If PDF does not display, click here to download

1
Aaker, D. A. (1989). “Managing assets and skills: The key to a sustainable competitive advantage,” California Management Review, 31(2), pp. 91-106. Google Scholar ›
2
Aghion, P., Bloom, N., Blundell, R., Griffith, R., and Howitt, P. (2005). “Competition and innovation: An inverted-u relationship,” Quarterly Journal of Economics, 120(2), pp.701-728. Google Scholar ›
3
Aguilera, R. V., Aragón-Correa, J. A., Marano, V., and Tashman, P. A. (2021). “The corporate governance of environmental sustainability: A review and proposal for more integrated research,” Journal of Management, 47(6), pp.1468-1497. Google Scholar ›
4
Aguinis, H. and Glavas, A. (2012). “What we know and don’t know about corporate social responsibility: A review and research agenda,” Journal of Management, 38(4), pp.932-968. Google Scholar ›
5
Ambec, S. and Lanoie, P. (2008). “Does it pay to be green? A systematic overview,” Academy of Management Perspectives, 22(4), pp.45-62. Google Scholar ›
6
Arian, A. G. and Sands, J. (2024). “Do corporate carbon emissions affect risk and capital costs?” International Review of Economics and Finance, 93, pp.1363-1377. Google Scholar ›
7
Asker, J., Farre-Mensa, J., and Ljungqvist, A. (2015). “Corporate investment and stock market listing: A puzzle?,” Review of Financial Studies, 28(2), pp.342-390. Google Scholar ›
8
Aswani, J., Raghunandan, A., and Rajgopal, S. (2024). “Are carbon emissions associated with stock returns?,” Review of Finance, 28(1), pp.75-106. Google Scholar ›
9
Awaysheh, A., Heron, R. A., Perry, T., and Wilson, J. I. (2020). “On the relation between corporate social responsibility and financial performance,” Strategic Management Journal, 41(6), pp.965-987. Google Scholar ›
10
Bach, D. and Allen, D. B. (2010). “What every CEO needs to know about nonmarket strategy,” MIT Sloan Management Review. Google Scholar ›
11
Bai, J. and Ru, H. (2024). “Carbon emissions trading and environmental protection: International evidence,” Management Science, 70(7), pp. 4593-4603. Google Scholar ›
12
Barney, J. (1991). “Firm resources and sustained competitive advantage,” Journal of Management, 17(1), pp.99-120. Google Scholar ›
13
Baron, D. P. (2013). Business and its environment. Pearson. Google Scholar ›
14
Baum, J. A. C., Cowan, R., and Jonard, N. (2004). “Network-independent partner selection and the evolution of innovation networks,” Management Science, 50(3), pp.326-340. Google Scholar ›
15
Baum, J. A. C. and Korn, H. J. (1996). “Competitive dynamics of interfirm rivalry,” Academy of Management Journal, 39(2), pp.255-291. Google Scholar ›
16
Ben-David, I., Jang, Y., Kleimeier, S., and Viehs, M. (2021). “Exporting pollution: Where do multinational firms emit CO2?,” Economic Policy, 36(107), pp.377-437. Google Scholar ›
17
Benkraiem, R., Shuwaikh, F., Lakhal, F., and Guizani, A. (2022). “Carbon performance and firm value of the world's most sustainable companies,” Economic Modelling, 116, pp.106002. Google Scholar ›
18
Busch, T. and Lewandowski, S. (2018). “Corporate carbon and financial performance: A meta-analysis,” Journal of Industrial Ecology, 22(4), pp.745-759. Google Scholar ›
19
Bustamante, M. C. and Zucchi, F. (2023). “Carbon trade-offs: How firms respond to emission controls,” Research Bulletin, 109. Google Scholar ›
20
Canon, G., Lakhani, N., Milman, O., and Dharna, N. (2025). ‘A ruthless agenda’: Charting 100 days of Trump’s onslaught on the environment. The Guardian. Retrieved from https://www.theguardian.com/us-news/2025/may/01/trump-100-days-climate-environment Google Scholar ›
21
Cao, Y., Liang, H., and Zhan, X. (2019). “Peer effects of corporate social responsibility,” Strategic Management Journal, 40(9), pp. 1477-1500. Google Scholar ›
