A FIRM’S MARKET PERFORMANCE: HOW DOES SUSTAINABILITY PRACTICE INFLUENCE IT?
DOI:
https://doi.org/10.2478/eoik-2025-0020Keywords:
Employee Engagement, CSR, Environmental Concern, Sustainability Practice, Market PerformanceAbstract
The study’s central theme is sustainability practice. It aims to mea-
sure the impact of sustainability practices on market performance.
The study is quantitative, and data was obtained through a structured
questionnaire using a five-point Likert scale. Different firms, such as
manufacturing, non-manufacturing, and service support, run the sur-
vey by sharing the data (n=200). Data were analysed through Smart
PLS version 4.1.0.0, employing a structural equation model (SEM)
technique to measure the impact of endogenous variables. All three
variables (Employee engagement in sustainability, corporate social
responsibility, and environmental concern) positively and significant-
ly impact sustainability practice. Thus, the study’s central finding is
that sustainability practice positively influences the market perfor-
mance of the firms, and the association is also significant. Compa-
nies that adopt sustainable practices can differentiate themselves in
the market, potentially improving their competitiveness. Companies
can exploit the notion that sustainability is a highly efficient technique
for stimulating growth. Integrating sustainable principles can lead to
long-lasting economic advantages. The novelty of this work is that
it considers sustainability practices to determine the impact on mar-
ket performance. Future work can be conducted on the specification
of market performance, such as sales growth, return on investment
(ROI), return on assets (ROA), and earnings per share (EPS).
References
Acquaye, A., Ibn-Mohammed, T., Genovese, A., Afrifa, G. A., Yamoah, F. A., & Oppon, E. (2018).
A quantitative model for environmentally sustainable supply chain performance measure-
ment. European journal of operational research, 269(1), 188-205. https://doi.org/10.1016/j.
ejor.2017.10.057
Alanazi, S., Dekhaela, S., Obaidy, S., Mutairi, F., Majid, K., Mufrij, H., Altoub, A., Badali, H. A.,
Alshakrah, M.., & Al Sufian, T. (2023). Assessment of employee engagement in pharmaceutical
care service at King Abdulaziz Medical City–Central region (KAMC): A cross-sectional study.
Saudi Pharmaceutical Journal, 31(5), 765-772. https://doi.org/10.1016/j.jsps.2023.03.017
Ali Qalati, S., Barbosa, B., & Iqbal, S. (2023). The effect of firms’ environmentally sustainable practices
on economic performance. Economic research-Ekonomska istraživanja, 36(3). https://doi.org/1
1080/1331677X.2023.2199822
Allal-Chérif, O., Climent, J. C., & Berenguer, K. J. U. (2023). Born to be sustainable: How to com-
bine strategic disruption, open innovation, and process digitization to create a sustainable busi-
ness. Journal of Business Research, 154, 113379. https://doi.org/10.1016/j.jbusres.2022.113379
Arbolino, R., Boffardi, R., Ioppolo, G., Lantz, T., & Rosa, P. (2022). Evaluating industrial sustain-
ability in OECD countries: A cross-country comparison. Journal of Cleaner Production, 331,
https://doi.org/10.1016/j.jclepro.2021.129773
Arısal, İ., & Atalar, T. (2016). The exploring relationships between environmental concern, collectiv-
ism and ecological purchase intention. Procedia-Social and Behavioral Sciences, 235, 514-521.
https://doi.org/10.1016/j.sbspro.2016.11.063
Bacinello, E., Tontini, G., & Alberton, A. (2020). Influence of maturity on corporate social responsibility
and sustainable innovation in business performance. Corporate Social Responsibility and Envi-
ronmental Management, 27(2), 749–759. https://doi.org/10.1002/csr.1841
Balqiah, T. E., Astuti, R. D., Martdianty, F., & Hati, S. R. H. (2023). Corporate social responsibility and
customer’s responses: CSR authenticity and government intervention during the COVID-19
pandemic. Heliyon, 9(5). https://doi.org/10.1016/j.heliyon.2023.e15962
Barreto, L. S., Freitas, V., & de Paula, V. A. F. (2024). Sustainable Supply Chain Innovation and Market
Performance: The Role of Sensing and Innovation Capabilities. Cleaner and Responsible Con-
sumption, 100199. https://doi.org/10.1016/j.clrc.2024.100199
Başar, D. (2024). The relationship between employee experience and employee engagement with
the moderating role of positive affect in finance sector. Borsa Istanbul Review. https://doi.
