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This article aims to draw on the contingency theory to develop a conceptual model of compatibility between corporate environmental responsibility and business strategy that reflects heterogeneity in this relationship. Four dimensions of compatibility are explored: trade-off, ambidexterity, synergy and symbiosis.

The intended contribution is essentially conceptual. A company case study is included to contribute to the development of the four dimensions of compatibility and support the practical relevance of the model. Twelve in-depth interviews with six managers in different functions of the company were conducted. A grounded theory approach was used to identify and express the patterns of compatibility that emerge from the qualitative data and how these patterns are grounded in managers’ meaning-in-use.

The contribution of the compatibility framework is essentially made to the literature on environmental strategy management, evolved from an implicit and, at most, two-dimensional (win–win and win–lose) conceptualisation of the relationship between green and business strategy into an explicit and multi-dimensionally grounded identification of processes and strategic challenges of corporate environmental and social responsibility. The resulting model contributes to a better understanding of corporate greening as a strategic and moral concern to individuals acting on behalf of business organisations and a greater understanding of the linkages between green and business strategies and operations.

By clarifying the construct of corporate environmental sustainability and providing useful directions for theory and practice, this research claims to inform green management decision-making. While the compatibility model is not intended to explain all pathways by which firms may elicit contingencies of relevance to environmental and social responsibility, it is suggested that the model paints a more complete and contextualized picture of environmental management mechanisms in business.

This paper aims to investigate the influence of public-private partnerships (PPPs) on social and economic conditions in Kazakhstan and Russia from a public economics perspective, namely, through the lens of a market failure and PPPs’ negative externalities.

Drawing on the concept of a market failure and using the externalities perspective, the paper investigates whether partnerships are instrumental in solving market problems, which is illustrated by the evidence from ongoing PPP projects in Kazakhstan and Russia.

Results show that citizens face expansion of monopolistic trends in the service provision and decreased availability of public services. Additionally, the government support to partnerships recreates a negative externality in the form of a higher risk premium on loan interest rates that banks use to finance PPPs. The partnerships’ impact on sustainable development often appears detrimental, as they significantly intensify the struggle between sub-national governments for increased transfers from the national budget.

The government agencies must incorporate the appraisal of the PPP externalities and their effects on the society in the decision-making regarding the PPP formation.

The authors suggest that, although government is interested in PPPs’ positive externalities, in reality many negative externalities may offset the positive spillover effects. As a result, the partnerships’ contributions to economic and social sustainability remain controversial. Extending the value-for-money concept to incorporate the assessment of PPP externalities might significantly enhance the partnership conceptualisation by more comprehensive and accurate assessment of PPPs’ economic and social value.

The purpose of this paper is to identify underlying characteristics of Indian investors that influence them to achieve their non-economic investment goals.

The conceptual model posits that investors’ choice of non-economic goal (NEG) is determined by their values and beliefs which are measured through survey data collected from 342 respondents with prior experience of investing in the stock market. A structural equation model is specified to estimate the measurement model. Further, the study analyses the mediating effect of social investment efficacy on the impact of investors’ values and beliefs and their pursuit of non-economic investment goals.

Religiosity and the belief that one’s actions can bring about a change in the society are the two important determinants of Indian investors’ pursuit of non-economic investment goal.

The model ignores aspects of an investor’s financial stability that may influence the urge to pursue non-economic investment goals.

Socially responsible (SR) funds with investment filters designed to propagate religious values of Indian investors can be designed. As a result, it should be possible to channelize a part of the more than $15 billion available in different religious institutions across the country into the capital market.

Availability of SRI funds would provide investors with yet another avenue invest in companies that conform to their protected values.

This is the first study that attempts to study investor characteristics (values and beliefs) and its impact on investor’s NEG in the Indian context.

