文章基本信息

标题：Role Reversal! Financial Performance as an Antecedent of ESG: The Moderating Effect of Total Quality Management
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作者：Nour Chams ; Josep García-Blandón ; Khaled Hassan 等
期刊名称：Sustainability
印刷版ISSN：2071-1050
出版年度：2021
卷号：13
期号：13
页码：7026
DOI：10.3390/su13137026
语种：English
出版社：MDPI, Open Access Journal
摘要：Shifting from short-term profit maximizing strategies to more sustainable long-term ones, the corporate world has been exerting extra effort to adopt environmental, social, and governance (ESG) performances. However, the loop question remains unsolved: <i>is ESG financially-driven</i> or <i>is financial performance (FIN) ESG-driven?</i> Building on the slack resources theory and bridging three management literatures, this analysis relies on a six-year panel dataset of multinational organizations from different industries. A distributed lag regression model is proposed to empirically investigate the impact of FIN performance on ESG and to test the moderator effect of total quality management (TQM). The findings reveal a stimulus effect between free cash flow (FCF) and ESG scores. While the interaction between TQM and FCF has a negative effect on ESG, the interaction between TQM and Tobin’s Q reveals a positive relationship with ESG. This study sheds further insights for both research and practice towards the operationalization of sustainability management.