org/10.1016/j.bir.2024.05.002
Bhattacharyya, S. (2024, July 11). Sustainability is a key factor in improved financial performance:
KPMG. Esgdive. Retrieved August 19, 2024, from https://www.esgdive.com/news/sustainabili-
ty-is-a-key-factor-in-improved-financial-performance-kpmg/721079/
Buranasiri, B., Lai, P. L., Woo, S., & Piboonrungroj, P. (2024). Impact of sustainable development goal
orientation on supply chain collaboration and sustained competitive advantage: Evidence from
the tea and coffee industry. The Asian Journal of Shipping and Logistics, 40(2), 83-88. https://
doi.org/10.1016/j.ajsl.2024.01.004
Çağlıyan, V., Attar, M., & Abdul-Kareem, A. (2022). Assessing the mediating effect of sustainable
competitive advantage on the relationship between organisational innovativeness and firm
performance. Competitiveness Review: An International Business Journal, 32(4), 618-639.
https://doi.org/10.1108/CR-10-2020-0129
Cerciello, M., Busato, F., & Taddeo, S. (2023). The effect of sustainable business practices on profit-
ability. Accounting for strategic disclosure. Corporate Social Responsibility and Environmental
Management, 30(2), 802-819. https://doi.org/10.1002/csr.2389
Chang, L., & Yu, Q. (2024). Sustainability-oriented social responsibility and corporate innovation. Chi-
na Journal of Accounting Research, 17(2), 100359. https://doi.org/10.1016/j.cjar.2024.100359
Chen, A., Li, L., & Shahid, W. (2024). Digital transformation as the driving force for sustainable business
performance: A moderated mediation model of market-driven business model innovation and
digital leadership capabilities. Heliyon, 10(8). https://doi.org/10.1016/j.heliyon.2024.e29509
Cheung, J., Fillare, C., Gonzalez-Wertz, C., Nowak, C., Orrell, G., & Peterson, S. (2022). Balancing
sustainability and profitability. How businesses can protect people, planet, and the bottom line.
IBM. https://www.ibm.com/thought-leadership/institute-business-value/en-us/report/2022-sus-
tainability-consumer-research
Degnet, M. B., Hansson, H., Hoogstra-Klein, M. A., & Roos, A. (2022). The role of personal values and
personality traits in environmental concern of non-industrial private forest owners in Sweden.
Forest Policy and Economics, 141, 102767. https://doi.org/10.1016/j.forpol.2022.102767
Dey, A., LaGuardia, P., & Srinivasan, M. (2011). Building sustainability in logistics opera-
tions: a research agenda. Management Research Review, 34(11), 1237-1259. https://doi.
org/10.1108/01409171111178774
Dey, M., Bhattacharjee, S., Mahmood, M., Uddin, M. A., & Biswas, S. R. (2022). Ethical leadership for
better sustainable performance: Role of employee values, behavior and ethical climate. Journal
of Cleaner Production, 337, 130527. https://doi.org/10.1016/j.jclepro.2022.130527
Ding, Y., Liu, Y., Liu, S., Li, Z., Tan, X., Huang, X., Zeng, G., Zhou, L., & Zheng, B. (2016). Biochar
to improve soil fertility. A review. Agronomy for sustainable development, 36, 1-18. https://doi.
org/10.1007/s13593-016-0372-z
Fazlollahtabar, H. (2022). Mathematical Modeling for Sustainability Evaluation in a Multi-Layer Sup-
ply Chain. Journal of Engineering Management and Systems Engineering, 1(1), 2-14. https://
doi.org/10.56578/jemse010102
Fornell, C., & Larcker, D. F. (1981). Evaluating structural equation models with unobservable vari-
ables and measurement error. Journal of Marketing Research, 18, 39–50. https://doi.
org/10.1177/002224378101800104
Franzen, A., & Bahr, S. (2024). The development of global environmental concern during the last three
decades. Current Research in Environmental Sustainability, 8, 100260. https://doi.org/10.1016/j.
