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Sustainable Business Practices in Emerging Markets: Innovation, Governance, and Environmental Impact

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A special issue of Sustainability (ISSN 2071-1050). This special issue belongs to the section "Sustainable Management".

Deadline for manuscript submissions: 31 August 2026 | Viewed by 14371

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Special Issue Editors

Dr. Zhaoyang Kong

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Business School, University of International Business and Economics, Beijing 100029, China
Interests: low-carbon economy and policy; energy strategy and policy; business innovation and entrepreneurship management; venture capital
Special Issues, Collections and Topics in MDPI journals

Dr. Yuhua Zheng

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Guest Editor

Business School, Beijing Technology and Business University, Beijing 100048, China
Interests: carbon financial market; the impact of carbon emission policies; CSR/ESG/sustainability; corporate governance
Special Issues, Collections and Topics in MDPI journals

Dr. Daojuan Wang

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Guest Editor

Business School, Aalborg University, DK-9220 Aalborg, Denmark
Interests: business internationalization; cross-border M&As; corporate governance; SMEs; emerging market firms; and CSR/ESG/sustainability
Special Issues, Collections and Topics in MDPI journals

Dr. Farid Ullah

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Guest Editor

School of Accounting, Xijing University, Xi’an 710123, China
Interests: corporate governance; corporate social responsibility; corporate finance; financial management

Special Issue Information

Dear Colleagues,

In recent years, emerging markets have shown amazing resilience and have gradually become an important engine for global business development. However, emerging markets still face many challenges, such as the growing cost of climate change and the increasingly severe global financial situation. Exploring how to promote sustainable development in emerging markets is a very important aspect of research. With the rapid development of emerging technologies such as big data, artificial intelligence, cloud computing, and blockchain, emerging markets have also ushered in new development opportunities.

The aim of this Special Issue is to therefore publish original research papers and critical reviews that can contribute to discussions of the possible pathways for achieving sustainable development in emerging markets. Authors may approach this from multidimensional business practices such as innovation, governance, and environmental protection in helping emerging economies formulate action routes for sustainable development. Contributions are expected to have profound implications for a wide range of stakeholders, including policymakers, managers, national organizations, etc.

For this Special Issue, original research articles and reviews are welcome. Research areas may include (but are not limited to) the following:

Innovation/emerging technologies and sustainable development.
Digital economy/green economy and sustainable development.
Digital finance/green finance and sustainable development.
Environmental regulation/tax administration and sustainable development.
Charity and sustainable development.
Cultural communication and sustainable development.
The standardization of engineering construction and environmental protection.
Government subsidies and carbon performance.
The accounting and application of carbon footprint/carbon emissions.
Talent cultivation in emerging markets.
Accounting information disclosure and corporate social responsibility.
Ambitions and actions of emerging economies in promoting sustainable development.

Dr. Zhaoyang Kong
Dr. Yuhua Zheng
Dr. Daojuan Wang
Dr. Farid Ullah
Guest Editors

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 250 words) can be sent to the Editorial Office for assessment.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Sustainability is an international peer-reviewed open access semimonthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 2400 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

emerging market
sustainable development
innovation
environmental protection
environmental regulation
government subsidy
carbon emission
digital economy

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Published Papers (8 papers)

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Research

20 pages, 285 KB

Open AccessArticle

The Driving Effect of Strategic Emerging Industries on New Quality Productivity from the Perspective of Industry–Human Coupling Coordination: The Mediating Role of Digitalization Level

by Yun He, Tao Wang and Chao Chen

Sustainability 2026, 18(10), 4899; https://doi.org/10.3390/su18104899 - 13 May 2026

Viewed by 271

Abstract

In the context of fostering new quality productivity (NQP), this study explores how coupling coordination between strategic emerging industries (SEIs) and human resources (HR) affects the mechanisms behind NQP, with a particular focus on the mediating role of digitalization level (DL). Based on panel data from 30 provinces in China from 2014 to 2023, we used the entropy weight TOPSIS method to measure the development of NQP and the coupling coordination model to quantify the synergy between SEIs and HR. A mediating effect model and heterogeneity analysis were constructed to test the research hypotheses. The findings revealed three key findings: (1) The coupling coordination between SEIs and HR significantly enhanced DL and NQP, where DL played a robust mediating role in promoting NQP through the coupling coordination between SEIs and HR. (2) There is heterogeneity in the mediating effect of DL in regions with higher R&D investment and advanced high-tech industries; the positive impact of SEIs–HR coupling coordination on NQP is more significant compared with regions with lower R&D expenditure and underdeveloped high-tech industries. Conversely, in regions with lower R&D spending and underdeveloped high-tech industries, the promoting effect of DL on NQP is stronger. (3) This study enriches the literature on the interaction between SEIs, HR, and NQP and provides theoretical insights and practical implications for improving SEIs–HR coupling coordination, enhancing DL, and advancing NQP. From the perspective of the intersection of industrial economics and behavioral science, this study also supplements the research on human capital allocation and technological innovation behavior in the context of digital transformation. Full article

