Sustainability orientation, CSR implementation and new venture growth




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Peer reviewed



Purpose: Building on the upper echelons theory and sustainability orientation (SO) literature, we examined the possibility that the relationship between chief executive officers’ (CEOs’) SO and venture growth might be mediated by levels of CSR implementation.

Design/methodology/approach: We used data obtained from from 211 new ventures operating in Ghana. Multiple regression analysis was used to test the hypotheses.

Findings: We found that CSR implementation mediates the relationship between SO and venture growth. In addition, we found that, at higher levels of financial slack, the effect of SO on CSR implementation is attenuated. However, our results show that, at higher levels of CEO power, the influence of SO on CSR implementation is amplified.

Originality: To the best of our knowledge, this study is among the first to examine mediating role of CSR implementation in the relationship between SO and venture growth, and also, examines two internal contingency factors (i.e., CEO power and financial slack) on this association.

Theoretical/Academic Implications: This study builds on prior scholarly works by articulating a key managerial characteristic that shapes the implementation of environmental and social policies. Specifically, we show that SO influences venture growth through CSR implementation. We also provide insights on the connection of CSR implementation to growth of new business ventures.

Practitioner/Policy Implications: Our study encourages CEOs to voluntarily adopt CSR and sustainability initiatives. The analysis also reinforces the need that higher levels of CEO power have a major impact in amplifying the effects of sustainability orientation on degree of CSR implementation. There is a need for government to create forums where organizational decision-makers, i.e., CEOs, exchange not only the best knowledge about CSR implementation and sustainability, but also best practices to provide opportunities for cross fertilization of ideas and increased innovations.


The file attached to this record is the author's final peer reviewed version. The Publisher's final version can be found by following the DOI link.


sustainability orientation, venture growth, CSR implementation, Ghana


Danso, A., Adomako, S., Amankwah-Amoah, J. and Lartey, T. (2022) Sustainability orientation, CSR implementation and new venture growth. European Business Review.


Research Institute

Finance and Banking Research Group (FiBRe)