crsust.2024.100260
Gangwani, K. K., & Bhatia, M. S. (2024). The effect of market orientation and technology orientation
on industry 4.0 technologies and market performance: role of innovation capability. Industrial
Marketing Management, 118, 231-241. https://doi.org/10.1016/j.indmarman.2024.03.004
Garg, R., Chhikara, R., Agrawal, G., Rathi, R., & Arya, Y. (2024). Sustainable Marketing Mix and
Supply Chain Integration: A Systematic Review and Research Agenda. Sustainable Futures,
https://doi.org/10.1016/j.sftr.2024.100269
Ghani, B., Hyder, S. I., Yoo, S., & Han, H. (2023). Does employee engagement promote innovation? The
Facilitators of innovative workplace behavior via mediation and moderation. Heliyon, 9(11).
https://doi.org/10.1016/j.heliyon.2023.e21817
Gold, A. H., Malhotra, A., & Segars, A. H. (2001). Knowledge management: An organizational capabil-
ities perspective. Journal of management information systems, 18(1), 185-214. https://doi.org/1
1080/07421222.2001.11045669
Hair Jr, J., Hair Jr, J. F., Hult, G. T. M., Ringle, C. M., & Sarstedt, M. (2021). A primer on partial least
squares structural equation modeling (PLS-SEM). Sage publications. https://www.researchgate.
net/publication/354331182_A_Primer_on_Partial_Least_Squares_Structural_Equation_Mod-
eling_PLS-SEM#fullTextFileContent
Hair, J. F., Black, W. C., Babin, B. J., & Anderson, R. E. (2010). Multivariate Data Analysis: A Global
Perspective (7th ed.). Pearson Education. https://www.drnishikantjha.com/papersCollection/
Multivariate%20Data%20Analysis.pdf
Hair, J. F., Hult, G. T. M., Ringle, C. M., and Sarstedt, M. (2016). A Primer on Partial Least Squares
Structural Equation Modeling (PLS-SEM). 2nd edition. Thousand Oaks, CA: Sage. https://
www.researchgate.net/publication/303522804_A_Primer_on_Partial_Least_Squares_Structur-
al_Equation_Modeling_PLS-SEM_2nd_edition
Hair, J. F., Ringle, C. M., & Sarstedt, M. (2011). PLS-SEM: Indeed a Silver Bullet. The Journal of
Marketing Theory and Practice, 19(2), 139–152. https://doi.org/10.2753/mtp1069-6679190202
Hair, J. F., Ringle, C. M., & Sarstedt, M. (2011). PLS-SEM: Indeed a silver bullet. Journal of Marketing
theory and Practice, 19(2), 139-152. https://doi.org/10.2753/MTP1069-6679190202
Hair, J. F., Risher, J. J., Sarstedt, M., & Ringle, C. M. (2019). When to use and how to report the results of
PLS-SEM. European Business Review, 31(1), 2–24. https://doi.org/10.1108/ebr-11-2018-0203
Hair, Jr, J. F., Sarstedt, M., Matthews, L. M., & Ringle, C. M. (2016). Identifying and treating unob-
served heterogeneity with FIMIX-PLS: part I–method. European business review, 28(1), 63-76.
https://doi.org/10.1108/EBR-09-2015-0094
Haj-Salem, N., Ishaq, M. I., & Raza, A. (2022). How anticipated pride and guilt influence green con-
sumption in the Middle East: The moderating role of environmental consciousness. Journal of
Retailing and Consumer Services, 68, 103062. https://doi.org/10.1016/j.jretconser.2022.103062
Hanafiah, M. H. (2020). Formative vs. reflective measurement model: Guidelines for structural equation
modeling research. International Journal of Analysis and Applications, 18(5), 876-889. https://
doi.org/10.28924/2291-8639-18-2020-876
Hassini, E., Surti, C., & Searcy, C. (2012). A literature review and a case study of sustainable supply
chains with a focus on metrics. International journal of production economics, 140(1), 69-82.
https://doi.org/10.1016/j.ijpe.2012.01.042
Heikkurinen, P., & Bonnedahl, K. J. (2013). Corporate responsibility for sustainable development: a
review and conceptual comparison of market-and stakeholder-oriented strategies. Journal of
Cleaner Production, 43, 191-198. https://doi.org/10.1016/j.jclepro.2012.12.021
Henseler, J., Ringle, C. M., & Sarstedt, M. (2015). A new criterion for assessing discriminant validity in
variance-based structural equation modeling. Journal of the academy of marketing science, 43,
-135. https://doi.org/10.1007/s11747-014-0403-8
Hoyle, R. H. (Ed.). (1995). Structural equation modeling: Concepts, issues, and applications. Sage.
