Green initiatives and stakeholder engagement: Unveiling the impact of green strategies and CSR on financial performance from descriptive‐normative perspectives of stakeholder theory

Abstract It is vital to bring about sustainable development by incorporating sustainable strategies to drive businesses to align their interests with those of stakeholders. Drawing on stakeholder theory and practices, this study explores the synergistic nexus among green environmental strategies (GES; e.g., energy management, waste management, green procurement, waste conversation, green environment awareness programs, carbon footprint reduction, green data management, and ecological operational strategies), corporate social responsibility (CSR), and financial performance (FnP) of multinational enterprises (MNEs) within the energy and manufacturing sectors of China. A total of seven hundred and forty‐three responses were evaluated by structural equation modeling through SmartPLS software. Findings suggest that GES have a positive connection with FnP. Further, this relationship is positively moderated by CSR. This study contributes to both the theoretical and managerial perspectives. It highlights the notion of GES and CSR by verifying the positive influence of sustainable strategies on FnP.