Co esponding au ho : Eddie Mwenya
Copy igh © 2025 Au ho (s) e ain he copy igh o his a icle. This a icle is published unde he e ms o he C ea i e Commons A ibu ion License 4.0.
Assessing he ela ionship be ween En i onmen al, Social and Go e nance (ESG)
ini ia i es and he p o i abili y o a i m: A case o Zambian B ewe ies Plc, Lusaka
Plan
Eddie Mwenya * and Ch is ine Lesa
Depa men o Business S udies, G adua e School o Business, Uni e si y o Zambia, Zambia.
Wo ld Jou nal o Ad anced Resea ch and Re iews, 2025, 26(01), 3742-3765
Publica ion his o y: Recei ed on 18 Ma ch 2025; e ised on 23 Ap il 2025; accep ed on 26 Ap il 2025
A icle DOI: h ps://doi.o g/10.30574/wja .2025.26.1.1470
Abs ac
The s udy es ablishes he ela ionship be ween En i onmen al, Social, and Go e nance (ESG) ini ia i es and he
p o i abili y o Zambian B ewe ies Plc, Lusaka Plan . The sample size was 160 o quan i a i e da a and 10 o
quali a i e da a. Using a mul iple eg ession analysis o su ey da a and inancial epo s om 2021 o 2023, he s udy
assesses he ela ionship be ween ESG ini ia i es and he i m’s p o i abili y. The esul s e eal a mode a e posi i e
ela ionship (R = 0.406) be ween ESG ini ia i es and p o i abili y, wi h ESG ac o s explaining 16.5% o he a ia ion in
p o i abili y (R² = 0.165). Among he h ee ESG componen s, social ini ia i es exhibi ed he s onges ela ionship wi h
p o i abili y (β = 0.362, p < 0.05), indica ing ha employee aining and de elopmen , esponsible ma ke ing and
communi y engagemen ini ia i es signi ican ly enhance inancial pe o mance. Go e nance ini ia i es had a mode a e
bu s a is ically insigni ican ela ionship (β = 0.144, p = 0.065), sugges ing he need o s onge go e nance s uc u es
o ealize p o i abili y gains. Con e sely, en i onmen al ini ia i es showed an ex emely weak and insigni ican
ela ionship wi h p o i abili y (β = 0.011, p = 0.883), likely due o high implemen a ion cos s and delayed inancial
e u ns. The indings align wi h he s akeholde heo y, which emphasizes he inancial bene i s o p io i izing social
esponsibili y, and pa ially suppo agency heo y, which highligh s he ole o go e nance in p o i abili y. Con e sely,
he weak ela ionship be ween en i onmen al ini ia i es and p o i abili y con adic s he esou ce-based iew (RBV)
heo y, which posi s ha sus ainabili y can be a sou ce o compe i i e ad an age and imp o ed p o i abili y. The
quali a i e indings highligh key implemen a ion challenges, including lack o knowledge and expe ise, esis ance o
change, lack o s akeholde engagemen , limi ed access o sus ainable esou ces and egula o y compliance challenges.
To add ess hese challenges, he s udy ecommends s a egies such as con inuous s a de elopmen and aining,
enhanced communi y and s akeholde engagemen , go e nance h ough anspa ency and e hics, and inc easing
in es men s in sus ainable echnology. The s udy concludes ha while ESG ini ia i es con ibu e o p o i abili y,
Zambian B ewe ies Plc should p io i ize social in es men s while s eng hening go e nance and en i onmen al
ini ia i es.
Keywo ds: En i onmen al, Social and Go e nance (ESG); P o i abili y; Sus ainabili y; Zambian B ewe ies Plc; Mul iple
Reg ession Analysis
1. In oduc ion
En i onmen al, Social, and Go e nance (ESG) c i e ia assess a company's commi men o sus ainable and e hical
p ac ices. En i onmen al ac o s ocus on how a company manages i s ela ion wi h na u al esou ces and clima e such
as g eenhouse gas emissions, wa e conse a ion, ene gy e iciency (Eccles & Klimenko, 2023). Social ac o s e alua e
he company's in e ac ions wi h s akeholde s, including labo condi ions and communi y engagemen (Sulli an &
Mackenzie, 2024). Go e nance ac o s pe ain o he company's managemen p ac ices, such as boa d di e si y and
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execu i e compensa ion (G ewal & Haup mann, 2024). ESG conside a ions a e c ucial in in es men decisions and ha e
been shown o in luence p o i abili y (Ko san onis, e al., 2024).
The in eg a ion o En i onmen al, Social and Go e nance (ESG) c i e ia in o co po a e s a egies has gained signi ican
a en ion as s akeholde s inc easingly demand sus ainable and esponsible business p ac ices. ESG encompasses a
ange o ac o s including en i onmen al, social esponsibili y, and co po a e go e nance, all o which a e belie ed o
in luence a i m’s p o i abili y (Khan, e al., 2023). Acco ding o (Ruan & Liu, 2021), inc easingly no iceable
en i onmen al, social and go e nance isks and p oblems ha e made mo e and mo e companies and egula o y
agencies ealize he impo ance o en i onmen al, social, and go e nance (ESG) ac i i ies.
Apa om he g owing impo ance o ESG o in es o s and o he s akeholde s, he e is e idence ha ESG does enhance
he p o i abili y o i ms. Fo example, In Ge many, in a nea -exhaus i e examina ion, (F iede, e al., 2015) in es iga ed
he ela ionship be ween ESG and p o i abili y based on agg ega ed e idence om mo e han 2000 empi ical s udies
and ound ha mo e han 50% o s udies ha e a non-nega i e ESG and co po a e p o i abili y ela ion. Acco ding o
(Kell, 2018), a s udy on ESG and ma ke pe o mance ound ha ope a ing wi h an ESG-o ien ed app oach has been a
s a egy adop ed by many en i ies and p o es ha s ocks o sus ainable companies end o ou pe o m hei less
sus ainable coun e pa s (Kell, 2018). Simila ly, In Russia, a s udy conduc ed by (Ko ole a, e al., 2020) es ablished om
he esul s ha companies ha comply wi h ESG p inciples demons a e signi ican ly be e p o i abili y han o he
companies. The s akeholde heo y suppo s he adop ion o ESG ini ia i es and signals ha he company is s akeholde -
ocused and manages i s ope a ions sus ainably o he long- e m which ansla es in o supe io economic e u ns o e
ime.
Howe e , he e a e also con as ing iews agains he ESG concep . Some schola s a gue ha in es men s in ESG a eas
ep esen addi ional cos s ha can nega i ely a ec p o i abili y. In addi ion, c i ics wo y ha ESG is a dis ac ion om
he co po a e impe a i e o ocus on e u n on in es men (ROI) and inancial g ow h. Fo example, a s udy conduc ed
by (Sukanya, e al., 2015) ound a nega i e ela ionship be ween CSR p ac ices and co po a e p o i abili y which was
a ibu ed o he addi ional cos s o unde aking CSR ac i i ies ha do no enhance o con ibu e o sha eholde alue.
The mo e a i m becomes mo e socially esponsible, he mo e di icul i becomes o i o inc ease i s economic p o i s,
as i canno eadily engage in p ojec s wi hou assessing hei implica ions o ESG on ie s (Sukanya, e al., 2015).
Acco ding o (Ruan & Liu, 2021), he e is s ill no consensus as o whe he ESG ac i i ies ha e p omo ed o nega i ely
a ec ed co po a e p o i abili y.
This s udy he e o e ocuses speci ically on assessing he ela ionship be ween ESG ini ia i es and he p o i abili y o a
i m, in he case, Zambian B ewe ies Plc. Zambian B ewe ies Plc, lis ed on he Lusaka Secu i ies Exchange (LuSE),
ope a es in he be e age manu ac u ing indus y and is pa o a mul ina ional gian . Zambian B ewe ies Plc is one o
he pionee s in CSR and sus ainabili y p og ams in Zambia wi h subs an ial in es men s in en i onmen al p o ec ion,
sa e y s anda ds, esponsible d inking ini ia i es and communi y upli men o e he pas decade (Zambian B ewe ies,
2023).
Unde s anding whe he ESG p ac ices esul in supe io p o i abili y is an impo an esea ch ques ion, especially in
he con ex o a de eloping coun y like Zambia wi h di e en socio-economic dynamics compa ed o wes e n
economies whe e mos empi ical s udies ha e been conduc ed so a . E idence om Zambian B ewe ies Plc's example
which ope a es in he be e age manu ac u ing indus y whe e empi ical esea ch o his na u e has no ye been
conduc ed can po en ially highligh incen i es o o he Zambian companies ac oss sec o s, especially in he be e age
manu ac u ing indus y o adop ESG p ac ices whils also con ibu ing insigh s o policymake s seeking o o mula e
ele an guidelines o egula ions a ound esponsible business p ac ices.
The speci ic ela ionship o ESG on p o i abili y in Zambia, and pa icula ly in he be e age manu ac u ing indus y like
b ewing emains unde -explo ed. Fo ins ance, (Munya i, 2024) poin ed ou ha he ela ionship o ESG on co po a e
p o i abili y is an eme ging a ea o esea ch, pa icula ly in sec o s like b ewing, whe e en i onmen al and social ac o s
a e inc easingly sc u inized. The e o e, his s udy seeks o add ess his gap by examining he ela ionship o ESG on he
p o i abili y o Zambian B ewe ies Plc, con ibu ing aluable insigh s o bo h academic li e a u e and indus y p ac ice.
