dzeble, F., Takyi, Y. D., Ashie, W. B., Ettey, E. N. Y. O., Afua, P. E., Sackey, L. N. A., Opoku, F., & Akoto, O. (2024). Addressing global environmental pollution using environmental control techniques: A focus on environmental policy and preventive environmental management. Discover Environment, 2(1), 8. https://doi.org/10.1007/s44274-024-00033-5
Bakhsh, S., Zhang, W., Ali, K., & Oláh, J. (2024). Strategy towards sustainable energy transition: The effect of environmental governance, economic complexity and geopolitics. Energy Strategy Reviews, 52, 101330.
Baquero, A. (2024). Optimizing green knowledge acquisition through entrepreneurial orientation and resource orchestration for sustainable business performance. Marketing Intelligence & Planning. https://www.emerald.com/insight/content/doi/10.1108/MIP-07-2023-0330/full/html
Bokhari, S. A. A., Aftab, M., Yaqub, M. Z., Ali, M., & Malik, A. (2024). Entrepreneurs’ dynamic managerial capabilities as a source of sustained competitive advantage for small and medium enterprises. International Journal of Business Performance Management, 25(2), 219–241. https://doi.org/10.1504/IJBPM.2024.137002
Cappelletti, F., & Germani, M. (2024). Carbon reduction engineering through value chains intersection, product and process re-design, industrial processes’ scraps de-manufacturing. International Journal of Production Research, 62(18), 6801–6822. https://doi.org/10.1080/00207543.2023.2243527
Challoumis, C. (2024). Building a sustainable economy-how AI can optimize resource allocation. XVI International Scientific Conference, 190–224. https://conference-w.com/wp-content/uploads/2024/10/USA.P-0304102024.pdf#page=191
Cheng, K., Jin, Z., & Wu, G. (2024). Unveiling the role of artificial intelligence in influencing enterprise environmental performance: Evidence from China. Journal of Cleaner Production, 440, 140934.
Cormier, D., Ledoux, M-J. & Magnan, M. (2011). The Informational Contribution of Social and Environmental Disclosures for Investors. 31ème Congrès de l'Association Francophone de Comptabilité. 49. 10.2139/ssrn.1327044.
Dorfman, M., White, A., Becker, M., & Jackson, T. (2024). Profiting from Pollution Prevention—Better environmental protection; improved economic competitiveness. In Clean Production Strategies Developing Preventive Environmental Management in the Industrial Economy (pp. 189–206). CRC Press. https://www.taylorfrancis.com/chapters/edit/10.1201/9781003575535-12/profiting-pollution-prevention-better-environmental-protection-improved-economic-competitiveness-dorfman-white-becker-jackson
Ebire, K., Onmonya, L., Ofikwu, C., & Adegbenro, D. (2024). Working capital management and financial performance: Evidence from alternative energy firms in the UK. International Journal of Professional Business Review, 9(4), e04435–e04435.
Elrayah, M., & Zakariya, A. (2024). INFLUENCE OF WORKPLACE GREEN PRACTICES ON ENVIRONMENTAL SUSTAINABLE PRODUCT SERVICE SYSTEM: MEDIATING ROLE OF GREEN INNOVATIONS. https://journalmodernpm.com/manuscript/index.php/jmpm/article/view/740
Fan, L. W., Pan, S. J., Liu, G. Q., & Zhou, P. (2017). Does energy efficiency affect financial performance? Evidence from Chinese energy-intensive firms. Journal of Cleaner Production, 151, 53–59.
Gazzola, P., Drago, C., Pavione, E., & Pignoni, N. (2024). Sustainable Business Models: An Empirical Analysis of Environmental Sustainability in Leading Manufacturing Companies. Sustainability, 16(19), 8282.
Gunarathne, A. D. N., Lee, K., & Hitigala Kaluarachchilage, P. K. (2021). Institutional pressures, environmental management strategy, and organizational performance: The role of environmental management accounting. Business Strategy and the Environment, 30(2), 825–839. https://doi.org/10.1002/bse.2656
Han, Y., Zhang, F., Huang, L., Peng, K., & Wang, X. (2021). Does industrial upgrading promote eco-efficiency?? A panel space estimation based on Chinese evidence. Energy Policy, 154, 112286.
Hariadi, S., Moengin, P., & Maulidya, R. (2023). Impact of green practices through green product and service innovation: Sustainable product-service system performance model. International Journal of Sustainable Engineering, 16(1), 1–15. https://doi.org/10.1080/19397038.2023.2205873
Hendijani, R., & Saeidi Saei, R. (2024). Supply chain integration, competitive strategies and firm performance. International Journal of Organizational Analysis. https://www.emerald.com/insight/content/doi/10.1108/IJOA-06-2023-3788/full/html
Hidayat, I., Abbas, D. S., Lam, N. T., & Sari, P. A. (2024). The role of environmental management accounting in mediating green innovation to firm value: Moderated by quality management. International Journal of Energy Economics and Policy, 14(3), 281–287.
Huang, S., & Ge, J. (2024). Is there heterogeneity in ESG disclosure by mining companies? A comparison of developed and developing countries. Environmental Impact Assessment Review, 104, 107348.
Huo, D., Yang, H., Zhou, X., & Kang, W. (2025). Key industrial sectors and their evolutionary trends in China’s embodied carbon emission network. Alexandria Engineering Journal. https://www.sciencedirect.com/science/article/pii/S1110016825000535
Jiang, Y., Guo, Y., Bashir, M. F., & Shahbaz, M. (2024). Do renewable energy, environmental regulations and green innovation matter for China’s zero carbon transition: Evidence from green total factor productivity. Journal of Environmental Management, 352, 120030.
