Although more and more private equity (PE) firms are integrating environmental, social, and governance (ESG) factors into their investment strategies, there is no clear understanding of their reasons, the details of their activities, the tools they use or the barriers they face. Our study covers these gaps and provides an overview of current trends. We adopted a mixed-method approach, using both qualitative and quantitative data. We first interviewed ESG and PE experts and then submitted a survey to top PE players. Most PE firms integrate ESG issues because investors and other stakeholders pay increasing attention to them. We found that the tools used to assess ESG factors are checklists and that only a few PE firms used external advice from industry experts. Among the main barriers that PE firms face are difficulties in finding information and the lack of a comprehensive way to measure ESG issues. Our findings reveal that PE firms have two main approaches to ESG integration—risk management and value creation—and that the former is dominant. We contribute to the literature by explaining ESG integration in the PE industry and showing that an opportunity for value creation is being missed.

Purpose: The purpose of this paper is to investigate the relationship between individual motivation – both intrinsic and extrinsic – and learning effectiveness; moreover, this paper also investigates whether this relationship is moderated by gender.Design/methodology/approach: A quasi-experimental study was conducted. The research measured intrinsic motivation, extrinsic motivation and learning effectiveness among 1,491 students attending a course-work in informatics and computer basics in three different contexts: Burundi, Morocco and India.Findings: Findings suggest that intrinsic motivation has a positive effect on learning effectiveness, while extrinsic motivation has a negative effect on learning effectiveness. It also shows that gender has a moderating role.Originality/value: This research offers interesting contributions to the extant literature: first, it is the first to consider the moderating role of gender in the relationship between students’ motivation and learning effectiveness; second, it proposes the analysis of a rather broad data set with 1,491 students, thus providing strong empirical research based on a consistent data set.

Purpose: Small social entrepreneurs (SSEs) who operate in resource-constrained environments frequently use entrepreneurial bricolage (EB) to overcome such limitations. Research in social entrepreneurship mainly focuses on the outcomes of bricolage, with little knowledge about individual mechanisms that lead SSEs to use this approach. The authors fill this gap by investigating the role of entrepreneurial passion in fostering bricolage and the mediating effect of the sense of community.Design/methodology/approach: To validate the theoretical model, the authors surveyed 279 SSEs operating in 7 African countries. The authors assessed the risk of common method bias, internal reliability and the validity of constructs and tested the hypotheses by performing linear regression analysis.Findings: This study’s results demonstrate that passionate SSEs operating in resource-constrained contexts develop a sense of community by perceiving it as a valuable resource provider and that sense of community moves them to engage with EB.Research limitations/implications: Within the field of social entrepreneurship, this study examines the importance of a sense of community among SSEs; this evidence opens new avenues for research on drivers of small businesses operating in developing economies.Practical implications: This study has practical implications for SSEs on implementing bricolage, and guidelines for governments, policymakers and NGOs in better developing their policies and programs considering the role of communities.Originality/value: This study contributes to the literature by highlighting individual-level drivers of bricolage for SSEs operating in resource constraints, and revealing the relevance of the subjective view of the role of the community.

Relying on the hybrid organization literature and the circular economy literature, our study aims at theorizing how hybrid organizations adopt circular economy business models to contribute to sustainable development. Through six in-depth interviews with social entrepreneurs located in different regions of Italy and operating in different industries, we theorize that four aspects are unique to hybrid organizing that adopt a circular economy business model. We find that hybrid organizations foster sustainable development thanks to their ability to develop and maintain relationships with the surrounding organizational realities. Additionally, we find that hybrid organizations contribute to sustainable development thanks to their motivation to guard and watch over the natural environment and human beings. In addition, we find that hybrid organizations foster sustainability by educating, spreading knowledge, and ennobling the human spirit. We therefore present a conceptual model that shows how hybrid organizations that adopt circular economy models contribute to sustainable development. In sum, our findings expand on previous literature, add new knowledge, and integrate fields of research that usually develop in silos.

This study aims to investigate the antecedents of corporate sustainability performance, focusing on corporate governance mechanisms. The growing diffusion of sustainability-related corporate governance regulation raises a legitimate question about the effectiveness of these mechanisms in fostering sustainability performance. While extant research has separately taken into consideration different mechanisms related to corporate governance and sustainability, in this study, we investigate the combined effect of generic governance mechanisms, such as board size and board independence, and sustainability-related governance mechanisms, such as the presence of a sustainability committee and sustainability targets in executives’ compensation schemes, on corporate sustainability performance. Based on a dataset of 185 companies listed in the most important European markets, our results indicate that both generic and sustainability-related governance mechanisms enhance corporate sustainability performance. More specifically, the presence of independent directors and the inclusion of quantitative sustainability targets in executives’ compensation schemes contribute to corporate sustainability performance.

Purpose: This paper aims to present a comprehensive theoretical framework that seeks to explore the impact of cultural, legal and social factors within the external environment on the relationship between women on corporate boards and firm performance. By investigating these boundary conditions, the paper aims to shed light on how these pressures influence the aforementioned relationship. Design/methodology/approach: To build the sample of companies, the authors selected companies listed on the stock exchanges of countries that represent a diverse range of institutional contexts. These contexts encompass countries with individualistic cultures, collectivist cultures, environments with mandatory gender quotas, environments without gender quotas, contexts with substantial progress toward gender equality and contexts with limited progress in achieving gender equality. To test the hypotheses, the authors used linear regression analysis as a primary analytical approach. Furthermore, they used the propensity score matching technique to address potential issues of reverse causality and unobserved heterogeneity. Findings: The findings indicate that the positive influence of a critical mass of women on corporate boards on firm performance is contingent upon the institutional context. Specifically, the authors observed that this relationship is strengthened in institutional contexts characterized by an individualistic culture, whereas it is not as pronounced in collectivist cultural contexts. Furthermore, this research provides compelling evidence that the presence of a critical mass of women on boards leads to enhanced firm performance in institutional settings where gender quotas are not binding, as opposed to settings where such quotas are enforced. Lastly, the results demonstrate that the presence of a critical mass of women on boards is associated with improved firm performance in institutional settings characterized by low progress in achieving gender equality. However, the authors did not observe the same effect in institutional contexts that have made significant strides toward gender equality. Originality/value: This research offers a unique perspective by investigating the relationship between women’s presence on corporate boards and firm performance across different institutional contexts. In this investigation, the authors recognize that gender diversity on corporate boards is not a one-size-fits-all solution and that its effects can be shaped by the unique institutional contexts in which companies operate.