Hel aya, Ak um; Phuong Bui
A icle
Pu suing a co po a e sus ainable iden i y: G een
go e nance s a egy, hyb id ehicle de elopmen ,
knowledge and sus ainabili y pe o mance
Jou nal o Inno a ion & Knowledge (JIK)
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Sugges ed Ci a ion: Hel aya, Ak um; Phuong Bui (2025) : Pu suing a co po a e sus ainable
iden i y: G een go e nance s a egy, hyb id ehicle de elopmen , knowledge and sus ainabili y
pe o mance, Jou nal o Inno a ion & Knowledge (JIK), ISSN 2444-569X, Else ie , Ams e dam, Vol.
10, Iss. 2, pp. 1-12,
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Pu suing a co po a e sus ainable iden i y: G een go e nance s a egy,
hyb id ehicle de elopmen , knowledge and sus ainabili y pe o mance
Ak um Hel aya
a,b,*
, Phuong Bui
c
a
Keele Uni e si y, Uni ed Kingdom
b
Damanhou Uni e si y, Egyp
c
Eas e n In e na ional Uni e si y, Vie nam
ARTICLE INFO
JEL:
M41
L62
L90
Keywo ds:
G een go e nance s a egy
Hyb id ehicle de elopmen
En i onmen al pe o mance
Sus ainable de elopmen
Social iden i y heo y
ABSTRACT
The au omobile indus y’s ansi ion owa d sus ainabili y emains impeded by inconsis en g een go e nance,
which hampe s p og ess in hyb id ehicle p oduc ion. Exis ing li e a u e p edominan ly ocuses on echnological
inno a ion and consume adop ion, o en o e looking he go e nance s uc u es ha os e en i onmen al e-
sponsibili y. This s udy p oposes a amewo k o g een go e nance s a egy (GGS) designed o d i e au omake s’
p oac i e engagemen in hyb id ehicle de elopmen . G ounded in social iden i y heo y, ou esea ch chal-
lenges adi ional pe spec i es on g een inno a ion wi hin he au omobile indus y. I highligh s ha companies
wi h obus GGS ac as pi o al d i e s o hyb id ehicle de elopmen . Con a y o p io s udies ha elega ed
g een p oduc s o a pe iphe al s a us, ou indings posi ion hyb id ehicles as cen al o co po a e iden i y,
in eg a ing en i onmen al esponsibili y wi h long- e m p o i abili y and alignmen wi h sus ainable de elop-
men goals (SDGs). The s udy u he e eals ha despi e economic p essu es such as ising elec ici y cos s,
companies commi ed o GGS con inue o p io i ize hyb id ehicle p oduc ion as a c i ical s a egy o enhance
sus ainabili y pe o mance and secu e ecogni ion in sus ainabili y awa ds. Howe e , a signi ican gap pe sis s:
60 % o su eyed companies ail o add ess SDG 11 (Sus ainable Ci ies and Communi ies), while 55 % neglec
SDG 13 (Clima e Ac ion). This misalignmen emphasizes he need o mo e comp ehensi e goal in eg a ion
ac oss he sec o . The indings p o ide aluable insigh s o schola s, policymake s, and indus y s anda d-
se e s, o e ing guidance o de eloping u u e go e nance amewo ks ha suppo mo e holis ic con ibu-
ions o sus ainable u ban and clima e goals.
In oduc ion
O e he las decade, esea ch has explo ed he ela ionship be ween
co po a e social esponsibili y (CSR) and echnological inno a ion in
p omo ing economic and social p og ess h ough echnological ad-
ancemen s (Dey e al., 2020;Yang e al., 2024). Despi e g owing in-
e es in sus ainable business p ac ices, he ansi ion o eco- iendly
ma e ials and he de elopmen o hyb id ehicles in he au omobile
sec o emain unde explo ed a eas, pa icula ly conce ning hei con-
ibu ions o long- e m economic sus ainabili y and social esponsibili y
(Kim, 2023;Schillebeeckx e al., 2022). De eloping inno a i e ehicles
ha o e genuine, long- e m bene i s o humani y poses a signi ican
challenge o au omake s (Plan ec e al., 2023). As Elon Musk, CEO o
Tesla, ap ly no ed: “Those who ha e no ac ually been in ol ed in
manu ac u ing jus ha e no idea how pain ul and di icul i is. I ’s like you
go o ea a lo o glass.”(Ca mine, 2021).
Amid escala ing global issues such as clima e change, pollu ion, and
ene gy sho ages, sus ainable ehicles a e c i ical o ad ancing a low-
ca bon economy and achie ing a ne -ze o u u e (Bellocchi e al.,
2019). The Uni ed Na ions’17 Sus ainable De elopmen Goals (SDGs)
and he In e na ional Council o Mo e Vehicle Manu ac u e s, 2023
oadmap o deca bonizing oad anspo highligh he u gency o
adop ing ze o-emission ehicles o mee global clima e a ge s
(In e na ional O ganiza ion o Mo o Vehicle Manu ac u e s, 2023;
Hel aya &Bui, 2022;Hel aya e al., 2023a;S ephanie e al., 2021).
The au omobile indus y also holds subs an ial economic signi i-
cance, employing o e 50 million people wo ldwide (In e na ional O -
ganiza ion o Mo o Vehicle Manu ac u e s, 2023). In he
pos -COVID-19 e a, he indus y aces heigh ened en i onmen al chal-
lenges, pa icula ly conce ning he emissions associa ed wi h in elec ic
* Co esponding au ho a : Keele Business School, Keele Uni e si y, Keele, Newcas le ST5 5AA, UK.
E-mail add esses: [email p o ec ed] (A. Hel aya), [email p o ec ed] (P. Bui).
Con en s lis s a ailable a ScienceDi ec
Jou nal o Inno a ion &Knowledge
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h ps://doi.o g/10.1016/j.jik.2025.100660
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Jou nal o Inno a ion & Knowledge 10 (2025) 100660
A ailable online 30 Janua y 2025
2444-569X/C own Copy igh © 2025 Published by Else ie España, S.L.U. on behal o Jou nal o Inno a ion & Knowledge. This is an open access a icle unde he
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ehicle ba e ies (Li, Xia &Guo, 2022). This con ex ampli ies he need
o en i onmen ally iendly ehicles and inno a i e GGS o enable
esponsible inno a ion wi hou unde mining p o i abili y. No ably,
economic g ow h is closely ied o ising elec ici y consump ion, which
di ec ly a ec s co po a e budge ing and compe i i e ad an ages.
While he adop ion o elec ic and hyb id ehicles is inc easing,
esea ch on sus ainable business p ac ices o en lacks a concen a ed
ocus on he go e nance mechanisms ha d i e hese inno a ions o-
wa d sus ainabili y pe o mance (e.g., Raj e al., 2023;De Souza e al.,
2018). In es men s in hyb id ehicle de elopmen equi e subs an ial
esou ces and commi men , ye he e is limi ed unde s anding o how
such in es men s align wi h co po a e s a egies o os e sus ainable
de elopmen . Mo eo e , p io s udies ha e p edominan ly examined he
mo i a ions behind eco- iendly ini ia i es a he han hei di ec
impac on co po a e s a egies and sus ainable pe o mance ou comes
(see Kuma e al., 2024;Mo a e al., 2023).