Jum’a, L., Alkalha, Z., & Alaraj, M. (2024). Towards environmental sustainability: The nexus between green supply chain management, total quality management, and environmental management practices. International Journal of Quality & Reliability Management, 41(5), 1209–1234.
Ma, D., & Zhu, Y. (2024). The impact of economic uncertainty on carbon emission: Evidence from China. Renewable and Sustainable Energy Reviews, 191, 114230.
Malhotra, G., Dandotiya, G., Shaiwalini, S., Khan, A., & Homechaudhuri, S. (2024). Benchmarking for organizational competitiveness: A resource-based view perspective. Benchmarking: An International Journal. https://www.emerald.com/insight/content/doi/10.1108/BIJ-09-2023-0668/full/html
Marei, A., Ashal, N., Abou-Moghli, A., Daoud, L., & Lutfi, A. (2024). The effect of strategic orientation on operational performance: The mediating role of operational sustainability. Business Strategy Review, 5(1), 346–355.
Meleddu, M., Vecco, M., & Mazzanti, M. (2024). The Role of Voluntary Environmental Policies Towards Achieving Circularity. Ecological Economics, 219, 108134.
Nikolakis, N., Catti, P., Chaloulos, A., van de Kamp, W., Coy, M. P., & Alexopoulos, K. (2024). A methodology to assess circular economy strategies for sustainable manufacturing using process eco-efficiency. Journal of Cleaner Production, 445, 141289.
Olarewaju, T., Dani, S., Obeng-Fosu, C., Olarewaju, T., & Jabbar, A. (2024). The Impact of Climate Action on the Financial Performance of Food, Grocery, and Supermarket Retailers in the UK. Sustainability, 16(5), 1785.
Palenychak, O., Hadzalo, A., & Nakonechnyi, R. (2024). Competitive Environmental Strategy of Agricultural Enterprises of the Carpathian Region of Ukraine. Baltic Journal of Economic Studies, 10(2), 211–218.
Pavel, T., Polina, S., & Liubov, N. (2024). The research of the impact of energy efficiency on mitigating greenhouse gas emissions at the national level. Energy Conversion and Management, 314, 118671.
Reid, A., Ringel, E., & Pendleton, S. M. (2024). Transparency reports as CSR reports: Motives, stakeholders, and strategies. Social Responsibility Journal, 20(1), 81–107.
Rugman, A. M., & Verbeke, A. (2002). Edith Penrose’s contribution to the resource?based view of strategic management. Strategic Management Journal, 23(8), 769–780. https://doi.org/10.1002/smj.240
Sáez de Guinoa Sentre, J., Llera-Sastresa, E., Senante, I., Pascual, S., & Romeo, L. M. (2024). Eco-efficiency assessment of carbon capture and hydrogen transition as decarbonization strategies in alumina production. https://zaguan.unizar.es/record/147686
Savitri, E., & Nik Abdullah, N. H. (2023). The effect of eco-efficiency and good corporate governance on firm value: Profitability as a mediator. Management & Accounting Review (MAR), 22(1), 379–399.
Tan, K., Siddik, A. B., Sobhani, F. A., Hamayun, M., & Masukujjaman, M. (2022). Do environmental strategy and awareness improve firms’ environmental and financial performance? The role of competitive advantage. Sustainability, 14(17), 10600.
Tiwari, S., Mentel, G., Mohammed, K. S., Rehman, M. Z., & Lewandowska, A. (2024). Unveiling the role of natural resources, energy transition and environmental policy stringency for sustainable environmental development: Evidence from BRIC+ 1. Resources Policy, 96, 105204.
Wang, J., & Azam, W. (2024a). Natural resource scarcity, fossil fuel energy consumption, and total greenhouse gas emissions in top emitting countries. Geoscience Frontiers, 15(2), 101757.
Wang, J., & Azam, W. (2024b). Natural resource scarcity, fossil fuel energy consumption, and total greenhouse gas emissions in top emitting countries. Geoscience Frontiers, 15(2), 101757.
Wiredu, J., Yang, Q., Sampene, A. K., Gyamfi, B. A., & Asongu, S. A. (2024). The effect of green supply chain management practices on corporate environmental performance: Does supply chain competitive advantage matter? Business Strategy and the Environment, 33(3), 2578–2599. https://doi.org/10.1002/bse.3606
Wu, Y., & Tham, J. (2023). The impact of environmental regulation, Environment, Social and Government Performance, and technological innovation on enterprise resilience under a green recovery. Heliyon, 9(10), e20278. https://doi.org/10.1016/j.heliyon.2023.e20278
Yang, Y., Chen, J., Lee, P. K., & Cheng, T. C. E. (2023). How to enhance the effects of the green supply chain management strategy in the organization: A diffusion process perspective. Transportation Research Part E: Logistics and Transportation Review, 175, 103148.
Published
2025-02-18
How to Cite
Abdullah, M. A., & Zahira Rusli, A. R. (2025). A Conceptual Analysis of the Relationship Between Environmental Strategy and Financial Performance. Information Management and Business Review, 17(1(I), 214-222. https://doi.org/10.22610/imbr.v17i1(I).4389
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Research Paper
Copyright (c) 2025 Mazliza Azuana Abdullah, Arina Rus Zahira Rusli
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