Corp Soc Responsibility Env - 2023 - Zioło - Theoretical Framework of Sustainable Value Creation by Companies What Do We
Corp Soc Responsibility Env - 2023 - Zioło - Theoretical Framework of Sustainable Value Creation by Companies What Do We
Corp Soc Responsibility Env - 2023 - Zioło - Theoretical Framework of Sustainable Value Creation by Companies What Do We
DOI: 10.1002/csr.2489
RESEARCH ARTICLE
1
Faculty of Economics and Management,
University of Szczecin, Szczecin, Poland Abstract
2
Faculty of Economics, West Pomeranian In conditions of limited natural resources, growing social awareness, and ESG risk, sustain-
University of Technology, Szczecin, Poland
3
ability and the pressure to be sustainable are gaining importance. Legislative require-
Institute of Economics and Finance, The John
Paul II Catholic University of Lublin, Aleje ments, good practices and recommendations as well as the stakeholders themselves
Racławickie 14, 20-950 Lublin, Poland
expect from market participants, especially from the enterprise sector, that they will
Correspondence incorporate sustainability in their activities. Enterprises undertake adaptation activities
Anna Spoz, Institute of Economics and
towards sustainability by creating sustainable value based on their business models. The
Finance, The John Paul II Catholic University
of Lublin, Aleje Racławickie 14, 20-950 Lublin, article aims to systematize the state of knowledge on how companies create sustainable
Poland. value. Research results in this area are dispersed, and more studies discussing this topic
Email: aspoz@kul.lublin.pl
comprehensively are needed. The article fills the gap in research by reviewing the existing
Funding information studies on creating sustainable value. The analysis of publications was based on the aca-
National Science Centre Poland, Grant/Award
Number: OPUS16 2018/31/B/HS4/00570 demic databases of Elsevier Scopus and Web-of-Science. 101 publications were
reviewed, and 31 categorization variables related to the area of research and issues
addressed in scientific publications were created. Using a multidimensional correspon-
dence analysis, three homogeneous clusters of publications were obtained: group I refers
to articles concerning enterprises of various sizes (micro, small, SME, and start-up); group
II includes publications on Asia and Australia, which appeared in 2020 or later; group III
concerns articles related to the research of large production companies in developed
European countries. The result shows that companies build sustainable value in various
ways, influenced by company's location and size. Among the dominant patterns of incor-
porating sustainable value, the following are indicated: building a sustainable supply chain,
innovations, building relationships with stakeholders and consumers, sharing economy.
KEYWORDS
companies, ESG, SME, sustainability, sustainable value
This is an open access article under the terms of the Creative Commons Attribution License, which permits use, distribution and reproduction in any medium,
provided the original work is properly cited.
© 2023 The Authors. Corporate Social Responsibility and Environmental Management published by ERP Environment and John Wiley & Sons Ltd.
business, seeking to generate economic, social, and environmental methodological approach, data collection procedure, and description
value simultaneously (D'heur, 2015). SVC requires new system thinking of the methods are described. Section 4 discusses the research
that contributes to maximizing the total value captured; and the collab- results, and Section 5 is the conclusion.
oration at a multi-stakeholder level (D'heur, 2015; Vincenza Ciasullo &
Troisi, 2013). Sustainable value is a critical concept in business models,
but according to Lüdeke-Freund et al. (2020) it still remains a black box 2 | LI T E RA T U R E RE V I E W
(especially in the scope of definitions and explanations of this concept).
Treptow et al. (2022) analyze how the business model contributes to The term value theory originates from neoclassical economics, in which
creating sustainable value through innovations. According to Elkington value theory is explanation of the exchange value (or value
(1997), business models should generate social, environmental, and in exchange), or price, of goods and services. Each value creation is
economic value (SVC), to contribute to sustainable development, and a contractual exchange, creating value added for all parties of exchange.
provide SVC to the whole range of the stakeholders (Freeman, 2010). It Operation of a company is creating the value for its stakeholders, for
has been proven that a holistic integration of corporate sustainability example, customers, employees, and owners (Laursen & Svejvig, 2016).
increases the stakeholder value (Nadeem, 2013). The research in the In the literature on the subject, the term “sustainable value” is
field of business models has focused intensely on sustainability man- not clearly defined. It is often used interchangeably with “social
agement (Schaltegger et al., 2016), at the same time, company business value,” “environmental value” or “co-creation value.” Table 1 presents
models need to be revised to be in line with CS (Boons & Lüdeke-Freund, the definitions of sustainable value proposed by selected authors.
2013). Many studies and publications have been devoted to creating sus- Referring to the definitions of sustainable value from Table 1, it can
tainable value by enterprises. These are most often publications present- be seen that this concept is inextricably linked to economic, social and
ing case studies for a specific sector of enterprises (e.g., manufacturing) or environmental value, and the creation of sustainable value brings bene-
focusing, among others, on research on the role of innovation, knowledge, fits to stakeholders. Initially, stakeholders were identified as shareholders,
R&D, management solutions, and cooperation in creating sustainable and sustainable value creation meant maintaining and increasing share-
value. Much space is also devoted to discussion on key concepts for holder value through business contributions to sustainable development
sustainable value creation (Evans, Fernando, & Yang, 2017; Lüdeke- (Hart & Milstein, 2003). With the development of research, the group of
Freund, 2020; Lüdeke-Freund et al., 2020). However, few studies com- stakeholders for whom sustainable value is created was expanded and
prehensively collect and discuss the research results on the sustainable now includes entities directly and indirectly related to the company
value. The paper fills this research gap. The study aims to systematize the (Baumgartner & Rauter, 2017). This approach implies the need to identify
state of knowledge on how enterprises create sustainable value and what individual stakeholder groups and to analyze the processes of creating
factors have impact on building this value, with particular emphasis on sustainable value at various levels and the variety of forms of sustainable
the role of financial institutions in this process. The paper tries to address value at these levels. Stakeholder groups and sustainable value creation
the following questions: for stakeholders are presented in Figure 1.
The business model is closely related to the concept of value
• How do companies from different sectors incorporate sustainability? (Amit & Zott, 2012). It describes how a company creates, delivers and
• Is it possible to distinguish types of enterprises from the way of captures value (Geissdoerfer et al., 2016; Osterwalder & Pigneur, 2010;
building sustainable value? Richardson, 2008).
