Decoupling Resource Consumption from Economic Growth: A Comparative Study of China, Europe, and the United States Miguel A. Ariño, Heming Wang Journal of Sustainability, 2025 This article presents a comprehensive comparative analysis of the relationship between economic growth and resource consumption, with a focus on the degree of decoupling in three major global economies: China, Europe, and the United States. As the global community faces pressing sustainability and environmental challenges, understanding how economic development intersects with resource utilisation in these regions has become increasingly critical. Previous research on decoupling has largely assumed positive economic growth; however, some countries have experienced periods of negative growth over the last two decades. This study extends decoupling criteria to incorporate such scenarios. The analysis begins with an examination of the interplay between economic growth, population growth, and domestic material consumption, followed by a detailed decoupling assessment. Results indicate that while China has made significant strides in improving resource efficiency over the past decade, its performance still lags behind that of the United States and Europe due to its stage of development. Nevertheless, China has demonstrated the most significant improvement in decoupling economic growth from material consumption, particularly during the second decade of the study period. Over the past 20 years, China has made notable advances in decoupling fossil fuel and metallic minerals consumption. By contrast, the United States (while showing the highest overall level of decoupling) has experienced a decline in performance, especially with respect to metallic and non-metallic minerals. Europe, meanwhile, has maintained a relatively stable decoupling trend.
Maximizing Stakeholders' Interests: An Empirical Analysis of the Stakeholder Approach to Corporate Governance Silvia Ayuso, Miguel A. Rodríguez, Roberto García-Castro, Miguel A. Ariño Business and Society, 2014 This article makes two related contributions to stakeholder theory and corporate governance theory. First, the authors seek to advance firm-level characterization of the emerging stakeholder model of corporate governance by analyzing two relevant dimensions of this model: the corporate social responsibility (CSR) function at the board level and stakeholder engagement. Second, the authors intend to examine the relationship between conformance to the stakeholder model of corporate governance and firm financial performance, taking into account the differences between countries, by using an international sample of large companies. The findings suggest that the traditional distinction between shareholder-centered and stakeholder-centered corporate governance systems also has importance for the CSR strategy.
Bundles of firm corporate governance practices: A fuzzy set analysis Roberto García-Castro, Ruth V. Aguilera, Miguel A. Ariño Corporate Governance an International Review, 2013 Manuscript Type: Empirical exploration of theory-informed propositions. Research Question/Issue: We explore how the combinations of firm-level corporate governance (CG) practices embedded in different governance national systems lead to high firm performance. Research Findings/Insights: Using fuzzy set/Qualitative Comparative Analysis, we uncover a variety of findings. First, we show that within each of the stylized national CG models, there are multiple bundles of firm-level governance practices leading to high firm performance (i.e., equifinality). Second, we provide evidence of complementarity as well as functional equivalence between CG practices. Finally, we demonstrate that there can be heterogeneity (“differences in kind”) in firm governance practices within each stylized model of CG. Theoretical/Academic Implications: We build on the configurational and complementarity-based approaches to make the following theoretical claims. First, governance practices within firm bundles do not always relate to each other in a monotonic and cumulative fashion as this entails higher costs and possibly over-governance. Second, practices in bundles do not need to be aligned towards the insider or the outsider model (similar in kind). We argue that non-aligned practices can also be complementary, creating hybrid governance forms. Third, we predict functional equivalence across bundles of CG practices which grants firms agency on which of the practices to implement in order to achieve high performance. Practitioner/Policy Implications: We contribute to comparative CG research by demonstrating that there are multiple governance paths leading to high firm performance, and that these practices do not always belong to the same national governance tradition. Therefore, our findings alert of the perils of ‘one size fits all’ governance solutions when designing and implementing CG policies.
Does stakeholder engagement promote sustainable innovation orientation? Silvia Ayuso, Miguel Ángel Rodríguez, Roberto García‐Castro, Miguel Ángel Ariño Industrial Management and Data Systems, 2011 PurposeThe purpose of this paper is to focus on the contribution of stakeholder engagement to firms' innovation orientation within the context of sustainable development. It investigates whether engagement with different stakeholders promotes sustainable innovation.Design/methodology/approachThe empirical analysis is based on an international sample of 656 large companies, drawn from the annual assessment for the Dow Jones Sustainability Indexes. A logistic regression analysis was performed in order to test the hypothesized relationships between stakeholder interaction, knowledge management and sustainable innovation orientation.FindingsEmpirical results showed that knowledge sourced from engagement with internal and external stakeholders contributes to a firm's sustainable innovation orientation, but that this knowledge has to be managed by the firm internally in order to be converted into new ideas for innovation.Research limitations/implicationsSince the present study represents one of the first attempts to characterize stakeholder‐driven innovation in a quantitative way, there are some limitations related to the used database that should be addressed in future research.Practical implicationsThe results show the importance for companies of connecting the business functions of stakeholder engagement and innovation, and find flexible mechanisms to combine access and transformation of relevant stakeholder information.Originality/valueThe main contribution of the present research is to prove quantitatively that engagement with different stakeholders is a valid mechanism for promoting sustainable innovation within firms. This is done with a unique dataset, the SAM Group database. In addition, the present study will advance understanding on firm's sustainable innovation processes by framing this phenomenon as an organizational capability.
Over the long-run? short-run impact and long-run consequences of stakeholder management Roberto Garcia-Castro, Miguel A. Ariño, Miguel A. Canela Business and Society, 2011 The stakeholder view of the firm has been justified under instrumental and normative bases. Whereas the instrumental basis argues that “enlightened stakeholder management” is a necessary precondition to seek shareholders’ value maximization, the normative basis relies on the observance of ethical norms by managers and the notion that the stakeholders should be treated as “ends.” Some scholars argue that both views actually converge. However, this article provides empirical evidence of the negative effects of stakeholder management in shareholders’ value in the short run and the positive effects over the long run, using a longitudinal database of 658 U.S. firms. Given the difficulties of anticipating the instrumental long-term financial effects of short-run decisions affecting the different stakeholders, the authors’ findings support the view of the normative basis for stakeholder theory based on ethics, norms, and heuristic criteria as a way to solve conflicts among the claims of different stakeholders.