https://books.google.com.bd/books/about/Structural_Equation_Modeling.html?id=zFMY-
JqVeQUEC&redir_esc=y
Huseyn, A., & Abasova, Y. (2024). Ecological entrepreneurship: Empirical research on the sustainable
development of ecotourism in Azerbaijan. Collection of papers new economy, 2, 1-13. https://
doi.org/10.61432/CPNE0201001h
Islam, T., Islam, R., Pitafi, A. H., Xiaobei, L., Rehmani, M., Irfan, M., & Mubarak, M. S. (2021). The
impact of corporate social responsibility on customer loyalty: The mediating role of corporate
reputation, customer satisfaction, and trust. Sustainable Production and Consumption, 25, 123-
https://doi.org/10.1016/j.spc.2020.07.019
Jaboob, M., Awain, A. M. S. B., & Al-Ansi, A. M. (2023). Sustaining employees’ creativity through the
organizational justice: The mediating role of leadership styles. Social Sciences & Humanities
Open, 8(1), 100693. https://doi.org/10.1016/j.ssaho.2023.100693
Jaehn, F. (2016). Sustainable operations. European Journal of Operational Research, 253(2), 243-264.
https://doi.org/10.1016/j.ejor.2016.02.046
Jager, J., Putnick, D. L., & Bornstein, M. H. (2017). II. More than just convenient: The scientific merits
of homogeneous convenience samples. Monographs of the society for research in child devel-
opment, 82(2), 13-30. https://doi.org/10.1111/mono.12296
Jamal, F. N., Solihudin, A. R., Gumelar, B., Rahmi, M., Rahmiati, F., & Selina, E. (2024). Modeling
Consumer Decisions for Purchasing Green Products: Insights into Environmentally Conscious
Companies. Journal of Green Economy and Low-Carbon Development, 3(2), 122-131. https://
doi.org/10.56578/jgelcd030205
Jefroudi, M. T., & Darestani, S. A. (2024). A decision support system for sustainable supplier selec-
tion problem: evidence from a radiator manufacturing industry. Journal of Engineering Re-
search. https://doi.org/10.1016/j.jer.2024.03.014
Jeha, H., Knio, M., & Bellos, G. (2022). The Impact of Compensation Practices on Employees’ Engage-
ment and Motivation in Times of COVID-19. COVID-19: Tackling Global Pandemics through
Scientific and Social Tools, 131-149. https://doi.org/10.1016/B978-0-323-85844-1.00004-0
Jyoti, G., & Khanna, A. (2023). How does sustainability performance affect firms’ market performance?
An empirical investigation in the Indian context. Environment, Development and Sustainability,
-27. https://doi.org/10.1007/s10668-023-03482-9
Kalogiannidis, S., Kalfas, D., Loizou, E., Papaevangelou, O., & Chatzitheodoridis, F. (2023). Smart
Sustainable Marketing and Emerging Technologies: Evidence from the Greek Business Mar-
ket. Sustainability, 16(1), 312. https://doi.org/10.3390/su16010312
Kantabutra, S. (2024). Toward a sustainability performance management framework. Heliyon, 10(13).
https://doi.org/10.1016/j.heliyon.2024.e33729
Katenova, M., & Qudrat-Ullah, H. (2024). Corporate social responsibility and firm performance: Case
of Kazakhstan. Heliyon, 10(10). https://doi.org/10.1016/j.heliyon.2024.e31580
Keränen, O., Lehtimäki, T., Komulainen, H., & Ulkuniemi, P. (2023). Changing the market for a sus-
tainable innovation. Industrial Marketing Management, 108, 108-121. https://doi.org/10.1016/j.
indmarman.2022.11.005
Khan, R. U., Saqib, A., Abbasi, M. A., Mikhaylov, A., & Pinter, G. (2023). Green Leadership, environ-
mental knowledge Sharing, and sustainable performance in manufacturing Industry: Applica-
tion from upper echelon theory. Sustainable Energy Technologies and Assessments, 60, 103540.
