Exploring the Role of Corporate Financial Strategy on Sustainability Performance: The Intervention of Corporate Culture of Automobile Companies in Guangxi, China

Abstract

This study examines the mediating role of corporate culture in the relationship between corporate financial strategy and sustainability performance within Guangxi’s automobile industry. Employing a stratified sampling method, data were collected from 400 chief financial officers through questionnaires administered via Question Star. Structural equation modeling was used to analyze the responses. The findings reveal that the average score for corporate financial strategy was 3.399 (SD = 0.948), indicating moderate variation in perceptions. Corporate culture received a comparable mean of 3.463 (SD = 0.963), reflecting a similarly modest range of views among participants. Sustainability performance reported a mean score of 3.416, with a higher standard deviation (SD = 1.081), suggesting more diverse opinions regarding sustainability outcomes. The analysis confirms that both corporate financial strategy and corporate culture exert a positive influence on sustainability performance. These results indicate the need for managers in the automobile sector to continuously enhance financial strategies and foster a supportive corporate culture, as these factors significantly contribute to improved sustainability performance.

1. Introduction

Guangxi began producing trucks in 1969, laying the foundation for its automobile industry. With national support, Guangxi has seen comprehensive development in trucks, buses, passenger cars, internal combustion engines, and auto parts. Over time, a comprehensive industrial structure emerged, with Liuzhou as the leading hub and Nanning, Guilin, and Yulin as secondary centers [1]. Well-known brands such as Wuling, Baojun, Chevrolet, and Chenglong originated in Guangxi, making the industry a pillar of the regional economy by the late 20th century. In 2020, Guangxi’s automobile production and sales reached 1.747 million units, ranking fifth in the country [2].

To reduce environmental pollution and promote sustainable development, China’s automobile industry is shifting toward new energy and intelligence [3]. Guangxi’s traditional sector, however, faces challenges such as limited research and development capacity and slow product renewal [4]. As a result, the industry has gradually declined. In response, Guangxi has issued policies to support the electric vehicle sector [2]. The region is now developing an NEV industry that includes electric and plug-in hybrid models as well as core components [5]. Guangxi has become one of China’s major NEV production bases, but its output value still lags behind leading provinces [6]. To remain competitive, Guangxi automobile companies need to pursue industrial transformation, invest in intelligent networked vehicles, and expand into high-value-added fields [7]. Through these behaviors, Guangxi automobile enterprises are conducive to improving profit levels and expanding production scale [7]. Otherwise, these companies will face greater financial pressure, affecting the sustained growth of performance [8].

Although progress has been made in recent years, the financial systems of many Chinese enterprises remain underdeveloped and primarily limited to basic functions such as investment, financing, and dividend distribution [9,10]. These organizations often lack comprehensive strategic vision and long-term financial planning, which constrains their overall effectiveness [4]. One persistent challenge is the management of working capital, a factor that directly influences financial performance [11]. Ineffective working capital management, particularly in areas such as accounts receivable collection, is frequently linked to inadequate credit assessment practices [12,13]. Moreover, insufficient medium- and long-term planning in financial resource management may undermine competitiveness, especially within the highly dynamic automotive sector [14]. In the context of Guangxi, recent national policies promoting new energy vehicles (NEVs) and sustainability have created both opportunities and challenges. Addressing technological gaps, investing in research and development, and building a robust manufacturing ecosystem are now essential priorities. Ultimately, Guangxi’s ability to leverage sustainability as a catalyst for growth will shape its future role as a leading industrial hub [15].

The growing global demand for new energy vehicles (NEVs) and heightened international competition compel Chinese automotive companies to adapt rapidly [8]. In this context, cultivating a corporate culture centered on sustainability is essential for aligning financial strategies with broader environmental and social objectives. A strong sustainability-oriented culture can foster innovation, enhance internal collaboration, and improve coordination across the supply chain [3]. To respond effectively to these pressures, firms must adopt strategic financial management practices that promote both organizational resilience and long-term growth [16]. Building on these dynamics, the present study investigates the mediating role of corporate culture (CC) in the relationship between corporate financial strategy (CFS) and sustainability performance (SP) [17].

2. Literature Review and Hypothesis Development

Corporate financial strategy (CFS) refers to the systematic management of financial resources to achieve organizational goals. It includes preparing, allocating, and utilizing working capital, as well as making strategic decisions on investment, financing, and risk management. And these practices improve financial efficiency and create stakeholder value [17,18]. Prior research shows that CFS influences firms’ ability to achieve sustainable development goals (SDGs). Companies typically develop their core values and operational approaches within this strategic framework [19]. Those integrating financial planning with corporate social responsibility have shown positive impacts on both profit levels and SDG attainment, particularly excelling in achieving key performance indicators (KPIs) and specific objectives [20].

Recent studies demonstrate a significant correlation between corporate financial strategies and sustainable performance (SP). Financial approaches that emphasize transparency, efficiency, and responsible disclosure enhance long-term effectiveness [21]. By reducing information asymmetry and strengthening stakeholder trust, transparent sustainability reporting helps improve financial performance [22]. Furthermore, under appropriate disclosure levels, the governance-related disclosure is likewise associated with higher profitability and efficiency [23].

CFS determines the SP as reflected through economic, social, and environmental metrics. In strategic management, the RBV (Resource-Based View) helps explain how a firm can take advantage of its financial assets and resources to achieve competitive and sustainable benefits [24]. Studies highlight that corporate finance allocates appropriate funds for sustainability programs [25]. In particular, capital expenditure and R&D investment are key drivers of sustainability strategies [26]. Research has demonstrated that R&D spending fosters environmental innovation and value creation, while capital investment supports long-term growth and firm value [27]. Research on the RBV indicated that environmental performance has positive returns for firms, particularly in high-growth sectors.

Beyond direct investment, financial risk management is essential for aligning corporate strategy with sustainability. Studies show that firms use risk assessment processes and tools such as sustainability-linked loans and green bonds to balance profitability with social and environmental responsibility [28,29]. These studies emphasize adaptive financial strategies as a mechanism for embedding sustainability into corporate governance structures [30]. Accordingly, corporate financial strategy (CFS) directly influences sustainability performance (SP) by shaping the financial structure, improving risk management, optimizing financial instruments, addressing transactions and operational issues, and aligning the corporate life cycle with long-term sustainability goals [31]. Thus, this research proposes the following hypothesis:

Hypothesis 1.

Corporate Financial Strategy affects Sustainability Performance.

Corporate culture (CC) integrates sustainable practices, values, and responsibilities into organizational structures and daily operations [32]. Unlike short-term profit orientation, CC emphasizes long-term impacts on employees, communities, and the environment, aligning business activity with sustainability performance (SP) objectives [33]. Importantly, this approach seeks to embed sustainability authentically in employee behavior and organizational strategy [34].