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1.1. S udy objec i es
The esea ch ques ions ha guided his s udy we e as ollows:
• To es ablish he ela ionship be ween En i onmen al, Social and Go e nance (ESG) ini ia i es and p o i abili y
o Zambian B ewe ies.
• To explo e he challenges ha Zambian B ewe ies expe iences in implemen ing En i onmen al, Social and
Go e nance (ESG) ini ia i es.
• To iden i y s a egies ha can enhance he implemen a ion o ESG ini ia i es o imp o ed p o i abili y a
Zambian B ewe ies.
1.2. Theo e ical F amewo k
The ollowing heo ies we e adop ed in he s udy.
1.2.1. S akeholde Theo y
S akeholde heo y asse s ha businesses should p io i ize he in e es s o all s akeholde s—such as employees,
cus ome s, supplie s, communi ies, and he en i onmen — a he han ocusing solely on sha eholde s (Ba ney &
Hes e ly, 2015). By in eg a ing En i onmen al, Social, and Go e nance (ESG) conside a ions in o hei s a egies,
companies can s eng hen s akeholde ela ionships, enhance b and epu a ion, and educe isks ela ed o egula o y
compliance and public pe cep ion. Resea ch indica es ha i ms wi h s ong s akeholde ela ions can sus ain p o i s
and imp o e hei posi ions, highligh ing he heo y's emphasis on c ea ing alue o all s akeholde s o ensu e long-
e m business sus ainabili y. In he con ex o Zambian B ewe ies, he heo y unde sco es he impo ance o ESG
ini ia i es in mee ing s akeholde expec a ions, sugges ing ha en i onmen ally sus ainable p ac ices can lead o
inc eased loyal y, sales, and p o i abili y.
1.2.2. Resou ce-Based View Theo y
The Resou ce-Based View (RBV) heo y posi s ha a i m's compe i i e ad an age and p o i abili y s em om i s unique
esou ces and capabili ies (Ba ney & Hes e ly, 2015). This pe spec i e sugges s ha companies can le e age in angible
asse s ela ed o ESG p ac ices o c ea e alue and achie e a compe i i e edge. The RBV emphasizes he impo ance o
dynamic capabili ies ha allow i ms o adap o changing ESG equi emen s and seize new oppo uni ies. Fo ins ance,
esea ch indica es ha ESG ac o s can se e as a e and di icul - o-imi a e esou ces ha enhance pe o mance. In he
case o Zambian B ewe ies, e ec i e ESG ini ia i es a e iewed as aluable esou ces ha can di e en ia e he i m in
he be e age ma ke , imp o e ope a ional e iciency, and a ac in es men s, ul ima ely leading o be e p o i abili y
compa ed o compe i o s who do no p io i ize sus ainabili y.
1.2.3. Agency Theo y
Agency heo y examines he ela ionship be ween p incipals (sha eholde s) and agen s (managemen ), ocusing on
how con lic s o in e es can impac decision-making and i m pe o mance (Vel e, 2017). In he con ex o ESG ac o s,
i sugges s ha managemen may p io i ize pe sonal in e es s o e sha eholde conce ns, po en ially neglec ing long-
e m sus ainabili y. S udies show ha i ms wi h s ong ESG pe o mance end o achie e be e long- e m p o i abili y,
indica ing ha aligning managemen incen i es wi h ESG goals can educe agency con lic s and enhance sha eholde
alue. Fu he mo e, companies wi h independen and di e se boa ds a e mo e likely o in eg a e ESG conside a ions
in o decision-making, leading o imp o ed p o i abili y. Wi hin Zambian B ewe ies, agency heo y p o ides a
amewo k o unde s anding how commi men o ESG ini ia i es can os e anspa ency and e hical p ac ices, aligning
managemen ac ions wi h sha eholde in e es s and po en ially enhancing p o i abili y h ough educed agency cos s.
1.3. Concep ual F amewo k o he S udy
Based on he e iew o empi ical s udies and unde lying heo e ical ounda ions, a concep ual model is p esen ed below
linking ESG p ac ices as he independen a iables wi h p o i abili y as he dependen a iable.
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Figu e 1 Concep ual F amewo k
2. Li e a u e Re iew
2.1. O e iew o Zambian B ewe ies
Zambian B ewe ies, a subsidia y o AB InBe , is a leading be e age manu ac u ing i m in Zambia, es ablished in 1964.
As one o he la ges p oduce s o bee and so d inks in he coun y, Zambian B ewe ies has played a pi o al ole in
he local economy by c ea ing jobs and suppo ing local ag icul u e h ough i s p ocu emen o aw ma e ials,
pa icula ly maize and so ghum (Zambian B ewe ies, 2023). The company ope a es se e al p oduc ion acili ies,
including i s main plan loca ed in Lusaka, which is equipped wi h s a e-o - he-a echnology o ensu e high-quali y
p oduc ion s anda ds while adhe ing o in e na ional bes p ac ices. In ecen yea s, Zambian B ewe ies has
inc easingly ocused on in eg a ing En i onmen al, Social, and Go e nance (ESG) ini ia i es in o i s ope a ional
amewo k. This commi men is e lec ed in he company’s sus ainabili y s a egy, which aims o educe i s
en i onmen al oo p in , enhance communi y engagemen , and ensu e obus go e nance p ac ices. Acco ding o he
Zambia En i onmen al Managemen Agency (ZEMA), Zambian B ewe ies has implemen ed a ious en i onmen al
ini ia i es, including wa e conse a ion p og ams and was e managemen p ac ices ha align wi h na ional egula ions
and in e na ional sus ainabili y goals (ZEMA, 2023). These ini ia i es no only con ibu e o en i onmen al
sus ainabili y bu also enhance he company's epu a ion among s akeholde s.
The p o i abili y o Zambian B ewe ies is closely linked o i s ESG ini ia i es. S udies ha e shown ha companies ha
adop sus ainable business p ac ices o en expe ience imp o ed p o i abili y (Ko san onis, e al., 2024). Zambian
B ewe ies has epo ed ha i s in es men in sus ainable p ac ices has led o cos sa ings, pa icula ly in wa e and
ene gy consump ion, which in u n posi i ely ela es o p o i abili y (Zambian B ewe ies, 2023). By aligning i s business
s a egy wi h ESG p inciples, he company aims o c ea e long- e m alue o i s sha eholde s while add essing he
g owing conce ns o consume s ega ding co po a e esponsibili y. Mo eo e , Zambian B ewe ies ac i ely engages
wi h local communi ies h ough a ious social ini ia i es. The company has launched p og ams aimed a p omo ing
esponsible d inking and suppo ing local de elopmen p ojec s, such as educa ion and heal h ini ia i es (Zambian
B ewe ies, 2023). These e o s no only enhance he company’s social license o ope a e bu also os e goodwill among
consume s and local communi ies, ul ima ely con ibu ing o b and loyal y and ma ke sha e. As no ed by (Munya i,
2024), companies ha p io i ize social esponsibili y end o build s onge ela ionships wi h hei s akeholde s, which
can lead o enhanced p o i abili y.
In a nu shell, Zambian B ewe ies exempli ies a commi men o in eg a ing ESG ini ia i es in o i s co e business
ope a ions. By ocusing on en i onmen al sus ainabili y, social esponsibili y, and e ec i e go e nance, he company
aims o explo e he challenges o he mode n business landscape while enhancing i s p o i abili y. This s udy will assess
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he ela ionship be ween hese ESG ini ia i es and he p o i abili y o Zambian B ewe ies, con ibu ing aluable insigh s
o he unde s anding o sus ainabili y p ac ices in he be e age manu ac u ing sec o in Zambia
2.2. En i onmen al, Social and Go e nance (ESG) Ini ia i es and p o i abili y
The sec ion below p o ides li e a u e e iew on he ela ionship be ween En i onmen al, Social and Go e nance (ESG)
Ini ia i es and he p o i abili y.
2.2.1. En i onmen al ini ia i es and p o i abili y
Global Pe spec i e
Empi ical s udies ha e yielded mixed esul s ega ding he ela ionship be ween en i onmen al pe o mance and
inancial pe o mance. Se e al me a-analyses ha e ound a posi i e associa ion be ween en i onmen al p ac ices and
inancial me ics such as e u n on asse s (ROA), e u n on equi y (ROE), and s ock ma ke pe o mance (End ika e
al., 2014). Howe e , o he s udies ha e epo ed nega i e o insigni ican ela ionships, sugges ing ha he cos s o
en i onmen al ini ia i es may ou weigh hei bene i s.
Fo example, in a s udy conduc ed by (Xie, e al., 2018), he indings show ha no all en i onmen al policies will
imp o e inancial pe o mance. Fu he , (Xie, e al., 2018) ound ha i ms ha choose o use he sus ainable packaging
policy a e mo e likely o ha e highe ROA and ma ke alue. Howe e , ac i i ies such as emission- educ ion ini ia i es,
clima e change policy, and discussion o clima e change oppo uni ies and isks and new p oduc s ela ed o clima e
change and ene gy e iciency policy ha e no signi ican ela ionship wi h co po a e e iciency, ROA, o ma ke alue
(Xie, e al., 2018). Fu he mo e, (Xie, e al., 2018) also obse ed ha a g een building policy is posi i ely associa ed wi h
bo h co po a e e iciency and ROA. Imp o emen in inancial pe o mance occu s only i he policy aims o enhance
en i onmen al pe o mance wi h any po en ial p o i highe han he addi ional cos (Xie, e al., 2018). In Indonesia,
(Susilawa i, e al., 2023) in es iga ed he in luence o CSR and en i onmen al pe o mance on inancial pe o mance
using mul iple eg ession echniques and ound ha en i onmen al pe o mance, shows a posi i e in luence on
inancial pe o mance.