Al hough social iden i y heo y has been u ilized o explo e sus-
ainable de elopmen , i s applica ion in unde s anding he po en ial o
sus ainable ehicles o d i e co po a e sus ainabili y s a egies emains
limi ed. Exis ing li e a u e sugges s he need o in es iga e how GGS can
shape co po a e iden i y and s akeholde pe cep ions, enabling com-
panies o e ec i ely communica e hei socie al and en i onmen al
con ibu ions (Hawn &Ioannou, 2016;Madzík e al., 2024).
In esponse, his s udy aims o con ibu e o he g owing body o
li e a u e on GGS and sus ainabili y pe o mance in he con ex o
p oduc inno a ion. Speci ically, i examines he ole o g een go e -
nance mechanisms in suppo ing hyb id ehicle p oduc ion, in es i-
ga ing whe he hese mechanisms acili a e sus ainable p ac ices and
align wi h long- e m en i onmen al goals. Fu he mo e, he s udy ex-
plo es he ex en o which hyb id ehicle p oduc ion con ibu es o
sus ainabili y pe o mance, assessing whe he such inno a ions p o ide
bo h compe i i e and en i onmen al bene i s. By applying social iden-
i y heo y, he s udy also seeks o unde s and how co po a ions can
manage hei co po a e iden i y and op imize s akeholde engagemen ,
le e aging GGS o os e posi i e pe cep ions and con ibu e e ec i ely
o he SDGs.
Acco dingly, his s udy add esses wo main esea ch ques ions (RQ):
RQ1. Does g een go e nance s a egy p omo e he p oduc ion o
hyb id ehicles?
RQ2. Does he p oduc ion o hyb id ehicles lead o sus ainabili y
pe o mance?
The emainde o his pape is o ganized as ollows. The nex sec ion
e iews p e ious s udies o es ablish he heo e ical and me hodological
ounda ion o examining he complex ela ionships among he a i-
ables. Sec ion 3 de ails he esea ch me hodology. Sec ion 4 p esen s he
empi ical esul s, and Sec ion 5 discusses he indings and concludes he
s udy.
Li e a u e e iew
G een go e nance s a egy and co po a e en i onmen al esponsibili y
Wi h g owing global conce n o e en i onmen al issues, co po a e
en i onmen al impac has become a cen al ocus o s akeholde s,
p omp ing he need o e ec i e GGS wi hin indus ies, pa icula ly
hose wi h signi ican ecological oo p in s, such as he au omobile
sec o (Rome o-Cas o e al., 2022). Schola s ha e highligh ed he
essen ial ole o co po a e go e nance in guiding en i onmen al p ac-
ices, ye a cohesi e and p ac ical amewo k o implemen ing GGS is
s ill eme ging (e.g., Aguile a e al., 2021;Bui &Nguyen, 2024;Hel aya
&Moussa, 2017;Moussa e al., 2022). GGS enables o ganiza ions o
adop en i onmen ally esponsible p ac ices, including educing was e,
u ilizing enewable ma e ials, and in eg a ing en i onmen al conside -
a ions in o s a egic planning (Ba ne e al., 2020;Kuma e al., 2024).
The e olu ion o GGS aces back o ea ly concep ualiza ions o
p oac i e co po a e en i onmen al s a egies. Fo ins ance, Mu phy and
Pois (2000) emphasized educing esou ce consump ion, eusing ma-
e ials, and inco po a ing ecycled inpu s. O e ime, GGS has expanded
o include in es men in g een echnologies and enewable ene gy
(Ey aud e al., 2013). These ounda ional pe spec i es highligh ha
GGS anscends me e egula o y compliance, emphasizing he ac i e
embedding o en i onmen al p inciples wi hin co po a e ope a ions.
In he au omobile sec o , he p oac i e implemen a ion o GGS is
pa icula ly ele an . As demand o sus ainable anspo a ion g ows,
he indus y aces moun ing p essu e o mi iga e he ecological oo p in
associa ed wi h ehicle manu ac u ing and usage. In his con ex , GGS
includes minimizing was e h ough ecycling, enhancing uel e iciency,
and educing emissions. Despi e empi ical e idence suppo ing he
posi i e impac o GGS, wo c i ical gaps pe sis . Fi s , GGS should
o igina e om a co po a e philosophy ("inside-ou " app oach) a he
han as a eac ion o socie al demands (C illy &Sloan, 2012). Fo
ins ance, Heinkel e al. (2001) demons a ed ha companies a e mo e
likely o adop e hical p ac ices when a subs an ial po ion o hei in-
es o s p io i ize g een alues, highligh ing he impo ance o oo ing
sus ainable p ac ices wi hin co po a e iden i y. Second, success ul GGS
implemen a ion mus begin wi h a obus co po a e go e nance mech-
anism o es ablish a ounda ion o long- e m en i onmen al s a egies
(see Hel aya e al., 2023b;Holland e al., 2024;Mo a e al., 2023).
Building on hese insigh s, ou s udy de ines a p oac i e se o g een
go e nance dimensions comp ising i e p ima y ini ia i es: g een cap-
i al expendi u e (capex) a ge s, g een e enue a ge s, en i onmen al
pa ne ships, clima e- ela ed isk assessmen p ocesses, and en i on-
men al managemen eams.
Social iden i y heo y, hyb id ehicles and sus ainabili y pe o mance
Social iden i y heo y, o igina ing om Taj el’s wo k, examines how
indi iduals de ine hemsel es based on g oup membe ships, in luencing
hei social alues and beha io s (Ho nsey, 2008). This heo y has been
ex ended o co po a e sus ainabili y con ex s. Fo example, Um ani e al.
(2022) a gued ha o ganiza ions can le e age social iden i y heo y o
shape a co po a e iden i y aligned wi h s akeholde alues, os e ing
us , loyal y, and posi i e pe cep ions. In his con ex , hyb id ehicles
symbolize he co po a e commi men o sus ainabili y, ein o cing an
o ganiza ion’s dedica ion o en i onmen ally iendly p ac ices. As so-
cial g oups inc easingly ad oca e o eco- iendly mobili y, hyb id e-
hicles se e no only as p oduc s bu as ep esen a ions o co po a e
sus ainabili y iden i y (S e s &Bu ke, 2000). Adop ing such ehicles
aligns companies wi h he alues o en i onmen ally conscious s ake-
holde s, os e ing ha mony, c edibili y, and posi i e epu a ions wi hin
communi ies (Hel aya e al., 2018;Lii &Lee, 2012).