https://doi.org/10.1016/j.seta.2023.103540
Khaskhely, M. K., Qazi, S. W., Khan, N. R., Hashmi, T., & Chang, A. a. R. (2022). Understanding the
Impact of Green Human Resource Management Practices and Dynamic Sustainable Capabili-
ties on Corporate Sustainable Performance: Evidence From the Manufacturing Sector. Frontiers
in Psychology, 13. https://doi.org/10.3389/fpsyg.2022.844488
Kim, H. J., Han, G. S., & Jung, H. S. (2024). Managing the lifecycle of perovskite solar cells: Address-
ing stability and environmental concerns from utilization to end-of-life. eScience, 100243.3.
https://doi.org/10.1016/j.esci.2024.100243
Kim, M. J., & Hall, C. M. (2021). Do perceived risk and intervention affect crowdfunder behavior for
the sustainable development goals? A model of goal-directed behavior. Journal of Cleaner Pro-
duction, 311, 127614. https://doi.org/10.1016/j.jclepro.2021.127614
Kline, R. B. (2023). Principles and practice of structural equation modeling. Guilford publications.
https://doi.org/10.25336/csp2941B
Kock, N. (2015). Common method bias in PLS-SEM: A full collinearity assessment approach. Interna-
tional Journal of e-Collaboration (ijec), 11(4), 1-10. DOI: 10.4018/ijec.2015100101
Kuzmak, O., & Kuzmak, O. (2023). Social responsibility of business towards sustainable development:
Case of Ukraine. Collection of papers new economy, 1, 126-148. https://doi.org/10.61432/
CPNE0101126k
León-Bravo, V., & Caniato, F. (2023). Sustainability performance measurement in the food supply
chain: Trade-offs, institutional pressures, and contextual factors. European Management Jour-
nal. https://doi.org/10.1016/j.emj.2023.04.004
Ly, B. (2024). Inclusion leadership and employee work engagement: The role of organizational commit-
ment in Cambodian public organization. Asia Pacific Management Review, 29(1), 44-52. https://
doi.org/10.1016/j.apmrv.2023.06.003
Maduku, D. K. (2024). How environmental concerns influence consumers’ anticipated emotions to-
wards sustainable consumption: The moderating role of regulatory focus. Journal of Retailing
and Consumer Services, 76, 103593. https://doi.org/10.1016/j.jretconser.2023.103593
Mahmood, A., & Bashir, J. (2020). How does corporate social responsibility transform brand repu-
tation into brand equity? Economic and noneconomic perspectives of CSR. Internation-
al Journal of Engineering Business Management, 12, 1847979020927547. https://doi.
org/10.1177/1847979020927547
Mansouri, S., & Momtaz, P. P. (2022). Financing sustainable entrepreneurship: ESG measurement, valu-
ation, and performance. Journal of Business Venturing, 37(6), 106258. https://doi.org/10.1016/j.
jbusvent.2022.106258
Marrucci, L., Daddi, T., & Iraldo, F. (2024). Creating environmental performance indicators to assess
corporate sustainability and reward employees. Ecological Indicators, 158, 111489. https://doi.
org/10.1016/j.ecolind.2023.111489
Mastilo, Z., Štilić, A., Gligović, D., & Puška, A. (2024). Assessing the banking sector of Bosnia and
Herzegovina: An analysis of financial indicators through the MEREC and MARCOS meth-
ods. Journal of Central Banking Theory and Practice, 13(1), 167–197. https://doi.org/10.2478/
jcbtp-2024-0008
Mkadmi, J. E., & Ali, W. B. (2024). How does tax avoidance affect corporate social responsibility and
financial ratio in emerging economies?. Journal of Economic Criminology, 5, 100070. https://
doi.org/10.1016/j.jeconc.2024.100070
Moslehpour, M., Chau, K. Y., Tu, Y. T., Nguyen, K. L., Barry, M., & Reddy, K. D. (2022b). Impact
of corporate sustainable practices, government initiative, technology usage, and organizational
culture on automobile industry sustainable performance. Environmental Science and Pollution
Research, 29(55), 83907–83920. https://doi.org/10.1007/s11356-022-21591-2
Nogueira, E., Gomes, S., & Lopes, J. M. (2023). A meta-regression analysis of environmental sustain-
ability practices and firm performance. Journal of Cleaner Production, 426, 139048. https://doi.