A sustainability-oriented culture promotes reduced resource use, environmental awareness, diversity, inclusion, and ethical conduct [35]. These values link sustainability to financial success and social wellbeing [36]. CC sustainability is also an evolving field that encompasses risk perception, mitigation, and adaptation to global challenges such as climate change, resource depletion, and societal inequalities [37]. It emphasizes the importance of cultural assets, community cohesion, and inclusive strategies for building sustainable futures [38].

Aligning financial strategies with sustainability initiatives enables businesses to realize significant advantages essential for sustained growth and resilience. These benefits include improved brand reputation, heightened stakeholder trust, and increased organizational adaptability [39]. Strategic integration of ESG priorities and effective knowledge management not only fosters a sustainable corporate culture but also enhances credibility among both internal and external stakeholders [40]. This alignment promotes greater accountability across all levels of the organization and supports collaborative efforts and innovation in achieving sustainability objectives [41].

Moreover, employees also benefit directly from working in organizations that emphasize ethical decision-making and genuine social contribution. This, in turn, strengthens their commitment to organizational goals and motivates them to pursue them with greater dedication and energy [42]. By cultivating a culture centered on sustainability, organizations become more adaptable to evolving markets and regulatory demands while also remaining responsive to social expectations [34]. Such adaptability enhances not only performance but also competitiveness. Furthermore, embracing open innovation helps organizations build dynamic capabilities, equipping them to manage uncertainty effectively and supporting long-term sustainable development and growth [43].

Integrating sustainability into financial planning and strategic decision-making reinforces firms’ commitment to responsible business practices. In today’s competitive environment, sustainability has become a key driver of organizational success [44]. Companies that consistently uphold sustainability performance (SP) principles cultivate a proactive and engaged workforce. Increasingly, job seekers are attracted to organizations that champion sustainability and demonstrate genuine commitment to social and environmental outcomes. Aligning personal values with corporate missions not only strengthens employer brand appeal but also influences career choices [45]. Eventually, such initiatives foster trust, stimulate innovation, and support continuous growth and resilience, granting firms a competitive edge while ensuring meaningful contributions to both people and the planet [46].

Hypothesis 2.

Corporate Financial Strategy affects Corporate Culture.

Corporate culture (CC) is essential in shaping a firm’s sustainability performance (SP). When sustainability becomes part of corporate identity, it fosters ethical behavior and social responsibility [32]. Organizations that intentionally foster a sustainability-oriented culture are better equipped to respond to broader societal expectations and make more meaningful progress toward their SP objectives [32]. Research consistently indicates that firms with strong cultural commitments to sustainability tend to adopt behaviors that enhance environmental outcomes and improve overall performance [47]. Other findings further support a positive relationship between a company’s internal commitment to sustainability and its ability to reduce environmental impact [32].

Emphasizing cultural values such as innovation, collaboration, and quality significantly increases the likelihood of successful sustainability initiatives. When these values are embedded within an organization, employees at all levels are more inclined to work collectively toward common environmental and social objectives [36]. This alignment enables companies to make tangible progress in key areas of sustainability performance, including reducing carbon emissions, enhancing supply chain transparency, and fostering inclusive workplace practices [36]. Furthermore, a strong sustainability-oriented culture provides a solid foundation for ongoing innovation and cross-functional collaboration, equipping organizations to achieve measurable and enduring environmental and social impacts [48].

Firms that embed sustainability into their corporate culture (CC) not only strengthen sustainability performance (SP) and reputation but also achieve financial and operational gains [49]. Employees who feel aligned with their company’s sustainable values perform at a higher level, which creates advantages for the organization, its stakeholders, and investors [32]. This interconnected improvement of SP metrics, morale, and financial success positions the company for long-term success in the modern business environment [50]. Building a corporate culture (CC) that prioritizes sustainability is a key strategy for organizations aiming to strengthen their sustainability performance (SP). By making sustainability a core value and integrating it into daily practices and decisions, firms create a framework for long-term operational and strategic success [51]. This approach improves competitiveness and reputation in global markets while delivering tangible benefits for employees, stakeholders, and society [40].

Hypothesis 3.

Corporate Culture affects Sustainability Performance.

Focusing solely on financial sustainability does not capture the essence of integrating corporate financial strategy (CFS) into sustainability performance (SP) [44]. Embedding sustainability into financial decisions allows firms to develop proactive strategies that treat SP as intrinsic, engaging stakeholders and prioritizing social and environmental goals over short-term gains. This integrated approach strengthens long-term corporate growth and ethical business practices [52]. As a result, businesses can achieve financial benefits while boosting operational efficiency. Companies that adopt such strategies are better equipped to address urgent challenges, enhance their public image, and build reputations as socially responsible leaders [53]. At the same time, these efforts help organizations cultivate a stronger public image, showcasing them as socially responsible leaders in their industry. A positive reputation that reflects commitment to SP principles is invaluable; it strengthens trust and respect among key stakeholders such as investors, customers, business partners, and employees. Over time, this trust-building process forms the foundation for better financial performance, deeper and more meaningful stakeholder relationships, and sustainable growth for the organization [54].

Beyond the external advantages, cultivating a strong corporate culture (CC) also generates significant internal benefits for organizations [55]. Employees are more motivated when they see their organization making genuine commitments to environmental and social responsibility [56]. This alignment between personal values and organizational mission instills a deeper sense of purpose [57]. At the same time, the increasing morale and engagement lead to improved productivity, thus fostering a work environment that inspires individuals to contribute to their fullest potential [58]. Companies that demonstrate a clear dedication to sustainability also strengthen employee loyalty, supporting retention and workplace stability [59]. These internal benefits enhance financial performance and embed SP more firmly in long-term strategy [60].

By aligning financial strategies with sustainability, organizations create a unified approach that secures both profitability and meaningful SP outcomes [61]. This unified approach positions businesses to thrive by balancing ethical, social, and environmental goals with their financial imperatives [44]. It provides them with a framework to succeed in today’s increasingly competitive and socially conscious global economy, setting the stage for lasting organizational success [62].

Hypothesis 4.

Corporate Financial Strategy integration affects Sustainability Performance via Corporate Culture.

With the widespread adoption of “carbon neutrality” initiatives, sustainability performance (SP) investments have grown rapidly in recent decades. Within the broader framework of globalization, SP has drawn increasing attention from both industry and academia [63]. Closely related to “sustainable development” and “corporate social responsibility” (CSR), SP goes beyond traditional CSR reporting by adding greater structure and rigor to disclosure practices [64].

