Sustainable strategic investment decision-making practices in UK companies: The influence of governance mechanisms on synergy between industry 4.0 and circular economy
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Prior studies articulate the growing synergy between Industry 4.0 (I4.0) technologies and CE techniques. However, the literature lacks empirical evidence regarding boardrooms' commitment to implementing these technological domains through sustainable strategic investment decision-making practices (SSIDMP). This paper uses computer-aided textual analysis to explore the current trend of SSIDMP in UK companies. Our debate draws on data from UK companies, FTSEE ALL Share, over the period (2012−2021). We develop proxies for I4.0 technologies and CE techniques to examine the synergy between I4.0 technologies and CE techniques and the influence of this synergy on companies' financial performance. The findings reveal the vital role the organizational ambidexterity plays in the synergy between I4.0 technologies and CE techniques through exploring and exploiting technological techniques and mechanisms to cope with changing business environment. Our empirical study explores the impact of governance mechanisms on the relationships between SSIDMP, I4.0 technologies, CE techniques, and companies' financial performance. Findings support that synergy between these two domains is the key determinant of sustainable value creation and sustainable organizational performance. The synergy between I4.0 technologies and CE techniques significantly impact SSIDMP and companies' financial performance, though the level of the synergy varies according to industry sectors. Furthermore, our analysis shows that governance mechanisms (ESG, board compositions, risk management, internal audit) strengthen the relationships between these two domains and companies' performance.
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The integration of ESG factors in the business model followed by the tourism industry can contribute to mitigating the challenges created in employment by the collaborative economy.
“Thus, the integration of Environmental, Social and Corporate Governance (ESG) factors in the business model followed by tourism industry can contribute to the mitigation of the challenges that are created in employment by the collaborative economy (Alkaraan et al., 2022(Alkaraan et al., , 2023)).”
From Well-being Human Resource Model In The Collaborative Economy: The Keystone of ESG Strategy In The Tourism Sector (2023) · cites this paper as Alkaraan et al., 2023
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Partnerships from <i>cannibals with forks: The triple bottom line of 21st‐century business</i>
Elkington, J. (1998) · Environmental Quality Management · doi:10.1002/tqem.3310080106 · Cited by 5,341 · see citing works
Lopes de Sousa Jabbour, A. B., Jabbour, C. J. C., Godinho Filho, M., & Roubaud, D. (2018) · Annals of Operations Research · doi:10.1007/s10479-018-2772-8 · Cited by 1,116 · see citing works
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Ragazou, K., Garefalakis, A., Papademetriou, C., & Passas, I. (2023) · International Conference on Tourism Research · doi:10.34190/ictr.6.1.1066 · Cited by 10 · see citing works
- Authors
- Alkaraan, F., Elmarzouky, M., Hussainey, K., & Venkatesh, V. G.
- Affiliations
- University of Lincoln (GB)
- Aston University (GB)
- University of Portsmouth (GB)
- EM Normandie Business School (FR)
- Corresponding author
- Alkaraan, Fadi
- Venue
- Technological Forecasting and Social Change
- Publisher
- Elsevier BV
- Published
- 2023-02
- Volume
- 187
- Pages
- 122187
- ISSN
- 0040-1625 (ISSN-L)
- OpenAlex
- W4310243213
- Cited by
- 247
- References
- 2
- Citations by year
- 2026: 47 · 2025: 78 · 2024: 70 · 2023: 51 · 2022: 1
- FWCI
- 43.84
- Type
- journal article
- Language
- en
- Open access
- hybrid
- doi.org
- Licence
- Locations
- Technological Forecasting and Social Change (publishedVersion, cc-by-nc-nd)
- Lincoln Repository (University of Lincoln) (acceptedVersion)
- HAL (submittedVersion, cc-by-nc-nd)
- Aston Publications Explorer (Aston University) (submittedVersion)
- St Andrews Research Repository (St Andrews Research Repository) (submittedVersion, cc-by-nc-nd)
- RePEc: Research Papers in Economics (submittedVersion)
- Figshare (submittedVersion, cc-by)
- Topics
- Social Sciences › Business, Management and Accounting › Management of Technology and Innovation › Sustainability and Innovation in Business
- Social Sciences › Business, Management and Accounting › Strategy and Management › Sustainable Supply Chain Management
- Social Sciences › Business, Management and Accounting › Management Information Systems › Information Technology Governance and Strategy
- Keywords
- Industry 4.0, circular economy, corporate governance mechanisms, organizational ambidexterity, financial performance, ESG, board composition, risk management, internal audit, sustainable value creation, UK firms
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