Triple Bottom Line ( TBL ) Perspective on the Business–Environment–Performance Nexus in an Emerging Market Economy

What the paper says

Sustainability has become a defining challenge for firms in emerging economies, where pressures to address environmental and social concerns increasingly intersect with the need to remain financially competitive. Yet many organizations struggle to show whether sustainability disclosures create measurable business value, particularly in complex supply chain environments. This raises two central questions: To what extent do economic, social, and environmental disclosures affect firm financial performance? And how does Supply Chain Visibility (SCV) influence these effects by strengthening or weakening the disclosure–performance link? To answer these questions, this study develops a conceptual model informed by the Triple Bottom Line theory. The model was tested using Partial Least Squares Structural Equation Modeling (PLS‐SEM) with survey data from 120 senior managers of manufacturing firms in Ghana. The findings reveal that all three types of sustainability disclosure are positively associated with financial performance, with environmental disclosure showing the strongest effect. SCV significantly moderates these relationships by enabling firms to monitor, coordinate, and communicate sustainability practices more effectively across their supply chains. The study contributes to the literature by demonstrating that SCV functions both as a strategic capability and as a mechanism of institutional alignment, allowing firms to convert sustainability commitments into tangible financial outcomes in emerging markets. For managers, the results highlight the value of investing in SCV tools and supplier collaboration to embed sustainability within competitive strategy. For policymakers, the study suggests that incentives for visibility‐enhancing mechanisms can promote more transparent and sustainable industrial ecosystems.