The attitude behind TMTs sustainability strategies in the real estate industry : A quantitative study of the characteristics behind TMTs attitude towards the perceived gain of positive publicity by stakeholders if implementing a sustainability strategy.

Abstract: Background & problem:  In a fast-moving environment where organizations are forced to meet changing stakeholder needs, the importance of understanding top management teams (TMT) becomes more prominent given their influential position. Further on, with a growing population, the demand in the real estate industry is deemed to have a continuous growth. For this reason, the urge to implement a sustainability strategy has become fundamentally important to stay competitive. Hence, corporate sustainability communication has purposely been served as a tool to provide misleading information, commonly referred as greenwashing.   Purpose: Building on that, by studying the attitude of TMT regarding the integration of corporate sustainability strategies, it is possible to explore how TMTs are being influenced by stakeholders in their strategic decisions. Furthermore, it is possible to identify characteristics that affect potential drivers of greenwashing.    Method: To serve the purpose of this study, data were collected through a quantitative online survey targeting TMT members of Swedish real estate companies. The framework created for this study is based on an extensive literature review and contains constructs based on observable characteristics drawn on the illuminations from upper echelon theory (UET) (Hambrick & Mason, 1984). To adequately analyse relationships between the different variables, descriptive statistics, Pearson correlation analysis as well as multiple linear regression analysis were conducted.    Conclusion: The results show that the business career construct based on the UET items: financial position, different functional track, career experience and education, has a positive correlation with TMTs perceived gain of positive publicity by stakeholders if implementing a sustainability strategy. Moreover, this study adds knowledge of the underlaying characteristics of managers’ attitude towards corporate sustainability and provide support that business career characteristics follow a stakeholder-orientated logic of implementing a sustainability strategy.