Drivers of green innovation and green acquisition: empirical evidence from the food and beverage industry

Abstract

Purpose Green innovation and green acquisition are key green marketing strategies. This paper aims to explore and compare the drivers of green acquisition and green innovation strategies firms adopt. Moreover, the moderating role of top management team (TMT) sustainability commitment is investigated. Design/methodology/approach The research model used secondary data based on 1,565 firm-year observations in the beverage and food industry in the US. The two-stage control function approach was used for data analysis. Findings Media attention motivates firms to pursue both green innovation and green acquisition. The TMT sustainability commitment plays a pivotal moderating role. It strengthens the link between environmental regulation stringency and green innovation but weakens the impact of media attention on green acquisition. Practical implications Managers can leverage the study’s findings to guide sustainable marketing decisions in response to environmental regulations and media scrutiny. Policymakers and investors can encourage firms to adopt more sustainable practices, helping align corporate strategies with Sustainable Development Goals 9 and 12. Originality/value Though green innovation determinants are extensively studied, most studies rely on surveys or qualitative methods rather than secondary data. Also, as an alternative to developing in-house green technologies or products, the drivers of green acquisition remain unclear despite its growing prevalence. This study addresses both gaps in the sustainable marketing literature.