The Implications of Triple Transformation on ESG in the Energy Sector: Fuzzy-Set Qualitative Comparative Analysis (fsQCA) and Structural Equation Modeling (SEM) Findings
Issued Date
2023-03-01
Resource Type
eISSN
19961073
Scopus ID
2-s2.0-85149520487
Journal Title
Energies
Volume
16
Issue
5
Rights Holder(s)
SCOPUS
Bibliographic Citation
Energies Vol.16 No.5 (2023)
Suggested Citation
Nitlarp T., Mayakul T. The Implications of Triple Transformation on ESG in the Energy Sector: Fuzzy-Set Qualitative Comparative Analysis (fsQCA) and Structural Equation Modeling (SEM) Findings. Energies Vol.16 No.5 (2023). doi:10.3390/en16052090 Retrieved from: https://repository.li.mahidol.ac.th/handle/20.500.14594/81562
Title
The Implications of Triple Transformation on ESG in the Energy Sector: Fuzzy-Set Qualitative Comparative Analysis (fsQCA) and Structural Equation Modeling (SEM) Findings
Author(s)
Author's Affiliation
Other Contributor(s)
Abstract
Digital transformation has emerged as a key driver of business innovation and growth in the 21st century. As organizations increasingly rely on digital technologies to operate and interact with customers, digital transformation has become an essential strategy for remaining competitive in today’s rapidly evolving business landscape. Simultaneously, the relevance of environmental, social, and governance (ESG) issues has increased in the context of consumers, investors, and regulators, as the negative consequences of business activities on the natural environment and society become increasingly evident. In this research article, we examine the relationship between ESG and the triple transformation of business, people, and technology, as well as how organizations can use digital technologies to enhance their ESG performance. Our aim is to identify the principal drivers and mechanisms that shape ESG performance in the context of triple transformation and to investigate the trade-offs and synergies between different ESG dimensions. We used a mixed-methods approach combining fuzzy-set qualitative comparative analysis (fsQCA) and structural equation modeling (SEM) to examine the implications of triple transformation on ESG in the energy sector. The results showed that triple transformation has positive impacts on ESG performance, depending on the specific context and the interaction between different drivers and mechanisms. We suggest that energy companies that are able to effectively navigate the challenges and opportunities of triple transformation are likely to outperform their peers in terms of ESG performance. Our study contributes to the literature on ESG in the energy sector by providing a nuanced and dynamic view of the relationships between triple transformation and ESG performance.