Abstract
Why is there such great heterogeneity in the adoption of sustainable management practices by firms? Drawing on previous research in the locus of performance literature, we use variance partitioning methods to analyze the factors which most contribute to explaining the variation in Environment, Social, and Governance (ESG) performance. Our findings show that firm effects and CEO effects are strong determinants in all circumstances, but disaggregation of the multidimensional ESG construct shifts the saliency of the factors significantly. Our research contributes to understanding the complexities of the antecedents of sustainable management by organizations.
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