Acco ding o (Susilawa i, e al., 2023), his esul was a ibu ed o e ec i e indus ial was e managemen p ac ices
implemen ed by he sampled companies in his s udy. Consequen ly, (Susilawa i, e al., 2023) claimed ha he
enhancemen o indus ial was e managemen leads o a compe i i e ad an age and ul ima ely d i es inc eased
company p o i s. In Ge many, (T umpp & Guen he , 2015) explo ed he u-shaped ela ionship be ween co po a e
en i onmen al pe o mance and co po a e inancial pe o mance and ound empi ical e idence o a non-linea ,
speci ically a U-shaped ela ionship be ween ca bon pe o mance and p o i abili y as well as be ween was e in ensi y
and p o i abili y. Rega ding he indings, (T umpp & Guen he , 2015) asse ed ha i pays o be g een only a e
exceeding a minimum le el o co po a e en i onmen al pe o mance. In Romania, (Dob e, e al., 2015) in es iga ed he
in luence o en i onmen al and social pe o mance on inancial pe o mance e idenced om Romania’s lis ed en i ies
and ound ha he e is a signi ican e ec o inc easing wa e , ai and soil p o ec ion on inancial pe o mance measu ed
by ROE, bu he e ec is nega i e. Con a y o (Susilawa i, e al., 2023), (Dob e, e al., 2015) ound ha o he
en i onmen al ac o s such as was e policy, ene gy, gas, soil and sound pollu ion imp o emen s ha e no in luence on
he inancial pe o mance measu ed by ROE. In China, (Song, e al., 2017) examined he ela ionship be ween
en i onmen al managemen and inancial pe o mance o Chinese lis ed i ms om 2007 o 2011 and ound ha
en i onmen al managemen is signi ican ly and posi i ely ela ed o inancial pe o mance in he subsequen yea s,
implying ha en i onmen al managemen can signi ican ly imp o e u u e p o i abili y. Fu he , (Song, e al., 2017)
men ioned ha en i onmen al in es men consumes capi al and esou ces, hence esul s in hei s udy indica e ha
en i onmen al managemen is no signi ican ly ela ed o imp o ed inancial pe o mance in he cu en yea . In a s udy
conduc ed by (Lee, e al., 2014), i was ound ha he e is a signi ican posi i e ela ionship be ween en i onmen al
esponsibili y and inancial pe o mance (ROE) a he i m le el, and be ween en i onmen al esponsibili y and
ope a ional pe o mance a he i m le el. Fo dependen a iables (Lee, e al., 2014) used ROE o measu e inancial
pe o mance, and ROA o measu e ope a ing pe o mance. Fo he independen a iable (en i onmen al
esponsibili y), (Lee, e al., 2014) used en i onmen al s a egy, en i onmen al o ganiza ion, en i onmen al
managemen , en i onmen al pe o mance, en i onmen al co espondence (s akeholde ) and o al en i onmen al
e alua ion sco e as p oxy a iables.
Con a y o he indings o (Xie, e al., 2018), a s udy conduc ed by (Ba ae, e al., 2020) ound ha he only en i onmen al
dimension ha is co ela ed wi h o has a posi i e ela ionship on inancial pe o mance e e s o emissions and was e
educ ion. Con a y o he inding o (Ba ae, e al., 2020), a s udy conduc ed by (Khou y, e al., 2021) in which he
en i onmen al esponsibili y pilla was de i ed om a p ede e mined weigh ed sco e on indica o s ela ed o emission,
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inno a ion and esou ce use ound a nega i e ela ionship be ween en i onmen al ini ia i es and inancial
pe o mance. En i onmen al ini ia i es only a ec accoun ing pe o mance (ROA/ROE) wi h a con ex ela ionship,
illus a ing he p esence o a U-shaped ela ionship (Khou y, e al., 2021). Mo e speci ically, while a nega i e
ela ionship be ween en i onmen al ini ia i es and accoun ing pe o mance (ROA/ROE) may occu a an ea ly s age,
he e is a u ning poin a e which he ela ionship becomes posi i e (Khou y, e al., 2021). This ecommends ha
imp o ing en i onmen al esponsibili y is a p ocedu e ha akes a long ime o eap i s bene i s (Khou y, e al., 2021).
The indings in his s udy conduc ed by (Khou y, e al., 2021) a e simila o he indings in ano he s udy conduc ed by
(T umpp & Guen he , 2015) in which hey explo ed he U-shaped ela ionship be ween co po a e en i onmen al
pe o mance and co po a e inancial pe o mance and ound empi ical e idence o a non-linea , speci ically a U-shaped
ela ionship be ween ca bon pe o mance and p o i abili y as well as be ween was e in ensi y and p o i abili y. Simila
o (Khou y, e al., 2021), (T umpp & Guen he , 2015) concluded ha i pays o be g een only a e exceeding a minimum
le el o co po a e en i onmen al pe o mance.
Ano he s udy conduc ed by (Shaikh, 2021) shows s a is ical e idence ha en i onmen al disclosu e and e u n on
asse s (ROA) a e ad e sely (nega i ely) associa ed. I ’s e iden ha when companies decide o p ac ice sus ainabili y,
hey need o employ mo e inancial esou ces in e ms o non-mone a y asse s, which esul s in an inc eased amoun
o capi al expendi u e (CAPEX) and a conside able amoun o ope a ional o e head (Shaikh, 2021). Du ing he ini ial
iscal yea s o sus ainabili y p ac ice, he unde aking’s p o i abili y sh inks due o inc eased o e heads (Shaikh, 2021).
The asse ions made by (Shaikh, 2021) ega ding he sh inkage o p o i abili y due o inc eased capi al expendi u e in
he ini ial iscal yea s o sus ainabili y p ac ice a e simila o hose o (Khou y, e al., 2021), (T umpp & Guen he , 2015)
and (Song, e al., 2017) in hei indings. Fu he mo e, all ou (4) schola s epo in hei indings ha e en hough
en i onmen al ac i i ies a e cos ly in he ini ial s ages and ela e nega i ely on inancial pe o mance, hey e en ually
in luence imp o ed inancial pe o mance o a i m in he long un; hence he con ex (u-shaped) ela ionship be ween
he wo a iables (en i onmen al ini ia i es and inancial pe o mance). In G eece, (T ian a yllidou, 2021) in es iga ed
he ela ionship be ween he ESG c i e ion and he inancial pe o mance o a company and ound a nega i e co ela ion
be ween he en i onmen al pilla and inancial pe o mance.
Acco ding o (Xie, e al., 2018), he s eng h and na u e o he ela ionship be ween en i onmen al ini ia i es and
inancial pe o mance o a i m may depend on a ious ac o s, including he speci ic en i onmen al ini ia i es
implemen ed, he indus y sec o , he geog aphic con ex , and he ime ame conside ed.
A ican Pe spec i e
In he A ican con ex , esea ch on he ela ionship be ween en i onmen al ini ia i es and inancial pe o mance is
ela i ely limi ed compa ed o de eloped egions. Howe e , se e al s udies ha e con ibu ed o he unde s anding o
his ela ionship wi hin he unique en i onmen al and socio-economic challenges aced by A ican coun ies.
A s udy conduc ed by (Dzomonda & Fa oki, 2020) in which en i onmen al compliance and ca bon emission educ ion
we e used as pa ame e s o en i onmen al sus ainabili y ound ha he e is a signi ican posi i e ela ionship be ween
bo h pa ame e s (en i onmen al compliance and ca bon emission educ ion) and inancial pe o mance. Fu he ,
(Dzomonda & Fa oki, 2020) pos ula ed ha being a complian business in e ms o en i onmen al equi emen s such
as ISO 14001 and in e nal en i onmen al policies may inc ease he p o i abili y o he business as measu ed by EPS
(Equi y pe Sha e). On he con a y, a s udy conduc ed by (Bo chwey, e al., 2022), ound ha en i onmen al ini ia i es
(ene gy consump ion, was e managemen , emissions) and e u n on asse s (ROA) as a measu e o inancial pe o mance
did no es ablish any signi ican ela ionship be ween he wo a iables. En i onmen al epo ing includes disclosing
sus ainabili y indica o s such as ene gy consump ion, was e managemen , emissions, and biodi e si y (Bo chwey, e al.,
2022).
Local (Zambian) Pe spec i e
Resea ch speci ically ocused on he ela ionship be ween en i onmen al ini ia i es and inancial pe o mance in he
Zambian con ex is limi ed. Howe e , some s udies ha e explo ed b oade en i onmen al issues and hei implica ions
o businesses ope a ing in Zambia. In Zambia, (Mwanza & Chinyonga, 2024) in es iga ed he ela ionship o
sus ainabili y accoun ing and epo ing on i m alue, a case o lis ed companies on Lusaka S ock Exchange (LUSE).