22
Carbon Credits. (2025). Coca-Cola vs PepsiCo 2025: Who’s leading on profits—and planet goals? Carbon Credits. Retrieved from https://carboncredits.com/coca-cola-vs-pepsico-2025-whos-leading-on-profits-and-planet-goals/ Google Scholar ›
23
Chatterji, A. K., Levine, D. I., and Toffel, M. W. (2009). “How well do social ratings actually measure corporate social responsibility?,” Journal of Economics & Management Strategy, 18(1), pp.125-169. Google Scholar ›
24
Chen, M.-J. (1994). “Competitor analysis and interfirm rivalry: Toward a theoretical integration,” Academy of Management Review, 19(1), pp.35-61. Google Scholar ›
25
Chen, M.-J. (1996). “Competitor analysis and interfirm rivalry: Toward a theoretical integration,” Academy of Management Review, 21(1), pp.100-134. Google Scholar ›
26
Chen, M.-J., Su, K.-H., and Tsai, W. (2007). “Competitive tension: The awareness-motivation-capability perspective,” Academy of Management Journal, 50(1), pp.101-118. Google Scholar ›
27
Colmer, J., Martin, R., Muûls, M., and Wagner, U. J. (2025). “Does pricing carbon mitigate climate change? Firm-level evidence from the European Union emissions trading system,” Review of Economic Studies, 92(3), pp.1625-1660. Google Scholar ›
28
Connelly, B. L., Certo, S. T., Ireland, R. D., and Reutzel, C. R. (2011). “Signaling theory: A review and assessment,” Journal of Management, 37(1), pp.39-67. Google Scholar ›
29
Cool, K. and Schendel, D. (1987). “Strategic group formation and performance: The case of the U.S. Pharmaceutical industry, 1963–1982,” Management Science, 33(9), pp.1102-1124. Google Scholar ›
30
Corb, L., Granskog, A., Nauclér, T., and Pacthod, D. (2023). Full throttle on net zero: Creating value in the face of uncertainty. Mc Kinsey & Company. Retrieved from https://www.mckinsey.com/capabilities/sustainability/our-insights/full-throttle-on-net-zero-creating-value-in-the-face-of-uncertainty#/ Google Scholar ›
31
Delmas, M. A. and Toffel, M. W. (2008). “Organizational responses to environmental demands: Opening the black box,” Strategic Management Journal, 29(10), pp.1027-1055. Google Scholar ›
32
Derfus, P. J., Maggitti, P. G., Grimm, C. M., and Smith, K. G. (2008). “The red queen effect: Competitive actions and firm performance,” Academy of Management Journal, 51(1), pp.61-80. Google Scholar ›
33
Dhaliwal, D. S., Radhakrishnan, S., Tsang, A., and Yang, Y. G. (2012). “Nonfinancial disclosure and analyst forecast accuracy: International evidence on corporate social responsibility disclosure,” The Accounting Review, 87(3), pp.723-759. Google Scholar ›
34
Di Maggio, P. J. and Powell, W. W. (1983). “The iron cage revisited: Institutional isomorphism and collective rationality in organizational fields,” American Sociological Review, 48(2), pp.147-160. Google Scholar ›
35
Dixon-Fowler, H. R., Slater, D. J., Johnson, J. L., Ellstrand, A. E., and Romi, A. M. (2013). “Beyond “Does It Pay to be green?” A meta-analysis of moderators of the cep–cfp relationship,” Journal of Business Ethics, 112(2), pp.353-366. Google Scholar ›
36
Doh, J., Budhwar, P., and Wood, G. (2021). “Long-term energy transitions and international business: Concepts, theory, methods, and a research agenda,” Journal of International Business Studies, 52(5), pp.951-970. Google Scholar ›
37
Dorobantu, S., Kaul, A., and Zelner, B. (2017). “Nonmarket strategy research through the lens of new institutional economics: An integrative review and future directions,” Strategic Management Journal, 38(1), pp.114-140. Google Scholar ›
38
Duanmu, J.-L., Bu, M., and Pittman, R. (2018). “Does market competition dampen environmental performance? Evidence from China,” Strategic Management Journal, 39(11), pp.3006-3030. Google Scholar ›
