CONCLUSIONS AND RECOMMENDATIONS
7.3 Recommendations for Future Work
For more rigorous and holistic study in this topic, there are a few recommendations for future work which is necessitated to verify as well as improve the works in this study:
1. The research study can be further extended to collect more sample size and broader firm samples that cover different sizes of construction firms. Besides, the relationship between environmental strategy and internationalization should consist of samples with broader range of degree of internationalization. The implication is more generic if the samples are not comprised mainly top construction firms across the world.
2. One of the limitation associated with content analysis is the credibility of disclosure made by the firms, the environmental disclosures might be a firm’s attempt to greenwash rhetorically or those that genuinely committed in environmental protection. Since there is not much study of environmental-financial relationship in construction industry, other qualitative or quantitative data collection approach can enhance the reliability and validity of the findings.
Besides, the content analysis frameworks and coded items used in this study can be adopted for future study to justify the predictive validation.
3. Broader context of firms' existing resources and capabilities and their existing business strategies should be accounted together with the environmental management system deployed by respective firm. Such a focus might lead to very
different normative implications regarding the design and implementation of environmental management system as well as financial implications.
4. Some scholars have argued adopting merely single dimension of internationalization measurement would lead to narrow scope of internationalization. Therefore, further refinements on internationalization variables are needed in future research. For example, adopt a finer-grained measure of FSTS according to the distribution of sales based on regions or specific countries. Besides, composite measure of internationalization also can be adopted to investigate the relationship between internationalization, environmental management, and financial performances.
5. There are varies internationalization contexts which would influence the final financial outcomes. It is important to consider how internationalization of construction firms took place and implemented, for instances, internal governance structures, modes of entry, and application of managerial capabilities. Through inclusion of these variables as control, it will render better understand why some firms is profitable from environmental management while others are not.
6. Finally, it is recommended future study should consider the non-linear relationship between internationalization, environmental management, and financial performances. Besides, longitudinal study would be recommended to better capture the long term financial effect further and assess the causality of the hypothesized relationship.
In a nutshell, this study provides theoretical support and empirical evidences on the linkages between environmental management, internationalization, and financial performances. Besides, it also contributes to the growing body of evidence that environmental sustainability is becoming increasingly vital to the operations of
construction firms, and proper strategic environmental management can enhance a firm’s competitive advantage in the global market.
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