Based on he esul s, (Mwanza & Chinyonga, 2024) concluded ha he e is an inc ease in en i onmen al sus ainabili y
ac i i ies o lis ed companies which has a posi i e and signi ican e ec on he i m alue (ROA). Simila ly, in Zambia,
(Choongo, 2017) conduc ed a longi udinal s udy on he ela ionship o co po a e social esponsibili y on i m
pe o mance o SMEs in Zambia, he esul s show ha he wo dimensions o CSR (social and en i onmen al)
signi ican ly and posi i ely ela ionship inancial pe o mance. In he con ex o Zambian B ewe ies Plc, he company
has published sus ainabili y epo s highligh ing i s en i onmen al ini ia i es, such as wa e s ewa dship, ene gy
Wo ld Jou nal o Ad anced Resea ch and Re iews, 2025, 26(01), 3742-3765
3748
e iciency, and was e educ ion p og ams. Howe e , he e is a lack o empi ical esea ch speci ically examining he
ela ionship o hese ini ia i es on he company's inancial pe o mance.
2.2.2. Social ini ia i es and p o i abili y
The ela ionship be ween social ini ia i es and inancial pe o mance has been ex ensi ely s udied globally, wi h
esea che s d awing upon a ious heo e ical amewo ks, including s akeholde heo y, he esou ce-based iew,
esou ce dependency heo y and he legi imacy heo y.
Global Pe spec i e
Empi ical s udies ha e p oduced mixed indings ega ding he ela ionship be ween social ini ia i es and inancial
pe o mance. Se e al me a-analyses and li e a u e e iews ha e epo ed a posi i e associa ion be ween social
ini ia i es and a ious inancial me ics, such as e u n on asse s (ROA), e u n on equi y (ROE), and s ock ma ke
pe o mance (Choi & Wang, 2016). In a s udy conduc ed by (Shakil, e al., 2019), a posi i e associa ion o en i onmen al
and social pe o mance wi h he inancial pe o mance o banks in eme ging coun ies was es ablished. Simila o he
indings by (Shakil, e al., 2019), a s udy conduc ed by (Vel e, 2017) using he mul i a ia e eg ession analysis p o ided
ha bo h he o al En i onmen al, Social and Go e nance (ESG) pe o mance and he h ee componen s ( Go e nance,
En i onmen and Social) a e posi i ely and signi ican ly ela ed o ROA as accoun ing-based a iable o inancial
pe o mance. In Sweden, (Chen, e al., 2015) in es iga ed he ela ionship be ween disclosu es o co po a e social
pe o mance and inancial pe o mance e idenced om GRI epo s in he manu ac u ing indus y and ound ha labo
p ac ices and decen wo k pe o mance indica o s, which a e occupa ional heal h and sa e y and equal emune a ion
o women and men a e posi i ely and signi ican ly co ela ed wi h ROE. Fu he , (Chen, e al., 2015) ound ha human
igh s pe o mance indica o s, which a e in es men and p ocu emen p ac ices a e signi ican ly co ela ed wi h ROE.
Fu he mo e, (Chen, e al., 2015) ound ha in socie y pe o mance indica o s analysis, compliance is posi i ely and
signi ican ly co ela ed wi h ROE.
Las ly, in p oduc esponsibili y pe o mance indica o s, which is ma ke ing communica ions, (Chen, e al., 2015) ound
ha i has a posi i e and signi ican co ela ion wi h ROE. In a s udy conduc ed by (Cho, e al., 2019), six e alua ion
i ems we e used, namely; soundness, ai ness, con ibu ion o social se ice, consume p o ec ion sa is ac ion,
en i onmen al p o ec ion sa is ac ion, and employee sa is ac ion as he a iables o CSR (independen a iable) and
ROA was chosen as a p oxy a iable o inancial pe o mance o measu e p o i abili y. In his s udy (Cho, e al., 2019)
ound ha in he co ela ion be ween CSR pe o mance and p o i abili y (ROA), only ai ness, con ibu ion o social
se ice, consume p o ec ion sa is ac ion, and employee sa is ac ion (social con ibu ion) has a posi i e ela ionship
wi h inancial pe o mance a a signi ican le el. On he o he hand, (Cho, e al., 2019) asse ed ha while soundness
and en i onmen al p o ec ion (en i onmen al con ibu ion) ha e a posi i e ela ionship wi h ROA, hey a e no
s a is ically signi ican . Howe e , o he s udies ha e ound nega i e o insigni ican ela ionships, sugges ing ha he
cos s o social ini ia i es may ou weigh hei bene i s o ha he ela ionship is complex and con ex -dependen . Fo
ins ance, a s udy conduc ed by (Khou y, e al., 2021), ound ha he social pilla displayed a conca e ela ionship wi h
accoun ing measu es i.e., e u n on asse s (ROA). Acco ding o (Khou y, e al., 2021), his sugges ed ha a be e social
pilla is associa ed wi h a be e sho un inancial pe o mance, while an augmen ed social pilla is associa ed wi h a
lowe company inancial pe o mance in he long un. Con e sely, in ano he s udy conduc ed by (Shaikh, 2021), i was
ound ha social disclosu es con ibu e ad e sely (nega i ely) o co po a e inancial pe o mance. In G eece,
(T ian a yllidou, 2021) in es iga ed he ela ionship be ween he ESG c i e ion and inancial pe o mance o a company
and ound no ela ion be ween he social pilla and inancial pe o mance.
A ican Pe spec i e
In he A ican con ex , esea ch on he ela ionship be ween social ini ia i es and inancial pe o mance is ela i ely
limi ed compa ed o de eloped egions. Howe e , se e al s udies ha e explo ed his ela ionship wi hin he unique
socio-economic challenges and cul u al con ex s o A ican coun ies.
In Kenya, (Agu u & Gi hi a, 2023) in es iga ed he ela ionship be ween sus ainabili y epo ing and inancial
pe o mance o lis ed inancial i ms. The esul s in his s udy show ha social sus ainabili y epo ing has a posi i e
and signi ican in luence on he inancial pe o mance o lis ed inancial i ms in Kenya. Fu he , (Agu u & Gi hi a, 2023)
poin ed ou ha ins i u ions should ocus on social sus ainabili y o imp o e inancial pe o mance h ough imp o ed
epu a ion and legi imacy, inc eased employee and cus ome ’s loyal y, and enhanced b and alue. Inc easing social
sus ainabili y ini ia i es, which culmina e in high epo ing sco es, will ansla e in o imp o ed inancial pe o mance
and a highe e u n on equi y. A s udy conduc ed by (Bo chwey, e al., 2022), s a ed ha he social dimension o
sus ainabili y en ails disclosu es on human esou ces, labo p ac ices, ela ionship on socie y, and co po a e social
Wo ld Jou nal o Ad anced Resea ch and Re iews, 2025, 26(01), 3742-3765
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esponsibili y. Simila o he indings o (Agu u & Gi hi a, 2023), he esul s in his s udy conduc ed by (Bo chwey, e al.,
2022) indica e ha he social sus ainabili y has a signi ican a o able in luence on inancial pe o mance and i m
alue.
Local (Zambian) Pe spec i e
Resea ch speci ically ocused on he ela ionship be ween social ini ia i es and inancial pe o mance in he Zambian
con ex is limi ed. Howe e , some s udies ha e explo ed b oade social issues and hei implica ions o businesses
ope a ing in Zambia.
In a s udy conduc ed by (Mwanza & Chinyonga, 2024), he indings indica ed ha he e was a weak associa ion be ween
he dependen a iable (ROA) and he independen a iables (en i onmen al and social sus ainabili y). Fu he mo e,
in a longi udinal s udy conduc ed by (Choongo, 2017), he analysis esul s showed ha he wo dimensions o CSR
(social and en i onmen al) signi ican ly ela ionship inancial pe o mance.
In he con ex o Zambian B ewe ies Plc, he company has published sus ainabili y epo s highligh ing i s
en i onmen al, social and go e nance ini ia i es, such as communi y de elopmen p og ams, employee aining and
de elopmen , and esponsible d inking campaigns, e c. Howe e , he e is a lack o empi ical esea ch speci ically
examining he ela ionship be ween hese en i onmen al, social and go e nance (ESG) ini ia i es and he company's
inancial pe o mance.
2.2.3. Go e nance ini ia i es and p o i abili y
The ela ionship be ween co po a e go e nance p ac ices and inancial pe o mance has been ex ensi ely s udied
globally, wi h esea che s d awing upon a ious heo e ical amewo ks, including agency heo y, esou ce dependency
heo y and s akeholde heo y.
Global Pe spec i e
Empi ical s udies ha e p oduced mixed indings ega ding he ela ionship be ween co po a e go e nance p ac ices
and inancial pe o mance. Se e al me a-analyses and li e a u e e iews ha e epo ed a posi i e associa ion be ween
a ious go e nance mechanisms, such as boa d independence, CEO/Chai duali y, and owne ship concen a ion, and
inancial me ics like e u n on asse s (ROA), e u n on equi y (ROE), and Tobin's Q.
