Driving toward business sustainability: Empirical evidence from low‐carbon practices
研究了低碳实践对企业可持续的影响，发现技术创新起中介作用，研发资金和政府奖惩起调节作用，且多种条件协同驱动可持续。
Abstract This study investigated the effect of low‐carbon practices on business sustainability, delved into the underlying mechanisms that exist between them, and designed the recipes tailored toward promoting business sustainability in both high and low‐level. Based on a sample of 681 firms with 1376 observations from 2020 to 2022 that disclose the low‐carbon practices in MD&A, we employed a quasi‐replication method comprising regression analysis and fuzzy‐set qualitative comparative analysis (fsQCA) to test hypotheses and explore pathways. Regression analysis results demonstrate that low‐carbon practices significantly promote business sustainability and underscore the mediation effect of technological innovation capacity, alongside the moderating influence of R&D funding and government incentives and penalties. Additionally, fsQCA results reveal a pronounced synergistic impact emanating from multiple antecedent conditions, rather than a singular factor, in driving both high‐ and low‐level business sustainability. The findings on sustainable business operations management are invaluable for decision‐makers seeking to establish a low‐carbon strategic initiative that adeptly addresses the diverse opportunities and complexities posed by global environmental concerns.