Sustainable development of enterprises, CSR and ESG in times of macroeconomic and geopolitical crisis
Main Article Content
Abstract
The main aim of the paper is to discuss selected problems related to sustainable development, corporate social responsibility (CSR) and the concept of environment, social responsibility and corporate governance (ESG) in the era of geopolitical and economic crisis. The research hypothesis is: “Sustainable development/CSR/ESG is resistance to changes and crises for enterprises that want to meet market challenges and build their competitive position”. Implementing the research objective required the method of retrospective and critical review of selected Polish and English-language literature on the subject. The literature review based on the Scopus, Web of Science and BazEkon databases. The analysis results indicate that sustainable development/CSR/ESG eliminate negative phenomena in crises, prevents the degradation of the natural environment, supports social inclusion and integrates the organization and management of economic entities.
Downloads
Article Details
This work is licensed under a Creative Commons Attribution 4.0 International License.
The author of the article declares that the submitted article does not infringe the copyrights of third parties. The author agrees to subject the article to the review procedure and to make editorial changes. The author transfers, free of charge, to SGH Publishing House the author's economic rights to the work in the fields of exploitation listed in the Article 50 of the Act of 4 February 1994 on Copyright and Related Rights – provided that the work has been accepted for publication and published.
SGH Publishing House holds economic copyrights to all content of the journal. Placing the text of the article in a repository, on the author's home page or on any other page is allowed as long as it does not involve obtaining economic benefits, and the text will be provided with source information (including the title, year, number and internet address of the journal).
References
Baumgartner R. J. (2004), Sustainable Business Management: Conceptual Framework and Application. „IAMOT”.
Berkowitz P., Monfort P., Pieńkowski J. (2020), Unpacking the growth impacts of European Union Cohesion Policy: Transmission channels from Cohesion Policy into economic growth. „Reg. Stud.”, 54.
Blowfield M. (2005), Corporate social responsibility-the failing discipline and why it matters for international relations, „Int. Relat.”, vol. 19, pp. 173–191.
Bowen H. R. (1953). Social Responsibilities and the Businessman, Harper, New York.
Brundtland G., Khalid M., Agnelli S., Al-Athel S. A., Chidzero B. J., Fadika L. M.,
Ramphal S. (1987), Our Common Future, Oxford University Press: New York, NY, USA.
Camilleri M. A. (2014), Advancing the sustainable tourism agenda through strategic CSR perspectives „Tourism Planning & Development”, vol. 11 (1):42–56
Camilleri M. A. (2017), Corporate sustainability and responsibility: creating value for business, society and the environment, „AJSSR”, no 2, pp. 59–74.
Carroll A. B. (2016). Carroll’s pyramid of CSR: Taking another look, „Int. J. Corp. Soc. Responsib”, nr 1, pp. 2–8.
Cicirko M. (2022), Znaczenie czynników środowiskowego, społecznego i ładu korporacyjnego (ESG) we współczesnej gospodarce. Percepcja inwestycji ESG wśród studentów uczelni ekonomicznej, „Ubezpieczenia Społeczne. Teoria i praktyka”, nr 1.
Comporek M., Kowalska M., Misztal A. (2022), Macroeconomic stability and transport companies’ sustainable development in the Eastern European Union, „J. Bus. Econ. Manag.”, no 23.
Costa A. J., Curi D., Bandeira A. M., Ferreira A., Tomé B., Joaquim C., Santos C., Góis C.,
Meira D., Azevedo G. et al. (2022), Literature Review and Theoretical Framework of the Evolution and Interconnectedness of Corporate Sustainability Constructs, „Sustainability”, vol. 14, 4413.
Costa A. J., Curi D., Bandeira A. M., Ferreira A., Tomé B., Joaquim C., Santos C., Góis C.,
Meira D., Azevedo G. et al. (2022). Literature Review and Theoretical Framework of the Evolution and Interconnectedness of Corporate Sustainability Constructs, „Sustainability”, vol. 14, 4413.
Dias G. F. (2015), Ecoperception: A Didactic Summary of Social and Environmental Challenges, Gaia Publishing House, São Paulo, Brazil, vol. 2.
Drljača M. (2012), Koncept održivograzvoja i sustavupravljanja. Međunarodni skup Nedeljakvaliteta, „Kvalitet i izvrsnost”, vol. 1 (1–2), pp. 1–15.
Dyllick T., Hockerts K. (2002), Beyond the Business Case for Corporate Sustainability, „Business Strategy and the Environment”, vol. 11, pp. 130–141.
Dymowski J., Szymańska M. (2009), CSR raport specjalny. Społeczna odpowiedzialność biznesu, dodatek dystrybuowany wraz z „Brief ”, nr 2.
Elkington J. (1998), Cannibals with Forks. The Triple Bottom Line of the 21st Century, Capstone Publishing, Oxford
Folqué M., Escrig-Olmedo E., Santamaría T. C. (2021), Sustainable development and financial system: Integrating ESG risks through sustainable investment strategies in a climate change context, „Sustain. Dev”, vol. 29, pp. 876–890.
Freeman R. E. (1984), Strategic Management: A Stakeholder Approach; Pitman, Boston, MA, USA.
Gillan S. L, Koch A., Laura T. (2021), Starks, Firms and social responsibility: A review of ESG and CSR research in corporate finance, „Journal of Corporate Finance”, vol. 66,101889.
Giovannoni E., Fabietti G. (2013), What is sustainability? A review of the concept and its applications. In C. Busco, M. L. Frigo, P. Quattrone, & A. Riccaboni (Eds.), Integrated reporting. Concepts and cases that redifine corporate accountability. Springer, Berlin.