Fo ins ance, a s udy conduc ed by (Tan, e al., 2016), CEO/Chai man duali y, boa d size and p esence o independen
di ec o s we e used as p oxies o he co po a e go e nance as he independen a iable. In his s udy by (Tan, e al.,
2016) he dependen a iable was inancial pe o mance which was measu ed by e u n on asse s (ROA), e u n on
equi y (ROE) and Tobin’s Q. (Tan, e al., 2016) ound ha he e is a s a is ically s ong and posi i e ela ionship be ween
CEO/Chai man duali y and inancial pe o mance. Fu he , (Tan, e al., 2016) ound a s ong and posi i e ela ionship
be ween boa d size and ROA and ROE. Howe e , (Tan, e al., 2016) ound ha p esence o independen di ec o s is
nega i ely co ela ed wi h ROA and ROE. Acco ding o (Tan, e al., 2016) he nega i e co ela ion be ween p esence o
independen di ec o s and ROA and ROE sugges s ha independen di ec o s do no de ini ely esul in good i m
pe o mance. Simila o he indings o (Tan, e al., 2016), esul s in a s udy conduc ed by (Kalsie & Sh i as a , 2016)
using he ixed e ec model, andom e ec model and easible gene alized leas squa e (FGLS) eg ession models,
concluded ha he boa d size has a posi i e and signi ican ela ionship on he i m pe o mance.
Fu he , (Kalsie & Sh i as a , 2016) poin ed ou ha exis ing li e a u e on boa d size is based on di e en heo ies o
co po a e go e nance. While agency heo y and esou ce dependency heo y sugges ha he boa d size posi i ely
a ec s pe o mance, s ewa dship heo y a o s smalle boa d size and a gues ha la ge boa d size nega i ely
ela ionships he i m pe o mance (Kalsie & Sh i as a , 2016). Simila esul s in a s udy by (Yasse , e al., 2014) show
a posi i e ela ionship be ween he boa d size, mino i y ep esen a ion in boa d, and amily di ec o ’s in-boa d and
i m pe o mance. In a s udy conduc ed by (Yang & Zhao, 2014), i was e ealed ha he main a gumen agains CEO
duali y (o dual leade ship) is based on agency heo y, which p edic s ha CEOs, as agen s o sha eholde s, do no
always ac in he bes in e es s o sha eholde s. In ano he s udy by (Amba, 2014), i was poin ed ou ha CEO duali y
means ha he CEO is also holding a posi ion as a chai man o he boa d o di ec o s. Agency heo is s a gue ha when
a boa d chai man is also a CEO, he will gain su icien con olling powe o gain mo e p i a e bene i s (Amba, 2014).
The s udy conduc ed by (Amba, 2014) examined he in luence o co po a e go e nance a iables (CEO duali y,
Chai man o Audi Commi ee, P opo ion o Non-execu i e Di ec o s, Concen a ed Owne ship s uc u e, Ins i u ional
In es o s, Gea ing Ra io) on i ms’ inancial pe o mance (Re u n on Asse s) using he i ms aded in Bah ain bou se.
Wo ld Jou nal o Ad anced Resea ch and Re iews, 2025, 26(01), 3742-3765
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In his s udy, (Amba, 2014) ound ha CEO duali y has a nega i e ela ionship on ROA and c ea es addi ional agency
cos s and impai s pe o mance. In his s udy, (Amba, 2014) ound ha Boa d o di ec o being he chai o audi
commi ee has posi i e e ec on pe o mance and con ibu es o anspa en and well audi ed inancial epo s. Fu he
in his s udy, (Amba, 2014) ound ha p opo ion o non-execu i e di ec o s has a nega i e in luence on e u n on asse s
(ROA) signaling he highe he p opo ion o non-execu i e di ec o s (NED) he lowe he i m’s inancial pe o mance.
This indica es he need o op imum p opo ion o non-execu i e di ec o s in he boa d o e ec i e go e nance and
imp o ed inancial pe o mance o he i m (Amba, 2014). Fu he mo e, (Amba, 2014) ound ha he p opo ion o
ins i u ional owne ship in he capi al s uc u e posi i ely a ec s he i m’s inancial pe o mance. As ins i u ional
owne s a e mo e conce ned abou e u ns on hei in es men s, hey a e pe cei ed o con ibu e o e ec i e co po a e
go e nance o he i m which enhances i ms’ inancial pe o mance (Amba, 2014).
Finally, (Amba, 2014) ound ha he gea ing a io is s a is ically signi ican o co po a e go e nance wi h a nega i e
ela ionship wi h i ms’ inancial pe o mance. As deb holde s con ol co po a ions wi h co enan s in hei con ac s
may impai he agg essi e s a egies o he managemen in pu sui o inancial excellence. In Canada, (Kim & Li, 2021)
s udied he ela ionship o ESG p ac ices in co po a e inance and ound ha co po a e go e nance has he mos
signi ican and posi i e in luence on inancial pe o mance. Ano he s udy ca ied ou by (Rossi, e al., 2015) asce ained
ha co po a e go e nance has a posi i e ela ionship wi h inancial pe o mance. The analysis in his s udy by (Rossi,
e al., 2015) epo ed ha a be e p o ec ion o sha eholde s (e.g. one sha e one o e, p ohibi ion o poison pills, e c.),
an app op ia e composi ion o he boa d o di ec o s (in e ms o p esence o independen di ec o s and in e nal
commi ees, gende and p o essional di e si y, e c.) and an app op ia e emune a ion policy (e.g. limi s o a iable
componen s o emune a ion, mechanisms o sha e e en ion and lock up, e c.) lead o be e inancial pe o mance. In
Russia, a s udy conduc ed by (Ko ole a, e al., 2020) es ablished om he esul s ha companies ha comply wi h ESG
p inciples demons a e signi ican ly be e inancial pe o mance han o he companies. F om he esul s, (Ko ole a, e
al., 2020) asse ed ha he go e nance ac o is mo e s ongly ela ed o company pe o mance, hus p o iding
implica ions o companies' policymake s in e ms o he u ili y o adop ing ESG in o ma ion. In G eece, (T ian a yllidou,
2021) in es iga ed he ela ionship be ween he ESG c i e ia and he inancial pe o mance o a company and ound a
posi i e co ela ion only be ween he go e nance pilla and inancial pe o mance.
Howe e , o he s udies ha e ound nega i e o insigni ican ela ionships, sugges ing ha he ela ionship is complex
and con ex -dependen . Fo example, as pe he s udy conduc ed by (Jo di, e al., 2018), he esul s sugges ha he
a iables o in e es (i.e., owne ship dispe sion, boa d membe s, and di idend) ha e no signi ican e ec on inancial
pe o mance (ROE). In Malaysia, (Shakil, e al., 2019) in es iga ed whe he en i onmen al, social and go e nance
pe o mance a ec s he inancial pe o mance o banks in a c oss – coun y s udy o eme ging ma ke banks and ound
ha go e nance pe o mance does no in luence inancial pe o mance. Ano he s udy conduc ed by (Zahid, e al., 2022)
es ablished ha ESG has a signi ican ly nega i e e ec on a i m's inancial pe o mance as measu ed by he e u n on
asse s (ROA), suppo ing he ade-o hypo hesis in which in es ing in ESG ac i i ies inc eases he cos o business.
Howe e , (Zahid, e al., 2022) epo ed ha ESG has a signi ican ly posi i e e ec on e enue, sugges ing ha cus ome s
a e mo e a ac ed o i ms ha in es in ESG. Cus ome s’ a ac ion o i ms ha in es in ESG ul ils he aim o he
s akeholde and legi imacy heo ies.
The s eng h and na u e o he ela ionship may depend on a ious ac o s, including he speci ic go e nance
mechanisms implemen ed, he indus y sec o , he geog aphic con ex , and he ime ame conside ed. Fo ins ance,
s udies ha e ound ha he ela ionship o boa d independence on inancial pe o mance may a y ac oss coun ies
wi h di e en legal and ins i u ional en i onmen s (Aguile a e al., 2008).
A ican Pe spec i e
In he A ican con ex , esea ch on he ela ionship be ween co po a e go e nance p ac ices and inancial pe o mance
is ela i ely limi ed compa ed o de eloped egions. Howe e , se e al s udies ha e explo ed his ela ionship wi hin
he unique ins i u ional and cul u al con ex s o A ican coun ies.