(This article belongs to the Special Issue Sustainable Business Practices in Emerging Markets: Innovation, Governance, and Environmental Impact)

25 pages, 6962 KB

Open AccessArticle

Port Green Investment Based on Non-Cooperative–Cooperative Biform Game

by Qian Zhang, Shuo Huang and Zhan Bian

Sustainability 2026, 18(8), 4036; https://doi.org/10.3390/su18084036 - 18 Apr 2026

Viewed by 280

Abstract

Carbon emission regulations and customers’ green preferences require ports and shipping companies to develop green services, but green investments entail significant costs. Vertical alliance cooperation between ports and shipping companies through sharing costs can address this issue. Most studies use non-cooperative game to analyze the competitive relationship between ports and shipping companies. Although such research can capture price competition, they struggle to address the distribution of cooperative benefits within an alliance. They also fail to simultaneously reflect the coexistence of competition and cooperation. So, we constructed a non-cooperative–cooperative biform game to analyze green investment under vertical alliance. In the non-cooperative stage, the model captures vertical price competition between ports and shipping companies, as well as horizontal competition among supply chains. In the cooperative stage, the Shapley value is used to allocate the coalition profits from green investment cooperation. The results indicate that alliance cooperation can promote the green development of shipping. Moderate green competition can promote the green development of shipping. Route substitution competition will increase service prices and green investment level and reduce the cost-sharing ratio for shipping companies. Port congestion prompts ports to increase green investment level. These findings offer references for the green collaborative development of ports and shipping companies across different countries, thereby enriching the research framework for global sustainable development in shipping. Full article

(This article belongs to the Special Issue Sustainable Business Practices in Emerging Markets: Innovation, Governance, and Environmental Impact)

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17 pages, 332 KB

Open AccessArticle

How Do ESG Rating Discrepancies Affect Corporate Financing?—Evidence from Chinese Listed Firms

by Jianmin Wang, Rui Feng and Lixiang Wang

Sustainability 2026, 18(6), 3086; https://doi.org/10.3390/su18063086 - 21 Mar 2026

Viewed by 659

Abstract

This study investigates the ESG rating effect on firm financing by evaluating rating divergence data from five rating agencies, focusing on China’s A-share listed firms spanning 2018–2023. Empirical findings reveal: (1) ESG rating divergence has negatively exacerbated the financing constraints of enterprises. (2) Economic policy uncertainty in China moderates this relationship, significantly amplifying the financing constraint effect of ESG rating divergence. (3) Parallel intermediation tests the negative impact of information asymmetry and debt capital costs jointly transmitting discrepancies. (4) Deeper analysis shows non-state-owned enterprises, small-scale businesses, firms in less financially marketized regions, and entities with high rating divergence face more notable effects. This study explores the internal operation logic of ESG rating discrepancies on corporate financing constraints through two parallel channels of information asymmetry and debt capital cost. The research conclusions provide empirical support for regulators to promote the standardization of ESG information disclosure, assist investors in improving the risk pricing system, and improve the efficiency of market resource allocation. Full article

(This article belongs to the Special Issue Sustainable Business Practices in Emerging Markets: Innovation, Governance, and Environmental Impact)

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25 pages, 735 KB

Open AccessArticle

The Impact of Environmental Judicial Specialization on Corporate Greenwashing: Evidence from China

by Lu Zhang, Lizhong Su, Bing Liu and Yuxuan Dai

Sustainability 2026, 18(4), 1896; https://doi.org/10.3390/su18041896 - 12 Feb 2026