org/10.1016/j.jclepro.2023.139048
Noor, J., Tunnufus, Z., Handrian, V. Y., & Yumhi, Y. (2023). Green human resources management
practices, leadership style and employee engagement: Green banking context. Heliyon, 9(12).
https://doi.org/10.1016/j.heliyon.2023.e22473
Obuobisa-Darko, T., & Sokro, E. (2023). Psychological impact of COVID-19 pandemic and turnover
intention: The moderating effect of employee work engagement. Social Sciences & Humanities
Open, 8(1), 100596. https://doi.org/10.1016/j.ssaho.2023.100596
Orazalin, N. (2020). Do board sustainability committees contribute to corporate environmental and
social performance? The mediating role of corporate social responsibility strategy. Business
Strategy and the Environment, 29(1), 140–153. https://doi.org/10.1002/bse.2354
Pham, D. C., Do, T. N. A., Doan, T. N., Nguyen, T. X. H., & Pham, T. K. Y. (2021). The impact of sus-
tainability practices on financial performance: empirical evidence from Sweden. Cogent Busi-
ness & Management, 8(1), 1912526. https://doi.org/10.1080/23311975.2021.1912526
Prentice, C., Wong, I. A., & Lin, Z. C. (2023). Artificial intelligence as a boundary-crossing object
for employee engagement and performance. Journal of Retailing and Consumer Services, 73,
https://doi.org/10.1016/j.jretconser.2023.103376
Puška, A., Maksimović, A., & Stojanović, I. (2018). Improving organizational learning by sharing in-
formation through innovative supply chain in agro-food companies from Bosnia and Herze-
govina. Operational Research in Engineering Sciences: Theory and Applications, 1(1), 76–90.
https://oresta.org/menu-script/index.php/oresta/article/view/7
Rego, A., Cunha, M. P. E., & Polónia, D. (2017). Corporate sustainability: A view from the top. Journal
of Business Ethics, 143, 133-157. https://doi.org/10.1007/s10551-015-2760-8
Riaz, M. & Farid, H. M. A. (2023). Enhancing Green Supply Chain Efficiency Through Linear Dio-
phantine Fuzzy Soft-Max Aggregation Operators. Journal of Industrial Intelligence, 1(1), 8-29.
https://doi.org/10.56578/jii010102
Sarstedt, M., Hair, J. F., & Ringle, C. M. (2023). “PLS-SEM: Indeed a silver bullet”–retrospective
observations and recent advances. Journal of marketing theory and practice, 31(3), 261-275.
https://doi.org/10.1080/10696679.2022.2056488
Schaefer, S. D., Terlutter, R., & Diehl, S. (2019). Is my company really doing good? Factors influ-
encing employees’ evaluation of the authenticity of their company’s corporate social responsi-
bility engagement. Journal of business research, 101, 128-143. https://doi.org/10.1016/j.jbus-
res.2019.03.030
Scholtz, S. E. (2021). Sacrifice is a step beyond convenience: A review of convenience sampling in psy-
chological research in Africa. SA Journal of Industrial Psychology, 47(1), 1-12. http://dx.doi.
org/10.4102/sajip.v47i0.1837
Schrettle, S., Hinz, A., Scherrer-Rathje, M., & Friedli, T. (2014). Turning sustainability into action: Ex-
plaining firms’ sustainability efforts and their impact on firm performance. International Jour-
nal of Production Economics, 147, 73-84. https://doi.org/10.1016/j.ijpe.2013.02.030
Segal, M. (2023, November 14). Consumers Willing to Pay 12% Premium for Sustainable Products:
Bain Survey. ESG Today. Retrieved September 3, 2024, from https://www.esgtoday.com/con-
sumers-willing-to-pay-12-premium-for-sustainable-products-bain-survey/
Sharma, G. (2017). Pros and cons of different sampling techniques. International journal of applied
research, 3(7), 749-752. https://www.academia.edu/download/58765080/Pros_and_cons_of_
sampling.pdf
Sharma, N. (2022). Using positive deviance to enhance employee engagement: an interpretive structural
modelling approach. International Journal of Organizational Analysis, 30(1), 84-98. https://doi.
