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Abstract
Green strategy practices have become a major concern for many companies seeking to achieve competitive advantage. This study aims to explore the influence of green strategy on social innovation and green innovation and its impact on competitive advantage in pharmaceutical companies. A sample of 53 respondents consisting of the private sector and state-owned enterprises were selected in this study and then analyzed using a structural equation model (SEM-PLS). The results showed that the implementation of green strategy as a whole positively affects social innovation, green innovation, and competitive advantage. In addition, the role of mediation of social innovation and green innovation can strengthen the influence of green strategy on competitive advantage by increasing the company’s ability to innovate sustainably, as well as responding to increasingly environmentally conscious needs. The findings of the present study contribute to the literature, especially in strategic management, by offering notions of how to achieve competitive advantage. It also provides practical implications for companies to enable them to implement steps in environmentally friendly business practices.
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Copyright (c) 2024 Budi Nur Siswanto, Irayanti Adriant, Rizqi Permana Sari, Agus Rahayu
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References
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- Bhatia, M. S., & Kumar, S. (2022). Linking stakeholder and competitive pressure to industry 4.0 and performance: mediating effect of environmental commitment and green process innovation. Business Strategy and the Environment, 31(5), 1905–1918. https://doi.org/10.1002/bse.2989
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- Hosseini-Motlagh, S.-M., Jazinaninejad, M., & Nami, N. (2021). Coordinating a socially concerned reverse supply chain for pharmaceutical waste management considering government role. Environment, Development and Sustainability, 1–26. https://doi.org/10.1007/S10668-021-01511-Z
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- Serreli, M., Petti, L., Raggi, A., Simboli, A., & Iuliano, G. (2021). Social life cycle assessment of an innovative industrial wastewater treatment plant. International Journal of Life Cycle Assessment, 26(9), 1878–1899. https://doi.org/10.1007/S11367-021-01942-W
- Shaheer, N., Li, S., & Priem, R. L. (2020). Revisiting location in a digital age: how can lead markets accelerate the internationalization of mobile apps? Journal of International Marketing, 28(4), 21–40. https://doi.org/10.1177/1069031X20949457
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References
Ag, M. (2024). Leading guide to water purification and wastewater treatment for the pharmaceutical industry filtration and mixing equipment for pharmaceutical solid-liquid separation. Pharmaceutical Technology. Retrieved from https://www.pharmaceutical-technology.com/buyers-guide/water-purification-wastewater/#
Alkaraan, F., Elmarzouky, M., Hussainey, K., Venkatesh, V. G., Shi, Y., & Gulko, N. (2024). Reinforcing green business strategies with industry 4.0 and governance towards sustainability: natural-resource-based view and dynamic capability. Business Strategy and the Environment, 33(4). https://doi.org/10.1002/bse.3665
Aulsebrook, L. C., Wong, B. B. M., & Hall, M. D. (2023). Can pharmaceutical pollution alter the spread of infectious disease? a case study using fluoxetine. Philosophical Transactions of the Royal Society B: Biological Sciences, 378(1873). https://doi.org/10.1098/rstb.2022.0010
Baaloudj, O., Badawi, A. K., Kenfoud, H., Benrighi, Y., Hassan, R., Nasrallah, N., & Assadi, A. A. (2022). Techno-economic studies for a pilot-scale Bi12TiO20 based photocatalytic system for pharmaceutical wastewater treatment: From laboratory studies to commercial-scale applications. Journal of Water Process Engineering, 48, 102847. https://doi.org/10.1016/j.jwpe.2022.102847
Balaton, K., & Varga, K. (2017). Social innovation and competitiveness – a literature review of the theoretical work in the field. Virgil Madgearu Review of Economic Studies and Research, 10(2), 27–42. https://doi.org/10.24193/rvm.2017.10.08
Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99-120. https://doi.org/10.1177/014920639101700108
Bhatia, M. S., & Kumar, S. (2022). Linking stakeholder and competitive pressure to industry 4.0 and performance: mediating effect of environmental commitment and green process innovation. Business Strategy and the Environment, 31(5), 1905–1918. https://doi.org/10.1002/bse.2989
Bouzas-Monroy, A., Wilkinson, J. L., Melling, M., & Boxall, A. B. A. (2022). Assessment of the potential ecotoxicological effects of pharmaceuticals in the world’s rivers. Environmental Toxicology and Chemistry, 41(8), 2008–2020. https://doi.org/10.1002/etc.5355
