Strategic Management - International Journal of Strategic Management and Decision Support Systems in Strategic Management

Environmental sustainability practices and ROA: A configurational analysis of IBEX 35 firms in Energy and Industry & Construction

Lorena Pérez-Alfonso — 2026-09-25

Background: The transition from voluntary sustainability narratives to more standardised and auditable disclosure requirements in Europe (CSRD/ESRS) has intensified the need for evidence on how observable environmental practices relate to financial outcomes. Persistent disagreement among commercial sustainability ratings, especially on environmental components, reinforces the case for using auditable indicators in sustainability-performance research.

Purpose: This study identifies which configurations of environmental sustainability practices are associated with high financial performance in Spanish IBEX-listed firms, and whether those pathways differ across Energy and Industry & Construction.

Study design: Using hand-collected data from 2023 corporate reports for 15 IBEX-listed firms, we calibrate three environmental conditions, renewable energy share, waste recovery, and EMAS maturity, and apply fuzzy-set Qualitative Comparative Analysis (fsQCA) to examine pathways to high return on assets (ROA).

Findings: No single environmental practice emerges as necessary for high ROA. Sufficiency differs by sector: in Energy, no stable sufficient configuration is retained under the adopted consistency threshold, suggesting ROA is shaped by additional drivers beyond this parsimonious set. In Industry & Construction, two sufficient pathways highlight equifinality: one combines high waste recovery with EMAS maturity despite low renewable share, while the alternative one links high renewable share to high ROA in the absence of both waste recovery and EMAS maturity. These results support a non-additive view within the environmental pillar; social and governance dimensions are outside the scope of the present design.

Limitations/implications: The study is scoped to the environmental pillar and a single fiscal year; future research should extend the design to multi-year panels, incorporate assurance/verification quality, and test broader ESG dimensions as European reporting standards evolve.

Students’ perception of the importance of soft skills in the business context of Hungary and Serbia

Maja Strugar Jelača — 2026-09-25

Background: Soft skills have a considerable influence on the personal and professional development of future employees, affecting employment opportunities and work success.

Purpose: The aim of the empirical analysis described in this paper is to define the groups of key soft skills in the business context of Hungary and Serbia. The obtained results aid the creation of a unique methodology in soft skills teaching and assessment at the universities of these neighbouring countries with a high potential for mutual transfer of students and workforce.

Study design/methodology/approach: Authors performed factor analysis and Spearman's correlation on a sample of 906 students during 2023 from the Budapest Business University, Hungary and from the University of Novi Sad, Serbia.

Findings/conclusions: Based on the obtained results, it was determined that there are three groups of skills most crucial for the employer. The group of business agility skills includes leadership, entrepreneurial, team and time management skills. People skills are: IT skills, language skills, empathy, appearance, ethical and moral skills, presentation skills. The group of innovative thinking skills includes: strategic thinking, creativity and problem-solving skills. Spearman's correlation indicated that there was a statistically significant positive correlation between students' perception on the possibility that they can learn all the mentioned soft skills groups during higher education, as well as a statistically significant negative correlation with the willingness to pay for extra courses in the field of the mentioned soft skills groups.

Limitations/future research: The first limitation is geographical focus of our sample and the second limitation of the study is that we examined the importance of soft skills solely from the students' perspective. In the future, such research should be obtained in all neighbouring countries, as well as through employee survey.

Adoption of Cloud Computing Technologies in Hospitality Enterprises and Their Impact on Business Performance: The Case of Türkiye

Ali Kurnaz — 2026-09-25

Background: Cloud computing (CC) has emerged as a transformative technology that offers flexibility, scalability, and cost efficiency to enterprises across various sectors, including tourism and hospitality. Despite its potential, the level and determinants of cloud computing adoption (CCA) in the hospitality industry, particularly in developing countries, remain insufficiently explored.

Purpose: This study aims to identify the key factors that facilitate or hinder the adoption process of cloud computing in accommodation businesses operating in Türkiye and to analyse the impact of this technology on business performance.