• Do the size and location of the company matter for creating sus- Abdelkafi et al. (2013) indicates that the value creation requires
tainable value? activities that should be arranged in processes. Freudenreich et al.
• Does cooperation with a financial institution have impact on build- (2020) points out that it can be unidirectional, that is, company–
ing sustainable value for the company? customer (Stubbs & Cocklin, 2008; Upward & Jones, 2016) or multi-
directional: company–stakeholders. From the perspective of stake-
To answer these questions, the authors conducted a systematic holder theory, the company and stakeholders (external and internal)
literature review. For this purpose, the academic databases Elsevier should have common goals that will motivate them to cooperate in
Scopus and Web-of-Science were used. value creation process (Breuer & Lüdeke-Freund, 2017).
In addition, multivariate correspondence analysis was used to Laukkanen and Tura (2020) created a conceptual framework for
look for relationships between selected keywords describing ways of analyzing sustainable value creation. Referring to the concept of sus-
creating sustainable value in companies. A total of 101 scientific publi- tainable development, business models aimed at creating sustainable
cations were accepted for the study, on the basis of which 31 catego- value in the environmental dimension most often include increasing
rization variables related to the research area and the issues resource efficiency by: using renewable energy sources (Khan
addressed in the scientific publications were created. The application et al., 2020; Wadin et al., 2017; Zhao et al., 2022), biodegradability
of this method made it possible to distinguish groups of scientific arti- (Addison et al., 2020; Crenna et al., 2020; Lange et al., 2021) materials
cles similar in terms of the analyzed issues. and natural resources-savings (Pandit et al., 2019; Perey et al., 2018),
The paper is organized as follows: the introduction is Section 1; in reducing or eliminating the negative impact on environment (Oláh
Section 2, the theoretical aspects related to sustainable value and et al., 2020; Pal & Gander, 2018; Roscoe et al., 2019). Creating sus-
incorporating sustainability by companies are presented. Section 3 the tainable value in the social dimension may be realized by caring for
15353966, 2023, 5, Downloaded from https://onlinelibrary.wiley.com/doi/10.1002/csr.2489 by INASP/HINARI - PAKISTAN, Wiley Online Library on [03/03/2024]. See the Terms and Conditions (https://onlinelibrary.wiley.com/terms-and-conditions) on Wiley Online Library for rules of use; OA articles are governed by the applicable Creative Commons License
2346 ZIOŁO ET AL.
the health and safety of employees (Amrutha & Geetha, 2020; finance. High ESC score of enterprise may provide it cheaper loans,
Venkatesh et al., 2020), customers and communities (Dempsey et al., higher credit rankings and lower cost of equity capital (Eliwa
2011; Evans, Fernando, & Yang, 2017; Evans, Vladimirova, et al., 2017), et al., 2019; Henriksson et al., 2018). Scatigna et al. (2021) on the
as well as by respecting ethical principles (De Bakker et al., 2019; example of social bonds and conventional securities issued by corpo-
Di Vaio et al., 2020). Creation of sustainable value can lead to impro- rates demonstrated investors readiness to pay a premium for holding
vement of the financial result (Alshehhi et al., 2018; Ilyas & social bonds and that companies from carbon-intensive industries are
Osiyevskyy, 2022) and profitability of the company (D'heur, 2015) and associated with higher credit risk and have slightly higher risk-
to its competitive advantage in the market (Hamadamin & Atan, 2019; adjusted debt financing costs. Investors on the capital market increas-
Haseeb et al., 2019). ingly want to invest their capital in sustainable financial products. Mati
Sustainable value creation is essential for a sustainable business (2021) showed that portfolios formed on social and governance fac-
model (Baldassarre et al., 2017). The sustainable business model is the tors provide better investment performance than traditional size and
subject of many studies, that focus on the analysis of the concept and value-based portfolios.
essence of the sustainable business model (Nosratabadi et al., 2019; The transformation of the business model towards a sustainable
Stubbs & Cocklin, 2008), archetypes (Bocken et al., 2014; Yip & business model requires adaptation activities. In the literature on the
Bocken, 2018), the relationship between the sustainable business subject, the issue of sustainable adaptation is considered from a mac-
model and financial performance (Aggarwal, 2013; Boons et al., 2013) roeconomic perspective (Brown, 2011; Eriksen et al., 2011). Sustain-
and competitive advantage (Cantele & Zardini, 2018). able adaptation should therefore be perceived through participation
There are many factors influencing the enterprises' decisions to in the process of sustainable development in the form of activities
transform their business models towards sustainable business models. affecting the environmental and social pillar of this development, tak-
Generally, they can be divided into external, for example, legal regula- ing into account and meeting the criteria of social equity and environ-
tions, and internal, for example, organizational culture of the company, mental integrity at the same time (Eriksen et al., 2011). It should be
values, and reputation. One of key factors is access to finance. emphasized that the effects of adaptation can be positive or negative.
According to research, ESG score plays important role in obtaining The process of incorporating ESG factors into the business model is
15353966, 2023, 5, Downloaded from https://onlinelibrary.wiley.com/doi/10.1002/csr.2489 by INASP/HINARI - PAKISTAN, Wiley Online Library on [03/03/2024]. See the Terms and Conditions (https://onlinelibrary.wiley.com/terms-and-conditions) on Wiley Online Library for rules of use; OA articles are governed by the applicable Creative Commons License
ZIOŁO ET AL. 2347
FIGURE 1 Stakeholder groups and value created for these groups. Source: Own elaboration based on: Lüdeke-Freund et al. (2020).
described using a case study, so its examples are limited to selected innovation in heavily polluting enterprises (HPEs). Xu and Li (2020)
enterprises. studied the relationship between green credits and debt financing
Creating sustainable value by enterprises requires financial out- cost. Their research on 52 green enterprises and 81 high-pollution
lays that often exceed the capabilities of enterprises, hence the need and high-emissions (referred to as “two-high”) enterprises in China in
to obtain external financing. Depending on the model of the banking 2001–2017, showed that green credit policy and green credit devel-
system (German-Japanese or Anglo-Saxon), this funding may come opment increase the debt financing cost of “two-high” enterprises,
from banks or the capital market. Playing the role of creditors, inves- but decrease this cost of green enterprises.ESG scores of enterprises
tors, heads of supply chain and advisors, banks may make their clients impact the cost of raising capital. Apergis et al. (2022) showed that
more sensitive to environmental issues or encourage them to take firms with low ESG scores are perceived as riskier, in the sense of
pro-ecological actions. For example, the World Bank has announced being exposed to liabilities related to Environmental, Social and Cor-
its intention to stop supporting corporations that care less of the envi- porate factors that highly increase their probability of default, there-
jcik, 2019). Similar steps have been taken by
ronment (Urban & Wo fore their cost of debts is higher.