39
Edmans, A. (2021). Grow the pie: How great companies deliver both purpose and profit – updated and revised. Cambridge University Press. Google Scholar ›
40
Fiegenbaum, A. and Thomas, H. (1990). “Strategic groups and performance: The u.S. Insurance industry, 1970–84,” Strategic Management Journal, 11(3), pp.197-215. Google Scholar ›
41
Flammer, C. (2013). “Corporate social responsibility and shareholder reaction: The environmental awareness of investors,” Academy of Management Journal, 56(3), pp.758-781. Google Scholar ›
42
Flammer, C. (2021). “Corporate green bonds,” Journal of Financial Economics, 142(2), pp.499-516. Google Scholar ›
43
Flammer, C., Hong, B., and Minor, D. (2019). “Corporate governance and the rise of integrating corporate social responsibility criteria in executive compensation: Effectiveness and implications for firm outcomes,” Strategic Management Journal, 40(7), pp.1097-1122. Google Scholar ›
44
Freeman, R. E. (1984). Strategic management: A stakeholder approach. Cambridge University Press. Google Scholar ›
45
George, G., Howard-Grenville, J., Joshi, A., and Tihanyi, L. (2016). “Understanding and tackling societal grand challenges through management research,” Academy of Management Journal, 59(6), pp.1880-1895. Google Scholar ›
46
Ghauri, P., Strange, R., and Cooke, F. L. (2021). “Research on international business: The new realities,” International Business Review, 30(2), pp.101794. Google Scholar ›
47
Giroud, X. and Mueller, H. M. (2011). “Corporate governance, product market competition, and equity prices,” Journal of Finance, 66(2), pp.563-600. Google Scholar ›
48
Graham, J. R., Harvey, C. R., and Rajgopal, S. (2006). “Value destruction and financial reporting decisions,” Financial Analysts Journal, 62(6), pp.27-39. Google Scholar ›
49
Gryglewicz, S., Mayer, S., and Morellec, E. (2020). “Agency conflicts and short-versus long-termism in corporate policies,” Journal of Financial Economics, 136(3), pp.718-742. Google Scholar ›
50
Harjoto, M. and Laksmana, I. (2018). “The impact of corporate social responsibility on risk taking and firm value,” Journal of Business Ethics, 151(2), pp.353-373. Google Scholar ›
51
Hart, S. L. (1995). “A natural-resource-based view of the firm,” Academy of Management Review, 20(4), pp.986-1014. Google Scholar ›
52
Hart, S. L. and Dowell, G. (2011). “A natural-resourcebased view of the firm: Fifteen years after,” Journal of Management, 37(5), pp.1464-1479. Google Scholar ›
53
Hart, S. L. and Milstein, M. B. (2003). “Creating sustainable value,” Academy of Management Perspectives, 17(2), pp.56-67. Google Scholar ›
54
He, J. J. and Tian, X. (2013). “The dark side of analyst coverage: The case of innovation,” Journal of Financial Economics, 109(3), pp.856-878. Google Scholar ›
55
Henisz, W. J., Dorobantu, S., and Nartey, L. J. (2014). “Spinning gold: The financial returns to stakeholder engagement,” Strategic Management Journal, 35(12), pp.1727-1748. Google Scholar ›
56
Hoberg, G. and Phillips, G. (2016). “Text-based network industries and endogenous product differentiation,” Journal of Political Economy, 124(5), pp.1423-1465. Google Scholar ›
57
Holmstrom, B. and Milgrom, P. (1991). “Multitask principal–agent analyses: Incentive contracts, asset ownership, and job design,” The Journal of Law, Economics, and Organization, 7 (special issue), pp.24-52. Google Scholar ›
58
Horbach, J. (2008). “Determinants of environmental innovation: New evidence from German panel data sources,” Research Policy, 37(1), pp.163-173. Google Scholar ›
59
Howard-Grenville, J., Buckle, S. J., Hoskins, B. J., and George, G. (2014). “Climate change and management,” Academy of Management Journal, 57(3), pp.615-623. Google Scholar ›