SP includes three key aspects: environment, society, and governance. Driven by climate change, firms now recognize environmental protection as essential for long-term growth [65]. Many are prioritizing cleaner energy, emission reduction, and resource efficiency. At the same time, social issues such as human rights, equality, and community development have gained prominence [66]. Both consumers and investors have developed a strong interest in corporate social responsibility, demanding that companies take positive actions to address social issues. Enterprises have found that actively assuming social responsibility is conducive to improving corporate reputation and market competitiveness [67]. Furthermore, governance issues have become a key area of concern for companies [68]. Effective corporate governance structures and practices are essential to ensure transparency, accountability, and compliance [69]. In today’s globalized and digital context, companies face rising governance expectations from shareholders, investors, and regulators alike [70].

Sustainability performance (SP) rests on three fundamental dimensions: environment, society, and governance. From an environmental standpoint, Ren and Ren [71] highlight that rising public awareness of ecological issues can substantially enhance corporate SP. Similarly, Chien [72] shows that R&D investment and ecological innovation strengthen enterprise innovation capacity, offering guidance for green development strategies. From a social perspective, Song [68] demonstrates that strong SP enhances corporate reputation, which improves the efficiency of human capital investment. Higher SP not only elevates reputation but also boosts workforce productivity, thereby contributing to competitive advantage. Meanwhile, from a governance perspective, Ruan et al. [73] find that SP is associated with solvency, with stronger effects in high-polluting firms. This highlights the importance of governance quality for sustainability outcomes. SP has also been shown to reduce stock pledge risks, particularly in non-state-owned enterprises [74].

The environmental dimension of sustainability performance (SP) evaluates how effectively firms manage emissions, resource efficiency, and green innovation. Performance in this area is gauged by the degree to which firms meet their environmental responsibilities, including reducing carbon footprints, enhancing energy efficiency, and adopting sustainable technologies [31]. Within both social and corporate governance frameworks, environmental scoring is a central component of the overall assessment system. For instance, advancements in green technology and carbon management have been shown to significantly increase corporate valuations in the industrial sector, particularly across emerging Asian markets. These findings suggest that ESG-driven clean technology investments are positively associated with both profitability and market value, demonstrating the direct and indirect contributions of environmental performance to firm outcomes [75].

The social dimension of SP emphasizes employee satisfaction, diversity and inclusion, and stakeholder relations [76]. It covers factors such as working conditions, workplace satisfaction, health and safety, human rights, and community engagement. Research has shown that employee satisfaction not only strengthens the overall firm’s performance but also serves as a buffer against financial distress. In addition, gender diversity and inclusive governance practices are positively associated with stronger green collaborations and improved financial outcomes [77]. Stakeholder engagement also moderates the link between CSR initiatives and sustainable value creation, particularly under rising environmental and social pressures [78]. Overall, the social dimension consistently demonstrates a positive relationship with firm profitability and market value, underscoring its pivotal role in advancing corporate sustainability [30].

The governance dimension of SP assesses how firms are managed, the relationship between managers and shareholders, and the integrity of corporate conduct. It includes management structure, shareholder rights, board composition, corporate ethics, and CSR approaches [79]. Key governance considerations include management effectiveness, transparency, stakeholder accountability, and the alignment of corporate strategies with widely accepted governance principles [80]. Refinitiv’s SP scoring framework identifies governance as one of the central pillars in assessing a company’s sustainability performance, offering measurable indicators of leadership quality and strategic direction [81]. Strong governance practices ensure that organizational actions and processes remain consistent, transparent, and trustworthy, leading to more efficient resource allocation. Firms with high governance scores typically demonstrate effective management and responsible stakeholder relations, thereby fostering long-term sustainability and resilience [82].

Recent research has emphasized the role of ecological innovation and digital transformation in advancing corporate sustainability. However, most studies focus on technology-related resources, paying relatively little attention to financial strategies. A few emerging studies highlight the role of organizational culture in integrating sustainability into corporate practices and promoting comprehensive reporting, but culture is usually treated as an independent factor rather than an interaction with financial strategy. Meanwhile, the research linking financial resources with sustainable development performance remains limited, and the mediating role of organizational culture has not been examined. In summary, three gaps remain. First, few studies conceptualize corporate financial strategy (CFS) as a strategic intangible resource in sustainability research. Second, limited attention has been given to the synergy between hard resources (CFS) and soft resources (corporate culture, CC). Third, although China’s automotive industry is central to the national green transition, empirical studies in this context remain scarce.

Despite growing interest in corporate financial strategy (CFS), corporate culture (CC), and sustainability performance (SP), significant research gaps remain. Much of the existing literature treats these constructs in isolation, often viewing CFS as a static mechanism rather than as a dynamic strategic resource. The mediating role of CC in the relationship between CFS and SP has rarely been explored, resulting in an incomplete understanding of how firms mobilize resources to meet sustainability objectives. Furthermore, few studies have sought to integrate the Resource-Based View (RBV), Stakeholder Theory, and Institutional Theory within a unified analytical framework, leaving the field fragmented, especially regarding empirical evidence from emerging economies like China’s automotive industry. Addressing these limitations, this study proposes an integrated model that investigates the impact of CFS on SP through the mediating influence of CC, grounded in a multi-theoretic perspective. By reconceptualizing CFS as a strategic capability and emphasizing CC as a critical transmission channel, this research offers a triangulated theoretical approach to better capture the dynamics of sustainability in transitional markets.

This study employs the Resource-Based View (RBV), Stakeholder Theory, and Institutional Theory to analyze Guangxi’s automobile industry and construct a comprehensive theoretical framework. RBV highlights the role of internal resource allocation, while stakeholder theory explains how firms align these resources with external expectations. Institutional theory complements these perspectives by emphasizing the influence of regulatory and normative environments. Integrating these three lenses offers a holistic understanding of how internal capabilities and external pressures interact to shape sustainability performance. The framework offers practical insights for managers and policymakers: firms should not only design robust financial strategies but also foster a sustainability-oriented culture to enhance competitiveness, legitimacy, and regulatory compliance in dynamic contexts. Within this framework, the study examines the relationships among corporate financial strategy (CFS), corporate culture (CC), and sustainability performance (SP), and proposes a model in which CC mediates the link between CFS and SP. The logic of this model is outlined as follows:

Figure 1 conceptual framework explores the relationships among key variables in corporate sustainability and SP. Drawing on RBV, we argue that as companies grow, they establish robust financial strategies. These strategies not only optimize tangible financial resources but also cultivate intangible assets such as organizational norms, risk awareness, values, and long-term orientation. Ultimately, these efforts lead to a comprehensive financial strategy and an excellent CC, which are unique resources that form the core competitiveness of the company. This approach enables firms to maintain an edge and continually optimize resources in a highly competitive and uncertain environment. By refining financial strategies, companies can positively shape CC, thereby ensuring the achievement of sustainability goals. As strategic resources, cultural attributes enhance performance, strengthen market position, and contribute to long-term competitive advantages in line with RBV.