commercial banks such as Societe Generale, Hong Kong-Shanghai Sustainable investing becomes crucial for the allocation of capital
Banking Corporation (HSBC), Deutsche Bank, BNP Paribas and Credit in capital markets. Increasing pressure from stakeholders to adopt sus-
Agricole, which have declared to not finance individuals and corporate tainable behavior and adequately represent sustainability practices,
entities whose activities are harmful to the environment (Sanchez- hence the importance of their non-financial disclosures grows. Raimo
Roger et al., 2018). The research of Akomea-Frimpong et al. (2022) et al. (2021) examined the impact of nonfinancial information on the
shows that green securities, green investments, climate finance, car- cost of debt. On the sample of 919 firms in the period 2010–2019,
bon finance, green insurance, green loans and green infrastructure they showed a negative effect of the ESG disclosure on the cost of
bonds are the key green financial products of banks through which debt financing. The negative effect of web-based disclosure on the
banking institutions can influence the sustainable transformation cost of debt was also confirmed by Abdi and Omri (2020). Nonfinacial
enterprises. Peng et al. (2022), based on financial data of Chinese disclosure of companies affects their market value and investor inter-
listed companies from 2006 to 2018, showed that the green credit est (Spandel et al., 2020).
policy encourages heavy-polluting companies to invest more in R&D The studies published so far on sustainable value focus on defin-
and fixed assets to obtain long-term credit support with short-term ing it and describing how companies create it. Individual publications
investment. Similar results were obtained by Hu et al. (2021) who are dedicated to specific methods of building sustainable value and
demonstrated that green credit policy affects the growth of green often present them through examples of selected companies or
15353966, 2023, 5, Downloaded from https://onlinelibrary.wiley.com/doi/10.1002/csr.2489 by INASP/HINARI - PAKISTAN, Wiley Online Library on [03/03/2024]. See the Terms and Conditions (https://onlinelibrary.wiley.com/terms-and-conditions) on Wiley Online Library for rules of use; OA articles are governed by the applicable Creative Commons License
2348 ZIOŁO ET AL.
industries. However, there is a lack of comprehensive publications sample to 101 references. The characteristics of the research sample
containing compilations of various methods of creating sustainable are included in the Table 4.
value in relation to factors such as industry, size, or location of the Graphical presentation of selected characteristics of the research
company. Our study addresses this gap by analyzing how companies sample is presented in Figure 3.
of different sizes, located on different continents, operating in coun- The article used a multidimensional analysis of correspondence to
tries at different levels of development, and in service or manufactur- search for the relationship between selected keywords describing
ing sectors create sustainable value. The result of this analysis allowed ways of creating sustainable value in enterprises. For this purpose,
us to distinguish groups of companies that employ similar methods of 31 categorization variables related to the area of research and issues
creating sustainable value. raised in scientific publications were created. These included: the size
and type of enterprises and the determinants of sustainable value cre-
ation. All variables have two categories of “yes” and “no,” which were
3 | M E TH O DO LO GY A N D R E SU L T S assigned ranks of 1 when the phenomenon occurs or 0 when the phe-
nomenon does not occur, respectively:
The first stage of the research was a literature review on the subject The following variables and their categories were adopted for the
to identify ways to create sustainable value in companies. For this study: X1—the release year 2020 or later; X2—microenterprises; X3—
purpose, the academic databases of Elsevier Scopus and Web-of- small enterprises; X4—SME sector; X5—sharing economy; X6—start-up;
Science were used. The articles were searched according to the meth- X7—large enterprise; X8—production/industry; X9—service; X10—
odology used by Pittaway et al. (2004) the following word strings Europe; X11—North America; X12—Latin America; X13—Asia and
(“sustainable value” AND sustainab* AND business; “sustainable Australia; X14—Africa; X15—developing countries; X16—developed
value” AND sustainab* AND enterprises, “sustainable value” AND countries; X17—regulations; X18—green supply chain; X19—cost reduc-
sustainab* AND compan*, “sustainable value*” AND compan* and tion; X20—technological innovation (pro-ecological technology); X21—
sustainability). Table 2 presents the research sample obtained from communication/ relation with stakeholders; X22—eco-product; X23—
Scopus database as a result of the applied search criteria. communication/relation with consumers; X24—materials and energy
The corresponding sample obtained from Web-of-Science data- consumption reduction; X25—waste recycling; X26—renewable
base is presented in Table 3. resource; X27—employees engagement; X28—efficient production;
A graphical summary of the number of publications found in both X29—social engagement; X30—financial performance; X31—reducing
databases is shown in Figure 2. emission, noise (reduction in negative environmental impact).
After eliminating duplicate titles, 307 titles remained for review. The Correspondence Analysis module in the Statistica 13.0 package
The analysis of the content of the entire publication reduced the was used for calculations and the graphical presentation of results.