Boxall, A. B. A., Wilkinson, J. L., & Bouzas-Monroy, A. (2022). Medicating nature: are human-use pharmaceuticals poisoning the environment? One Earth, 5(10), 1080–1084. https://doi.org/10.1016/j.oneear.2022.09.009
Canace, T. G., Jackson, S. B., Ma, T., & Zimbelman, A. F. (2022). Accounting for R&D: evidence and implications†. Contemporary Accounting Research, 39(3), 2212–2233. https://doi.org/10.1111/1911-3846.12780
Cardini, A., Pellegrino, E., & Ercoli, L. (2021). Predicted and measured concentration of pharmaceuticals in surface water of areas with increasing anthropic pressure: a case study in the coastal area of Central Italy. Water, 13(20), 2807. https://doi.org/10.3390/W13202807
Chen, Y. S. (2008). The driver of green innovation and green image–green core competence. Journal of Business Ethics, 81, 531-543. https://doi.org/10.1007/s10551-007-9522-1
Dangelico, R. M., Pujari, D., & Pontrandolfo, P. (2017). Green product innovation in manufacturing firms: a sustainability-oriented dynamic capability perspective. Business Strategy and the Environment, 26(4), 490–506. https://doi.org/10.1002/bse.1932
Das, S., & Sarkar, A. (2023). Understanding the factors promoting sustainability in the indian pharmaceutical sector through ESG approach. American Journal of Theoretical and Applied Business, 9(1), 17–20. https://doi.org/10.11648/j.ajtab.20230901.12
Dijkstra, T. K., & Henseler, J. (2015). Consistent partial least squares path modeling. MIS Quarterly, 39(2), 297-316. https://www.jstor.org/stable/26628355
Douglas, C. M. W., Aith, F. M. A., Boon, W., Borba, M. de N., Doganova, L., Grunebaum, S., Hagendijk, R., Lynd, L. D., Mallard, A., Mohamed, F. A., Moors, E. H. M., Oliveira, C. C., Paterson, F., Scanga, V. I. S. I., Soares, J., Raberharisoa, V., & Kleinhout-Vliek, T. (2022). Social pharmaceutical innovation and alternative forms of research, development and deployment for drugs for rare diseases. Orphanet Journal of Rare Diseases, 17(1). https://doi.org/10.1186/s13023-022-02476-6
Folke, C., Carpenter, S. R., Walker, B., Scheffer, M., Chapin, T., & Rockström, J. (2010). Resilience thinking: integrating resilience, adaptability and transformability. Ecology and Society, 15(4). https://doi.org/10.5751/ES-03610-150420
Fornell, C., & Larcker, D. F. (1981). Evaluating structural equation models with unobservable variables and measurement error. Journal of Marketing Research, 18(1), 39-50. https://doi.org/10.1177/002224378101800104
Ge, B., Yang, Y., Jiang, D., Gao, Y., Du, X., & Zhou, T. (2018). An empirical study on green innovation strategy and sustainable competitive advantages: path and boundary. Sustainability (Switzerland), 10(10). https://doi.org/10.3390/su10103631
Gudergan, S. P., Ringle, C. M., Wende, S., & Will, A. (2008). Confirmatory tetrad analysis in PLS path modeling. Journal of Business Research, 61(12), 1238-1249. https://doi.org/10.1016/j.jbusres.2008.01.012
Gunawan, J., Permatasari, P., & Fauzi, H. (2022). The evolution of sustainability reporting practices in Indonesia. Journal of Cleaner Production, 358(April), 131798. https://doi.org/10.1016/j.jclepro.2022.131798
Hair, J., Hollingsworth, C. L., Randolph, A. B., & Chong, A. Y. L. (2017). An updated and expanded assessment of PLS-SEM in information systems research. Industrial Management & Data Systems, 117(3), 442-458. https://doi.org/10.1108/IMDS-04-2016-0130
Han, J. (2022). Barcoding drug information to recycle unwanted household pharmaceuticals: a review. Environmental Chemistry Letters, 20(5), 2989–3003. https://doi.org/10.1007/s10311-022-01420-1
Hart, S. L., & Dowell, G. (2011). Invited editorial: a natural-resource-based view of the firm: Fifteen years after. Journal of Management, 37(5), 1464-1479. https://doi.org/10.1177/0149206310390219
Hirschberg, R., Ruderer, J., & Röck, M. (2022). Social innovations for supporting regenerative lifestyles: exploration of three pioneering co-housing projects in Austria. IOP Conference Series: Earth and Environmental Science, 1078(1). https://doi.org/10.1088/1755-1315/1078/1/012111
Hosseini-Motlagh, S.-M., Jazinaninejad, M., & Nami, N. (2021). Coordinating a socially concerned reverse supply chain for pharmaceutical waste management considering government role. Environment, Development and Sustainability, 1–26. https://doi.org/10.1007/S10668-021-01511-Z
Jayaraman, K., Jayashree, S., & Dorasamy, M. (2023). The effects of green innovations in organizations: influence of stakeholders. Sustainability (Switzerland), 15(2). https://doi.org/10.3390/su15021133
Khattak, A. (2023). Are environmental sustainability thoughts a panacea for environmental performance? social innovation and moderating role of green innovation. International Journal of Innovation Science. https://doi.org/10.1108/IJIS-10-2022-0190
Kleverbeck, M., Krlev, G., Mildenberger, G., Strambach, S., Thurmann, J.-F., Terstriep, J., Wloka, L., & Laura, T. (2019). Indicators for measuring social innovation. The Social Innovation Landscape - Global Trends, 98–102.
