The adoption of business strategies at the corporate level is often associated with the resource‐based view theory. However, many scholars have not definitively determined whether aligning business strategies with the principles of the resource‐based view theory is consistent with the perspective presented by stakeholder theory. This study examines the relationship between corporate business strategies and environmental disclosure. Specifically, we investigate whether CEO's managerial ability may strengthen the association by emphasizing stakeholder theory to address this inquiry. Using a sample of 1243 publicly traded companies registered with the Carbon Disclosure Project (CDP) from 2015 to 2021, our findings indicate that a firm's chosen business strategy significantly influences its environmental disclosure practices. In particular, we observe that firms pursuing an innovation‐oriented business strategy (prospectors) are less inclined to disclose, initiate, or increase their environmental disclosures compared with those following a cost‐efficient business strategy (defenders). To address endogeneity and ensure robustness, we conduct a battery of tests, including the entropy balancing approach, two‐step generalized method of the moment using Arellano‐Bond estimation, Heckman two‐stage regression, and coarsened exact matching. This study offers valuable insights into the determinants of firms' environmental disclosure practices, with significant implications for policymakers, investors, and other stakeholders interested in promoting sustainability and corporate responsibility.

中文翻译：

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企业经营战略、CEO管理能力与环境披露：利益相关者理论视角


公司层面业务战略的采用通常与基于资源的观点理论相关。然而，许多学者尚未明确确定将业务战略与资源基础观理论的原则相一致是否与利益相关者理论所提出的观点一致。本研究探讨了企业业务战略与环境披露之间的关系。具体来说，我们通过强调利益相关者理论来解决这一问题，调查首席执行官的管理能力是否可以加强关联。我们对 2015 年至 2021 年在碳信息披露项目 (CDP) 中注册的 1243 家上市公司进行了抽样调查，结果表明，公司选择的业务战略对其环境信息披露实践有显着影响。特别是，我们观察到，与遵循成本效益型业务战略的公司（捍卫者）相比，追求创新导向型业务战略的公司（探矿者）不太愿意披露、发起或增加其环境信息披露。为了解决内生性并确保稳健性，我们进行了一系列测试，包括熵平衡方法、使用 Arellano-Bond 估计的两步广义矩方法、Heckman 两阶段回归和粗化精确匹配。这项研究为企业环境披露实践的决定因素提供了宝贵的见解，对政策制定者、投资者和其他对促进可持续发展和企业责任感兴趣的利益相关者具有重大影响。