15353966, 2023, 5, Downloaded from https://onlinelibrary.wiley.com/doi/10.1002/csr.2489 by INASP/HINARI - PAKISTAN, Wiley Online Library on [03/03/2024]. See the Terms and Conditions (https://onlinelibrary.wiley.com/terms-and-conditions) on Wiley Online Library for rules of use; OA articles are governed by the applicable Creative Commons License
ZIOŁO ET AL. 2349
Correspondence analysis is one of the methods of multidimensional sta- to the study. Based on Table 5, it is clear that these are inertia for
tistical analysis. This method accurately recognizes the co-occurrence of K taking values of at most 12. For these dimensions, the values of the
categories of variables (or objects) measured on a nominal scale (Beh & measure τk were analyzed, and it was found that the degree of expla-
Lombardo, 2014; Greenacre, 1994, 2007; Lebart et al., 1984). nation of inertia in two-dimensional space is 18.71%, and in three-
Correspondence analysis was carried out based on Burt's matrix dimensional space, it is 26.64%. In order to unambiguously identify
measuring 62 62 formed from 31 variables whose categories are the presentation space of the co-occurrence of variable variants, an
defined above. The dimension of the actual space of co-occurrence of eigenvalue chart was drawn up, and it was determined, using the
responses to the analyzed questions was 31 and was determined by “elbow” criterion, that it should be four-dimensional (Figure 4).
the formula: In order to increase the quality of the representation in the four-
dimensional space, a modification of the eigenvalues was carried out
X
Q
according to Greenacre's proposal as follows:
K¼ ðJq 1Þ, ð1Þ
Q 2 pffiffiffiffiffiffiffi 1 2
q¼1
~λk ¼ λB,k ,
q1 Q
where, Jq—the number of feature categories q (q = 1, 2, … , Q), Q—the
number of variables. where, Q—the number of analyzed variables, λB,k —the kth eigenvalue
pffiffiffiffiffiffiffi
In the next stage, it was checked to what extent the eigenvalues of (k = 1, 2, … , K), λB,k ¼ γ B,k , γ B,k —the kth singular value of matrix
of the smaller dimensions explain the total inertia (λ = 10,000). For Burt B.
this purpose, the Greenacre criterion was applied, according to which After the modification, the degree of explanation of inertia
Q ¼ 31 ¼ 0:0322
1 1
principal inertias greater than are considered relevant improved, and it exceeded 41% for four-dimensional space.
Web-of-
Search string Area of search Science Type of document
“sustainable value*” AND sustainab* AND business Article title and Abstract, Keywords 138 Article 85
Proceeding/Conference Paper 23
Book chapter 17
Book 4
Review 9
“sustainable value” AND enterprises Article title and Abstract, Keywords 23 Article 10
Proceeding/Conference Paper 10
Book chapter 1
Review 1
Editorial 1
“sustainable value*” AND compan* and sustainability Article title and Abstract, Keywords 50 Article 35
Proceeding/Conference Paper 10
Book chapter 4
Review 1
F I G U R E 2 Numbers of found
publications by type. Source: Own
elaboration.
15353966, 2023, 5, Downloaded from https://onlinelibrary.wiley.com/doi/10.1002/csr.2489 by INASP/HINARI - PAKISTAN, Wiley Online Library on [03/03/2024]. See the Terms and Conditions (https://onlinelibrary.wiley.com/terms-and-conditions) on Wiley Online Library for rules of use; OA articles are governed by the applicable Creative Commons License
2350 ZIOŁO ET AL.
Due to the inability to graphically represent the variables and Kaufman & Rousseeuw, 2008)—was used, which made it possible to
their variants in a four-dimensional space, one of the agglomerative determine the links between the variants of the variables. The optimal
clustering methods—Ward's method (Eszergár-Kiss & Caesar, 2017; number of clusters was determined based on the first apparent
increase in the agglomeration distance for the subsequent bonding
TABLE 4 The characteristics of the research sample. steps. In Figure 5, showing the merging of categories into classes, a
Description Structure of the studied publications horizontal line marks the stage at which the merging of classes was
Year of publication 2022 14% discontinued.
2021 19% Based on this criterion, the dendrogram was trimmed at the bind-
ing height of 4.52, and 3 homogeneous clusters were distinguished.
2020 20%
When discussing each of these, the categories of variables that fell
2019 11%
into a particular cluster are given in brackets.
2018 13%
Group I (X15:1, X12:1, X14:1, X18:1, X11:1, X6:1, X4:1, X3:1,
2017 8%
X2:1) refers to articles on enterprises of various sizes (micro, small,
2016 8%
SME and start-ups). These articles relate to green supply chains and
2015 6% include studies that were conducted in developing countries from
Methodology Literature review 11% Latin America and Africa, and in North America (Table 6).
Based on data 78% In the case of small and medium-sized enterprises, the creation of
Case study 11% sustainable value is done through direct impact on suppliers (creating
Regions where the Europe 56% a green supply chain), stakeholders and customers (building sustain-
headquarters of the North America 14% able awareness among customers). These enterprises take actions
surveyed companies are
Latin America 16% aimed at reducing costs by maximizing material and energy efficiency,
located
Asia and Australia 22% using renewable energy.
Group II (X21:1, X22:0, X24:0, X28:0, X20:0, X31:0, X25:0,
Africa 6%
X19:1, X9:1, X23:1, X8:0, X29:1, X7:0, X5:1, X17:1, X13:1, X16:0,
The level of the country's Developing countries 24%
development X10:0, X30:1, X1:1) includes publications associated with Asia and
Developed countries 61%
Australia that appeared in 2020 and beyond. They deal with issues
The size of the companies Micro enterprises 12%
related to the service sector and the sharing economy. They pay
Small enterprises 22%
attention to communication (relations) with both stakeholders and
SME 37% consumers. Issues related to legal regulations, social commitment and
Large enterprises 58% cost reduction are also discussed (Table 7).
Start-up 6% Companies from Group II pay special attention to relations
Sharing economy 2% with stakeholders and consumers in the process of creating sus-
The industry in which the Manufacturing/ production 82% tainable value. Responding to the needs of more and more aware
company operates Service 33% customers, they offer increasingly innovative and pro-ecological
products using more environmentally friendly technologies.
Note: In some publications, various types of enterprises were the subject
of the study, hence the total percentage in individual categories may be These enterprises are aware of the direction of the introduced
higher than 100. legal regulations and the development of the correlation between
TABLE 5 Singular values and eigenvalues, together with the degree of explanation of the total inertia in the original and modified versions.
