Analysis the nexus between internationalization and financial performance in wine industry: The effect of proactive environmental strategy and eco‐innovation

The importance of international environmental strategies in the business sphere has gained recognition in recent times. These strategies not only have the potential to generate competitive advantages but also to maintain them over time. However, despite their increasing relevance, differences in outcomes and implementation implications exist, suggesting the need for a more detailed analysis of the determinants and consequences of these practices. Based on original data from 251 Spanish wineries and using structural equation modeling, this study explores how internationalization can drive the implementation of environmental practices and financial performance by investigating the role of proactive environmental strategy and the mediating effect of eco‐innovation. Our findings demonstrate that a proactive environmental strategy has a positive impact on both internationalization and eco‐innovation. Furthermore, it was found that the internationalization strategy has a significant positive effect on eco‐innovation. The more internationalized companies are, the more likely they are to engage in eco‐innovation. Eco‐innovation is crucial for increasing profits in international markets. While internationalization alone does not guarantee higher profitability, combining it with eco‐innovations significantly improves the financial performance of companies, highlighting the importance of sustainability and environmental innovation in global business strategy.