Sustainability Strategies in the Cocoa‐Chocolate Value Chain: An Analysis Using Stakeholder Theory, Global Value Chain Theory, and Resource Dependence Theory

ABSTRACT The cocoa‐chocolate value chain faces significant environmental and social challenges, driving firms to adopt sustainability strategies ranging from individual practices to third‐party certifications. This study investigates the factors associated with these strategies by analyzing 304 cocoa‐chocolate companies using firm‐level data from the Orbis database and website content analysis. The analysis employs negative binomial and hurdle regression models. Results, interpreted through Stakeholder Theory, Global Value Chain Theory, and Resource Dependence Theory, highlight that firm size, value chain position, consumer engagement, and risk identification are key factors influencing sustainability practices. Larger, consumer‐facing firms tend to adopt in‐house practices, while smaller firms and publicly listed companies prefer certifications for market differentiation. Traders and grinders, as midstream actors, play a crucial role in driving sustainability efforts, particularly through sourcing practices. Firms with high consumer engagement and risk awareness are more likely to adopt a broader range of sustainability initiatives. These findings offer practical insights for managers and policymakers, helping firms align their strategies with industry standards or tailor them to specific needs. The study also underscores the need for policy interventions to promote sustainability adoption, particularly among SMEs, contributing to the broader literature on corporate sustainability and value chains.