Article2021

Sustainability reporting in food industry: an innovative tool for enhancing financial performance

45 citations0/0 files storedBritish Food Journal

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Corporate Social Responsibility Reporting Environmental Sustainability in Business Sustainability and Innovation in Business

Abstract

Purpose This study investigates the relationship between the level of sustainability reporting and Food Industry Performance (operational, financial and market). Design/methodology/approach Using data culled from 1426 observations from 31 different countries for ten years (2008–2017), an independent variable derived from environmental, social, and corporate governance (ESG) score is regressed against dependent manufacture performance indicator variables [return on assets (ROA), Return on Equity (ROE) and Tobin’s Q (TQ)]. Two types of control variables complete the regression analysis in this study: firm-specific and macroeconomic. Findings The findings elicited from the empirical results demonstrate that there is a significant relationship between ESG and financial performance (ROE). However, there is no significant relationship between ESG and operational performance (ROA) and market performance (TQ). Originality/value This paper presents a new framework that considers sustainability reporting as an innovation tool, examining innovation in terms of its positive or negative impact on financial performance. It contributes to research on the innovation paradigm and knowledge management by highlighting the significance of sustainability reporting as a tool of innovation in enhancing the financial performance.

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References

1976Theory of the firm: Managerial behavior, agency costs and ownership structure 2007The Social Responsibility of Business Is to Increase Its Profits 1979Moral Hazard and Observability 2003Corporate Social and Financial Performance: A Meta-Analysis 2007Strategy and society: the link between competitive advantage and corporate social responsibility 2000Investor protection and corporate governance 1997THE CORPORATE SOCIAL PERFORMANCE-FINANCIAL PERFORMANCE LINK 2022Transforming our world: the 2030 Agenda for Sustainable Development

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2023The effects of mandatory non-financial reporting on financial performance. A multidimensional investigation on global agri-food companies 2025ESG disclosure and firm performance in global south economy: Does industry profile and board independence moderate the relationship

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