Grudzewski W. M., Hejduk I. K., Sankowska A., Wańtuchowicz M. (2010), Sustainability w biznesie, czyli przedsiębiorstwo przyszłości – zmiany paradygmatów i koncepcji zarządzania, Wydawnictwo Poltext, Warszawa.
Hilson G., Murcka B. (2000), Sustainable development in the mining industry: clarifying the corporate perspective, “Resources Policy” no. 26. Huang D. Z. X. (2019), Environmental, social and governance (ESG) activity and firm performance: a review and consolidation, „Accounting & Finance”, vol 61, issue1.
Kazojć K. (2012), Powiązania między public relations a społeczną odpowiedzialnością biznesu, „Prace Studentów i Młodych Pracowników Nauki”, z. 4.
Kiełczewski D. (2010), Zrównoważony rozwój – istota, interpretacje, związek ze społeczeństwem wiedzy, [w:] B. Poskrobko (red.), Ekonomia zrównoważonego rozwoju. Materiały do studiowania, Wyższa Szkoła Ekonomiczna, Białystok.
Li T.‑T., Wang K., Sueyoshi T., Wang D. D. (2021), ESG: Research Progress and Future Prospects. „Sustainability”, vol. 13, 11663.
Lozano R. (2015), A holistic perspective on corporate sustainability drivers, „Corp Soc Responsib Environ Manag”, vol. 22 (1), pp. 32–44.
Łukasik-Morawska E. (2018), Inwestowanie odpowiedzialne społecznie a inwestorzy instytucjonalni, „Marketing i rynek”, nr 11.
MacDonald J. P. (2005), Strategic sustainable development using the ISO 14001 Standard, „Journal of Cleaner Production”, vol. 13, pp. 631–643.
Majewski E. (2008), Trwały rozwój i trwałe rolnictwo: teoria a praktyka gospodarstw rolniczych, Wydawnictwo SGGW, Warszawa.
Matos P. (2020), ESG and responsible institutional investing around the world. A critical review. CFA Institute Research Foundation.
Mazur-Wierzbicka E. (2021), E-communication and CSR-a new look at organizations’ relations with stakeholders in the time of digitalization, „Procedia Comput. Sci.”, no 192, pp. 4619–4628.
McWilliams A., Siegel D. S., Wright P. M. (2006), Corporate social responsibility: strategic implications, „J Manag Stud”, vol. 43 (1), pp.1–18.
Oželienė D. (2017), A review of enterprise sustainable development models: Critical appraisal, scientific proceedings, International Scientific conference “High technologies. Business. Society.
Parmar B. L., Freeman R. E., Harrison J. S., Wicks A. C., Purnell L., De Colle S. (2010), Stakeholder theory: The state of the art., „Acad. Manag. Ann.”, nr. 4, vol. 403–445.
Payne D. M., Raiborn C. A. (2001), Sustainable Development: The Ethics Support the Economics, „Journal of Business Ethics”, vol. 32, 2, pp. 157–168.
Penfiled P., (2007), Sustainability Can Be A Competitive Advantage, Whitman School of Management, Syracuse.
Pieloch-Babiarz A., Misztal A., Kowalska M. (2020), An impact of macroeconomic stabilization on the sustainable development of manufacturing enterprises: The case of Central and Eastern European Countries. „Environ. Dev. Sustain.”, no 23.
Piontek B. (2010), Współczesne uwarunkowania rozwoju społeczno-gospodarczego (ujęcie systematyczne), „Problemy Ekorozwoju”, nr 2.
Porter M. E., Kramer M. R. (2002), The competitive advantage of corporate philanthropy, „Harv Bus Rev”, no 80 (12), pp. 56–68.
Roselle P. (2016), The evolution of integrating ESG analysis into wealth management decisions. „J. Appl. Corp. Finance”, no. 28, pp. 75–79.
Sang J., Chune Y., Young J. (2019), Study on the Relationship between CSR and Financial Performance, MDPI, “Sustainability”.
Singh J., Del Bosque I. R. (2008), Understanding corporate social responsibility and product perceptions in consumer markets: a cross-cultural evaluation. „J Bus Ethics”,vol. 80 (3), pp. 597–611.
Taticchi P., Demartini M. (2021), Corporate Sustainability in Practice: A Guide for Strategy Development and Implementation (Management for Professionals) 1st ed. 2021 Edition, Sringer.
Umar M., Ji X., Kirikkaleli D., Shahbaz M., Zhou X. (2020), Environmental cost of natural resources utilization and economic growth: Can China shift some burden through globalization for sustainable development? „Sustain. Dev.”, no 28, 6.
Vasylieva T., Lyeonov S., Oleksii L., Kyrychenko K. (2018), Macroeconomic Stability and Its Impact on the Economic Growth of the Country, „Montenegrin J. Econ.”, no 14.
Waliszewski K. (2020) (red.), Społeczna odpowiedzialność biznesu jako instrument budowania reputacji i zaufania do instytucji finansowych, CeDeWu sp. z o.o., Warszawa 2020.
Wilkinson A. et al. (2001), The sustainability debate, „International Journal of Operations & Production Management”, vol. 21, 12, pp. 1492–1592.
Witek-Crabb A., (2005), Zrównoważony rozwój przedsiębiorstw – więcej niż ekorozwój, [w:] H. Brdulak, T. Gołębiowski, Trans’05 Wspólna Europa, Zrównoważony rozwój przedsiębiorstwa a relacje z interesariuszami, Szkoła Główna Handlowa w Warszawie, Warszawa.
Wood D. J. (1991), Corporate social performance revisited, „Acad. Manag. Rev.”, vol. 16, pp. 691–718.
Zhou G.,Liu L., Luo S. (2022), Sustainable development, ESG performance and company market value: Mediating effect of financial performance, „Business Strategy and the Environment”, vol. 31, issue 7, pp. 3371–3387.