A s udy conduc ed in Egyp by (Shahwan, 2015) ound ha he e was an insigni ican ela ionship be ween co po a e
go e nance p ac ices and inancial pe o mance. The analysis in he s udy by (Shahwan, 2015) epo ed ha he wo
p oxy a iables o co po a e go e nance (Owne ship concen a ion and ins i u ional owne ship) we e un ela ed o
i m pe o mance. Howe e , le e age as a p oxy o inancial isk u ns ou o be posi i ely associa ed wi h i m
pe o mance (Shahwan, 2015). This esul sheds ligh on he na u e o he capi al s uc u e o Egyp ian i ms which
hea ily ely on deb inancing (Shahwan, 2015). To enhance he unc ion o deb as a con ol de ice in an eme ging
economy like Egyp , subs an ial e o should be di ec ed no only o de eloping co po a e go e nance p ac ices bu
also o p o iding addi ional legal p o ec ion o c edi o s’ in e es s (Shahwan, 2015). In Sou h A ica, (Kemp, 2014)
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Table 11 Ex en o implemen a ion o Go e nance ini ia i es (2021-2023)
Ini ia i es
VLE
LE
MLE
SLE
ME
SHE
MHE
SVHE
MVHE
VHE
Mean
S anda d
De ia ion
To wha ex en do you hink boa d di e si y and
inclusion ini ia i es we e implemen ed om
2021 o 2023
0
0
4
16
8
16
44
12
46
0
7.05
1.76
To wha ex en do you hink independen boa d
commi ees we e implemen ed om 2021 o
2023
18
4
20
24
24
40
8
4
4
0
4.21
1.93
To wha ex en do you hink e hical business
p ac ices we e implemen ed om 2021 o 2023
4
12
16
12
0
16
32
14
32
8
6.32
2.71
The go e nance ini ia i es able shows a ied le els o implemen a ion and pe cep ion. Boa d di e si y and inclusion
ini ia i es ecei ed s ong suppo , especially wi h signi ican esponses in he "Mode a ely High Ex en " (44, mean:
7.05, SD: 1.76) and "Mode a ely Ve y High Ex en " (46) ca ego ies. The e ec i eness o independen boa d commi ees
appea s mo e challenging, wi h a conside able numbe indica ing "Ve y Low Ex en " o “Mode a ely Low Ex en ”,
(mean: 4.21, SD: 1.93), e ealing po en ial conce ns abou go e nance s uc u es. Meanwhile, e hical business p ac ices
enjoy a mode a ely posi i e pe cep ion, wi h signi ican ag eemen in he "Mode a ely High Ex en (32)" and
"Mode a ely Ve y High Ex en " (32) ca ego ies, (mean: 6.32, SD: 2.71) ye s ill indica ing a need o ongoing igilance.
This highligh s a eas o s eng h in go e nance, speci ically in boa d di e si y and inclusion as well as e hical business
p ac ices, while also poin ing ou challenges ha equi e a en ion o enhance o e all go e nance e ec i eness.
4.2. T end analysis on he ex en o ESG implemen a ion and he p o i abili y o Zambian B ewe ies Plc (2021
– 2023)
Table 12 The Ex en o implemen a ion o ESG ini ia i es and p o i abili y (2021-2023)
Yea
To al
Asse s
To al
Income
ROA
(%)
En i onmen al
Ini ia i es
Social
Ini ia i es
Go e nance
Ini ia i es
2021
3,578,033
147,952
4.13
Low
Mode a e
Low
2022
4,798,734
99,248
2.07
Mode a e
Low
Mode a e
2023
5,977,857
535,601
- 8.95
High
High
Mode a e
This able illus a es he ela ionship be ween inancial pe o mance, as measu ed by Re u n on Asse s (ROA), and he
a ying le els o En i onmen al, Social, and Go e nance (ESG) ini ia i es o e he yea s o Zambian B ewe ies. No ably,
he ROA shows a declining end om 2021 o 2022, d opping om 4.13% o 2.07%. This decline coincides wi h
mode a e en i onmen al ini ia i es and low social ini ia i es du ing his pe iod. Howe e , in 2023, he e is a signi ican
shi as he ROA u ns nega i e a -8.95%, despi e he company implemen ing high le els o en i onmen al and social
ini ia i es. This unexpec ed down u n in inancial pe o mance aises ques ions abou he e ec i eness o hese
ini ia i es in ha yea . The nega i e ROA in 2023 sugges s ha while obus ESG p ac ices a e gene ally associa ed wi h
imp o ed inancial ou comes, o he ac o s may ha e ad e sely a ec ed he company's pe o mance du ing ha pe iod.
This pa e n indica es ha while e ec i e ESG ini ia i es can enhance inancial pe o mance, hey may no always
gua an ee posi i e esul s, pa icula ly i ex e nal challenges o ope a ional issues a ise. Fu he in es iga ion is needed
o unde s and he unde lying causes o he nega i e ROA despi e s ong ESG commi men s.
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Table 13 En i onmen al ini ia i es
S a emen
S ongly
Disag ee
Disag ee
Neu al
Ag ee
S ongly
Ag ee
Mean
S anda d
De ia ion
The company e ec i ely manages i s was e
o minimize en i onmen al deg ada ion.
4
22
12
50
58
3.74
1.12
The company ac i ely implemen s esou ce
conse a ion p ac ices in i s ope a ions.
0
12
60
42
32
3.16
1.03
The company has ini ia i es in place o
educe pollu ion om i s manu ac u ing
p ocesses.
0
36
40
54
16
2.44
1.33
The company demons a es a gene ally posi i e pe cep ion ega ding i s en i onmen al ini ia i es, pa icula ly in was e
managemen and compliance wi h en i onmen al egula ions. A signi ican majo i y ag ee o s ongly ag ee ha he
company e ec i ely manages i s was e o minimize en i onmen al deg ada ion (50 Ag ee, 58 S ongly Ag ee, mean:
3.74, SD: 1.12). Howe e , he e a e conce ns ega ding he implemen a ion o esou ce conse a ion p ac ices, as a
subs an ial po ion o pa icipan s emain neu al (60 Neu al, mean: 3.16, SD: 1.03), indica ing a po en ial need o
imp o ed communica ion o isibili y a ound hese e o s. Addi ionally, he company’s ini ia i es o educe pollu ion
om manu ac u ing p ocesses ecei ed lowe o e all suppo (54 Ag ee, 16 S ongly Ag ee, mean: 2.44, SD: 1.33). These
esul s sugges ha while en i onmen al ini ia i es posi i ely a ec pe cep ions o co po a e social esponsibili y, he e
a e a eas equi ing a en ion o enhance cla i y and e ec i eness.
Table 14 Social ini ia i es
S a emen
S ongly
Disag ee
Disag ee
Neu al
Ag ee
S ongly
Ag ee
Mean
S anda d
De ia ion
The company ac i ely engages wi h local
communi ies o add ess hei needs and
conce ns.
12
22
32
48
32
3.24
0.97
The company p io i izes employee wel a e
and sa is ac ion in i s policies.
8
16
36
60
26
3.28
0.92
The company p omo es di e si y and
inclusion wi hin i s wo k o ce.
0
12
10
48
76
4.38
0.79
The company ensu es a sa e and heal hy
wo king en i onmen o all employees.
6
8
20
82
30
3.58
0.84
The company con ibu es o social causes and
cha i able ini ia i es.
6
6
20
46
68
3.76
0.91
The social ini ia i es a e gene ally pe cei ed a o ably, wi h subs an ial ag eemen on employee wel a e and
communi y engagemen . Mos pa icipan s eac ed posi i ely ega ding he company’s engagemen wi h local
communi ies (48 Ag ee, 32 S ongly Ag ee, mean: 3.24, SD: 0.97) and employee wel a e (60 Ag ee, 26 S ongly Ag ee,
mean: 3.28, SD: 0.92), indica ing s ong alignmen be ween he company’s policies and employee sa is ac ion. The
p omo ion o di e si y and inclusion wi hin he wo k o ce ecei es o e whelming suppo (48 Ag ee, 76 S ongly Ag ee,
mean: 4.38, SD: 0.79), showcasing a s ong commi men o inclusi i y. Despi e his posi i e ou look, he e a e no ably
high "Neu al" esponses o communi y engagemen and wo k o ce ini ia i es, sugges ing a eas whe e u he
engagemen and cla i y may be necessa y. No ably, hese social ini ia i es signi ican ly con ibu e o pe cei ed
employee and communi y ela ions.
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Table 15 Go e nance ini ia i es
S a emen
S ongly
Disag ee
Disag ee
Neu al
Ag ee
S ongly
Ag ee
Mean
S anda d
De ia ion
The company ope a es wi h high e hical
s anda ds in i s business p ac ices.
0
28
20
66
32
3.76
0.97
The company main ains anspa ency in i s
inancial epo ing and go e nance p ac ices.
0
0
42
88
16
4.10
0.64
The company has a di e se boa d ha e lec s
di e en pe spec i es and expe iences.
6
6
38
56
40
3.74
0.88
The company ac i ely engages s akeholde s in
decision-making p ocesses.
12
12
64
34
24
2.92
0.92
The company complies wi h all ele an laws
and egula ions go e ning i s ope a ions.
0
14
42
78
12
3.56
0.84
The go e nance ini ia i es e lec a ying le els o con idence among pa icipan s. T anspa ency in inancial epo ing
is iewed e y posi i ely, wi h a majo i y ag eeing (88 Ag ee, mean: 4.10, SD: 0.64) ha he company main ains s ong
p ac ices in his a ea. The e is also a a o able pe cep ion o he company’s e hical s anda ds, wi h 66 pa icipan s
ag eeing ha i ope a es e hically (mean: 3.76, SD: 0.97). Howe e , he e is ambi alence ega ding s akeholde
engagemen , as e idenced by 64 pa icipan s exp essing neu ali y (mean: 2.92, SD: 0.92). While he di e se boa d is
a ed posi i ely, wi h 56 pa icipan s ag eeing (mean: 3.74, SD: 0.88), he e emains oom o imp o emen in
enhancing s akeholde in ol emen in decision-making p ocesses. O e all, hese indings highligh s eng hs in
go e nance p ac ices, pa icula ly in anspa ency and e hics, while indica ing a eas o u he de elopmen .