60
Hunt, M. S. (1972). “Competition in the major home appliance industry, 1960–1970,” Unpublished Doctoral Dissertation. Google Scholar ›
61
Ioannou, I. and Serafeim, G. (2015). “The impact of corporate social responsibility on investment recommendations: Analysts’ perceptions and shifting institutional logics,” Strategic Management Journal, 36(7), pp.1053-1081. Google Scholar ›
62
Kahle, K. M. and Stulz, R. M. (2017). “Is the us public corporation in trouble?,” Journal of Economic Perspectives, 31(3), pp.67-88. Google Scholar ›
63
Keller, K. L. (1993). “Conceptualizing, measuring, and managing customer-based brand equity,” Journal of Marketing, 57(1), pp.1-22. Google Scholar ›
64
Kim, S., Park, J., and Bong, K. H. (2023), “The Effects of ESG Pressures on Corporate Innovation Activities: Focusing on Regulative and Normative Pressures,” Korea Management Review, 52(4), pp.885-911. Google Scholar ›
65
Klassen, R. D. and Whybark, D. C. (1999). “The impact of environmental technologies on manufacturing performance,” Academy of Management Journal, 42(6), pp.599-615. Google Scholar ›
66
Krüger, P. (2015). “Corporate goodness and shareholder wealth,” Journal of Financial Economics, 115(2), pp.304-329. Google Scholar ›
67
Lang, M. H., Lins, K. V., and Miller, D. P. (2004). “Concentrated control, analyst following, and valuation: Do analysts matter most when investors are protected least?,” Journal of Accounting Research, 42(3), pp.589-623. Google Scholar ›
68
Lee, E. H., Yoo, J., Rhee, J. H., Shin, H.-D., and Han, J. (2022), “Strategic Management in the Age of Stakeholder Capitalism,” Korea Management Review, 51(5), pp.1361-1407. Google Scholar ›
69
Lee, J. H. and Byun, H. S. (2016), “Does Corporate Social Responsibility Activities Reduce the Risk of Firms?: Evidence from Korea,” Korea Management Review, 45(5), pp.1551-1586. Google Scholar ›
70
Lewin, A. Y., Linden, G., and Teece, D. J. (2022). The new enlightenment. Cambridge University Press. Google Scholar ›
71
Lewis, P. and Thomas, H. (1990). “The linkage between strategy, strategic groups, and performance in the UK Retail grocery industry," Strategic Management Journal, 11(5), pp. 383-397. Google Scholar ›
72
Lins, K. V., Servaes, H., and Tamayo, A. (2017). "Social capital, trust, and firm performance: The value of corporate social responsibility during the financial crisis," The Journal of Finance, 72(4), pp. 1785-1824. Google Scholar ›
73
Mas-Ruiz, F. and Ruiz-Moreno, F. (2011). "Rivalry within strategic groups and consequences for performance: The firm-size effects," Strategic Management Journal, 32(12), pp. 1286-1308. Google Scholar ›
74
McGee, J. and Thomas, H. (1986). "Strategic groups: Theory, research and taxonomy," Strategic Management Journal, 7(2), pp. 141-160. Google Scholar ›
75
Mellahi, K., Frynas, J. G., Sun, P., and Siegel, D. (2016). "A review of the nonmarket strategy literature: Toward a multi-theoretical integration," Journal of Management, 42(1), pp. 143-173. Google Scholar ›
76
MSCI. (2022). MSCI ESG ratings methodology: Carbon emissions key issue. MSCI. Retrieved from https://www.msci.com/esg-and-climate-methodologies Google Scholar ›
77
Nickell, S. J. (1996). "Competition and corporate performance," Journal of Political Economy, 104(4), pp. 724-746. Google Scholar ›
78
Nixon, S. (2025). Rowback on EU green rules will harm companies and investors. Financial Times. Retrieved from https://www.ft.com/content/5345c699-7b14-4354-860b-84a54250e01f Google Scholar ›
79
Oliver, C. (1991). "Strategic responses to institutional processes," Academy of Management Review, 16(1), pp. 145-179. Google Scholar ›
80
Panagiotou, G. (2007). "Reference theory: Strategic groups and competitive benchmarking," Management Decision, 45(10), pp. 1595-1621. Google Scholar ›
