Research Article 67
Journal of Management Sciences - Volume 11, Issue 2 2024
By Waqas Ahmed Khan, Ying Qu, Mohsin Shahzad, Yaodong Cang
10.20547/jms.2014.2411201
Keywords: Corporate Sustainability Drivers, Environmental Sustainability Practices, Green Investment Practices, Firm Performance

Relatively little research exists on the novel role of real-world drivers of corporate sustainability, limiting our understanding of how various internal and external factors shape sustainable business practices and organizational strategies. Academicians have initiated efforts to create awareness among diverse stakeholders. However, an in-depth association of key drivers to enhance sustainable business practices and ultimately on firm performance requires more investigation. This study aims to assess the influence of ethical considerations, stakeholder engagement, legal compliance, and competitive pressures to address the systemic issues hindering the adoption of sustainable practices in Pakistani FMCG organizations. Specifically, this academia-industry project aims to provide fresh insights into the current market conditions and outlook regarding factors influencing adoption of sustainable business practices and their impact on firm performance. Data were gathered between March 2022 and August 2023 from 289 supply chain professionals of Pakistani FMCG firms. Statistical analysis adopted the method of PLS-SEM and results were reinforced empirically by the rank based techniques known as grey relational analysis and Ridit analysis. The study found that all drivers except stakeholder’s pressure were positively significant towards ESP adoption. Whereas, competitive pressure and stakeholders pressure found influential in driving GIP. Further, ESP and GIP both positively enhances FP. The study serves as a guide for organizations seeking effective and informed approaches to enhance their sustainability practices and, consequently, their overall performance. Additionally, the theoretical propositions of sustainable development theory and grey system theory are rigorously tested, enhancing the depth and breadth of existing knowledge

Submission Date: 10 Nov, 2024 Reviews Completed: 24 Dec, 2024
Acceptance Date: 9 Jan, 2025 Publication Date: 12 Jan, 2025