4.3. The challenges ha Zambian B ewe ies Plc expe iences in implemen ing En i onmen al, Social and
Go e nance (ESG) ini ia i es
Table 16 Challenges in implemen ing ESG Ini ia i es a Zambian B ewe ies Plc
Ca ego y
Challenge
F equency
Pe cen
En i onmen al
Insu icien knowledge o expe ise
56
38.4
Limi ed access o sus ainable ma e ials
30
20.5
Resis ance om employees o managemen
16
11.0
Resis ance o change
44
30.1
Social
Di icul y measu ing social ela ionship
12
8.2
Inadequa e s akeholde engagemen
90
61.6
Insu icien knowledge o expe ise
40
27.4
Resis ance o change
4
2.7
Go e nance
Insu icien knowledge o expe ise
32
21.9
Regula o y compliance issues
62
42.5
Resis ance om employees o managemen
52
35.6
The implemen a ion o En i onmen al, Social, and Go e nance (ESG) ini ia i es a Zambian B ewe ies aces se e al
signi ican challenges. Fo en i onmen al ini ia i es, he p ima y obs acle is insu icien knowledge o expe ise,
a ec ing 38.4% o pa icipan s, ollowed by esis ance o change (30.1%) and limi ed access o sus ainable ma e ials
(20.5%). In social ini ia i es, inadequa e s akeholde engagemen is he mos p essing issue, epo ed by 61.6%, along
wi h insu icien knowledge (27.4%) and di icul ies in measu ing social ela ionships (8.2%). Go e nance challenges
a e la gely cen e ed a ound egula o y compliance issues (42.5%), esis ance om employees o managemen (35.6%),
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and a lack o knowledge (21.9%). These indings highligh he need o enhanced knowledge, s akeholde engagemen ,
and a suppo i e cul u e o e ec i ely implemen ESG ini ia i es.
4.3.1. Thema ic Analysis o he challenges in Implemen ing ESG Ini ia i es a Zambian B ewe ies Plc.
Gi en he explo a o y na u e o he second objec i e o his s udy, hema ic analysis was conduc ed on da a collec ed
om i e (5) key in o man s wi h ex ensi e expe ience in ESG implemen a ion a Zambian B ewe ies Plc. While he
sample size is small, hese in o man s p o ide deep knowledge, complemen ing he b oade quan i a i e indings om
he la ge ques ionnai e sample.
Knowledge and Expe ise Gaps
A p ominen heme eme ging om he da a is insu icien knowledge o expe ise, which impedes he e ec i e
implemen a ion o ESG ini ia i es ac oss all h ee ca ego ies. In he en i onmen al sphe e, 38.4% o pa icipan s ci ed
his as a signi ican challenge. One key in o man s a ed ha , "The e is a clea need o specialized aining; wi hou i ,
ou en i onmen al s a egies eel hal -baked." (KI-1). In he social con ex , 27.4% acknowledged a lack o unde s anding
ega ding social ela ionship assessmen , emphasizing he need o s eng hen capabili ies: o ins ance, ano he key
in o man s a ed ha , "We don’ ully g asp ou social me ics, making i di icul o con ey ou ela ionship o
s akeholde s."(KI-3). Simila ly, in go e nance, 21.9% highligh ed insu icien knowledge. One o he key in o man s
s a ed ha "wi hou a solid g asp o go e nance issues, we isk non-compliance and ine iciency." (KI-5)
Resis ance o Change
Resis ance o change is ano he c i ical heme, pa icula ly damaging as i can s all p og ess owa ds implemen ing
necessa y ini ia i es. In en i onmen al e o s, 30.1% o pa icipan s exp essed ha change is o en me wi h
skep icism: One key in o man s a ed ha "Many eam membe s p e e he s a us quo; we need a shi in mindse o mo e
o wa d." (KI-2). In he social domain, al hough only 2.7% epo ed esis ance, i s p esence s ill sugges s ha e en
minimal opposi ion can signi ican ly ela ionship ini ia i e adop ion. In go e nance, 35.6% o pa icipan s highligh ed
simila sen imen s. Rela ed o hese sen imen s, one o he key in o man s s a ed ha "Execu i e buy-in is c ucial;
wi hou i , new go e nance s a egies al e ."(K1-1). This esis ance unde sco es he necessi y o cul i a ing a cul u e
ha emb aces change and inno a ion.
S akeholde Engagemen De iciencies
The lack o adequa e s akeholde engagemen eme ges as a conside able hu dle, pa icula ly in he social con ex ,
whe e 61.6% o pa icipan s no ed i as a challenge. In line wi h his, one key in o man lamen ed, "We’ e no in ol ing
s akeholde s ea ly enough; hei inpu is i al o he success o ou social ini ia i es." (KI-3). This sen imen e lec s a
b oade ecogni ion ha e ec i e engagemen leads o mo e ela ionship ou comes. Add essing his issue is c i ical, as
s akeholde s o en hold aluable insigh s and esou ces ha can enhance ini ia i e e ec i eness.
Access o Sus ainable Resou ces
Fu he mo e, he heme o limi ed access o sus ainable ma e ials is ele an in en i onmen al ini ia i es, ci ed by
20.5% o pa icipan s. In line wi h his, one key in o man s a ed ha , "Sou cing sus ainable ma e ials has been a
logis ical nigh ma e; we need mo e eliable supplie s." (KI-4). This limi a ion sugges s sys emic issues wi hin supply
chains ha could obs uc he implemen a ion o sus ainable p ac ices, highligh ing he need o s a egic pa ne ships
and be e esou ce managemen .
Regula o y Compliance Challenges
Finally, egula o y compliance issues s and ou in he go e nance ca ego y, wi h 42.5% o pa icipan s e lec ing on he
di icul ies na iga ing complex compliance equi emen s. A key in o man s a ed, "Keeping up wi h egula o y changes
is esou ce-in ensi e; we o en eel o e whelmed." (KI-5). This conce n illus a es he need o obus amewo ks and
suppo sys ems ha can help o ganiza ions s ay complian while pu suing hei ESG goals.
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4.4. Recommenda ions o s a egies on how En i onmen al, Social and Go e nance (ESG) ini ia i es could be
enhanced o imp o ed p o i abili y o Zambian B ewe ies Plc
Table 17 Recommenda ions o s a egies o enhance ESG implemen a ion o imp o ed p o i abili y
Ca ego y
Recommenda ion
F equency
Pe cen
En i onmen al
Enhance s a aining on en i onmen al p ac ices
62
42.5
Imp o e was e managemen p ac ices
28
19.2
Inc ease in es men in sus ainable echnologies
32
21.9
Implemen egula en i onmen al audi s
12
8.2
S eng hen pa ne ships wi h en i onmen al o ganiza ions
12
8.2
Social
Inc ease communi y engagemen e o s
52
35.6
P omo e di e si y and inclusion aining
50
34.2
Collabo a e wi h o he s akeholde s and o ganiza ions
16
11.0
Enhance employee wel a e p og ams
16
11.0
Imp o e heal h and sa e y s anda ds
8
5.5
Fos e pa ne ships wi h local NGOs
4
2.7
Go e nance
Inc ease anspa ency in decision-making
56
38.4
S eng hen e hical guidelines and p ac ices
32
21.9
Conduc delibe a e aining p og ams o Boa d Di ec o s
28
19.2
Enhance s akeholde engagemen p ocesses
8
5.5
Implemen egula go e nance e iews
8
5.5
Di e si y he boa d o di ec o s
6
4.1
Acco ding o he indings in he able abo e, he ollowing in e p e a ions can be no ed; he mos signi ican
ecommenda ion is o enhance s a aining on en i onmen al p ac ices (42.5%). This indica es a s ong belie ha
inc easing knowledge and skills in his a ea will di ec ly ela ionship implemen a ion success. O he key
ecommenda ions include imp o ing was e managemen p ac ices (19.2%) and inc easing in es men in sus ainable
echnologies (21.9%). Toge he , hese ecommenda ions demons a e a desi e o bo h ope a ional imp o emen s and
s a egic in es men s o bols e en i onmen al ini ia i es.
Fo social ini ia i es, a ocus on inc easing communi y engagemen e o s is pa amoun (35.6%) sugges ing ha
ac i ely connec ing wi h communi ies can lead o be e p o i abili y. Addi ionally, p omo ing di e si y and inclusion
aining (34.2%) e lec s he impo ance placed on c ea ing equi able wo kplaces. Collabo a i e e o s wi h
s akeholde s (11.0%) and enhancing employee wel a e p og ams (11.0%,) a e also ecognized as aluable s a egies.
In go e nance, inc easing anspa ency in decision-making (38.4%) is highligh ed as a c i ical ecommenda ion,
indica ing ha cla i y and openness can lead o s onge go e nance amewo ks and be e pe o mance ou comes.
Fu he mo e, s eng hening e hical guidelines (21.9%) and conduc ing aining o boa d di ec o s (19.2%)
demons a e he need o a solid e hical ounda ion and in o med leade ship o na iga e go e nance challenges
e ec i ely.
4.5. Thema ic Analysis o he ecommenda ions o s a egies o enhancing he implemen a ion o ESG
Ini ia i es o imp o ed p o i abili y a Zambian B ewe ies Plc
4.5.1. Con inuous S a De elopmen and T aining
A cen al heme in he en i onmen al ecommenda ions is he impo ance o s a aining, pa icula ly in
en i onmen al p ac ices, which ga ne ed 42.5% o esponses. In line wi h his inding, one key in o man emphasized
by s a ing; "Enhancing ou eam’s unde s anding o en i onmen al issues is c ucial; wi hou p ope aining, ou ini ia i es
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will lack cohe ence and e ec i eness." (KI-1). This ocus on educa ion sugges s ha de eloping employees’ expe ise is
ega ded as ounda ional o success ul implemen a ion o en i onmen al ini ia i es.