Study design/methodology/approach: A theoretical model was developed by integrating the Diffusion of Innovation (DOI) theory and the Technology-Organization-Environment (TOE) framework. Within this model, 11 constructs were formulated, their reliability and validity were tested and regression analyses were conducted to examine the relationships between CCA determinants and business performance outcomes.

Findings/conclusions: The results show that compatibility has a strong positive effect on the adoption of CC in hospitality enterprises, while complexity and security and privacy concerns negatively affect adoption. External support and technological readiness were also found to be significant positive predictors. Conversely, relative advantage, top management support, organizational resources and competitive pressure did not have significant effects. Importantly, the study reveals a positive and significant relationship between CCA and business performance, highlighting the strategic potential of this technology for hospitality enterprises.

Limitations/future research: The study is limited to hospitality enterprises in Türkiye and future research could extend the analysis to other countries or service sectors. Further studies employing longitudinal or mixed-method approaches may also deepen understanding of the long-term effects of CCA.

Entrepreneurial Orientation and Business Performance: Evidence from Hungarian SMEs

Vivien Czucka-Varga — 2026-09-25

Background: Entrepreneurial orientation (EO) is a central concept in strategic management research; however empirical evidence on its performance implications remains context dependent. In particular, studies from Central and Eastern Europe are scarce despite the economic significance of small and medium-sized enterprises in the region.

Purpose: This study examines the relationship between entrepreneurial orientation and business performance in Hungarian small and medium-sized enterprises. This study also explores whether firm performance and entrepreneurial orientation vary across managerial gender, industry affiliation, and geographic location.

Study design/methodology/approach: This research is based on a cross-sectional survey of 415 Hungarian SMEs conducted in 2024. Entrepreneurial orientation was measured using multi-item Likert scales for the three sub-dimensions, while firm performance was assessed through self-reported indicators. Linear regression and chi-square tests were used to analyze the relationships and contextual differences.

Findings/conclusions: The findings show a positive relationship between entrepreneurial orientation and firm performance. Innovation and proactivity are strongly associated with performance outcomes, whereas risk-taking exhibits a comparatively weaker relationship. Significant differences in entrepreneurial orientation and performance are observed across gender, industry and regional contexts.

Limitations/future research: This study contributes to entrepreneurial orientation research by providing evidence from a Central and Eastern European transition economy and reinforcing the multidimensional nature of entrepreneurial orientation. The results highlight the importance of contextual factors in shaping the performance of entrepreneurial behavior.

Designing Efficient Algorithms for Logistics Management: Optimizing Time-Constrained Vehicle Routing

Karlo Bala — 2026-09-25

Background: City logistics is a critical component of urban economic development, as it optimizes supply chains, enhances customer satisfaction through reliable deliveries, and minimizes environmental impacts in densely populated areas. This field addresses various challenges, including traffic congestion, environmental concerns, noise pollution, and the crucial need for timely deliveries. Routing and scheduling are central to logistics operations, with modern software integrating time windows to meet precise scheduling demands driven by detailed customer requirements and operational efficiencies. Furthermore, advanced vehicle routing models now effectively simulate real-world factors such as traffic congestion, stochastic travel times, and dynamic product demands.

Purpose: This paper aims to develop an algorithm that addresses the routing decisions. Our approach extends to the time dimension, considering travel times and customer service times within predefined time windows.

Study design/methodology/approach: The proposed algorithm is structured to execute in iterative phases, aiming to optimize key logistical objectives. In order to generate competitive solutions, we seek to minimize the number of vehicles utilized and overall travel costs. The evaluation of solution space was conducted via Simulated Annealing.

Findings/conclusions: The performance of the proposed algorithm, evaluated using the Gehring and Homberger benchmark instances for 200 customers, demonstrates its effectiveness. The algorithm successfully meets the target number of vehicles required, and the associated travel costs are on average within 1% of the best solutions reported in the relevant literature.

Limitations/future research: Given the ongoing need for timely solutions from decision-makers, future research endeavors will focus on enhancing the computational efficiency of the algorithm. Additionally, incorporating more time-related features, such as stochastic travel times, could further improve the algorithm's real-time applicability.