“Green Cities” are cities with the ultimate goal of achieving a net zero-carbon footprint in energy, transportation, architecture, and the activity cost chain of businesses. These cities define the future of our planet by emphasizing the efficient use of resources and the well-being of communities. This study focuses on “Green Cities” and the restaurant industry. It examines the beliefs of restaurant owners/managers on the positive impact of sustainability practices on financial situation, reputation, and attraction of customers, and the relationship between such beliefs and the extent of engagement in sustainability practices. The research also explores whether declaring a city “Green” enhances the sustainability practices in that city. The results indicate that the restaurant owners/managers in all three studied cities strongly believe that sustainability practices enhance the financial performance, reputation of the restaurant, and attraction of customers, yet a significant percentage of the wastes and by-products of the operations of the studied restaurants are discarded. In addition, the results of the study show no significant impact on sustainability practices in the studied restaurants for the declared “Green” cities of Providence (U.S.) and Nancy (France) versus the city of Springfield (U.S.). The study concludes by highlighting the potential reasons underlying the lack of sustainability practices in the restaurant industry and proposes recommendations that can enhance such practices in this industry.

This research explores the relationship between Hofstede’s femininity cultural dimension of quality of life and the masculinity cultural dimension of drive for success manifested by materialistic wealth by investigating the market value of the publicly traded firms appearing on the Dow Jones Sustainability Indices (DJSIs). The firms added to the DJSIs between the years 2010–2019 in countries with the femininity cultural dimension indicated by scores of ≤42, were selected for the first part of this study. In addition, France, with a masculinity score of 43 and Japan, with the highest masculinity score of 92, were chosen for comparison with the results from the countries with the femininity cultural dimension. The findings of this study indicate that companies in developed and emerging countries with the femininity cultural dimension show significant positive impact on their market values when added to the DJSIs. The publicly traded firms in France show a significant negative impact on their market values when added to the DJSIs. On the other hand, Japanese companies on the addition lists of DJSIs show a significant positive impact on their market values, despite Japan having the highest Hofstede masculinity score, a potential sign of cultural change in Japan.

Sustainability and corporate social responsibility (CSR) strategies of companies delineate the health and the welfare of the communities across the globe. The two major goals of this study are (1) To explore the relationship between the environmental regulations, market value, and adoption of sustainability and CSR strategies of the publicly traded firms listed on the Dow Jones Sustainability Indices (DJSI) and (2) To examine the impact of being added to or deleted from DJSI per different market sectors for the firms in the U.S. and the European Union (EU). The selected starting window, the year 2015, for studying the impact of addition to or deletion from the DJS indices was the Paris Accord proposal by the EU and strict sustainability regulations of the EU versus the U.S. We used event study methodology and regression analyses to explain the cumulative abnormal returns utilizing firms’ characteristics and specific market sectors. In addition, the other focus of the study was on heavy (polluting) industries and investigating if the addition to or deletion of the firms in these industries from the sustainability indices had an impact on the market value. The findings of this study reveal no impact of the environmental rules and regulations on adopting sustainability and CSR strategies by either the EU or the U.S. firms. The novel findings of this study indicate a significant negative impact on the market value of firms in heavy industries, Energy, Basic Materials, and Utilities when added to the DJS indices. The study discusses the underlying reasons for these differences and proposes strategies to enhance the impact of addition to or deletion from the DISI to increase firms’ commitments to sustainability and CSR strategies and altering the attitudes of the investors.