The aerospace industry is facing new challenges in managing sustainable development. From an instrumental perspective, eco-friendly business models should strengthen operations efficiency and improve companies' reputations while also creating conditions for stronger financial performance. Accordingly, the present study examines the drivers leading aerospace companies to engage in corporate environmental responsibility (CER) and its impacts. First, we investigate whether and to what extent the characteristics of the board, as an effective corporate governance (CG) mechanism, foster CER. Second, we analyse the impact of CER engagement on both accounting- and market-based measures of corporate financial performance (CFP). Using a worldwide sample of 157 aerospace companies over the period from 2005 to 2019, this study identifies notable findings. In the first stage, the results show that identified characteristics of the board of directors are positive predictors of higher CER engagement. In the second stage, the findings indicate that CER engagement drives higher profitability and positive appreciation among financial stakeholders. Consistent with this win-win scenario, we provide empirical support for the conflict resolution hypothesis at the governance level. Furthermore, we recommend that firms in the aerospace industry increase their involvement in environmental policies that enhance competitive advantage and market value.

中文翻译：

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航空航天业的可持续发展：企业环境责任的驱动因素和影响

航空航天业在管理可持续发展方面面临着新的挑战。从工具的角度来看，生态友好型商业模式应提高运营效率并提高公司声誉，同时也为更强劲的财务业绩创造条件。因此，本研究考察了导致航空航天公司参与企业环境责任 (CER) 的驱动因素及其影响。首先，我们调查董事会作为一种有效的公司治理（CG）机制是否以及在何种程度上促进了CER。其次，我们分析了 CER 参与对基于会计和基于市场的公司财务绩效 (CFP) 衡量标准的影响。本研究使用 2005 年至 2019 年期间全球 157 家航空航天公司的样本，确定了值得注意的发现。在第一阶段，结果表明，董事会已确定的特征是更高 CER 参与度的积极预测因素。在第二阶段，研究结果表明，CER 参与推动了金融利益相关者的更高盈利能力和积极升值。与这种双赢的情景相一致，我们在治理层面为冲突解决假设提供了实证支持。此外，我们建议航空航天业的公司更多地参与提高竞争优势和市场价值的环境政策。调查结果表明，CER 参与推动了金融利益相关者的更高盈利能力和积极升值。与这种双赢的情景相一致，我们在治理层面为冲突解决假设提供了实证支持。此外，我们建议航空航天业的公司更多地参与提高竞争优势和市场价值的环境政策。调查结果表明，CER 参与推动了金融利益相关者的更高盈利能力和积极升值。与这种双赢的情景相一致，我们在治理层面为冲突解决假设提供了实证支持。此外，我们建议航空航天业的公司更多地参与提高竞争优势和市场价值的环境政策。