F I G U R E 5 Hierarchical classification
of variable categories performed with the
use of Ward's method. Source: Own
elaboration.
manufacturing. The Sustainable Value Analysis Tool was proposed to The finding of this study shows that enterprises taking broad
help manufacturers to identify opportunities for creation of sustain- range of activities for creating of sustainable value are mainly large
able value using analysis of the captured and uncaptured value in the companies from European, developed countries, and from US. They
entire life cycle of products (Yang, 2015). employ capital and time-intensive means to create sustainable value
15353966, 2023, 5, Downloaded from https://onlinelibrary.wiley.com/doi/10.1002/csr.2489 by INASP/HINARI - PAKISTAN, Wiley Online Library on [03/03/2024]. See the Terms and Conditions (https://onlinelibrary.wiley.com/terms-and-conditions) on Wiley Online Library for rules of use; OA articles are governed by the applicable Creative Commons License
ZIOŁO ET AL. 2353
and include ESG factors in their business models. This may result from
Service
Developing
Developing
Developed,
Developed
Australia
Australia
Australia
Australia
Continent
Asia and
Asia and
Asia and
Asia and
Regular work hours and fair pay reflect the company's commitment to
Size of
Large
Large
Large
Large
SME
social responsibility.
Infantium Victoria attaches the utmost importance to efficient
Authors and year of
use of materials and their recycling. The majority of the textiles that
Tiwari et al. (2022)
Petcharat (2020)
Anifowose et al.
the company uses are made to order, and the remaining fabrics are
Juniarti (2020)
used in the following collections. The company recycles its cut waste
publication
(2020)
able packaging is used for all shipments to wholesale and retail desti-
nations. Additionally, Infantium Victoria offers a recycling solution to
context create sustainable value to users?
loyalty towards sustainable businesses in
its customers by selling used clothes after they have been checked,
companies' sustainable value: evidence
models: Reflections and considerations
benefits to shareholders
India
15353966, 2023, 5, Downloaded from https://onlinelibrary.wiley.com/doi/10.1002/csr.2489 by INASP/HINARI - PAKISTAN, Wiley Online Library on [03/03/2024]. See the Terms and Conditions (https://onlinelibrary.wiley.com/terms-and-conditions) on Wiley Online Library for rules of use; OA articles are governed by the applicable Creative Commons License
TABLE 8 (Continued)
12 An Exploratory Empirical Examination of Dao and Abraham Large Europe Developed Manufacturing Reducing the level of consumption of materials and the
the Integrated Sustainability Framework (2018) pollution derived from the rapid industrialization,
via Case Study operating at greater levels of transparency and
responsiveness, driven by civil society developing new
technologies that can reduce the size of the human
footprint on the planet, satisfying the person at the
bottom of the world income pyramid in an inclusive
manner, which facilitates the creation of wealth and
income distribution
13 Is sustainability in business strategy factual de Oliveira et al. Large Europe Developed Service Modification in operational processes for the improvement
or figurative? (2017) of the environment, environmental education for
employees, sub-contractors, freelancers and entity
administrators
14 Effective disclosure in the fast-fashion Garcia-Torres et al. Large Europe Developed Manufacturing Working closely with everyone in the supply chain
industry: From sustainability reporting to (2017)
action
15 Skills and capabilities for a sustainable and De los Rios and Large Europe Developed Manufacturing Integrates the environment, innovation, stakeholder
circular economy: The changing role of Charnley (2017) management and potential for growth, eco-friendly
design process, product, supply chain
16 Luxury products and services and the Armitage et al. (2017) Large Europe Developed Manufacturing Industry's companies support closure of material loops,
sustainable value chain: Six management proecological product to customers' needs
lessons from Gucci
17 An approach to integrate parameters and Edtmayr et al. (2016) Large Europe Developed Manufacturing Reducing emission, material consumption at process, waste
indicators of sustainability management o material, reducing cost
into value stream mapping
18 Loewe: luxury and sustainable Gardetti (2016) Large Europe Developed Manufacturing Reducing cost, reducing cost for customers
management
19 Sustainable value co-creation in business Lacoste (2016) Large Europe Developed Service Environmental innovation, stakeholder management,
networks economic value and potential of growth, proecological
product, proecological production, RES
20 Nanogate AG: Sustainable Value Creation Zastrau (2015) Large Europe Developed Manufacturing Sustainable supply chain, suppliers co-create value with
in Technology Companies their customer's customers or end users, suppliers co-
create with their direct customers, either a sustainable
hybrid offering (a service bundled with a product) or an
extended sustainable service
21 Nestlé: Sustainable value chain Bee et al. (2015) Large Europe Developed Manufacturing Green supply chain, multi-stakeholder partnership
management from the farm to the Fork
22 Embedding Sustainability: How the Field of Ludema et al. (2012) Large Europe, North Developed Manufacturing Proecological production process, consumer orientation,
Organization Development and Change America rising sustainable awareness of employees, regulation,
can Help Companies Harness the Next reducing water, proecological product, green label
Big Competitive Advantage
2355
15353966, 2023, 5, Downloaded from https://onlinelibrary.wiley.com/doi/10.1002/csr.2489 by INASP/HINARI - PAKISTAN, Wiley Online Library on [03/03/2024]. See the Terms and Conditions (https://onlinelibrary.wiley.com/terms-and-conditions) on Wiley Online Library for rules of use; OA articles are governed by the applicable Creative Commons License
15353966, 2023, 5, Downloaded from https://onlinelibrary.wiley.com/doi/10.1002/csr.2489 by INASP/HINARI - PAKISTAN, Wiley Online Library on [03/03/2024]. See the Terms and Conditions (https://onlinelibrary.wiley.com/terms-and-conditions) on Wiley Online Library for rules of use; OA articles are governed by the applicable Creative Commons License
2356 ZIOŁO ET AL.
based on bamboo, but also by removing plastic bottles and provid- The company identifies and manages ESG risk. It monitors main
ing plastic-free delivery of laundry and slippers, CSR risks in its activities: health and safety, climate change, water
• use of energy-efficient lights, including LED light bulbs and light stresses, and so forth, and identifies risks within the supply chain and
sensors that will turn lights off when not in use, prevents violations. To mitigate risk the company participate in public
• Soap Aid, an environmental impact reduction programme, through debate, directly or via business associations, engages stakeholders on
which 1664 kg of soap bars have been collected from guest rooms, each project, includes CSR risk analysis in the nonfinancial statement.
cleaned, repurposed into full-size bars of soap, and then donated Engie is a CSR company that cares about the transparency of its
to communities in developing countries, activities. In compliance with regulations it publishes the company's
• repurposing used furniture—used beds, along with desk chairs and strategy, financial statement, and sustainability books. The company
televisions, were donated to the Salvation Army after the hotel's also supports European initiatives and regulations for sustainable
renovations in 2018. development. Engie is a member of European Financial Reporting
Advisory Group (EFRAG) Taskforce on non-financial reporting (CSRD).
