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The purpose of this study is to identify how firms' sustainability performance is affected by external knowledge sources and absorptive capacity, accounting for the influence of being located in a science and technology park (STP).

Drawing on data from the Spanish Technological Innovation Panel, the authors estimate the determinants of sustainability performance using fixed effects multiple linear regression models with robust standard errors. The analysis covers the period 2009–2016, with a total panel of 8,874 companies and a total sample of 47,870 observations.

This study highlights the heterogeneity in on-park firms’ sustainability performance, which can be explained by the different capacities of these firms when it comes to embedding themselves in STP networks and processes and effectively absorbing the knowledge from the many knowledge sources that may be on offer in the park.

This paper contributes to the literature by examining the influence of external sources of knowledge and absorptive capacity, and the relationship between them, on sustainability performance. This study approaches sustainability performance as an aggregate measure of firms’ competitiveness and potential for long-term survival from the triple bottom line perspective. In addition, this study examines the effect that location in an STP can have on business sustainability performance and, more specifically, the mediating effect that knowledge sources and absorptive capacity can exert on this relationship.

Achieving good sustainability performance requires balancing higher economic profits with better environmental and social performance. Knowledge plays a key role in improving corporate sustainability performance, but this knowledge is becoming increasingly complex, specific and dispersed among many scientific, technological and business actors. Science and technology parks (STPs) are infrastructures designed to host varying types of organizations that can bring together new, disruptive knowledge. Our purpose is to unveil how these spaces can be drivers of sustainability performance for companies.

We test our hypotheses on a longitudinal database of Spanish companies over the period 2009–2016 using structural equation models (SEMs).

This research confirms that a firm’s location in an STP helps improve its sustainability performance, provided that conditions are optimal in the STP. These optimal conditions are based on an abundance of knowledge spillovers available to the firm and the firm’s ability to harness them, especially those of a more disruptive nature, through absorptive capacity.

Results of this study yield implications for academia in the form of future lines of research and practical implications for policymakers and managers of both STPs and the organizations that host them.

若要取得良好的可持續發展績效，我們必須以更佳的環境和社會績效來平衡更高的經濟利潤。知識在改善企業的可持續發展績效上發揮關鍵作用; 但知識對很多科學的、技術性的和商業的參與者來說，變得越來越複雜、特殊和分散。科技園是為集合嶄新而帶有顛覆性知識的各種不同組織提供軟硬體支援而設計的基礎設施。本研究擬顯露這些設施和場地如何能為企業推動其永續發展績效。

我們以結構方程模式、去測試有關涵蓋2009年至2016年期間西班牙企業的縱向數據庫的研究假設。

研究結果確認了只要在科技園內有最優良的環境和條件，企業在園內的位置是有助改善其永續發展績效的。這些最優良環境和條件是基於企業可得到的豐富的知識外溢，以及它們可透過其吸收能力去控制知識外溢的能力，特別是那些具更強顛覆性本質的知識外溢。

研究結果為學術界就未來的研究領域提供了啟示; 研究結果亦為科技園和主辦機構的政策制定者和經理、提供了實務方面的啟示。

This study empirically assesses the effects of two key types of organizational and managerial capabilities—dynamic capabilities, and coordination and cohesion capabilities—on environmental performance, considering the moderating effect of family ownership. By applying the tenets of the natural resource-based view and the dynamic capabilities theory, this paper offers new insights into the topic.

The article presents empirical evidence from a survey of 1,019 firms operating in the Spanish tourism sector analyzed using multiple linear regression.

Overall, our results show that both dynamic capabilities and coordination and cohesion capabilities have direct and synergetic positive effects on environmental performance. In addition, the results confirm recent studies that report conflicting evidence on how family ownership affects environmental performance: family ownership is found to exert a distinct direct effect on environmental performance and on the development and application of the capabilities required to improve such performance.

This article sheds light on the conceptual frontiers between the different types of capabilities, as well as provides practical ways of measuring them. The article also brings evidence to bear on the debate concerning the direct and moderating effect that family ownership exerts on the relationship between both types of capabilities over environmental performance. The results of this analysis confirm the complexity of the family ownership effect on this aspect, and provide important insights for both business practitioners and academics.

本研究擬審查多頻率的及為市場成份的信息流和全球指數。

研究人員使用基於改良完全集合經驗模態分解自適應噪聲(Improved Complete Ensemble Empirical Mode Decomposition with Adaptive Noise)的聚類分析法,取得Rényi有效轉移熵,藉此得到研究結果。

我們發現、於大部份多頻率,在持續性股票和傳統股票間有顯著的負信息流動,這會增加多樣化的益處。這些信息流大部份是雙向的,這強調了股票市場成份及其全球指數在構建投資組合上的重要性。

我們認為持續性股票市場和傳統股票市場大多為異質市場,這顯示了市場的低效率,而且這低效率的程度頗大。

關於傳統股票的實證性文獻裡是充滿了變革動力的,這顯示了它們以多樣化為目的的回報行為。這使我們對關於持續性股票的回報行為、認識變得實在太少了。於此,大量的企業社會責任的新措施不斷提醒各公司、要本著企業社會責任的理念去營運;但投資者需清晰明白他們為何需在可見的將來保持可持續性。因此,他們卑微的願望是一個較好的多樣化投資組合得以形成,故此他們高度要求股票要有組成可靠投資組合的性質和能力,特別是在持續性股票和/或傳統股票當中。

This study adopts the dynamic capabilities perspective to analyze environmental performance in family firms and explores the moderating effects that both family involvement in the Top Management Team (TMT) and long-term orientation (LTO) exert on the relationship between dynamic capabilities and environmental performance.

The authors test the hypotheses on a database of 748 family tourism firms, using hierarchical regression analysis.

The authors' results show that both variables have a beneficial effect on building the dynamic capabilities to be applied to improving environmental performance. However, the moderating effect of family involvement is revealed to be more complex than that of LTO. Having a high degree of family managerial involvement positively moderates the effect of dynamic capabilities on environmental performance but only in family firms with highly-developed dynamic capabilities; conversely, in family firms with lower levels of dynamic capabilities not having this family involvement in the TMT is better.

This study helps advance the research on Spanish family tourism firms by adopting an approach that unveils the heterogeneity in dynamic capabilities among said firms, driven by the firms' idiosyncratic features in terms of family involvement in the TMT and their LTO. The article also provides practical insights for family business owners, managers and advisors and outlines important directions for future research.

This study draws on the natural resource-based view to analyze the effects of technologies, managerial commitment, and firm strategy on sustainability performance, in terms of both environmental and social profits. It also examines how the effect of green technologies on sustainability performance can be triggered by a managerial commitment to sustainability issues, and by the adoption of a prospector strategy. Multiple linear regression was used to test research hypotheses on a sample of 426 Spanish tourism firms. The results provide important insights into the importance of the adoption of explorer strategies fostering the strategic exploitation of green technologies to obtain new efficient processes, organizational procedures, and products. This research also shows the contingent moderating effect that managerial commitment exerts on the strategic implementation of green technologies for sustainability performance.