Prior research has often examined corporate financial strategy (CFS), corporate culture (CC), and sustainability performance (SP) in isolation, focusing on financial planning or cultural influence without integrating the two. The mediating role of CC between CFS and SP also remains underexplored, particularly in emerging markets such as China’s automotive sector. To address these gaps, this study proposes a triadic model grounded in RBV, Stakeholder Theory, and Institutional Theory, offering a holistic view of how internal strategies and soft capabilities jointly drive sustainability.

3. Research Methodology

3.1. Population and Sample

Guangxi’s automobile industry plays a dual role as both a driver of innovation-led and sustainable development in the region and a key contributor to China’s broader automotive sector. Over the past several decades, the industry has achieved steady growth and has established itself as a leader in the domestic market. Against this backdrop, the present study centers on automobile-related enterprises in the Guangxi Zhuang Autonomous Region, encompassing manufacturers, parts suppliers, and dealers.

According to the official website of the Guangxi Department of Industry and Information Technology, by the end of October 2024, there were 10,521 automobile-related enterprises in Guangxi. Using the Yamane formula, the sample size was calculated as 10,521/(1 + 10,521 × (0.05)²) = 385.3, indicating that the questionnaire sample should be at least 386. Given that the research involves three variables and 13 dimensions, to ensure the effectiveness and reliability, the number of questionnaires should not be fewer than 320. Ultimately, 600 questionnaires were distributed, and 400 valid questionnaires were recovered, with a recovery rate of 66.7%.

The core objective of this study is to investigate how corporate financial strategies influence the sustainable development of Guangxi’s automotive enterprises. To ensure representativeness, a stratified random sampling method based on geographical location (e.g., Nanning, Liuzhou, and Guilin) was used to reflect regional differences in the automotive industry in Guangxi. Specifically, CFOs or heads of finance departments responsible for formulating financial strategies, capital allocation, and risk management were selected as respondents. Because they possess comprehensive knowledge of their company’s financial strategies. The stratified random sampling approach for adult respondents helps avoid social desirability bias while ensuring participant honesty.

To mitigate the risk of common method bias (CMB), several procedural and statistical remedies were employed. First, participants were assured of anonymity and confidentiality to reduce social desirability bias. Second, the questionnaire was designed to include reverse-coded items and to separate the measurement of independent and dependent variables into distinct sections, thereby creating psychological separation between constructs. Finally, Harman’s single-factor test was conducted post hoc to statistically assess CMB. The results indicated that the first unrotated factor accounted for less than 40% of the total variance, suggesting that CMB was not a significant threat in this study.

3.2. Questionnaire Design

The first step involves identifying key variables aligned with research objectives, followed by framing clear and concise questions to measure them effectively. Appropriate scales, such as Likert or semantic differential, enhance variable measurement. Validity tests, such as content, construct, or criterion validity, evaluate whether the questionnaire captures the intended constructs. Reliability tests, like Cronbach’s alpha or test–retest methods, assess the consistency of responses.

In this study, the model includes three core constructs: corporate financial strategy (CFS), corporate culture (CC), and sustainability performance (SP). Each construct represents a latent variable measured through multiple indicators.

Table 1. Questionnaire structure.

Variable	Number of Questions	References
Demographics	Five items capture background information on respondents, and 7 items capture background information on organizations.
Corporate Financial Strategy (CFS)	Five items each on Financial Structure (FS), Corporate Life Cycle (CLC), Risk Management (RM), Financial Instruments (FIS), & Transactions and Operating Issues (TOI)	Oyeyipo et al. [83]; Bender, R. [17]
Corporate Culture (CC)	Five items each on Environmental Awareness (EA), Social Responsibility (SR), Economic Viability (EV), Leadership Commitment (LC), & Cultural Adaptability (CA)	Zabala et al. [48]; Na-Nan et al. [84]
Sustainability Performance (SP)	Five items each on Environment (Env), Social (Soc), & Governance (Gov)	Birindelli et al. [85]; Falah [30]

Questionnaire structure provides source and number of questions to each variable. Within the theoretical framework, items with low factor loadings or unstable placements across different isomorphic planes were eliminated, resulting in a refined set of analysis variables. Dimensional analysis was then carried out to identify the underlying characteristics of each factor, streamlining the items associated with each dimension. To ensure reliability, Cronbach’s α coefficient was applied to evaluate the internal consistency of items within each construct. Following this, experts reviewed the questionnaire to determine whether the items appropriately aligned with the research objectives. Each item was scored on a scale of −1, 0, or 1, and the Item-Objective Congruence (IOC) value was calculated based on their assessments. Items with an IOC value below 0 were removed, those between 0.5 and 1 were revised, and those above 0.5 were retained. After these revisions, the finalized questionnaire was established.

3.3. Data Collection

Data collection was carried out anonymously through the Questionnaire Star platform, which was distributed via WeChat. The respondents comprised key stakeholders in China’s automobile industry, including manufacturers, parts suppliers, and dealers. To ensure integrity and trust in the process, all participants were guaranteed confidentiality, and their responses were kept strictly anonymous throughout the survey.

3.4. Data Analysis

This study employed SPSS (version 29.0) to conduct descriptive statistical analyses, while Smart-PLS was used to perform reliability and validity testing, correlation analysis, and structural equation modeling. These methods were used to evaluate the proposed hypotheses, analyze test results, and conduct path analysis to estimate parameters in the theoretical model. The overall analysis focused on examining the relationships among corporate financial strategy (CFS), corporate culture (CC), and sustainability performance (SP) in the construction of the measurement scales.

Partial Least Squares Structural Equation Modeling (PLS-SEM) has become a widely adopted and versatile analytical method across disciplines such as social sciences, economics, marketing, and management. Its popularity lies in its ability to handle complex relationships among variables while accommodating both measurement and structural models. By integrating elements of principal component analysis with multiple regression techniques, PLS-SEM enables researchers to simultaneously assess latent constructs and the paths linking them. Its linear nature makes it particularly suitable for multivariate data analysis, offering a powerful tool for examining theoretical models in empirical research.