Despi e exis ing esea ch on co po a e iden i y and CSR, he ela-
ionship be ween social iden i y, hyb id ehicles, and sus ainabili y e-
mains unde explo ed. Few s udies ha e examined how mo i a ions
behind CSR in luence co po a e beha io , such as hyb id ehicle p o-
duc ion, o how hese e o s impac s akeholde pe cep ions (e.g.,
Hel aya e al., 2023a;Madzík e al., 2024;Zhang e al., 2023). Social
iden i y heo y posi s ha es ablishing a co po a e iden i y aligned wi h
sus ainabili y alues enhances appeal o eco-conscious s akeholde s,
c ea ing s ong incen i es o au omake s o pu sue GGS and sus ainable
p ac ices.
Thus, his s udy claims ha wo key ac o s d i e co po a e
engagemen in CSR and sus ainable mobili y ini ia i es (as shown in
Fig. 1). Fi s , companies mus de elop an awa eness o hei compe i i e
s anding o di e en ia e hemsel es h ough sus ainable p ac ices.
Second, hey mus cul i a e a unique "g een" iden i y ha esona es wi h
s akeholde s and e lec s long- e m en i onmen al esponsibili y.
Toge he , hese ac o s incen i ize au omake s o adop GGS, enhancing
hei compe i i e ad an age and social capi al in an inc easingly eco-
conscious ma ke place.
A. Hel aya and P. Bui Jou nal o Inno a ion & Knowledge 10 (2025) 100660
2
Hypo heses de elopmen
G een go e nance s a egy and hyb id ehicle de elopmen
G een p ac ices mi iga e en i onmen al impac by imp o ing
co po a e ca bon pe o mance, p omo ing sus ainable mobili y, and
ad ancing a ze o-ca bon ene gy u u e (Ba nik e al., 2018;Kuma
e al., 2024). Hyb id ehicle de elopmen aligns wi h hese objec i es,
ye inconsis encies emain in de ining GGS ac oss indus ies and
co po a e s uc u es. While GGS is ecognized as a d i e o co po a e
in es men in g een echnologies o SDGs (Guo e al., 2020;Han e al.,
2024), and g een p oduc inno a ion (Ba nik e al., 2018;Lyulyo e al.,
2024). Fu he esea ch is needed o explo e hei ela ionship wi h
o he s a egic en i onmen al app oaches. Mo eo e , companies ha
adop g een p ac ices expe ience educed p essu e o demons a e hei
legi imacy and a e mo e inclined o in es in g een p oduc s, p o ided
he an icipa ed bene i s ou weigh he cos s (Hel aya e al., 2023b;Hel-
aya &Whi ing on, 2019;Kuma e al., 2024). A a ional mo i a ion is
essen ial o such in es men s, as i enables companies o gain a
compe i i e edge by e ec i ely communica ing he ad an ages o
implemen ing and p omo ing GGS o s akeholde s.
F om a social iden i y pe spec i e, co po a e iden i y os e s a sense
o belonging wi hin en i onmen ally conscious g oups, encou aging
companies o in es in hyb id ehicles as a angible commi men o a
ze o-ca bon economy (Rashidi-Sabe e al., 2022). Resea ch oo ed in
social iden i y heo y indica es ha businesses p io i ize os e ing a
posi i e social iden i y wi hin hei g oup a he han engaging in
exclusiona y p ac ices (Ab ams &Hogg, 1988). Recen s udies also
e eal a posi i e co ela ion be ween he implemen a ion o GGS and
in es men s in high- ech inno a ions (e.g., Li e al., 2016). Fu he mo e,
social iden i y heo y highligh s he ole o pee in luence in shaping
co po a e iden i ies and beha io s (Pos mes e al., 2005;Tu ne , 1975).
Fo example, as mo e au omobile companies adop g een s a egies, he
p essu e on o he s o ollow sui inc eases, as main aining a a o able
s anding among pee s becomes c i ical. The necessi y o companies
wi h signi ican g een in es men s o p oduce hyb id ehicles is u he
ampli ied, as hese ehicles se e as angible e idence o hei
commi men o en i onmen al sus ainabili y. D awing om his dis-
cussion, we posi ha GGS can ca alyze hyb id ehicle p oduc ion by
suppo ing he es ablishmen o a socially esponsible co po a e iden-
i y, aligning wi h s akeholde alues, and ensu ing compe i i eness in
an inc easingly eco-conscious ma ke place. Consequen ly, ou i s hy-
po hesis is es ablished, as ollows:
H1.The g eene he in es men s a egy, he highe he likelihood o
au omobile companies manu ac u ing hyb id ehicles.
The mode a ing e ec o elec ici y p ices
Resea ch on sus ainable de elopmen highligh s a connec ion be-
ween GGS and he inclina ion o in es in eco- iendly inno a ion (Song
&Yu, 2018). Howe e , he mode a ing ole o ene gy p icing in he
ela ionship be ween GGS implemen a ion and g een p oduc de elop-
men emains unde explo ed. A c i ical dis inc ion exis s be ween
hyb id and elec ic ehicles: while elec ic ca s a e powe ed exclusi ely
by elec ic mo o s, hyb id ehicles u ilize a combina ion o in e nal
combus ion engines and elec ic assis ance (Sanguesa e al., 2021).
S udies sugges ha p oducing an elec ic ehicle equi es o e wice he
ene gy needed o a con en ional ca , despi e i s bene i s in educing
g eenhouse gas and NO2 emissions (see Han e al., 2024;Held &Bau-
mann, 2011). Fu he mo e, he manu ac u ing o elec ic ca ba e ies
con ibu es o inc eased ca bon emissions (Li, Xia &Guo, 2022), which
may incen i ize en i onmen ally conscious companies o p io i ize
hyb id ehicles as a mo e balanced al e na i e.
Theo e ically, social iden i y heo y posi s ha indi iduals, including
boa d membe s, manage s, in es o s, and cus ome s, a e mo i a ed o
adop beha io s and a i udes ha enhance hei g oup’s posi i e image
Fig. 1. Resea ch amewo k.
A. Hel aya and P. Bui Jou nal o Inno a ion & Knowledge 10 (2025) 100660
3
(Ho nsey, 2008). Acco dingly, au omake s may con inue in es ing in
hyb id ehicles h ough GGS, e en amid ising elec ici y p ices, o
add ess he challenges posed by elec ic ehicles, such as cos s, capaci y,
and cha ging in as uc u e. Mo eo e , elec ici y p ices can ac as a
con ex ual ac o in luencing g oup no ms, as sugges ed by social
iden i y heo y. When elec ici y p ices ise, he ela i e bene i s o
hyb id ehicles become mo e appa en , ein o cing he commi men o
bo h companies and consume s o sus ainable p ac ices. Thus, we p o-
pose he ollowing hypo hesis:
H2.Elec ici y p ices posi i ely mode a e he ela ionship be ween g een
go e nance s a egy and hyb id ehicle de elopmen .
