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All Journal SEISENSE Journal of Management
Kanyanga, Joseph Katongo
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Economics, Econometrics & Finance Social Sciences

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The Role of ESG in Driving Firm Profitability: Implications for Stakeholder, Resource-Based View, and Triple Bottom Line Theories in Emerging Markets Chipimo, Mubanga Lackson; Bwalya, John; Kanyanga, Joseph Katongo
SEISENSE Journal of Management Vol. 8 No. 1 (2025): SEISENSE Journal of Management
Publisher : SEISENSE (PRIVATE) LIMITED

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33215/m1c78498

Abstract

Purpose- This study examines how Environmental, Social, and Governance (ESG) practices influence firm profitability and extend key strategic theories like the Stakeholder Theory, Resource-Based View (RBV), and the Triple Bottom Line (TBL) within Zambia’s food sector.Design/Methodology- Using a mixed-methods approach, the study analysed panel data from 2014 to 2024 for listed food companies in Zambia. Fixed effects regression with lagged ESG variables was applied to address endogeneity. Qualitative content analysis of corporate sustainability and governance reports complemented the quantitative findings.Findings- The regression model explains 55.6% of the variation in firm profitability, as indicated by the adjusted R². Among the ESG components, governance practices exhibited a statistically significant positive influence on profitability (coefficient = 23.39, p = 0.015). In contrast, environmental initiatives showed a significant short-term negative effect (coefficient = –32.60, p < 0.001), while social factors did not demonstrate a statistically significant impact.Practical Implications- Firms in emerging markets should embed ESG into core strategy, supported by robust governance. Policymakers must strengthen regulatory frameworks to facilitate sustainable business practices. Future studies are encouraged to further investigate ESG dynamics in resource-constrained settings.Originality/Value – This study contributes to ESG literature in emerging markets by integrating theoretical perspectives with empirical evidence, offering nuanced insights into how ESG performance shapes profitability and strategic outcomes.
The Green Dilemma: When Environmental Good Depletes Financial Good in Emerging Economies Chipimo, Mubanga Lackson; Bwalya, John; Kanyanga, Joseph Katongo
SEISENSE Journal of Management Vol. 8 No. 1 (2025): SEISENSE Journal of Management
Publisher : SEISENSE (PRIVATE) LIMITED

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33215/hbkg0g37

Abstract

Purpose- This paper aims to examine the relationship between environmental sustainability practices and firm profitability within Zambia’s agro-food sector, assessing both short-term financial effects and strategic implications.Design/Methodology- The study adopted explanatory sequential mixed-methods. Using fixed and random effects regression models, panel data from listed agro-food firms (2014-2024) were analysed. It was followed by thematic analysis of sustainability reports and a semi-structured interview with firm-level sustainability officers.Findings- The quantitative results showed a significant negative relationship between environmental performance and short-term profitability. The Random Effects model revealed a coefficient of –15.739 (p = 0.0006) for the Environmental Score, indicating that higher sustainability scores are associated with lower immediate ROA. Governance was a strong positive predictor of profitability (β = 23.08, p < 0.01). Qualitative findings highlighted long-term benefits. Revenue was statistically insignificant.Practical Implications- Firms need to pursue environmental strategies that are scalable and context sensitive. Regulatory supports, enhancement of technical capacity, and alignment of stakeholders are also critical to make firms’ investment in sustainability compatible with their profitability targets.Originality- As one of the first African emerging-market studies to focus only on environmental sustainability–profitability trade-offs, the paper makes an original contribution, methodologically by the application of an ISO-aligned environmental scoring framework in a context-specific and theoretically by extending Stakeholder and Signaling Theory to illustrate how environmental practices may act as a credible signal for long-term value
Co-Authors Bwalya, John Chipimo, Mubanga Lackson