In PLS-SEM, evaluating the model’s performance involves assessing how well the hypothesized model represents the real data. For the measurement model, researchers often check the reliability and validity of the indicators, such as examining composite reliability (CR) and average variance extracted (AVE). For the structural model, the coefficient of determination R² is a key metric. Path analysis in PLS-SEM is used to explore causal relationships and the direct and indirect effects among multiple variables. PLS-SEM allows for the examination of mediation effects by estimating the indirect effects within the model’s paths. The Bootstrap method is commonly used to test the significance of these mediation effects, as it can calculate more accurate confidence intervals and has fewer assumptions about data distribution.

4. Results

4.1. Respondent’s Profile

In this study, a total of 400 valid questionnaires were collected. Among the respondents, 58% were male (232 individuals) and 42% were female (168 individuals). Regarding age distribution, the largest group fell within the 36–55 age range, accounting for 70.25% (281 individuals). Participants under 36 years of age represented 9.50% (38 individuals), while those over 55 made up 20.25% (81 individuals). In terms of educational background, most respondents held an undergraduate degree, representing 55.75% (223 individuals). A further 23.25% (95 individuals) possessed a master’s, doctoral, or higher degree, while 20.50% (82 individuals) reported having a college-level qualification or below (including secondary school, high school, or technical school). These figures suggest a generally high level of educational attainment in the sample, with most participants holding at least a bachelor’s degree. With respect to work experience in their current positions, the most common category was 15–22 years, comprising 37.25% (149 individuals). This was followed by 7–14 years at 31.5% (126 individuals). Participants with more than 23 years of experience accounted for 15.75% (63 individuals), while those with less than 7 years made up 15.50% (62 individuals).

Company information reveals diversity in industry type, ownership, size, age, and geographic distribution. By industry, vehicle manufacturing enterprises account for 22.00% (88 firms), auto parts manufacturing enterprises 26.00% (104 firms), fuel oil and power system manufacturing enterprises 25.75% (103 firms), and new energy vehicle enterprises 26.25% (105 firms). In terms of ownership, private enterprises constitute the largest share at 30.50% (122 firms), followed by joint ventures at 24.75% (99 firms), state-owned enterprises at 24.00% (96 firms), foreign-funded enterprises at 15.50% (62 firms), and others at 5.25% (21 firms). Company size is predominantly medium, with firms employing 100–499 people representing 44.50% (178 firms), and those with 500–999 employees comprising 29.00% (116 firms). Smaller firms with fewer than 100 employees account for 16.00% (64 firms), while larger enterprises with more than 1000 employees make up 10.50% (42 firms). Regarding years of establishment, most firms have been in operation for more than 22 years (42.25%, 169 firms), followed by those established for 15–22 years (31.75%, 127 firms). Younger firms include those with 7–14 years of operation (20.00%, 80 firms) and those with less than 7 years (6.00%, 24 firms). Geographically, Nanning holds the largest share with 22.25% (89 firms), followed by Guilin at 17.75% (71 firms), Liuzhou at 15.00% (60 firms), Guigang at 14.00% (56 firms), and Yulin and Qingzhou both at 13.00% (52 firms each), while other regions collectively account for 5.00% (20 firms).

4.2. Descriptive Statistics

Table 2. Questionnaire.

Latent Variable	Mean	Standard Deviation	Level of Perception
CFS	3.399	0.948	Slightly Disagree
FS	3.336	1.297	Slightly Disagree
CLC	3.415	1.357	Slightly Disagree
RM	3.372	1.340	Slightly Disagree
FIS	3.483	1.277	Slightly Disagree
TOI	3.390	1.304	Slightly Disagree
CC	3.463	0.963	Slightly Disagree
EA	3.458	1.400	Slightly Disagree
SR	3.453	1.303	Slightly Disagree
EV	3.433	1.310	Slightly Disagree
LC	3.508	1.342	Slightly Agree
CA	3.466	1.312	Slightly Disagree
SP	3.416	1.081	Slightly Disagree
ENV	3.406	1.334	Slightly Disagree
SOC	3.438	1.412	Slightly Disagree
GOV	3.404	1.336	Slightly Disagree

presents the descriptive statistical analysis of the study variables, showing the overall means and standard deviations. Across all variables, the mean values fall slightly below the neutral benchmark of 3.51, indicating that respondents tended to express mild disagreement regarding the presence or effectiveness of these practices within their organizations. Among the variables, corporate culture (CC) reported the highest mean (M = 3.463, SD = 0.963), while corporate financial strategy (CFS) recorded the lowest (M = 3.399, SD = 0.948), though the differences among them were relatively small. The mean scores for CFS and sustainability performance (SP) were 3.399 and 3.416, respectively. These findings suggest that while CFOs recognize the relevance of financial strategies and corporate culture for advancing sustainable development, their acknowledgment remains limited. This tension, between statistically significant model relationships and comparatively low mean values, indicates that sustainability-oriented financial and cultural practices have yet to be fully institutionalized in Guangxi’s automotive industry. In other words, firms exhibit clear strategic intent but face challenges in embedding sustainability into their cultural and operational frameworks. This gap indicates both the managerial difficulties encountered in practice and the opportunities for further research to explore mechanisms for deeper integration.

While these coefficients appear relatively high compared to previous sustainability research, several factors may explain their magnitude. Methodologically, collinearity was eliminated (all VIF < 3), and bootstrapping using 5000 resamples confirmed the robustness of the estimates, minimizing concerns about overestimation. The Chinese automotive industry is characterized by centralized governance, with the chief financial officer (CFO) exerting significant influence over financial strategy and resource allocation. This structural characteristic amplifies the observed impact of the CFS on corporate culture and sustainability performance.

While the SEM results indicate strong associations among corporate financial strategy (CFS), corporate culture (CC), and sustainability performance (SP), the relatively low mean scores, approaching “slightly disagree”, suggest that sustainability-oriented practices remain limited within Guangxi’s automobile sector. This discrepancy highlights the importance of interpreting statistical significance with caution, as strong model paths may not necessarily correspond to widespread adoption or meaningful change in real-world practice.

4.3. Validity and Reliability Test

4.3.1. Discrimination Validity

Discriminant validity was assessed using the Fornell–Larcker criterion [86], which evaluates the extent to which each latent construct is truly distinct from others in the model. According to this method, the square root of the Average Variance Extracted (AVE) for each construct should be greater than its correlations with any other construct.

Table 3. Discriminant validity with the Fornell–Larcker Criterion.