Hyb id mobili y and he iumph o posi i e sus ainabili y pe o mance
The success o an en i onmen al s a egy should be e alua ed based
on bo h i s co po a e bene i s and i s abili y o measu e and con ol i s
ac ual en i onmen al impac (Bane jee, 2002). E ec i e sus ainabili y
managemen can lead o angible imp o emen s in he co po a e en i-
onmen al and social ou comes. Howe e , poo ly managed sus ainabil-
i y ini ia i es can yield minimal bene i s o e en de ac om co po a e
sus ainabili y pe o mance (Kaul &Luo, 2018). Consequen ly, exam-
ining he ela ionship be ween hyb id ehicle de elopmen and i s
impac on sus ainabili y pe o mance is c ucial o unde s anding he
p ac ices o au omake s.
Since in es men s in hyb id ehicles emain a an ea ly s age,
addi ional e idence is needed o subs an ia e he ela ionship be ween
hyb id ehicle de elopmen , sus ainabili y pe o mance, and associa ed
e u ns. P io s udies suppo he posi i e impac o hyb id ehicle in-
es men s on sus ainabili y pe o mance (Ga cía-Mada iaga &Rod í-
guez-Ri e a, 2017;De inney, 2009). Siegel and Vi aliano (2007) a gued
ha hyb id ehicle de elopmen is a CSR ini ia i e, sugges ing ha
companies engaging in g een inno a ion achie e be e sus ainabili y
ou comes han hose wi hou GGS. G een p oduc inno a ion has been
shown o enhance co po a e sus ainabili y pe o mance h ough
long- e m sus ainable g ow h expec a ions (Fe nando e al., 2019).
G een inno a ion has a signi ican and posi i e ela ionship wi h sus-
ainable de elopmen . Empi ical e idence also indica es ha g een
inno a ion posi i ely impac s sus ainable de elopmen , imp o ing
economic, en i onmen al, and social pe o mance (see Fe ei a e al.,
2019;Khan e al., 2022).
Theo e ically, social iden i y heo y posi s ha when companies
in es in g een p oduc s, hey aim o ede ine hei b and iden i y,
signaling a commi men o en i onmen al sus ainabili y (Lyulyo e al.,
2024;Olsen e al., 2014). Whi ma sh and O’Neill (2010) highligh ed
ha hyb id ehicle de elopmen ep esen s a p o-en i onmen al iden-
i y, e lec ing a co po a ion’s en i onmen al esponsibili y. The e o e,
om he pe spec i e o social iden i y heo y, he decision o de elop
hyb id ehicles is no me ely an ope a ional choice; i ep esen s a
s a egic, iden i y-d i en app oach aligning co po a ions wi h sus ain-
abili y objec i es while ein o cing hei social c edibili y. Acco dingly,
we p opose he ollowing hi d hypo hesis:
H3a. Hyb id ehicle de elopmen igge s co po a ions o adop SDG
11 Sus ainable ci ies and communi ies.
H3b. Hyb id ehicle de elopmen igge s co po a ions o adop SDG
13 Clima e ac ion.
H3c. Hyb id ehicle de elopmen posi i ely a ec s co po a e en i-
onmen al pe o mance.
H3d. Hyb id ehicle de elopmen inc eases he achie emen o
co po a e esponsibili y awa d(s).
Resea ch me hodology
Sample
This s udy examines he ela ionships be ween g een go e nance
s a egy (GGS), hyb id ehicle de elopmen , and sus ainabili y pe o -
mance, ocusing on wo p ima y con ibu ing ac o s. Fi s , as empha-
sized by Elon Musk, in e nal mo i a ion ensu es ha au omake s a e
genuinely commi ed o sus ainable de elopmen . Second, ex e nal
p essu es encou age companies o adop sus ainable p ac ices. Ou
analysis ocuses on au omobile manu ac u e s p io i izing sus ainable
ehicle de elopmen . Da a we e sou ced om h ee p ima y da abases:
(1) he Re ini i Eikon da abase o collec inancial and non- inancial
da a; (2) he U.S. Ene gy In o ma ion Adminis a ion da abase o
collec elec ici y p ices; and (3) he Wo ld Bank da abase o collec GDP
da a.
The ini ial sample comp ised 1077 companies lis ed on global
indices, iden i ied h ough he Re ini i da abase, speci ically in he
au omobile indus y based on he Global Indus y Classi ica ion S an-
da d.
1
The sample pe iod in his esea ch was de e mined by he
a ailabili y o da a on hyb id ehicle de elopmen and en i onmen al,
social, and go e nance (ESG) me ics in he Re ini i da abase o
selec ed lis ed companies. Ou analysis ocused on g een p oduc inno-
a ion and en i onmen ally iendly p ac ices, including he adop ion o
SDG 11 (Sus ainable Ci ies and Communi ies) and SDG 13 (Clima e
Ac ion), as well as sus ainabili y pe o mance. Due o missing da a on
g een p ac ices, wo p ominen au omake s, Gene al Mo o s Co. and
Vol o AB, we e excluded, esul ing in a inal sample size o 42 com-
panies om 15 coun ies. This yielded 294 obse a ions ac oss ou h ee
models o he 2015–2021 pe iod, as de ailed in Table 1. This sample
size adequa ely cap u es wi hin-en i y and be ween-en i y a ia ions in
he con ex o andom-e ec s models o balanced panels (Woold idge,
2010). Speci ically, he o al numbe o c oss-sec ional uni s is N=42,
de i ed om 294 obse a ions o e 7 pe iods. This aligns wi h he
ecommenda ion o 30 o 50 g oups o obus a iance componen
es ima ion (Cla k &Linze , 2015). Fu he mo e, he da a se also mee s
he minimum equi emen s o p edic o obse a ions, wi h six p e-
dic o s o Models 1 and 3 and se en p edic o s o Model 2, exceeding
he h eshold o 60 o 90 obse a ions ecommended by Sche baum and
Fe e e (2009).
Empi ical models
Random-e ec s models
Random-e ec s gene alized leas squa es (GLS) models we e
employed o analyze he panel da a, as he Hausman es indica ed ha
andom-e ec s models we e mo e app op ia e o cap u ing be ween-
i m a ia ions. This app oach le e ages he longi udinal s uc u e o
he da a while assuming ha i m-speci ic e ec s a e unco ela ed wi h
p edic o s, enabling e icien es ima ion and accoun ing o po en ial
omi ed a iables (Lai d &Wa e, 1982). To ensu e model obus ness,
se e al diagnos ic es s we e pe o med. In he beginning, we assessed
mul icollinea i y by calcula ing he Va iance In la ion Fac o (VIF) o
each explana o y a iable, all well below he h eshold o 10, indica ing
no signi ican mul icollinea i y. We hen checked o endogenei y using
he Du bin-Wu-Hausman (DWH) es , which con i med ha ou model
speci ica ions we e app op ia e. Addi ionally, we es ed o he e o-
skedas ici y using he B eusch-Pagan/Cook-Weisbe g es , which
showed no signi ican he e oskedas ici y, and o au oco ela ion using
he Woold idge es , which e ealed no signi ican se ial co ela ion.
These diagnos ic p ocedu es alida ed he eliabili y and obus ness o
he andom-e ec s GLS models.