Cited by 1 | Viewed by 524

Abstract

Against the backdrop of comprehensively promoting a green economy to drive high-quality development, curbing corporate greenwashing is pivotal to advancing this agenda. Consequently, leveraging the quasi-natural experiment presented by the gradual regional rollout of intermediate environmental courts, this study employs A-share data from Chinese listed companies between 2012 and 2024, utilizing a difference-in-differences approach. It empirically examines the impact of environmental judicial systems on corporate greenwashing practices. The findings reveal that the policy of establishing intermediate environmental courts exerts a restraining effect on corporate greenwashing. This conclusion remains robust across a series of stability and endogeneity tests. Mechanism analysis indicates that this policy reduces greenwashing by enhancing judicial efficiency, upgrading green strategies, and strengthening rights protection oversight. Further analysis indicates that the negative effect of intermediate environmental courts on corporate greenwashing is more pronounced among state-owned enterprises, heavily polluting industries, and regions with stringent environmental regulations. This provides substantial evidence that specialized environmental adjudication effectively curbs corporate greenwashing. Consequently, leveraging environmental judicial mechanisms to curb corporate greenwashing and promote green innovation holds significant implications for advancing high-quality socio-economic development. Full article

(This article belongs to the Special Issue Sustainable Business Practices in Emerging Markets: Innovation, Governance, and Environmental Impact)

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33 pages, 1549 KB

Open AccessArticle

Smart Money, Greener Future: AI-Enhanced English Financial Text Processing for ESG Investment Decisions

by Junying Fan, Daojuan Wang and Yuhua Zheng

Sustainability 2025, 17(15), 6971; https://doi.org/10.3390/su17156971 - 31 Jul 2025

Cited by 2 | Viewed by 1782

Abstract

Emerging markets face growing pressures to integrate sustainable English business practices while maintaining economic growth, particularly in addressing environmental challenges and achieving carbon neutrality goals. English Financial information extraction becomes crucial for supporting green finance initiatives, Environmental, Social, and Governance (ESG) compliance, and sustainable investment decisions in these markets. This paper presents FinATG, an AI-driven autoregressive framework for extracting sustainability-related English financial information from English texts, specifically designed to support emerging markets in their transition toward sustainable development. The framework addresses the complex challenges of processing ESG reports, green bond disclosures, carbon footprint assessments, and sustainable investment documentation prevalent in emerging economies. FinATG introduces a domain-adaptive span representation method fine-tuned on sustainability-focused English financial corpora, implements constrained decoding mechanisms based on green finance regulations, and integrates FinBERT with autoregressive generation for end-to-end extraction of environmental and governance information. While achieving competitive performance on standard benchmarks, FinATG’s primary contribution lies in its architecture, which prioritizes correctness and compliance for the high-stakes financial domain. Experimental validation demonstrates FinATG’s effectiveness with entity F1 scores of 88.5 and REL F1 scores of 80.2 on standard English datasets, while achieving superior performance (85.7–86.0 entity F1, 73.1–74.0 REL+ F1) on sustainability-focused financial datasets. The framework particularly excels in extracting carbon emission data, green investment relationships, and ESG compliance indicators, achieving average AUC and RGR scores of 0.93 and 0.89 respectively. By automating the extraction of sustainability metrics from complex English financial documents, FinATG supports emerging markets in meeting international ESG standards, facilitating green finance flows, and enhancing transparency in sustainable business practices, ultimately contributing to their sustainable development goals and climate action commitments. Full article

(This article belongs to the Special Issue Sustainable Business Practices in Emerging Markets: Innovation, Governance, and Environmental Impact)

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23 pages, 684 KB

Open AccessArticle

An Analysis of the Relationship Between ESG Activities and the Financial Performance of Japanese Companies Toward Sustainable Development

by Takafumi Ikuta and Hidemichi Fujii

Sustainability 2025, 17(15), 6790; https://doi.org/10.3390/su17156790 - 25 Jul 2025

Cited by 3 | Viewed by 4028

Abstract

Demands for companies to comply with environmental, social, and governance (ESG) requirements are growing, and companies are also expected to play a role in promoting sustainable development. For companies to achieve sustainable growth while addressing ESG, it must be understood whether ESG activities promote improved corporate financial performance. We conducted a five-year panel data analysis of 635 Japanese firms from FY 2019 to FY 2023, using the PBR, PER, and ROE financial indicators as the dependent variables and CSR ratings in the human resource utilization (HR), environment (E), governance (G), and social (S) categories as the independent variables. The results revealed that, depending on the combination of ESG field and financial indicators, companies with advanced ESG initiatives had greater financial performance, with some cases showing a nonlinear relationship; differences in the results between manufacturing and nonmanufacturing industries were also observed. For companies to effectively advance ESG activities, it is important to clarify the objectives and results for each ESG category. For policymakers to consider measures to encourage companies’ ESG activities, it is also important to design finely tuned regulations and incentives according to the ESG category and industry characteristics. Full article

