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Environmental sustainability performance and shareholder value: an international fuzzy-set qualitative comparative analysis

Habib Jouber (Imam Mohammad Ibn Saud Islamic University (IMSIU), Riyadh, Saudi Arabia) (LARTIGE, Sfax University, Sfax, Tunisia)

EuroMed Journal of Business

ISSN: 1450-2194

Article publication date: 28 February 2023




Considering corporate governance (CG hereinafter) practices' variety across Anglo-American and European countries, this study relies on contingency and complexity theories to investigate the effect of environmental sustainability performance (ESP hereinafter) on shareholder value under various configurations of board of directors (BoD hereinafter), firm and country characteristics.


The author used the Thomson Reuters Environment Pillar Score (ASSET4) and the Total Shareholder Return to assess ESP and shareholder value respectively. The author applied a fuzzy-set qualitative comparative analysis (fsQCA hereinafter) to an unbalanced panel of 2,284 observations from 486 European and Anglo-American non-financial listed firms over the period 2016–2020.


The author found a positive association between ESP and shareholder value and he displayed notable differences between Anglo-American and European economies regarding causal predictors of this positive association. Within European firms operating under civil law code where investor protection is low and family ownership is widespread, ESP creates shareholder value under configurations of causal predictors that significantly differ from those of their Anglo-American peers. The author's findings are robust to different identification strategies.

Practical implications

This study assists researchers, practitioners, shareholders and policymakers the significant roles that BoD diversity, organisational and institutional traits are jointly playing as determinants of the ESP-shareholder value relationship.


The author's study offers a more encompassing, complete and theoretically richer picture of the key drivers and outcomes of ESP.



The author is grateful to editor-in-chief Professor Demetris Vrontis and three anonymous reviewers for their constructive comments and valuable suggestions on earlier version of the paper.


Jouber, H. (2023), "Environmental sustainability performance and shareholder value: an international fuzzy-set qualitative comparative analysis", EuroMed Journal of Business, Vol. ahead-of-print No. ahead-of-print.



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