1
See GICS®- Global Indus y Classi ica ion S anda d h ps://www.msci.
com/ou -solu ions/indexes/gics o mo e in o ma ion.
A. Hel aya and P. Bui Jou nal o Inno a ion & Knowledge 10 (2025) 100660
4
Measu es
G een go e nance s a egy (GGS) is de ined as co po a e ac ions
aimed a educing en i onmen al impac , aligning wi h en i onmen al
alues, and ein o cing a esponsible iden i y o bo h o ganiza ions and
consume s. To iden i y he s a egy, we d ew om exis ing li e a u e
and u ilized o he Re ini i Eikon da abase, ocusing on a comp ehen-
si e ange o p oac i e en i onmen al ini ia i es ou lined in Table 2.
Each a iable e lec s p ac ices and disclosu es ha a e widely ecog-
nized as c i ical o enhancing co po a e en i onmen al accoun abili y.
This app oach aligns wi h b oade ends in co po a e sus ainabili y and
g een go e nance.
GGS =∑(GREENCT +GREENRT +ENVIP +CRRAP
+ENVIMT)
•G een Capex Ta ge (GREENCT) indica es whe he a company has se
speci ic a ge s o alloca ing capi al expendi u e o clima e- ela ed
oppo uni ies. S a egic capi al alloca ion owa d en i onmen al
sus ainabili y is linked o long- e m p o i abili y and en i onmen al
pe o mance (Bhanda i &Ja akhadze, 2017).
•G een Re enues Ta ge (GREENRT) e lec s whe he a company a -
ge s inc easing e enue om g een p oduc s o se ices, such as
hyb id ehicles. S udies ha e shown ha g een e enue a ge s a e a
signi ican d i e o companies’adop ion o sus ainable p ac ices, as
hey di ec ly impac co po a e p o i abili y while also mee ing
g owing consume demand o sus ainable p oduc s (Huang e al.,
2024).
Table 1
Resea ch sample.
A. Sample selec ion
Indices No. o au omobile manu ac u e s
Bo sa Is anbul 2
Deu sche Boe se AG 1
Elec onic Sha e Ma ke 2
Eu onex - Eu onex Pa is 3
Hong Kong Exchanges and Clea ing L d 4
Ko ea S ock Exchange 2
London S ock Exchange 2
Nasdaq S ockholm AB 1
Na ional S ock Exchange o India 4
New Yo k S ock Exchange 4
Shanghai S ock Exchange 5
Six Swiss Exchange 1
Tokyo S ock Exchange 9
To on o S ock Exchange 1
Xe a 3
To al ini ial sample 44
Less
Companies wi h missing ESG da a 2
To al inal sample 42
B. Coun y composi ion
No. Coun y No. o au omobile manu ac u e s
1 Canada 1
2 China 7
3 F ance 3
4 Ge many 4
5 Hong Kong 1
6 India 4
7 I eland; Republic o 2
8 I aly 1
9 Japan 9
10 Ko ea; Republic (S. Ko ea) 2
11 Ne he lands 1
12 Swi ze land 1
13 Tu key 2
14 Uni ed Kingdom 1
15 Uni ed S a es o Ame ica 3
To al 42
Table 2
S udy a iables.
Va iable(s) De ini ions/Measu emen Sou ce
Hyb id Vehicles
(HYBVE)
A dummy a iable ha equals
one i he company is
de eloping g een ehicles,
hyb id ehicles o echnologies,
elec ic ehicles, ze o o
o he wise.
Re ini i
G een Go e nance
S a egy (GGS)
(Sco e: Max: 5/Min:
0)
A se o ini ia i es o con ol he
e ec o co po a e ope a ion on
en i onmen al deg ada ion,
which ha is ela ed o whe he
he companies did any o
ollowing:
G een Capex Ta ge (GREENCT):
A dummy a iable ha equals
one i he company has disclosed
a a ge o he sha e o amoun
o expendi u e deployed o
clima e- ela ed oppo uni ies,
ze o o o he wise.
G een Re enues Ta ge
(GREENRT): A dummy a iable
ha equals one i he company
has disclosed a a ge o inc ease
he sha e o g een e enues in i s
o e all sales, ze o o o he wise.
En i onmen al Pa ne ships
(ENVIP): A dummy a iable ha
equals one i he company epo
on pa ne ships o ini ia i es
wi h specialized NGOs, indus y
o ganiza ions, go e nmen al o
sup a-go e nmen al
o ganiza ions, which a e
ocused on imp o ing
en i onmen al issues, ze o o
o he wise.
Clima e Rela ed Risks Assessmen
P ocess (CRRAP): A dummy
a iable ha equals one i he
company desc ibes i s p ocess
o iden i ying and assessing
clima e- ela ed isks, ze o o
o he wise.
En i onmen al Managemen Team
(ENVIMT): A dummy a iable
ha equals one i he company
has an en i onmen al
managemen eam, including
employees o he company, who
pe o m he unc ions dedica ed
o en i onmen al issues on a
day- o-day basis and a e no he
boa d commi ees (di ec o s),
ze o o o he wise.
Re ini i
CSR Pe o mance
SDG 11 Sus ainable
Ci ies and
Communi ies
(SDG11)
A dummy a iable ha equals
one i he company suppo s he
UN Sus ainable De elopmen
Goal 11 o make ci ies inclusi e,
sa e, esilien , and sus ainable,
ze o o o he wise.
Re ini i
SDG 13 Clima e Ac ion
(SDG13)
A dummy a iable ha equals
one i he company suppo he
UN Sus ainable De elopmen
Goal 13 o ake u gen ac ion o
comba clima e change and i s
impac s, ze o o o he wise.
Re ini i
En i onmen al
Pe o mance (ENVIP)
The log o he o e all company
sco e measu ing he company’s
impac on li ing and non-li ing
na u al sys ems, including he
ai , land, and wa e , as well as
comple e ecosys ems.
Re ini i
(con inued on nex page)
A. Hel aya and P. Bui Jou nal o Inno a ion & Knowledge 10 (2025) 100660
5
•En i onmen al Pa ne ships (ENVIP) measu es a company’s in ol e-
men in collabo a ions wi h NGOs, go e nmen bodies, o indus y
g oups o add ess en i onmen al issues, ecognized as a s a egic
app oach o enhancing sus ainabili y ini ia i es (Rondinelli &Lon-
don, 2003).
•Clima e-Rela ed Risks Assessmen P ocess (CRRAP) assesses whe he a
company has p ocesses o iden i ying and managing clima e- ela ed
isks. Alignmen wi h amewo ks such as he Task Fo ce on Clima e-
ela ed Financial Disclosu es (TCFD) highligh s he impo ance o
p oac i e isk managemen (O’Dwye &Une man, 2020).
•En i onmen al Managemen Team (ENVIMT) cap u es he p esence o
a dedica ed en i onmen al managemen eam, dis inc om he
boa d o di ec o s, o implemen sus ainabili y ini ia i es e ec i ely
(Papagiannakis &Lioukas, 2018).