The Pan Pacific hotel contributes to raising environmental aware- Engie supports its clients in achieving their decarbonisation tar-
ness among associates, guests and business partners. To help create a gets, helping them to reduce carbon emissions by about 20 MtCO2e
more sustainable and responsible hotel environment for the present in 2020 and forecasted 45 MtCO2e in 2030.
and the future, the hotel's team is constantly adapting to new technol-
ogies, systems, and practises.
An example of a company belonging to Group III is Engie, a 5 | CONC LU SION
French company from the energy sector. Its strategy is in line with
the concept of sustainable development, and their business activity The problem of creating sustainable value by enterprises is known in
is focused on renewable energy and low carbon distributed energy the literature on the subject. Still, it constantly requires research due
infrastructures. Engie creates its sustainable value in environmental to the existing research gaps, especially in terms of definition and the-
dimension by reducing carbon intensity of energy production ory (Lüdeke-Freund et al., 2020). It was the motivation and justifica-
and greenhouse gas emissions with target of Net Zero by 2045 tion for developing a study summarizing the current research on
(reduction from 348 gCO2e/kWh and 79 MtCO2e in 2017 to creating sustainable value in enterprises.
158 gCO2e/kWh and 52 MtCO2e in 2030). The company's goal The aim of the paper is to systematize the state of knowledge on
is to phase out coal by 2025 in Europe and 2027 globally. In the how enterprises create sustainable value and which factors have
years 2015–2020, they reduced the coal power generation from impact on building this value, with particular emphasis on the role of
15.1 GW@100% by 72%, achieving 4.3 GW@100%. At the same financial institutions in this process. The paper reviews 101 research
time, the company increases the share of renewable energy sources on creating sustainable value. The analysis of the publications was
in its portfolio, for example, in Chile from 1% in 2018 to 59% in based on the Elsevier Scopus and Web-of-Science academic data-
2025, and introduced the use of biomass (from 0% in 2018 to 10% bases. The paper uses a multidimensional correspondence analysis
in 2025). based on 31 categorization variables. As a result, three homogeneous
Taking into account the social impact of the transition to a low- clusters were obtained: group I refers to the articles concerning enter-
carbon economy the company undertakes activities in the following prises of various size (micro, small, SME, and start-up); group II
areas: includes publications on Asia and Australia, which appeared in 2020
and later; group III concerns the articles related to the research of
• employment—boosting job opportunities, skills development, and large production companies in developed European countries.
employee retention; They identified several practices regarding creation of sustainable
• regional benefits—initiatives to create benefits for regions and value. These practices were impacted mainly by company size and
communities; geographic location. In the case of small and medium-sized enterprises
• stakeholder inclusion—cooperation between the company, govern- being the subject of the research in the 1st Group of articles, the crea-
ment and civil society. tion of sustainable value occurs due to the influence of external enti-
ties, such as suppliers, stakeholders, or customers. The creation of
Engie's commitment to social improvement includes gender diver- sustainable value is based on cost reduction, energy saving, and trans-
sity (planned increase in share of women in management from 24.1% formation towards renewable energy sources.
in 2020 to 50% in 2030) and employees training (planned increase in The second group of studies concerned enterprises located in
employees trained from 70% in 2020 to 100% in 2030). The company Asia and Australia, and these publications were published after 2020.
also assures safe work environment by implementation of “No life at In the enterprises analyzed within this group of publications, the crea-
risk” and “No mind at risk” programs, and reduction of injury fre- tion of sustainable value was diagnosed primarily based on interper-
quency rate. Employee engagement is another important aspect of sonal relations, mainly with the stakeholders and consumers. These
social improvement. This is confirmed by high rate of employees companies also use digitization, eco-innovations, cost reduction, and
(90%) proud to work for Engie. recycling. They are aware of the impact of sustainability on financial
15353966, 2023, 5, Downloaded from https://onlinelibrary.wiley.com/doi/10.1002/csr.2489 by INASP/HINARI - PAKISTAN, Wiley Online Library on [03/03/2024]. See the Terms and Conditions (https://onlinelibrary.wiley.com/terms-and-conditions) on Wiley Online Library for rules of use; OA articles are governed by the applicable Creative Commons License
ZIOŁO ET AL. 2357
performance, which they transfer to the relationship with financial and knowledge transfer. Public authorities responsible for supporting
institutions from which they raise capital. It is closely related to the companies, on the basis of the results of research from the first, sec-
relational method of creating value adopted by these enterprises, ond and third groups of articles, may define activities conducive to
which coincides with financial institutions' approach, for example, the building sustainable value for each of the groups of companies to
concept of relationship between banking or sustainable financial which the articles refer, and specify the rules and types of public sup-
markets. port for entrepreneurs. In the case of the first group, for which an
Group III concerns publications on large enterprises operating in external impulse plays a role in building sustainable value, it is crucial
Europe. This group of enterprises used the broadest and most com- to create a business environment that initiates such impulses, for
plex spectrum of instruments in the creation of sustainable value. In example, clusters, networking structures, initiatives to support and
addition to the methods of creating sustainable value described for promote CSR. An important issue is the tax issue, and here is the role
Groups I and II, these companies additionally used, among other of public decision-makers to create an external impulse in the form of
things, technology change from black to green, R&D, green (sustain- a sustainable taxes system that will affect consumers' purchasing deci-
able) supply chain, gender parities (female directors), pro-ecological sions, as well as suppliers and other stakeholders and their decisions
production and innovation, management of stable relationships, or in the field of sustainable consumerism. Therefore, for the first group
corporate governance. The analysis of previous research shows that of companies and decision-makers responsible for building policies
companies know the need and benefits of creating sustainable value. and strategies based on external impulses in building sustainable
Still, not all companies see the possibility of creating sustainable value value, it will be important to track and know the process of sustain-
through cooperation with financial institutions. able behavior spreading, in order to incorporate and reduce ESG and
There are also stages of creating the sustainable value in the ana- decide on activities that are conducive to sustainable value. The sec-
lyzed companies, depending on the size of the company, and phases ond group of companies for which financial performance is important