	FS	CLC	RM	FIS	TOI	EA	SR	EV	LC	CA	Env	Soc	Gov
FS	0.820
CLC	0.393 **	0.829
RM	0.366 **	0.461 **	0.822
FIS	0.381 **	0.417 **	0.354 **	0.806
TOI	0.404 **	0.453 **	0.437 **	0.321 **	0.819
EA	0.406 **	0.433 **	0.411 **	0.335 **	0.428 **	0.846
SR	0.397 **	0.405 **	0.460 **	0.340 **	0.408 **	0.360 **	0.811
EV	0.384 **	0.439 **	0.417 **	0.326 **	0.385 **	0.377 **	0.389 **	0.823
LC	0.427 **	0.399 **	0.462 **	0.405 **	0.353 **	0.399 **	0.410 **	0.340 **	0.823
CA	0.426 **	0.437 **	0.452 **	0.331 **	0.373 **	0.471 **	0.431 **	0.386 **	0.451 **	0.816
Env	0.410 **	0.408 **	0.401 **	0.406 **	0.431 **	0.415 **	0.379 **	0.347 **	0.376 **	0.421 **	0.821
Soc	0.412 **	0.464 **	0.493 **	0.348 **	0.442 **	0.476 **	0.412 **	0.428 **	0.468 **	0.463 **	0.462 **	0.843
Gov	0.437 **	0.405 **	0.394 **	0.396 **	0.405 **	0.401 **	0.341 **	0.376 **	0.439 **	0.401 **	0.450 **	0.429 **	0.825

Note. ** indicate p < 0.01, thus significant at 1%.

Discriminant validity with the Fornell–Larcker Criterion provides the correlation matrix. The square root of AVE for each construct (e.g., FS = 0.821, CLC = 0.832, RM = 0.824, etc.) is presented along the diagonal. All diagonal values exceed the off-diagonal inter-construct correlations in the corresponding rows and columns. For example, the AVE square root of RM (0.824) is greater than its highest correlation with another construct (e.g., with Soc = 0.493). This pattern holds consistently across all constructs.

These results confirm that each construct in the model shares more variance with its own indicators than with other constructs, thereby demonstrating adequate discriminant validity. This supports the conceptual distinctiveness of all measured dimensions within the structural model.

4.3.2. Reliability Analysis

Reliability refers to the overall dependability of the questionnaire, reflecting the consistency, reproducibility, and stability of its results. To evaluate the reliability of the measurement model, both convergent validity and internal consistency were assessed using Confirmatory Factor Analysis (CFA). The assessment considered factor loadings, Average Variance Extracted (AVE), Composite Reliability (CR), and Cronbach’s alpha coefficients for each construct and dimension. The results of the reliability and convergent validity analyses in this study are presented as follows:

The reliability analysis indicated that all Cronbach’s α coefficients exceeded 0.80, confirming a high level of internal consistency and reliability across the scale. Thus, the dataset met the requirements of both reliability and convergent validity, making it suitable for further analysis. All observed variables exhibited acceptable factor loadings, ranging from 0.647 to 0.747. Although some items loaded on the lower end, they remained above the 0.60 threshold and met the criteria supported by empirical studies, with both AVE and CR achieving standard benchmarks. The Average Variance Extracted (AVE) values for all constructs were above the recommended cutoff of 0.50, ranging from 0.648 to 0.716, indicating that more than half of the variance in the measurement indicators was explained by the constructs. This confirmed the convergent validity of the model. Composite Reliability (CR) values ranged from 0.902 to 0.932, substantially higher than the minimum acceptable level of 0.70, demonstrating strong internal consistency of the latent constructs. Similarly, Cronbach’s α coefficients fell between 0.870 and 0.901 across all dimensions, providing further evidence of measurement stability. Coefficients above 0.80 indicate strong reliability, while those exceeding 0.90 (e.g., EA = 0.901; FS = 0.878) reflect excellent response stability and consistency.

4.4. Hypothesis Testing

In this study, particular attention was given to construct validity, which encompasses two key components: convergent validity and discriminant validity. Convergent validity, also known as aggregation validity, assesses whether items intended to measure the same construct are strongly interrelated. It is commonly evaluated using two main indicators: Average Variance Extracted (AVE) and Composite Reliability (CR). According to Fornell and Larcker [86], convergent validity is deemed acceptable when three conditions are met: (1) standardized factor loadings for each item exceed 0.70, confirming that the items strongly represent the underlying construct; (2) CR values are greater than 0.70, demonstrating sufficient internal consistency; (3) AVE values surpass 0.50, indicating that the construct accounts for more than half of the variance in its observed variables.

4.4.1. Path Analysis

The results of the Path Analysis are Path coefficients, t-statistics, and p-values, which are used to test hypotheses, as shown in

Table 4. Path Analysis.

	β	b	SE	t	p
H1: CFS ≥ SP	0.729	0.729	0.044	3.711	<0.000 ***
H2: CFS ≥ CC	0.774	0.774	0.020	39.153	<0.000 ***
H3: CC ≥ SP	0.381	0.380	0.049	7.811	<0.000 ***

*** denotes significance level at 1%.

:

According to Table 4, corporate financial strategy (CFS) demonstrated a significant positive effect on sustainability performance (SP) (β = 0.729, p < 0.05), thereby supporting Hypothesis H1. Similarly, CFS was found to exert a significant positive influence on corporate culture (CC) (β = 0.774, p < 0.05), providing support for Hypothesis H2. In addition, CC had a significant positive impact on SP (β = 0.381, p < 0.05), confirming Hypothesis H3. The relationships among these variables are illustrated in the path diagram shown below:

The results of the structural path analysis are presented in Table 4 and Figure 2. CFS demonstrated a notable positive impact on SP. Likewise, CFS was shown to have a substantial positive effect on CC. Furthermore, CC significantly positively influenced SP. All hypothesized relationships were found to be statistically significant at the 1% level (p < 0.01), as indicated by the *** notation.

4.4.2. Mediation Effect Test

To verify the validity, robustness, and stability of the mediation effect, a bootstrap resampling method with 5000 iterations was employed. The results of these tests are presented in

Table 5. Mediation effect test.

	β	b	SE	t	p	2.50%	97.50%
H4: CFS ≥ CC ≥ SP	0.294	0.294	0.038	7.673	<0.000 ***	0.218	0.368

*** denotes significance level at 1%.

. It presents the results of the mediation effect tests conducted via bootstrapping. Both indirect paths were found to be statistically significant, with confidence intervals that do not include zero, confirming the presence of valid mediation effects. For the path CFS → CC → SP, the mediating effect through CC is 0.294, with a standard error of 0.034 and a t-value of 7.673. The p-value is also < 0.001, indicating that the mediation is statistically significant. The 95% bias-corrected confidence interval is [0.218, 0.368], again excluding zero. This confirms the validity, robustness, and stability of the mediating effect of CC, thus supporting Hypothesis H4.

4.4.3. Model R Square Test

R² is mainly used to measure the predictive power of the model. It reflects the proportion of variance in an endogenous variable that is explained by its associated exogenous constructs. And its value ranges from 0 to 1, with larger values indicating greater predictive accuracy.