Hyb id Vehicles (HYBVE) ep esen a angible commi men o
en i onmen al sus ainabili y, signi ican ly in luencing public pe cep-
ion and enhancing social ecogni ion (Whi ma sh &O’Neill, 2010). The
i s esea ch objec i e is o iden i y he key ac o s o g een go e nance
s a egy (GGS) ha d i e au omobile manu ac u e s o in es in hyb id
ehicles, as de eloped in Model 1.
Model 1:
HYBVE
i
=
α
+β
1
GGS
i
+β
2
CCDUAL
i
+β
3
INDBM
i
+β
4
FSIZE
i
+β
5
LEV
i
+β
6
PROFIT
i
+
ε
i
Mode a ing E ec o Elec ici y P ices (ELEC) is exp essed as
GGSxELEC, ep esen ing an in e ac ion e m o g een go e nance
s a egy and elec ici y p ices. Acco ding o H
2
,β
2
is expec ed o be
posi i e, as highe elec ici y p ices may p omp companies o econ-
side in es men s in g een s a egies. Model 2 also inco po a es GDP as a
con ol a iable o accoun o economic condi ions. The second
esea ch objec i e e alua es he impac o g een in es men s in hyb id
ehicle de elopmen unde he mode a ing e ec o elec ici y p ices, as
de ailed in Model 2.
Model 2:
HYBVEi =
α
+β1 GGS*β2ELECTi +β3 CCDUALi +β4 INDBMi +β5
FSIZEi +β6 LEVi +β7PROFITi +β8 GPDi +
ε
i
Co po a e Sus ainabili y Pe o mance (CSP) is assessed using
p oxies, including SDGs 11 and 13, en i onmen al pe o mance
(ENVIP), and CSR awa ds (CSRA). These indica o s align wi h sus ain-
abili y and co po a e esponsibili y goals. SDG 11 (Sus ainable Ci ies
and Communi ies) and SDG 13 (Clima e Ac ion) e lec global commi -
men s o sus ainable u baniza ion and clima e ac ion (Uni ed Na ions,
2021). ENVIP measu es he company’s di ec impac on na u al sys ems,
linking co po a e p ac ices o en i onmen al s ewa dship (B ulha
e al., 2019). CSRA alida es a company’s achie emen s in CSR h ough
awa ds (Li e al., 2018). Toge he , hese p oxies o e a comp ehensi e
amewo k o e alua ing CSP. The hi d esea ch objec i e in es iga es
he e ec o hyb id ehicle de elopmen on sus ainabili y pe o mance,
as o mula ed in Model 3.
Model 3:
SDG11i /SDG13i /ENVIPi /CSRAi =
α
+β1HYBVEi +β2CCDUALi +
β3INDBMi +β4FSIZEi +β5LEVi +β6PROFITi +
ε
i
Whe e HYBVE is he ac ion o de eloping g een ehicles, hyb id ehicles
o echnologies, and elec ic ehicles by selec ed au omake s in his
s udy. GGS e e s o a se o p oac i e en i onmen al ini ia i es. SDG 11
and SDG 13 belonged o 17 UN SDGs which add essed sus ainable u -
baniza ion and clima e ac ions, espec i ely. ENVIP is an en i onmen al
pe o mance measu ing he company’s impac on li ing and non-li ing
na u al sys ems. CSRA is he winne o CSR awa d(s).
To ensu e alidi y and signi icance, i m-le el cha ac e is ics we e
con olled. Speci ically, we con olled o CEO-chai man duali y
(CCDUAL), independen boa d membe s (INDBM), i m size (FSIZE),
and i m le e age (LEV). Independen di ec o s and i m size impac CSR
p ac ices posi i ely, while CEO duali y has a nega i e impac (Singh &
Rahman, 2021). Addi ionally, we included le e age as a con ol a i-
able, since low-le e age companies can be e manage agency p oblems
ela ed o o e in es men in CSR/sus ainabili y (Ye &Zhang, 2011).
Resul s
Desc ip i e s a is ics
Table 3 epo s he desc ip i e s a is ics o he s udy’s a iables. The
Table 2 (con inued)
Va iable(s) De ini ions/Measu emen Sou ce
CSR Awa ds (CSRA) A dummy a iable ha equals
one i he company has ecei ed
an awa d o i s social, e hical,
communi y, o en i onmen al
ac i i ies o pe o mance, ze o
o o he wise.
Re ini i
Emission Sco e (EMISS) The log o he o e all company
sco e measu ing he company’s
commi men and e ec i eness
owa d educing en i onmen al
emission in he p oduc ion and
ope a ional p ocesses.
Re ini i
En i onmen al
Con o e sies
(ENVIC)
A dummy a iable ha equals
one i he company is unde he
spo ligh o he media because o
a con o e sy linked o he
en i onmen al impac o i s
ope a ions, ze o o o he wise.
Re ini i
Mode a ing Va iable
Elec ici y P ices
(ELEC)
The log o he annualized
mon hly-a e age e ail
elec ici y p ices adjus ed by he
consume p ice index (CPI)
U.S. Ene gy
In o ma ion
Adminis a ion
Con ol Va iables
G oss Domes ic P oduc
(GDP)
The log o GDP in he coun y
whe e he companies based
The Wo ld Bank
CEO Chai man Duali y
(CCDUAL))
A dummy a iable ha equals
one i he CEO simul aneously
chai he boa d, ze o o
o he wise.
Re ini i
Independen Boa d
Membe s (INDBM)
The pe cen age o independen
boa d membe s as epo ed by
he company.
Re ini i
Fi m Size (FSIZE) The log o o al asse s. Re ini i
Le e age (LEV) Measu ed as long- e m deb
di ided by o al capi al a he
end o he iscal pe iod and is
exp essed as pe cen age.
Re ini i
P o i abili y (PROFIT) Measu ed as ne income di ided
o al asse s
Re ini i
Table 3
Desc ip i e s a is ics.
Va iable Obs Mean S d. de . Min Max
HYBVE 294 0.95 0.21 0.00 1.00
GGS 294 1.40 0.79 0.00 3.00
SDG11 294 0.40 0.49 0.00 1.00
SDG13 294 0.45 0.50 0.00 1.00
ENVIP 294 4.15 0.49 1.72 4.59
CSRA 294 0.72 0.45 0.00 1.00
CCDUAL 294 0.39 0.49 0.00 1.00
INDBM 294 0.49 0.27 0.00 1.00
FSIZE 294 24.28 1.47 21.27 27.11
LEV 294 0.25 0.21 0.00 1.97
ROA 294 0.05 0.05 −0.16 0.27
ELEC 294 2.36 0.02 2.33 2.41
GDP 294 2.92 4.18 −11.03 24.37
No e: Table 2 ully de ines all he a iables used.