of creating sustainable value through cost reduction and cooperation in building sustainable value, may base their strategies of reaching the
(green behavior spreading from suppliers, stakeholders and cus- benchmark on cooperation with financial institutions that support
tomers); building relational relations, including with financial institu- maximization of financial performance by offering sustainable prod-
tions, and using the positive link between sustainability and financial ucts and services and knowledge transfer. These companies can build
performance; and finally creating sustainable value by reducing costs, their policies and strategies through cooperation with financial institu-
increasing energy efficiency, building relationships, cooperation, R&D, tions which, through advisory functions and an offer dedicated to
pro-ecological production solutions and technologies, sustainable entrepreneurs, will support the creation of sustainable value in these
friendly management solutions. companies, for example, by financing eco-innovations or the capital
The results of the study can be related to the groups of compa- for impact investment. At the same time, ESG risk management sys-
nies involved, which, however, does not allow generalizing the results tems in financial institutions and companies cooperating with a finan-
of the study and is an important limitation of the study. Future cial institution are strongly interconnected, because financial
research will include the analysis of enterprises from a sectoral per- institutions differentiate cooperation and costs for companies with
spective, which allows diagnosing the specificity of creating sustain- different exposure to ESG risk. The higher the company's ESG risk,
able value in enterprises according to sector-diversified ESG risk. The the higher the costs of cooperation or the inability to cooperate with
research results are of application nature and have practical signifi- a financial institution, and the low degree of ESG risk incorporation
cance for the stakeholders representing both public and private sec- into the business model. Financial institutions expect from companies
tors. In particular, as a result of the conducted research, companies an integrated ESG risk management system, and in the case of its pos-
gain new knowledge about which activities are used to build sustain- itive verification, financial institutions provide companies with favor-
able value in the enterprise sector. Thanks to the results obtained for able price and non-price terms of cooperation as a bonus for lower
the three groups of articles, a benchmark for companies from each of risk. Thus, thanks to such activities, financial institutions strengthen
these three groups is created. Benchmark allows companies to posi- the creation of sustainable value in companies from the second group,
tion themselves and evaluate their activities against the background and reduce their reputation risk, which is important from the perspec-
of a given group. Such activities allow companies to define their com- tive of cooperation with the stakeholders. In the case of the third
petitive/market position, and take action and strategy to reach the group of papers and companies belonging to this group, large compa-
benchmark in the field of sustainable value. The research results can nies, the previously discussed aspects of cooperation with the public
be used in the decision-making processes of companies in the field of sector and financial institutions are important, for example, in the con-
sustainable value, as well as in CSR strategies and corporate strategies text of tax strategies and models of cooperation with the financial
for sustainable development. In the context of managerial decisions, market, but also the aspect of governance, that is, the role of women
the research results allow to obtain information on the methods emerges in the decision-making process regarding ESG risk. This is
of ESG risk management and cost management by companies, important because it affects the reputational and financial risk, espe-
depending on their size, sector and business location. The research cially in the case of large companies, because it appears in their case
results are important for decision-makers in the public sector in the as an important issue of board composition. The diversified approach
context of shaping policies to support entrepreneurship, innovation, of women and men to risk, including ESG risk, affects the propensity
15353966, 2023, 5, Downloaded from https://onlinelibrary.wiley.com/doi/10.1002/csr.2489 by INASP/HINARI - PAKISTAN, Wiley Online Library on [03/03/2024]. See the Terms and Conditions (https://onlinelibrary.wiley.com/terms-and-conditions) on Wiley Online Library for rules of use; OA articles are governed by the applicable Creative Commons License
2358 ZIOŁO ET AL.
to risk and financial performance, therefore it is worth ensuring diver- Journal of Cleaner Production, 247, 119131. https://doi.org/10.1016/j.
sified board composition. An important tip for decision-makers and jclepro.2019.119131
Anifowose, M., Abang, S., & Zakari, M. A. (2020). Integrated capitals
the stakeholders is, therefore, to analyze the composition of boards
reporting and companies' sustainable value: Evidence from the Asian
and select cooperating entities in which the principle of gender diver- continent. Asian Review of Accounting, 28(4), 567–589. https://doi.
sity is met, because gender diversity is associated with better ESG org/10.1108/ARA-10-2019-0184
performance. Apergis, N., Poufinas, T., & Antonopoulos, A. (2022). ESG scores and cost
of debt. Energy Economics, 112, 106186. https://doi.org/10.1016/j.
eneco.2022.106186
ACKNOWLEDGMENTS Armitage, J., Roberts, J., & Sekhon, Y. (2017). Luxury products and services
Research results are a part of research project financed by the National and the sustainable value chain: Six management lessons from Gucci.
Science Centre Poland (NCN) OPUS16 2018/31/B/HS4/00570. In M. Gardetti (Ed.), Sustainable management of luxury. Environmental
footprints and eco‐design of products and processes (pp. 259–279).
Springer. https://doi.org/10.1007/978-981-10-2917-2_12
ORCID Baldassarre, B., Calabretta, G., Bocken, N. M. P., & Jaskiewicz, T. (2017).
Magdalena Zioło https://orcid.org/0000-0003-4136-046X Bridging sustainable business model innovation and user-driven inno-
Anna Spoz https://orcid.org/0000-0001-5071-0017 vation: A process for sustainable value proposition design. Journal of
Cleaner Production, 147, 175–186. https://doi.org/10.1016/j.jclepro.
2017.01.081
RE FE R ENC E S
Baumgartner, R. J., & Rauter, R. (2017). Strategic perspectives of corporate
Abdelkafi, N., Makhotin, S., & Posselt, T. (2013). Business models innova- sustainability management to develop a sustainable organization. Jour-
tions for electric mobility – What can be learned from existing busi- nal of Cleaner Production, 140, 81–92. https://doi.org/10.1016/j.
ness model patterns? International Journal of Innovation Management, jclepro.2016.04.146
17(1), 1–41. https://doi.org/10.1142/S1363919613400033 Bee, J., Diby, P., Mbacké, B., & Wettstein, B. (2015). Nestlé: Sustainable
Abdi, H., & Omri, M. A. B. (2020). Web-based disclosure and the cost of value chain management from the farm to the Fork. In M. D'heur (Ed.),
debt: MENA countries evidence. Journal of Financial Reporting and Sustainable value chain management (pp. 313–325). Springer. https://
Accounting, 18(3), 533–561. https://doi.org/10.1108/JFRA-07-2019- doi.org/10.1007/978-3-319-12142-0
0088 Beh, E. J., & Lombardo, R. (2014). Correspondence analysis. Theory, practice
Adam, I. H. D., Jusoh, A., Mardani, A., Streimikiene, D., & Nor, K. M. and new strategies (1st ed.). John Wiley & Sons, Ltd.
