Firm Sustainable Development Goals and Firm Financial Performance through the Lens of Green Innovation Practices and Reporting: A Proactive Approach

Proactive green innovation and firm climate resilience: the nonlinear interaction effect of climate risk

Based on empirical analysis of 113 climate disasters affecting 3563 listed firms across 31 provinces in China from 2010 to 2022, as documented in the Emergency Events Database (EM-DAT), this study employs event study and multiple regression to explore the impact of proactive green innovation on firm climate resilience. By categorizing proactive green innovation into process and product innovation and climate resilience into short-term and long-term resilience, a proactive green innovation-firm climate resilience 2 × 2 matrix is constructed to provide innovative insights. This study reveals that proactive green innovation enhances firm climate resilience. Specifically, proactive green process innovation both enhances short-term and long-term climate resilience, while proactive green product innovation only enhances long-term rather than short-term climate resilience. Furthermore, climate disaster has inverted U-shaped interaction effect on the relationship between proactive green innovation and short-term climate resilience and U-shaped interaction effect on the relationship between proactive green innovation and long-term climate resilience. Additionally, this study also investigates the heterogeneous mechanisms of proactive green innovation enhancing short-term and long-term climate resilience based on network embeddedness theory and legitimacy theory.

Is gender diversity is diversity washing or good governance for firm sustainable development goal performance: A scoping review

In Industry 4.0, sustainability is the heart, and governance is the soul of the business, but diversity washing, greenwashing, and SDG washing are skeptical. This is due to the reactive/normative approach in dealing with sustainability and governance, which has created an amounting number of greenhouse gases, waste generation, and several business washing challenges. This study has explored the Scopus and Web of Science databases and searched for the keywords "Sustainable Development Goals" AND "Director," which provided 76 documents. However, when the authors added the third keyword, "ISO 37001-2021," along with the above two keywords, the database provided no study investigating the moderation role of ISO 37001-2021. Therefore, the study advocates the adoption of newly developed ISO 37000:2021 good governance standards for greenwashing, SDG washing, and diversity washing challenges without failing to contribute to the firm sustainable development goal performance and earning management. Secondly, the independent director attribute's role is vital due to the potential, power, position, and evidence to adopt ISO 37000:2021 standards. Thirdly, the scoping review study has proposed a conceptual model to extend the reporting discloser and transparency. It goes beyond mere compliance, contributes towards societal development, and promotes adopting sustainable development goal performance and reporting as a new non-financial parameter for evaluating the firm's performance. Lastly, this will boost firm sustainability and adopt the circular economic model, creating a unique competitive edge and green governance goodwill among the business's external stakeholders and attracting sustainably responsible investors.

Hope-hype of green innovation, corporate governance index, and impact on firm financial performance: a comparative study of Southeast Asian countries

The current production and conception have impacted the environmental hazards. Green innovation (GI) is the ideal solution for sustainable production, consumption, and ecological conservation. The objective of the study is to compare comprehensive green innovation (green product, process, service, and organization) impact on firm financial performance in Malaysia and Indonesia, along with the first study to measure the moderation role of the corporate governance index. This study has addressed the gap by developing the green innovation and corporate governance index. Collected panel data from the top 188 publicly listed firms for 3 years and analyzed it using the general least square method. The empirical evidence demonstrates that the green innovation practice is better in Malaysia, and the outcome also shows that the significance level is higher in Indonesia. This study also provides empirical evidence that board composition has a positive moderation relationship betwixt GI and business performance in Malaysia but is insignificant in Indonesia. This comparative study provides new insights to the policymakers and practitioners of both countries to monitor and manage green innovation practices.

Ionic Liquid-Based Green Emulsion Liquid Membrane for the Extraction of the Poorly Soluble Drug Ibuprofen

Ibuprofen (Ibf) is a biologically active drug (BADs) and an emerging contaminant of concern (CECs) in aqueous streams. Due to its adverse effects upon aquatic organisms and humans, the removal and recovery of Ibf are essential. Usually, conventional solvents are employed for the separation and recovery of ibuprofen. Due to environmental limitations, alternative green extracting agents need to be explored. Ionic liquids (ILs), emerging and greener alternatives, can also serve this purpose. It is essential to explore ILs that are effective for recovering ibuprofen, among millions of ILs. The conductor-like screening model for real solvents (COSMO-RS) is an efficient tool that can be used to screen ILs specifically for ibuprofen extraction. The main objective of this work was to identify the best IL for the extraction of ibuprofen. A total of 152 different cation-anion combinations consisting of eight aromatic and non-aromatic cations and nineteen anions were screened. The evaluation was based upon activity coefficients, capacity, and selectivity values. Furthermore, the effect of alkyl chain length was studied. The results suggest that quaternary ammonium (cation) and sulfate (anion) have better extraction ability for ibuprofen than the other combinations tested. An ionic liquid-based green emulsion liquid membrane (ILGELM) was developed using the selected ionic liquid as the extractant, sunflower oil as the diluent, Span 80 as the surfactant, and NaOH as the stripping agent. Experimental verification was carried out using the ILGELM. The experimental results indicated that the predicted COSMO-RS and the experimental results were in good agreement. The proposed IL-based GELM is highly effective for the removal and recovery of ibuprofen.