A. Hel aya and P. Bui Jou nal o Inno a ion & Knowledge 10 (2025) 100660
6
indings show ha 95 % o he sampled companies had de eloped
hyb id ehicles. The GGS sco e anges om 0 o 3, wi h a mean alue o
1.40. Adop ion a es o SDG 11 and SDG 13 a e 40 % and 45 %,
espec i ely. These low a e ages sugges ha many au omobile com-
panies, a sec o among he mos pollu ing indus ies, ha e o e looked
c i ical sus ainable de elopmen goals. Consequen ly, i is impe a i e o
encou age au omobile manu ac u e s o adop en i onmen ally sus-
ainable p ac ices and goals.
Despi e he g owing impo ance o ESG sco es o enhancing
co po a e epu a ion, ou da a se om 2015 o 2021 e eals a minimum
ESG sco e o 9.5 poin s (encompassing h ee ESG pilla s) and an a e age
o 64.01. Ala mingly, 60 % and 55 % o companies dis ega ded SDG 11
and SDG 13, espec i ely. Howe e , companies ecei ing CSR awa ds
achie ed an a e age ESG sco e o 72 %, sugges ing ha hyb id ehicle
de elopmen aligned wi h speci ic SDGs may be a signi ican d i e o
such ecogni ion.
Rega ding he con ol a iables, he mean alue o CEO duali y is
0.39, indica ing ha mos companies sepa a e he oles o CEO and
chai man. The mean alue o independen di ec o s is 0.49, e lec ing
mode a e boa d independence. Wi h a mean o 24.28 (minimum o
21.27 and maximum o 27.11), a ia ions in i m size could in luence
he hypo heses. The mean o le e age is 25 %, indica ing limi ed eli-
ance on ex e nal inancing. The mean o p o i abili y is 5 %, wi h a
minimum o −0.16 and a maximum o 27 %, e ealing ha companies
u gen ly need o implemen e ec i e s a egies o enhance co po a e
pe o mance. The mean alues o elec ici y p ices and GDP a e 2.36
and 2.92, espec i ely. No ably, GDP exhibi s signi ican a ia ion,
anging om −11.03 o 24.37.
Table 4 p esen s he co ela ion coe icien s o he dependen , in-
dependen , and con ol a iables. The analysis e eals s ong co ela-
ions among some independen a iables, indica ing he po en ial isk o
mul icollinea i y in he eg ession models. App op ia e diagnos ic es s,
including Va iance In la ion Fac o (VIF), we e pe o med o add ess
his conce n.
Main analysis
Ou mul iple eg ession analysis esul s a e epo ed in Tables 5 and
6. As shown in Table 5, Models 1 and 2 o he i s s a e we e s a is ically
signi ican a p<0.01. No ably, in Model 1, GGS posi i ely impac ed
hyb id ehicles (HYBVE) (β=0.0644) a he 1 % signi icance le el,
suppo ing H1 and aligning wi h p e ious indings by Guo e al. (2020).
This esul is consis en wi h social iden i y heo y, as in es ing in hyb id
ehicles allows co po a ions o demons a e hei commi men o en i-
onmen al p o ec ion and a ze o-ca bon economy (Whi ma sh &
O’Neill, 2010).
In Table 5, Model 2 illus a es he mode a ing e ec o ELEC (elec-
ici y p ices) on he ela ionship be ween GGS and he de elopmen o
hyb id ehicles. GGS*ELEC shows a posi i e and s a is ically signi ican
coe icien (β=0.0274) a he 1 % signi icance le el, suppo ing H2. To
Table 4
Pea son’s co ela ion ma ix.
1 2 3 4 5 6 7 8 9 10 11 12 13
1. HYBVE 1
2. GGS 0.32*** 1
0.00
3. SDG11 0.15** 0.36*** 1
0.01 0.00
4. SDG13 0.17*** 0.37*** 0.84*** 1
0.00 0.00 0.00
5. ENVIP 0.61*** 0.72*** 0.34*** 0.36*** 1
0.00 0.00 0.00 0.00
6. CSRA 0.26*** 0.48*** 0.25*** 0.23*** 0.46*** 1
0.00 0.00 0.00 0.00 0.00
7. CCDUAL −0.05 −0.03 0.04 0.02 −0.02 −0.17*** 1
0.38 0.63 0.52 0.77 0.70 0.00
8. INDBM 0.15** 0.11* 0.28*** 0.24*** 0.13* −0.02 0.20*** 1
0.01 0.05 0.00 0.00 0.02 0.77 0.00
9. FSIZE −0.14** 0.38*** 0.12* 0.11* 0.27*** 0.07 0.04 0.17*** 1
0.01 0.00 0.04 0.04 0.00 0.22 0.46 0.00
10. LEV 0.12* 0.12* 0.11 0.15** 0.10 0.09 0.20*** 0.26*** 0.12* 1
0.03 0.03 0.06 0.01 0.10 0.14 0.00 0.00 0.05
11. ROA 0.09 0.07 −0.03 0.01 0.06 0.04 −0.19*** −0.11 −0.34*** −0.24*** 1
0.13 0.25 0.60 0.86 0.33 0.47 0.00 0.07 0.00 0.00
12. ELEC 0.06 0.16** 0.33*** 0.38* 0.15** 0.05 −0.02 0.14* 0.05 −0.02 −0.07 1
0.32 0.01 0.00 0.00 0.01 0.43 0.74 0.02 0.40 0.70 0.23
13. GDP −0.06 −0.22*** −0.11 −0.17* −0.26*** 0.03 −0.09 0.04 −0.25*** −0.14** 0.24*** 0.14** 1
0.33 0.00 0.05 0.00 0.00 0.66 0.11 0.46 0.00 0.02 0.00 0.01
No e: *, ** and *** indica e signi icance a he 10 %, 5 % and 1 % le els, espec i ely. Table 2 ully de ines all he a iables used.
Table 5
Random e ec s GLS eg ession esul s.
Indep. and con ol a iables Model 1 Model 2
HYBVE HYBVE
GGS 0.0644***
(0.0180)
GGS*ELEC 0.0274***
(0.00772)
CCDUAL −0.0106 −0.0108
(0.0264) (0.0265)
INDBM 0.0535 0.0530
(0.0618) (0.0620)
FSIZE −0.0344 −0.0341
(0.0177) (0.0179)
LEV 0.0298 0.0294
(0.0544) (0.0545)
PROFIT −0.144 −0.154
(0.178) (0.181)
GDP 0.000706
(0.00329)
_cons 1.535*** 1.629***
(0.422) (0.430)
N 294 294
Yea Fixed E ec s Yes Yes
Wald Chi(2) 28.34** 28.15*
No e: *, ** and *** indica e signi icance a he 10 %, 5 % and 1 % le els,
espec i ely. Values in pa en heses a e clus e ing s anda d e o s a he i m
le el. Table 2 ully de ines all he a iables used.
A. Hel aya and P. Bui Jou nal o Inno a ion & Knowledge 10 (2025) 100660
7
ou knowledge, his is he i s explo a ion o sus ainabili y p ac ices in
he au omobile indus y. Ou indings align wi h Li e al. (2022) and a e
consis en wi h he p inciples o social iden i y heo y (Ho nsey, 2008;
Tu ne , 1975). Since elec ic ca ba e y p oduc ion gene a es subs an-
ial ca bon emissions, co po a ions wi h g een ini ia i es p e e in es -
ing in hyb id ehicles, e en amid ising elec ici y p ices, o mi iga e he
challenges posed by elec ic ehicles.