(This article belongs to the Special Issue Sustainable Business Practices in Emerging Markets: Innovation, Governance, and Environmental Impact)

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26 pages, 1055 KB

Open AccessArticle

Environmental Governance Innovation and Corporate Sustainable Performance in Emerging Markets: A Study of the Green Technology Innovation Driving Effect of China’s New Environmental Protection Laws

by Jide Zhang, Ruorui Wu and Hao Wang

Sustainability 2025, 17(14), 6556; https://doi.org/10.3390/su17146556 - 18 Jul 2025

Cited by 6 | Viewed by 2283

Abstract

Against the backdrop of the accelerated transition to sustainable development in global emerging markets, the synergistic mechanism between environmental governance innovation and corporate green transformation has become a key issue in realizing high-quality development. As the world’s largest emerging economy, China’s new Environmental Protection Law (EPL), implemented in 2015, has promoted green technology innovation and performance improvement of heavily polluting enterprises by strengthening environmental regulation. This paper takes Chinese A-share listed companies as samples from 2012–2023, treats the EPL as a quasi-natural experiment, and applies the DID method to explore the path of its impact on the performance of heavily polluting firms, with a focus on analyzing the mediating effect of green technological innovation and the moderating role of firm size and regional differences. The study revealed the following findings: the implementation of the EPL significantly improves the performance of heavily polluting enterprises, which verifies the applicability of “Porter’s hypothesis” in emerging markets; green technological innovation plays a partly intermediary role in the process of policy affecting enterprise performance, indicating that environmental regulation achieves win–win economic and environmental benefits by driving the innovation compensation mechanism; and there is significant heterogeneity in policy effects, with large-scale firms and firms in the eastern region experiencing more pronounced performance improvements, reflecting differences in resource endowments and institutional implementation strength within emerging markets. This study provides empirical evidence for emerging market countries to optimize their environmental governance policies and construct a “regulation–innovation–performance” synergistic mechanism, which will help green economic transformation and ecological civilization construction. Full article

(This article belongs to the Special Issue Sustainable Business Practices in Emerging Markets: Innovation, Governance, and Environmental Impact)

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21 pages, 280 KB

Open AccessArticle

Research on the Impact of Corporate ESG Performance on Sustained Innovation in the VUCA Context: Evidence from China

by Huicong Li, Jie Wang, Ruzhen Zhang and Mengran Duan

Sustainability 2025, 17(12), 5304; https://doi.org/10.3390/su17125304 - 8 Jun 2025

Cited by 7 | Viewed by 3311

Abstract

In recent years, corporate innovation has faced growing pressures from macroeconomic fluctuations and intensifying industry competition, making the maintenance of uninterrupted innovation increasingly crucial. This study selected Chinese listed firms from 2015 to 2022 as samples and adopted a panel fixed-effect model to examine the impact of corporate ESG performance on sustained innovation, with particular attention to external environmental pressures, including macroeconomic uncertainty, industry competition, and market attention. The results demonstrate that corporate ESG performance significantly promotes corporate sustained innovation. Mechanism analyses indicate that from the dual perspectives of resource effects and governance effects, ESG performance primarily enhances sustained innovation by increasing investment in R&D funding and personnel, as well as avoiding managerial myopia. Specifically, macroeconomic uncertainty dampens the positive effect of ESG performance, whereas, under industry competitive and market scrutiny pressures, the beneficial impact of ESG performance on sustained innovation becomes more evident. The research findings expand the internal drivers for sustained innovation, enrich the study of economic consequences of ESG performance, and clarify the differentiated moderating effects of various external pressures under VUCA scenarios. By integrating internal drivers and external complex environments, the paper offers practical insights for firms to leverage ESG practices for innovation resilience and long-term growth, particularly under dynamic market conditions. Full article

(This article belongs to the Special Issue Sustainable Business Practices in Emerging Markets: Innovation, Governance, and Environmental Impact)

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