81
Porac, J. F., Thomas, H., and Baden-Fuller, C. (1989). "Competitive groups as cognitive communities: The case of Scottish knitwear manufacturers," Journal of Management Studies, 26(4), pp. 397-416. Google Scholar ›
82
Porter, M. E. (1980). Competitive strategy: Techniques for analyzing industries and competitors. Free Press. Google Scholar ›
83
Porter, M. E. (1985). Competitive advantage. The Free Press. Google Scholar ›
84
Ramadorai, T. and Zeni, F. (2024). "Climate regulation and emissions abatement: Theory and evidence from firms' disclosures," Management Science, 70(12), pp. 8366-8385. Google Scholar ›
85
Reger, R. K. and Huff, A. S. (1993). "Strategic groups: A cognitive perspective," Strategic Management Journal, 14(2), pp. 103-124. Google Scholar ›
86
Russo, M. V. and Fouts, P. A. (1997). "A resource-based perspective on corporate environmental performance and profitability," Academy of Management Journal, 40(3), pp. 534-559. Google Scholar ›
87
Sautner, Z., Van Lent, L., Vilkov, G., and Zhang, R. (2023). "Firm-level climate change exposure," The Journal of Finance, 78(3), pp. 1449-1498. Google Scholar ›
88
Scott, W. R. (2008). Institutions and organizations: Ideas, interests, and identities. Sage Publications. Google Scholar ›
89
Short, J. C., Ketchen Jr, D. J., Palmer, T. B., and Hult, G. T. M. (2007). "Firm, strategic group, and industry influences on performance," Strategic Management Journal, 28(2), pp. 147-167. Google Scholar ›
90
Spence, M. (1973). "Job market signaling," The Quarterly Journal of Economics, 87(3), pp. 355-374. Google Scholar ›
91
Stein, J. C. (1989). “Efficient capital markets, inefficient firms: A model of myopic corporate behavior,” Quarterly Journal of Economics, 104(4), pp.655-669. Google Scholar ›
92
Surroca, J. A., Aguilera, R. V., Desender, K., and Tribó, J. A. (2020). “Is managerial entrenchment always bad and corporate social responsibility always good? A cross-national examination of their combined influence on shareholder value,” Strategic Management Journal, 41(5), pp.891-920. Google Scholar ›
93
Sutton, J. (1991). Sunk costs and market structure: Price competition, advertising, and the evolution of concentration. MIT Press. Google Scholar ›
94
Teece, D. J., Pisano, G., and Shuen, A. (1997). “Dynamic capabilities and strategic management,” Strategic Management Journal, 18(7), pp.509-533. Google Scholar ›
95
Venmans, F., Ellis, J., and Nachtigall, D. (2020). “Carbon pricing and competitiveness: Are they at odds?,” Climate Policy, 20(9), pp.1070-1091. Google Scholar ›
96
Wartick, S. L. and Cochran, P. L. (1985). “The evolution of the corporate social performance model,” Academy of Management Review, 10(4), pp.758-769. Google Scholar ›
97
Włodarczyk, A., Szczepańska-Woszczyna, K., and Urbański, M. (2024). “Carbon and financial performance nexus of the heavily polluting companies in the context of resource management during COVID-19 period,” Resources Policy, 89, pp.104514. Google Scholar ›
98
Wright, C. and Nyberg, D. (2017). “An inconvenient truth: How organizations translate climate change into business as usual,” Academy of Management Journal, 60(5), pp.1633-1661. Google Scholar ›
99
Zerbib, O. D. (2019). “The effect of pro-environmental preferences on bond prices: Evidence from green bonds,” Journal of Banking & Finance, 98, pp.39-60. Google Scholar ›
100
Zhang, Z., Guan, D., Wang, R., Meng, J., Zheng, H., Zhu, K., and Du, H. (2020). “Embodied carbon emissions in the supply chains of multinational enterprises,” Nature Climate Change, 10(12), pp.1096-1101. Google Scholar ›

Non-market Strategy in Competitive Contexts: Carbon Performance and Firm Value