Table 6 p esen s he esul s o Model 3, which es ed H3a, H3b, H3c,
and H3d. These indings unde sco e he posi i e e ec s o hyb id ehi-
cles on eco- iendly and sus ainable SDGs, en i onmen al pe o mance,
and he achie emen o CSR awa d achie emen s. The esul s indica e a
posi i e coe icien (β=0.212) o SDG 11, while SDG 13 (β=0.239) is
signi ican a he 10 % le el. ENVIP (β=1.509) and CSRA (β=0.534)
a e signi ican a he 1 % le el. These indings suppo H3a, H3b, H3c,
and H3d, espec i ely. Howe e , he esul o H3a is no signi ican .
Table 6 also shows ha CCDUAL, INDBM, and FSIZE posi i ely and
signi ican ly impac co po a e sus ainabili y pe o mance. In e es ingly,
CCDUAL is nega i ely co ela ed wi h SDG 13 and CSR awa d
achie emen s, while INDBM is posi i ely associa ed wi h SDGs adop ion
among au omake s, pa icula ly SDG 11 and SDG 13. These indings a e
suppo ed by Tagliala ela e al. (2023). Fu he mo e, FSIZE posi i ely
co ela es wi h en i onmen al a iables, including SDG 13 and en i-
onmen al pe o mance sco es.
Robus ness checks
Va iables subs i u ion
To ensu e he obus ness o ou esul s, we conduc ed se e al
sensi i i y analyses, as shown in Table 7. Fo Model 1, we e-es ima ed
he model equa ion by subs i u ing GGS wi h he boa d’s en i onmen al
o ien a ion (Moussa e al., 2020). This included a iables such as boa d
independence, boa d gende di e si y, inancial expe ise on he audi
commi ee, sus ainabili y-based compensa ion policy, and mul iple di-
ec o ships. Addi ionally, we examined he mode a ing e ec o elec-
ici y p ices on he connec ion be ween boa d o ien a ion and hyb id
ehicle de elopmen . Al hough boa d en i onmen al o ien a ions posi-
i ely co ela ed wi h hyb id ehicle de elopmen , he esul s we e
insigni ican . This ou come highligh s ha ou GGS a e mo e closely ied
o co po a e s a egies han boa d cha ac e is ics (see Moussa e al.,
2020). In Model 3, we eplaced ENVIP and CSRA wi h EMISS (emission
sco e) and ENVIC (co po a e en i onmen al con o e sies), espec-
i ely. The esul s emained consis en , as shown in Model 3 o Table 7.
Di e ence-in-Di e ences (DiD) model
A Di e ence-in-Di e ences (DiD) es ima e measu es he di e ence
in ou comes be o e and a e ea men be ween a ea men g oup and a
con ol g oup (Abadie, 2005;Goodman-Bacon, 2021). Ou esea ch
design u ilizes he DiD me hodology o examine whe he GGS enhances
hyb id ehicle p oduc ion (RQ1) and whe he hyb id ehicle p oduc ion
imp o es co po a e sus ainabili y pe o mance (RQ2) (Abadie, 2005).
Speci ically, o RQ1, DiD e alua es companies wi h and wi hou GGS
o e ime, isola ing he impac o he s a egy while con olling o
ex e nal in luences. Fo RQ2, DiD assesses changes in sus ainabili y
pe o mance be o e and a e hyb id ehicle p oduc ion, compa ing
Table 6
Reg ession esul s on hyb id ehicles and sus ainabili y pe o mance.
Model 3
Indep. and con ol
a iables
SDG11 SDG13 ENVIP CSRA
HYBVE 0.212 0.239* 1.509*** 0.534***
(0.122) (0.118) (0.0933) (0.120)
CCDUAL 0.00945 0.000136 0.0316 −0.143**
(0.0536) (0.0520) (0.0411) (0.0528)
INDBM 0.316** 0.191* −0.104 −0.126
(0.100) (0.0973) (0.0769) (0.0989)
FSIZE 0.0330 0.0412* 0.139*** 0.0404*
(0.0184) (0.0204) (0.0145) (0.0182)
LEV 0.125 0.308* 0.0316 0.241
(0.132) (0.128) (0.101) (0.130)
PROFIT 0.734 1.370** 1.564*** 0.502
(0.510) (0.495) (0.391) (0.503)
_cons −1.107* −1.363** −0.862* −0.757
(0.482) (0.468) (0.370) (0.476)
N 294 294 294 294
Yea Fixed E ec s Yes Yes Yes Yes
Wald chi(2) 96.58*** 133.21*** 370.42*** 40.52***
No e: *, ** and *** indica e signi icance a he 10 %, 5 % and 1 % le els,
espec i ely. Values in pa en heses a e clus e ing s anda d e o s a he i m
le el. Table 2 ully de ines all he a iables used.
Table 7
Reg ession esul s wi h a iables subs i u ion.
Indep. and con ol a iables Model 1 Model 2 Model 3
HYBVE HYBVE SDG11 SDG13 EMISS ENVIC
BENVIO 0.00293
(0.0146)
BENVIO*ELEC 0.00178
(0.00604)
HYBVE 0.0755 0.169 1.356*** 0.292*
(0.172) (0.174) (0.172) (0.134)
CCDUAL −0.0133 −0.0134 −0.0244 −0.0464 −0.123 −0.0308
(0.0269) (0.0270) (0.0769) (0.0782) (0.0784) (0.0602)
INDBM 0.111 0.106 0.642*** 0.582*** 0.520** 0.0210
(0.0673) (0.0676) (0.157) (0.155) (0.170) (0.119)
FSIZE −0.00755 −0.00878 0.0351 0.0520 0.201*** 0.134***
(0.0184) (0.0185) (0.0351) (0.0326) (0.0480) (0.0248)
LEV 0.00735 0.00747 −0.0361 −0.00724 −0.0170 0.0881
(0.0549) (0.0550) (0.167) (0.174) (0.161) (0.134)
PROFIT −0.187 −0.163 −0.750 −0.0386 0.176 0.155
(0.176) (0.180) (0.558) (0.594) (0.523) (0.461)
GDP −0.00139
(0.00211)
_cons 1.084* 1.115* −0.781 −1.241 −2.284 −3.327***
(0.450) (0.450) (0.884) (0.829) (1.185) (0.631)
N 294 294 294 294 294 294
mse in es ima es o β0.111 0.112 0.376 0.414 0.334 0.323
No e: *, ** and *** indica e signi icance a he 10 %, 5 % and 1 % le els, espec i ely. Values in pa en heses a e clus e ing s anda d e o s a he i m le el. Table 2 ully
de ines all he a iables used.
A. Hel aya and P. Bui Jou nal o Inno a ion & Knowledge 10 (2025) 100660
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