The purpose of this paper is first to give an in-depth discussion of the criticism of socially responsible investment's (SRI) alleged incompatibility with the concept of rational investment constituting an inferiority to conventional investment so as to disprove unwarranted arguments and identify potential for improvement of SRI. The second objective is to propose a framework that places SRI and conventional investment on the same level of rationality.

The discussion is based on a literature study. The framework uses a previously published multidimensional optimization approach and embeds it into a new, integrated methodology for investment decisions in the presence of SRI objectives. The framework is empirically evaluated using historic stock market data.

The main findings show that SRI is not necessarily less rational than conventional investment; it can be implemented in an equally stringent and clearly defined methodology. The empirical results prove that investors can pursue SRI objectives without sacrificing performance.

Focus is on the German stock market; in the future, research will be expanded to cover international markets.

The results may contribute to enhance the SRI methodology.

Investors may be encouraged to consider SRI, strengthening the concept of sustainability.

In the literature, the question of SRI’s compatibility with rational investment has often been cited but seldom scrutinized. An in-depth analysis combined with a framework to exploit of the learnings has yet been missing.

The purpose of this paper is to examine the factors affecting the financial sustainability of the Indian Micro Finance Institutions (MFIs) post-Andhra Pradesh (AP) crisis

Regression analysis is used to test the significance of the independent variables on the variable of interest, i.e. the operational self-sustainability. Three-stage regression analysis, i.e. Partial F-test, residual analysis and Box–Cox-type transformations is applied to see the impact of the variables on financial sustainability of the Indian MFIs. The study is based on the data of the Indian MFIs during three fiscal years from 2010-2011 to 2012-2012 reported in the Microfinance Information Exchange (MIX).

The authors’ results indicate that in 2010-2011, the linear regression model seems to be good fit to the data, whereas in 2011-2012 and 2012-2013, the appropriateness of the linear regression models seems questionable (the error distribution seems to be skewed). It is observed that square root of the dependent variable exhibits adequate fit for 2011 and 2012. Therefore, a substantial change in the model for estimating sustainability of Indian MFIs is observed in the post-AP crisis era. It is observed that portfolio quality and capital management are important determinants for the financial sustainability of the MFIs.

This study identifies the factors affecting the sustainability of the Indian MFIs, especially after the reforms following the AP crisis in India. The study suggests that from 2012-2013, the factors such as write-off ratio, capital-to-asset ratio, ratio of financial revenue to assets and provision for loan impairment-to-asset ratio are the main factors which have significant impact on the operational self-sufficiency (OSS) of Indian MFIs. This indicates that the quality of portfolio must be improved to reduce the vulnerability of the Indian MFIs.

After the AP crisis, the performance of Indian MFIs is stabilized to a greater extent. The various performance indicators are improving.

The paper provides a detailed comparative analysis of the factors effecting financial sustainability of the Indian MFIs, before and after the regulatory reforms in 2011. A substantial change is observed after 2011-2012. Such a study on the Indian microfinance sector seems to be new (to the best of the authors’ knowledge).

There is strong reaction between a company and its stakeholders on corporate social responsibility (CSR). The premise is that there should be a valid communication between them. The study researches Chinese situations on one‐way communication between company and stakeholders and builds a model on how to implement strategy on two‐way communication on CSR information between company and stakeholders according to the different characteristic of stakeholders. This paper aims to focus on the issues involved

On the basis of the analysis on stakeholder's situation using double standards, the study makes future research and builds a valid communication model between company and stakeholders.

It is found that the company can implement strategy on two‐way communication on CSR information between company and stakeholders according to different stakeholder situations in the Chinese environment. It also benefits a company's CSR performance and stakeholders' decision.

The present study provides a starting‐point for further research on communication between company and stakeholders in the Chinese situation.

The paper hightlights how companies may draw up valid strategy on two‐way communication on CSR information between company and stakeholders in order to gain better performance on CSR action and pursue stakeholders' supports.