Screening of ionic liquids as green entrainers for ethanol water separation by extractive distillation: COSMO-RS prediction and aspen plus simulation

Ionic liquids (ILs) have been demonstrated as promising alternatives to conventional entrainers in separation of azeotropic mixtures mostly investigating phase equilibrium and process design scenarios. However, proper selection of ILs for a specific task always remains challenging. Hence a simulation tool, i.e. conductor like screening model for real solvents (COSMO-RS) was applied to address this challenge. Furthermore, screened ILs were simulated as entrainers for ethanol water separation by extractive distillation. The current study also aims to demonstrate a systematic approach to retrofit existing processes, by employing ILs as green entrainers. Screening of twenty-five (25) ILs was carried out using COSMO-RS to select suitable ILs as green entrainers based on activity coefficient, capacity and selectivity. Results illustrated that tetramethylammonium chloride ([TMAm][Cl]) due to its strong hydrogen bonding ability was found to be the best ILs entrainer. Moreover, in order to reduce the operating costs without compromising desired product purity (ethanol purity ≥99.5% in top product), the selected ILs (8 kg/h) in a mixture with ethylene glycol (72 kg/h) were simulated using Aspen plus v.11. The simulation results revealed that by combining tetramethylammonium chloride (2 kg/h) with ethylene glycol (78 kg/h) reduced 7.26 tons of CO2 emissions/year through heat integration by saving 1.49*108 kJ/year energy besides minimizing operating costs. In conclusion, the systematic selection of ILs as green entrainers in combination with ethylene glycol and then the appropriate simulation of the whole system will ultimately reduce the cost of the separation process and reduce the emission of greenhouse gases as well utilization of toxic conventional entrainers.

Vegetable Oil-Ionic Liquid-Based Emulsion Liquid Membrane for the Removal of Lactic Acid from Aqueous Streams: Emulsion Size, Membrane Breakage, and Stability Study

In this study, we present a highly stable vegetable oil ionic liquid (IL)-based emulsion liquid membrane (VOILELM) for the removal of lactic acid from water streams. The system developed as a part of this work comprises a non-ionic surfactant Span 80, sodium hydroxide as an internal stripping agent, sunflower canola oil as a green diluent, and IL-tetramethylammonium acetate [TMAm][Ac]-as a carrier. VOILELM stability was evaluated in terms of breakage, emulsion diameter, and standalone stability. The effect of various parameters, namely, concentration of the surfactant, concentration of the internal stripping agent, concentration of the carrier, phase ratio, homogenizer speed, and homogenization time, on the VOILELM stability was studied. The results revealed that VOILELM was highly stable, with 1.34% minimum breakage, 1.16 μm emulsion diameter, and 131 min standalone stability. The optimal process parameters were 0.1 wt % Span 80, 0.1 M NaOH, 0.3 wt % IL, 0.25 phase ratio, 5000 rpm homogenizer speed, and 5 min homogenization time. At these optimized conditions, 96.08% lactic acid extraction efficiency was achieved. Thus, a highly effective VOILELM was developed, with minimal breakage and emulsion diameter and maximum stability.

Vinculum of Sustainable Development Goal Practices and Firms’ Financial Performance: A Moderation Role of Green Innovation

The 2030 Agenda for Sustainable Development (SDGs) has been established to alter our world by addressing the challenges faced by humanity in order to promote wellbeing, economic prosperity, and the protection of the environment. The SDGs provide a holistic and multi-dimensional approach to development compared to conventional development plans that focus on a limited range of dimensions. As a result, linkages between the SDGs may result in differing outcomes. This research is the first to investigate the direct relationship of environmental and social SDGs with firms’ financial performance and the moderating role of green innovation. Data from 67 companies from five continents (Europe, Australia and New Zealand, Asia, North America, and Africa) and their top five blue-chip firms were collected through content analysis. Generalized least squares (GLS) were used to test for direct relationships. The results showed a positive correlation between environmental SDGs and the negative significance of social SDGs on firms’ financial performance. However, mixed findings regarding the moderation variable green innovation over SDGs and firms’ financial performance were found. The new findings extend the SDG literature and provide empirical evidence to practitioners and policymakers.