According to Hair et al. [87], the explanatory power of R² can be interpreted as follows: 0.25 indicates weak explanatory power; 0.50 indicates moderate explanatory power; 0.75 or higher indicates substantial explanatory power.

Table 6. Model R-squared test.

Result Variable	R2	Adjusted R2
SP	0.590	0.588
CC	0.599	0.598

indicates that the R² value for the endogenous variable CC is 0.599, suggesting that the model explains 59.9% of the variance in CC, which falls into the category of moderate explanatory power. Similarly, the R² value SP is 0.590, indicating that the model accounts for 59.0% of the variance in SP, also reflecting moderate to strong explanatory capability.

The model’s goodness of fit was assessed using the SmartPLS model fit index. The standardized root mean square residual (SRMR) was 0.036 (<0.08), the standardized fit index (NFI) was 0.93 (>0.90), and the d_ULS and d_G values were both within acceptable thresholds, indicating that the model had no significant errors. These results indicate that the proposed model fits the data satisfactorily, thus strengthening the credibility of the SEM results.

4.4.4. Hypothesis Testing Results

This research examined the relationships among CFS, CC, and SP through a comprehensive regression-based structural equation modeling approach. The proposed research model was empirically tested, and the findings confirm the validity of the theoretical framework, thereby addressing the research’s objectives and answering the core research questions. As shown in

Table 7. Summary of results of research hypothesis testing.

Research Hypotheses	Hypothesis Statement	Result
H1: CFS ≥ SP	Corporate Financial Strategy affects Sustainability Performance.	Supported
H2: CFS ≥ CC	Corporate Financial Strategy affects Corporate Culture.	Supported
H3: CC ≥ SP	Corporate Culture affects Sustainability Performance.	Supported
H4: CFS ≥ CC ≥ SP	Corporate Financial Strategy affects Sustainability Performance via Corporate Culture.	Supported

, all hypotheses were supported:

The results indicate that corporate financial strategy (CFS), investor engagement, and corporate culture (CC) each are fundamental in advancing sustainability performance (SP). Importantly, the mediation effects of CC were found to be statistically significant, confirming the indirect mechanisms through which CFS contributes to improved sustainability outcomes. All these findings not only address the research questions but also provide strong validation for the proposed conceptual model.

5. Discussion

This study contributes to sustainability strategy research in three key ways. First, it extends the Resource-Based View (RBV) by reconceptualizing corporate financial strategy (CFS) as a strategic intangible asset and a valuable, rare, inimitable, and organizational (VRIO) resource, thereby emphasizing its role in developing long-term sustainability capabilities. Second, the study identifies corporate culture (CC) as a critical mediating variable that facilitates the translation of financial strategies into sustainability outcomes. By linking hard (financial) and soft (cultural) resources, CC bridges internal capabilities within the RBV framework. Third, the study integrates RBV, Stakeholder Theory, and Institutional Theory into a cohesive analytical model. This multi-theoretical approach offers a more comprehensive understanding of how firms mobilize internal resources while simultaneously responding to external legitimacy pressures and evolving stakeholder expectations.

Grounded in the RBV, internal resources such as financial strategies and corporate culture serve as critical drivers of sustainability performance, valued for their rarity, inimitability, and strategic importance [88]. As VRIO resources, financial strategies enhance sustainability by optimizing resource allocation and embedding risk management, consistent with Fernandes’ [89] finding that transparent financial strategies improve sustainability outcomes. Financial strategies also play a formative role in shaping CC by fostering long-term orientations and cultivating a sense of responsibility. This aligns with Brafh and Melin’s [90] view that financial transformation drives cultural adaptation, positioning culture as an intangible yet critical strategic asset within the RBV framework [25].

A sustainability-oriented culture, in turn, encourages cross-departmental collaboration through shared values such as environmental responsibility, supporting Bai et al.’s [91] finding that values-driven cultures reinforce ESG integration. When financial strategies are mediated by culture, they are more effectively translated into sustainable practices, echoing Hart’s [92] perspective that embedding environmental responsibility into financial planning fosters an adaptive and resilient corporate culture.

In the context of Chinese automobile manufacturers, CFS has a significant positive impact on SP (H1: β = 0.729, p < 0.05). This supports the RBV, which emphasizes that firms must effectively leverage and redeploy internal resources and capabilities to achieve competitive advantage in dynamic environments [93].

As an internal strategic resource, CFS contributes to sustainability by enhancing resource efficiency, facilitating long-term investment planning, and integrating risk management into core decision-making. These capabilities enable the firm to meet evolving stakeholder expectations while maintaining financial and operational stability.

This finding is consistent with Fernandes [89], who emphasized that financial strategies embedded within sustainability practices enable firms to enhance accountability and transparency, both essential foundations of sustainable performance. Similarly, Barney [24] asserts that valuable, rare, inimitable, and organizationally embedded (VRIO) resources, such as robust financial strategies, are critical for sustaining long-term competitive advantage. Hart [92] further emphasizes the value of resource alignment, noting that integrating financial, environmental, and social resources is vital for achieving not only strong economic outcomes but also broader sustainability goals. Unlike these prior studies, which focused mainly on environmental metrics, our model incorporates social and governance dimensions, providing a more comprehensive view of SP. This broader scope may explain the stronger effect size observed.

Moreover, CFS was found to have a significant positive impact on CC (H2: β = 0.774, p < 0.05). This suggests that financial strategies, beyond serving operational and economic purposes, play a vital role in shaping an organization’s cultural fabric. From the perspective of the Resource-Based View (RBV), strategic capabilities such as financial management sustain competitive advantage because they are valuable, rare, and difficult to imitate [25]. Well-formulated financial strategies not only enhance stability and risk management but also foster a long-term orientation, key conditions for building a resilient and enduring corporate culture. In addition, CFS supports internal value alignment, transparency, and effective communication, thereby promoting openness and trust among stakeholders while reinforcing shared norms across organizational levels. Extending this logic, Hart [92] integrates the natural-resource-based view into RBV, emphasizing that financial strategies incorporating environmental and social responsibility can further shape organizational values, ethical standards, and leadership behaviors. This integration helps cultivate a corporate culture that is forward-looking, accountable, and responsive to evolving societal expectations.

Research further demonstrates how financial strategies act as cultural transformation agents. Brafh and Melin [90] show that financial transformation underpins both e-leadership and value-based decision-making, particularly in uncertain environments. Just as financial strategy evolves in response to market and environmental pressures, corporate culture must adapt in parallel. The results of this study support that CFS is used as a transformation agent shaping an adaptive, responsible, innovative, and learning CC.