Lakner, Z., Kiss, A., Popp, J., Zéman, Z., Máté, D., & Oláh, J. (2019). From basic research to competitiveness: an econometric analysis of the global pharmaceutical sector. Sustainability (Switzerland), 11(11), 1–17. https://doi.org/10.3390/su11113125
Lee, S. M., & Lee, D. H. (2022). Effective medical waste management for sustainable green healthcare. International Journal of Environmental Research and Public Health, 19(22). https://doi.org/10.3390/ijerph192214820
Meles, A., Salerno, D., Sampagnaro, G., Verdoliva, V., & Zhang, J. (2023). The influence of green innovation on default risk: evidence from Europe. International Review of Economics and Finance, 84(November 2022), 692–710. https://doi.org/10.1016/j.iref.2022.11.036
Millard, J., & Fucci, V. (2023). The role of social innovation in tackling global poverty and vulnerability. Frontiers in Sociology, 8. https://doi.org/10.3389/fsoc.2023.966918
Nagy, S., Chernikov, S. U., & Degtereva, E. (2023). The impact of the pharmaceutical industry on the innovation performance of European countries. Regional Statistics, 13(1), 94–118. https://doi.org/10.15196/RS130105
Olayeni, A., Ogbo, A., Okwo, H., Chukwu, B., Ifediora, C., & Ezenwakwelu, C. (2021). Green strategy effect on financial and environmental performance: a mediation analysis of product quality. Sustainability (Switzerland), 13(4), 1–17. https://doi.org/10.3390/su13042115
Olson, E. G. (2008). Creating an enterprise-level “green” strategy. Journal of Business Strategy, 29(2), 22–30. https://doi.org/10.1108/02756660810858125
Pananond, P., & Hoffmann, B. (2023). The rise of emerging market lead firms in global value chains. Journal of Business Research, 154, 113327. https://doi.org/10.1016/j.jbusres.2022.113327
Pattra, S., Thawng, C. N., & Chaiwong, S. (2023). “Four joints of power” Innovation of community involvement in medical waste management of bed-bound patients in Thailand. Sustainability, 15(2), 1669. https://doi.org/10.3390/su15021669
Qiu, L., Jie, X., Wang, Y., & Zhao, M. (2020). Green product innovation, green dynamic capability, and competitive advantage: Evidence from Chinese manufacturing enterprises. Corporate Social Responsibility and Environmental Management, 27(1), 146–165. https://doi.org/10.1002/csr.1780
Richter, R., & Christmann, G. B. (2023). On the role of key players in rural social innovation processes. Journal of Rural Studies, 99, 213-222. https://doi.org/10.1016/j.jrurstud.2021.04.010
Saunila, M., Ukko, J., & Rantala, T. (2018). Sustainability as a driver of green innovation investment and exploitation. Journal of Cleaner Production, 179. https://doi.org/10.1016/j.jclepro.2017.11.211
Sazvar, Z., Zokaee, M., Tavakkoli-Moghaddam, R., Salari, S., & Nayeri, S. (2021). Designing a sustainable closed-loop pharmaceutical supply chain in a competitive market considering demand uncertainty, manufacturer’s brand and waste management. Annals of Operations Research, 1–32. https://doi.org/10.1007/S10479-021-03961-0
Serreli, M., Petti, L., Raggi, A., Simboli, A., & Iuliano, G. (2021). Social life cycle assessment of an innovative industrial wastewater treatment plant. International Journal of Life Cycle Assessment, 26(9), 1878–1899. https://doi.org/10.1007/S11367-021-01942-W
Shaheer, N., Li, S., & Priem, R. L. (2020). Revisiting location in a digital age: how can lead markets accelerate the internationalization of mobile apps? Journal of International Marketing, 28(4), 21–40. https://doi.org/10.1177/1069031X20949457
Song, W., & Yu, H. (2018). Green innovation strategy and green innovation: the roles of green creativity and green organizational identity. Corporate Social Responsibility and Environmental Management, 25(2). https://doi.org/10.1002/csr.1445
Sun, Y., & Sun, H. (2021). Green innovation strategy and ambidextrous green innovation: the mediating effects of green supply chain integration. Sustainability (Switzerland), 13(9). https://doi.org/10.3390/su13094876
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