4.5.2. Enhanced Communi y and S akeholde Engagemen
In he social ini ia i es ca ego y, he emphasis on communi y engagemen is a no able heme, wi h 35.6% ad oca ing
o inc eased e o s in his a ea. One pa icipan highligh ed, "Ac i ely engaging wi h ou communi y allows us o
unde s and hei needs be e , ul ima ely d i ing ou pe o mance." This pe spec i e unde sco es he belie ha s ong
communi y ies can lead o imp o emen s in p o i abili y. The ecommenda ion o p omo e di e si y and inclusion
aining (34.2%) also e lec s a commi men owa ds equi able wo kplace p ac ices, wi h one key in o man asse ing,
"C ea ing a di e se wo k o ce will no only b ing di e en pe spec i es bu also s eng hen ou b and image." (KI-3). On
he same p emise, ano he key in o man s a ed “Ac i ely engaging wi h ou communi y allows us o unde s and hei
needs be e , ul ima ely d i ing ou pe o mance." (KI-4). The call o collabo a ion wi h o he s akeholde s (11.0%) and
enhancing employee wel a e p og ams (11.0%) indica es a holis ic app oach o social esponsibili y. A key in o man
s a ed, "Ou employees a e ou g ea es asse ; in es ing in hei well-being di ec ly ansla es o imp o ed p oduc i i y and
company pe o mance."(KI-2)
4.5.3. Go e nance h ough T anspa ency and E hics
The go e nance ecommenda ions e eal a clea end owa ds anspa ency and e hical p ac ices, wi h 38.4%
ad oca ing o inc eased anspa ency in decision-making p ocesses. A key in o man a icula ed, "When decisions a e
made anspa en ly, i builds us among employees and s akeholde s, leading o mo e obus go e nance." (KI-5). This
ocus on anspa ency is essen ial o building a us wo hy en i onmen ha os e s collabo a ion and in eg i y.
S eng hening e hical guidelines (21.9%) and conduc ing delibe a e aining p og ams o boa d di ec o s (19.2%)
u he emphasizes he necessi y o solid e hical ounda ions o go e nance. As one key in o man poin ed ou , "E hical
leade ship is pa amoun ; wi hou i , ou go e nance s uc u es lack c edibili y." (KI-1) Addi ionally, he need o enhance
s akeholde engagemen p ocesses (5.5%) and implemen egula go e nance e iews (5.5%) indica es a ecogni ion
o he impo ance o ongoing dialogue and assessmen in go e nance p ac ices. A key in o man summa ized his
sen imen by s a ing, "Regula e iews o ou go e nance p ac ices will help us s ay aligned wi h ou goals and e hical
commi men s."(KI-3)
4.5.4. Inc easing In es men s in Sus ainable Technology
Complemen a y ecommenda ions include inc easing in es men s in sus ainable echnologies (21.9%). In andem wi h
his, key in o man s ema ked on his s a ing, "In es ing in g een echnologies no only imp o es ou p ac ices bu also
p esen s us wi h a compe i i e edge in he ma ke ." (KI-2)
5. Discussion
The analysis e eals a mode a e posi i e ela ionship be ween ESG ini ia i es and p o i abili y, wi h an R alue o 0.406
and an R-Squa e o 0.165, indica ing ha ESG ac o s explain 16.5% o p o i abili y a ia ion. The ANOVA esul s con i m
his ela ionship is s a is ically signi ican (p- alue = 0.000). While en i onmen al ini ia i es show a weak and
insigni ican co ela ion (Be a = 0.011, p = 0.883), social ini ia i es demons a e a s ong posi i e impac on p o i abili y
(Be a = 0.362, p = 0.000). Go e nance ini ia i es also show a posi i e ela ionship (Be a = 0.144, p = 0.065), bu no
s a is ically signi ican . Compa isons wi h p e ious s udies e eal mixed indings; while some s udies indica e nega i e
impac s o ESG on p o i abili y, o he s align wi h he posi i e in luence o social ini ia i es ound in his esea ch. O e all,
he indings sugges ha enhancing social ini ia i es could be key o imp o ing p o i abili y.
The implemen a ion o ESG ini ia i es a Zambian B ewe ies aces signi ican challenges, p ima ily insu icien
knowledge o expe ise, ci ed by 38.4% o pa icipan s, which hampe s e ec i e en i onmen al s a egies. Resis ance
o change (30.1%) s ems om an ing ained o ganiza ional cul u e ha a o s he s a us quo. Addi ionally, limi ed access
o sus ainable ma e ials a ec s 20.5% o pa icipan s, highligh ing logis ical issues in sou cing. Fo social ini ia i es,
inadequa e s akeholde engagemen is a c i ical challenge (61.6%), emphasizing he need o ac i e in ol emen in
decision-making. Insu icien knowledge ega ding social ela ionship assessmen (27.4%) and di icul y measu ing
social ini ia i es (8.2%) u he complica e implemen a ion. Go e nance challenges include egula o y compliance
issues (42.5%) and esis ance om employees (35.6%), indica ing a need o enhanced aining and communica ion.
Add essing hese challenges is essen ial o success ul ESG implemen a ion.
To enhance ESG ini ia i es and imp o e p o i abili y, Zambian B ewe ies should p io i ize s a aining on
en i onmen al p ac ices, suppo ed by 42.5% o pa icipan s, as a well-in o med wo k o ce is c ucial o success ul
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implemen a ion. Recommenda ions also include imp o ing was e managemen p ac ices (19.2%) and in es ing in
sus ainable echnologies (21.9%), which can lead o ope a ional e iciencies and cos sa ings. Fo social ini ia i es,
inc easing communi y engagemen (35.6%) and p omo ing di e si y and inclusion aining (34.2%) a e i al o
aligning ini ia i es wi h socie al needs and enhancing b and loyal y. Go e nance ecommenda ions ocus on inc easing
anspa ency in decision-making (38.4%) and s eng hening e hical guidelines (21.9%), which os e s akeholde us .
Collec i ely, hese s a egies c ea e a obus amewo k ha suppo s ope a ional e iciency, s akeholde engagemen ,
and long- e m inancial success.
6. Conclusion
The s udy conclusions we e as ollows:
• The s udy iden i ied a mode a e posi i e ela ionship be ween ESG ini ia i es and p o i abili y, wi h social
ini ia i es showing he s onges impac . En i onmen al and go e nance ini ia i es con ibu e posi i ely bu
may equi e mo e ime o yield inancial bene i s.
• Key challenges include insu icien knowledge and expe ise, esis ance o change, lack o s akeholde
engagemen , limi ed access o sus ainable esou ces, and egula o y compliance issues. Add essing hese
ba ie s is c ucial o e ec i e ESG implemen a ion a Zambian B ewe ies Plc.
• Recommenda ions o enhancing ESG ini ia i es include con inuous s a aining, imp o ed communi y and
s akeholde engagemen , go e nance h ough anspa ency and e hics, and inc eased in es men s in
sus ainable echnology. Implemen ing hese s a egies can maximize ESG bene i s and mi iga e associa ed
challenges.
Recommenda ions
Based on he esea ch objec i es, some o he ecommenda ions included he ollowing:
• S eng hen Was e Managemen P ac ices: De elop and implemen bes p ac ices in was e educ ion, ecycling,
and esou ce eco e y. This will no only educe en i onmen al ela ionship bu also op imize ope a ional
e iciency and yield cos sa ings.
• Implemen Regula En i onmen al Audi s: Es ablish a amewo k o conduc ing egula audi s o assess he
e ec i eness o en i onmen al ini ia i es. This will help iden i y a eas o imp o emen and ensu e ha he
company emains aligned wi h bes p ac ices in sus ainabili y.
• Inc ease Communi y Engagemen E o s: S eng hening communi y in ol emen h ough social esponsibili y
ini ia i es, pa ne ships, and ou each p og ams will enhance he company’s epu a ion, build cus ome
loyal y, and con ibu e o long- e m p o i abili y. Di ec engagemen wi h local communi ies can also p o ide
aluable insigh s in o social needs and oppo uni ies o impac ul ESG ini ia i es.
• Conduc delibe a e aining p og ams o boa d o di ec o s: Zambian B ewe ies Plc should implemen
a ge ed aining p og ams o i s Boa d o Di ec o s on ESG go e nance, e hical leade ship, and sus ainable
business s a egies. Equipping boa d membe s wi h ESG knowledge will enhance decision-making, ensu e
compliance wi h global sus ainabili y s anda ds, and s eng hen co po a e go e nance, ul ima ely imp o ing
long- e m p o i abili y and s akeholde us .
Recommenda ions o u u e esea ch
Fu u e esea ch should expand he scope by assessing mul iple i ms, inco po a ing al e na i e p o i abili y indica o s,
and conduc ing much longe longi udinal analyses o assess he ela ionship be ween ESG and p o i abili y.
Compliance wi h e hical s anda ds
Disclosu e o con lic o in e es
No con lic s o in e es o disclose.
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