The purpose of this paper is to illustrate the interplay between national traditions and international influence on the CSR discourses and practices, in the context of two very different national contexts, namely France and Brazil.

The paper is based on a literature review as well as on interviews with representatives from companies and other stakeholder groups in France and Brazil.

The paper highlights the impact of national traditions, such as the strong intervention of the State in France and the lack of monitoring legislation by public authorities in Brazil, on the CSR discourses and practices in both countries. But it also shows that multinational companies, international NGOs as well as international standardization organizations lead to a certain homogenisation of the CSR discourses and practices.

This exploratory research should be complemented in the future by more in‐depth research, for example by comparing the CSR discourses and practices of multinational companies having activities in both countries.

The paper highlights the importance for managers in companies having activities in different countries to adapt their CSR discourses and practices to the local contexts, while maintaining a coherent strategy at the international level based on the respect of some universal principles.

Few researches have been conducted on the CSR discourses and practices in France and in Brazil. This paper highlights the main characters of the CSR discourses and practices in both countries, while targeting their common points and differences.

Purpose – The broader aim of the research is to better understand the origins of firm heterogeneity in terms of strategy and structure, looking beyond convergence pressures resulting from economic and institutional forces.

Design/methodology/approach – To identify firm-specific differences, the paper uses an in-depth analysis of two matched cases, comparing the introduction of diversification strategies and decentralized organizational structures in two Dutch banks. Based on detailed archival research it tries to understand how different outcomes were shaped by political processes involving a variety of internal and external actors.

Findings – The research shows the importance of these processes and, in particular, the role of management succession as a trigger for organizational changes as well as the potential power of management consultants based on a combination of their own “political” skills and the opportunity provided by internal divisions. Moreover, the study confirms the view that organizational change requires a change in dominant ideology.

Research limitations/implications – The research was able to go beyond the limitations of extant studies based on cross-sectional data or single cases. It demonstrates the usefulness of historical analysis when examining changes in strategy and structure. Its results need to be confirmed by conducting similar studies in different contexts.

Originality/value – The paper provides new insights into the complex and dynamic processes of organizational change and shows how external consultants – within a specific set of circumstances – were able to manage these processes. The results are valuable to scholars studying organizational change and those looking at consultants and their role. They might also provide insights for practicing managers working or planning to work with consultants.

Building on the research program of Dillard and Brown (2015) and Dillard and Vinnari (2019), specifically related to an “ethic of accountability,” this paper recognizes accountability systems as key to how organizations conceptualize their responsibility to society. The objective is to explore how managers of hybrid organizations conceptualize responsibility and the role of accountability systems in their conceptualization.

This paper studies hybrid organizations that are for-profit entities with explicitly recognized non-economic imperatives. Semi-structured interviews are conducted with managers of organizations that pursue certification as a B-Corporation, often in conjunction with a legal designation as a benefit corporation.

Managers of the hybrid organizations evidenced a broader responsibility logic that extends beyond responsibility to shareholders. This pluralistic orientation and broader set of objectives are expressed in a set of certification standards that represent an accountability system that both enables and constrains the way responsibility is understood. The accountability system reflects a “felt” accountability to the “other” manifested, for example, as generational accountability, with the other (re)created relative to the certification standards.

Certifications and standards represent accounting-based accountability systems that produce a type of accountability in which the certification becomes the overall objective nudging out efforts to take accountability-based accounting seriously (Dillard and Vinnari, 2019). At the same time, the hybrids under study, while not perfect exemplars, incline toward an ethic of accountability (Dillard and Brown, 2014) that moves them closer to accountability-based accounting.

The findings reveal perspectives of managers embedded in hybrid organizations, illustrating their experiences of responsibility and accountability systems in practice (Grossi et al., 2019). The insights can be extended to other hybrid contexts where accountability systems may be used to demonstrate multiple performance objectives. We also recognize the irony in the need for an organization to be required to attain a special license to operate in a more responsible manner.