Abstract
The objective of the undertaken study is to investigate the association between proactive environmental strategy (PES) and its determinants, such as planning and organizational practices (POP) and communicational practices on sustainable development through the operating and financial performances of the pharmaceutical sectors of south Asian countries. Moreover, we examine this relationship through the eco-innovations as a meditator and technological advances as a moderator. We developed a modified conceptual model and questionnaire and verified by 856 responses from the region’s pharmaceutical sectors. We have tested our hypothesized research model and hypotheses through SEM-based modeling. The findings confirm that proactive environmental strategy and its determinants, for instance, organization and planning practices, operating practices, and communicational practices, have a positive and significant influence on pharmaceutical firms’ sustainable development through operational and financial performance. The findings further show the substantial role in eco-innovation as a mediator and technological advances as a moderator on the sustainable development in this relationship. Subsequently, eco-innovation and technological advances lessen ecological hazards and increase companies’ functioning. Therefore, the undertaken study demonstrated and concurrently ascertained towards sustainable development of environmental and economic leaders. The practical implications are equally important for every stakeholder, such as the community, policymakers, companies, and regulatory agencies concerned with fostering eco-friendly controlling exercises.
Highlights
The findings demonstrated that eco-innovation has an affirmative and cogent influence on mediation in the association of proactive environmental strategy and its determinants, for instance, planning and organizational practices, operational practices, and communicational practices on the operational and financial performance
The findings of the direct relationship concluded that the proactive environmental strategy positively and significantly impacts the financial and operational performances
The outcomes further concluded that the three determinants of proactive environmental strategy, such as planning and organizational practices, communicational practices, and operational practices, have an affirmative and significant influence on operational and financial performance
Summary
The most pressing challenge of today’s society is to attain a sustainable environment for future generations to live better [1,2,3]. Companies are susceptible to environmental hazards due to social pressure and employing diverse initiatives to minimize these environmental hazards [4,5]. According to Genç and Benedetto [6] and Hart and. Ahuja [7], the previous literature demonstrates the awareness and importance of environmental protection, and highlights several imperative variables for the companies’ green environment. According to Vithessonthi [8] and Quazi et al [9], several pieces of research have advocated the prominence of distinctive determinants for proactive environmental
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