In Chinese automobile manufacturers, CC has a significant positive effect on SP(H3: β = 0.381, p < 0.05). CC refers to the set of shared values, norms, and behavioral practices within an organization that shape decision-making, stakeholder engagement, and long-term strategic orientation. A strong CC that emphasizes accountability, environmental responsibility, and innovation can drive collective action toward sustainability goals.

From the RBV perspective, organizational culture is a valuable, rare, and hard-to-imitate intangible asset that contributes to sustainable competitive advantage. Companies integrating sustainability values such as ethical behavior, stakeholders’ recognition, and ecological consciousness into their cultural values tend to follow long-term environmental and social strategies, improving their SP.

The findings of this study are consistent with recent findings that value-driven organizational culture can effectively promote the integration of sustainability principles into corporate strategy and daily operations [44]. Such cultural frameworks foster internal consensus on sustainability, enhance cross-departmental collaboration, and motivate employees across all organizational levels to engage in sustainable development initiatives.

In Chinese automobile manufacturers, CFS exerts its positive influence on SP through CC (H4, effect size = 0.294, p < 0.05), thus supporting our hypothesis that CFS affects SP via CC, which further verifies the RBV, i.e., organizations endow their own strategic culture through investing in internal capability building, where strategic culture, an intangible asset, is a driver that spurs a company’s internal resources to effectively generate sustained competitive advantage [24].

To enrich the theoretical foundation, this study extends the resource-based view (RBV) by showing how financial strategies (CFS) and corporate culture (CC) interact to generate sustainable performance (SP). CFS plays an important role in creating stable, long-term, and forward-looking corporate values, influencing behavior. Such stable behavior facilitates the development of an enterprise’s responsible culture in line with our aims, which in turn brings the corporate activities in line with sustainable business goals. Further, financial strategies influence executive routines around efficiency, accountability, and resilience, thereby steering firms toward sustainable models both directly and indirectly.

A notable insight emerges from the comparison between the descriptive and structural results. Although the structural equation modeling reveals strong and statistically significant path coefficients among corporate financial strategy (CFS), corporate culture (CC), and sustainability performance (SP), the relatively low mean values across these constructs suggest that sustainability-oriented practices are not yet fully institutionalized. This discrepancy indicates that although managers may recognize the theoretical value of sustainability strategies, practical adoption remains limited—likely due to financial, technological, or policy-related constraints. Consequently, the findings illustrate both the potential and the underdeveloped state of sustainability implementation in Guangxi’s automotive industry. These results demonstrate the need for future longitudinal studies to evaluate whether statistically significant relationships translate into lasting organizational improvements. Furthermore, the study highlights a critical yet previously underexplored mechanism: the mediating role of CC between CFS and SP. The empirical evidence demonstrates that corporate culture functions as a behavioral conduit, transforming financial strategies into sustainability-oriented actions. This insight enriches the current understanding of sustainability drivers in China’s automotive sector, suggesting that internally driven strategies, particularly financial and cultural, serve as more robust predictors of sustainability performance than external stakeholder pressures.

6. Conclusions

The rise in sustainability as a key industry driver is strongly influenced by the expectations of governments, investors, and consumers. Automakers in Guangxi must integrate these demands into their financial strategies to remain competitive [1]. The push toward clean energy solutions and environmentally friendly technologies in the NEV sector aligns with China’s overarching green policies. However, realizing this alignment requires automakers to optimize financial resource allocation, meet stakeholder expectations, and strengthen both industry expertise and competitiveness [3]. To address these challenges, this research examines corporate financial strategy (CFS) and its influence on business strategy (BS) and tactical management in Guangxi’s motor vehicle enterprises. A theoretical model is developed that integrates CFS, corporate culture (CC), and sustainability performance (SP). Additionally, the findings confirm the suitability of the model and enhance the application of RBV to the domain of sustainable growth. The theoretical contributions of this research are outlined across three key frameworks:

First, the relationship between CFS and SP is elaborated through the lens of the RBV. This research extends RBV by identifying CFS as a strategic, intangible resource that is valuable, rare, and difficult to imitate [24]. A well-formulated financial strategy enhances operational efficiency, innovation capacity, and organizational adaptability, thereby fostering long-term sustainability. Empirical evidence from Chinese automobile firms reaffirms that financial strategies function as dynamic capabilities that strengthen competitive advantage and performance. This research further offers novel empirical support for the RBV framework by highlighting CFS as a foundational element that enables the firm to achieve sustainability-oriented outcomes. Specifically, strategies such as optimizing capital structure, implementing dynamic risk management, and making strategic financing decisions significantly improve resource allocation efficiency, market responsiveness, and resilience to external shocks. Moreover, robust financial strategies help reinforce investor confidence, facilitating access to external capital and strengthening the firm’s overall strategic position. CFS is an internal resource that can be secured to achieve sustainable operations, a sufficient condition for accomplishing long-term sustainability goals, RBV [24].

The inclusion of financial resources in this study extends the RBV framework by positioning corporate culture (CC) as a critical soft resource. Unlike tangible or physical resources, CC encompasses dimensions such as environmental stewardship, social responsibility, economic value creation awareness, and cultural alignment. Within the RBV logic, CC serves as a pivotal factor shaping organizational values and behaviors, thereby providing strong support for strategy execution and fostering internal cohesiveness [94]. Empirical evidence further indicates that organizations with a strong sustainability-oriented CC not only strengthen internal integration but also exert a direct positive effect on sustainable performance (H3). It also plays a mediating role between CFS and SP(H4), offering further evidence of the importance of soft resources in achieving strategic outcomes.

Despite its contributions, this study is subject to several limitations. First, the data were collected solely from Guangxi, which restricts the generalizability of the findings to other regions or contexts. Second, the reliance on cross-sectional, self-reported surveys may introduce bias and limit the ability to infer causal relationships. Future research should address these limitations by adopting longitudinal designs to capture dynamic changes over time and by broadening the scope to include other industries and countries for comparative insights. Another limitation concerns common method bias (CMB), since all data were self-reported by financial directors. Although anonymity, careful question design, and Harman’s test were used to reduce this risk, bias cannot be fully excluded. Future research should employ multi-source data—such as combining financial and operational managers’ responses or incorporating objective sustainability metrics—to strengthen validation. In addition, further studies could examine how emerging factors, such as digital transformation and eco-innovation, interact with financial strategies and corporate culture to shape sustainability performance.

This study integrates financial strategies, corporate culture, and sustainability performance into a unified framework, with culture serving as the mediating mechanism. Drawing on three complementary theoretical perspectives, the model advances understanding of sustainability drivers and offers guidance for firms aiming to align financial strategy with cultural transformation and sustainability objectives.