org/10.1108/IJOA-07-2020-2341
Sindhu, M. I., Wong, W. K., & Maswadi, L. (2024). Implications of corporate social responsibility on
the financial and non-financial performance of the banking sector: A moderated and mediated
mechanism. Heliyon, 10(9). https://doi.org/10.1016/j.heliyon.2024.e30557
Sun, J., & Nasrullah, A. (2024). Green transition in the hospitality industry: The influence of market
forces and customer dynamics on sustainable performance in the digital era. Heliyon, 10(8).
https://doi.org/10.1016/j.heliyon.2024.e29563
Tandon, A., Chaudhary, S., Nijjer, S., Vilamová, Š., Tekelas, F., & Kaur, P. (2024). Challenges in sus-
tainability transitions in B2B firms and the role of corporate entrepreneurship in responding to
crises created by the pandemic. Industrial Marketing Management, 118, 93-109. https://doi.
org/10.1016/j.indmarman.2024.01.019
Tandon, A., Dhir, A., Kaur, P., Kushwah, S., & Salo, J. (2020). Why do people buy organic food? The
moderating role of environmental concerns and trust. Journal of Retailing and Consumer Ser-
vices, 57, 102247. https://doi.org/10.1016/j.jretconser.2020.102247
Theerabunchorn, T., Janjamsai, M., Saengsri, S., & Rojanasiri, P. (2024). The Potential and Opportunity
to Establish A Community Market for Sustainability Development. Journal of Law and Sustain-
able Development, 12(1), e2999-e2999. https://doi.org/10.55908/sdgs.v12i1.2999
Thomas, A. E., & Bhaumik, A. (2023). Sustainability Practices and Firm Performance: Evidence from
Listed Companies in India. International Journal of Professional Business Review, 8(10),
e03606-e03606. https://doi.org/10.26668/businessreview/2023.v8i10.3606
Vinzi, V. E., Lauro, C. N., & Amato, S. (2005). PLS typological regression: algorithmic, classification
and validation issues. In New Developments in Classification and Data Analysis: Proceedings of
the Meeting of the Classification and Data Analysis Group (CLADAG) of the Italian Statistical
Society, University of Bologna, September 22–24, 133-140. Berlin, Heidelberg: Springer Berlin
Heidelberg. https://doi.org/10.1007/3-540-27373-5_16
Wackernagel, M., Beyers, B., & Rout, K. (2020). Ecological Footprint: Managing Our Biodiversity.
Wang, C., Zhang, T., Tian, R., Wang, R., Alam, F., Hossain, M. B., & Illés, C. B. (2024). Corporate
social Responsibility’s impact on passenger loyalty and satisfaction in the Chinese airport indus-
try: The moderating role of green HRM. Heliyon, 10(1). https://doi.org/10.1016/j.heliyon.2023.
e23360
Wang, D., Xu, Y., Wang, Y., & Chen, Y. (2024). What determines the batteries recycling behavior of
e-bike citizens in Guangzhou?: Integrating place identity and environmental concern into the
extended norm activation model. Heliyon, 10(9). https://doi.org/10.1016/j.heliyon.2024.e30234
Wong, K. K. K. (2016). Mediation analysis, categorical moderation analysis, and higher-order con-
structs modeling in Partial Least Squares Structural Equation Modeling (PLS-SEM): A B2B
Example using SmartPLS. Marketing Bulletin, 26(1), 1-22. http://marketing-bulletin.massey.
ac.nz/V26/MB_v26_T1_Wong_2016.pdf
Wu, Z., & Pagell, M. (2011). Balancing priorities: Decision-making in sustainable supply chain
management. Journal of operations management, 29(6), 577-590. https://doi.org/10.1016/j.
jom.2010.10.001
Zabihian-Bisheh, A., Vandchali, H. R., Kayvanfar, V., & Werner, F. (2024). A sustainable multi-objec-
tive model for the hazardous waste location-routing problem: A real case study. Sustainable
Operations and Computers, 5, 1-14. https://doi.org/10.1016/j.susoc.2023.11.001
Zheng, G. W., Siddik, A. B., Masukujjaman, M., & Fatema, N. (2021). Factors affecting the sustainabil-
ity performance of financial institutions in Bangladesh: the role of green finance. Sustainability,
(18), 10165. https://doi.org/10.3390/su131810165
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2024 ECONOMICS - INNOVATIVE AND ECONOMICS RESEARCH JOURNAL

This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.