(2019). Scoping research on sustainability performance from Bocken, N. M. P., Rana, P., & Short, S. W. (2015). Value mapping for sus-
manufacturing industry sector. Problems and Perspectives in Manage- tainable business thinking. Journal of Industrial and Production Engineer-
ment, 17(2), 134–146. https://doi.org/10.21511/ppm.17(2).2019.10 ing, 32(1), 67–81. https://doi.org/10.1080/21681015.2014.1000399
Adams, R., Jeanrenaud, S., Bessant, J., Denyer, D., & Overy, P. (2016). Sus- Bocken, N. M., Short, S. W., Rana, P., & Evans, S. (2014). A literature and
tainability-oriented innovation: A systematic review. International Jour- practice review to develop sustainable business model archetypes.
nal of Management Review, 18, 180–205. https://doi.org/10.1111/ Journal of Cleaner Production, 65, 42–56. https://doi.org/10.1016/j.
ijmr.12068 jclepro.2013.11.039
Addison, P. F. E., Stephenson, P. J., Bull, J. W., Carbone, G., Burgman, M., Bocken, N., Short, S., Rana, P., & Evans, S. (2013). A value mapping tool for
Burgass, M., Gerber, L. R., Howard, P., McCormick, N., McRae, L., sustainable business modeling. Corporate Governance, 13(5), 482–497.
Reuter, K. E., Starkey, M., & Milner-Gulland, E. J. (2020). Bringing sus- https://doi.org/10.1108/CG-06-2013-0078
tainability to life: A framework to guide biodiversity indicator devel- Boons, F., & Lüdeke-Freund, F. (2013). Business models for sustainable
opment for business performance management. Business Strategy innovation: State of-the-art and steps towards a research agenda.
and the Environment, 29(8), 3303–3313. https://doi.org/10.1002/ Journal of Cleaner Production, 45, 9–19. https://doi.org/10.1016/j.
bse.2573 jclepro.2012.07.007
Aggarwal, P. (2013). Impact of sustainability performance of company on Boons, F., Montalvo, C., Quist, J., & Wagner, M. (2013). Sustainable inno-
its financial performance: A study of listed Indian companies. Global vation, business models and economic performance: An overview.
Journal of Management and Business Research C: Finance, 13(11), Journal of Cleaner Production, 45, 1–8. https://doi.org/10.1016/j.
61–70. https://ssrn.com/abstract=3131923 jclepro.2012.08.013
Akomea-Frimpong, I., Adeabah, D., Ofosu, D., & Tenakwah, E. J. (2022). A Brennan, G., & Tennant, M. (2018). Sustainable value and trade-offs:
review of studies on green finance of banks, research gaps and future Exploring situational logics and power relations in a UK brewery's malt
directions. Journal of Sustainable Finance & Investment, 12(4), 1241– supply network business model. Business Strategy and the Environment,
1264. https://doi.org/10.1080/20430795.2020.1870202 27(5), 621–630. https://doi.org/10.1002/bse.2067
Allee, V., & Schwabe, O. (2015). Value networks and the true nature of col- Breuer, H., & Lüdeke-Freund, F. (2017). Values-based network and busi-
laboration. Meghan‐Kiffer Press. ness model innovation. International Journal of Innovation Management,
Alshehhi, A., Nobanee, H., & Khare, N. (2018). The impact of sustainability 21(3), 1750028. https://doi.org/10.1142/S1363919617500281
practices on corporate financial performance: Literature trends and Brown, K. (2011). Sustainable adaptation: An oxymoron? Climate and
future research potential. Sustainability, 10(2), 494. https://doi.org/10. Development, 3(1), 21–31.
3390/su10020494 Cantele, S., & Zardini, A. (2018). Is sustainability a competitive advantage
Aluchna, M., & Rok, B. (2019). Closing the loop: Circular economy through for small businesses? An empirical analysis of possible mediators in the
sustainable innovation lens. In N. Capaldi, S. O. Idowu, R. Schmidpeter, sustainability–financial performance relationship. Journal of Cleaner
& M. Brueckner (Eds.), Responsible business in uncertain times and for a Production, 182, 166–176. https://doi.org/10.1016/j.jclepro.2018.
sustainable future. CSR, sustainability, ethics & governance (pp. 19–36). 02.016
Springer. https://doi.org/10.1007/978-3-030-11217-2_2 Cardoni, A., Kiseleva, E., & Taticchi, P. (2020). In search of sustainable
Amit, R., & Zott, C. (2012). Creating value through business model innova- value: A structured literature review. Sustainability, 12(2), 615. https://
tion. MIT Slogan Management Review, 53, 41–49. doi.org/10.3390/su12020615
Amrutha, V. N., & Geetha, S. N. (2020). A systematic review on green Crenna, E., Marques, A., La Notte, A., & Sala, S. (2020). Biodiversity assess-
human resource management: Implications for social sustainability. ment of value chains: State of the art and emerging challenges.
15353966, 2023, 5, Downloaded from https://onlinelibrary.wiley.com/doi/10.1002/csr.2489 by INASP/HINARI - PAKISTAN, Wiley Online Library on [03/03/2024]. See the Terms and Conditions (https://onlinelibrary.wiley.com/terms-and-conditions) on Wiley Online Library for rules of use; OA articles are governed by the applicable Creative Commons License
ZIOŁO ET AL. 2359
Environmental Science & Technology, 54(16), 9715–9728. https://doi. sustainability: Towards a unified perspective for creation of sustain-
org/10.1021/acs.est.9b05153 able business models. Business Strategy and the Environment, 26(5),
Dao, V. T., & Abraham, T. (2018). An exploratory empirical examination of 597–608. https://doi.org/10.1002/bse.1939
the integrated sustainability framework via case study. In Proceedings Freeman, R. E. (2010). Strategic management: A stakeholder approach. Cam-
of the Americas conference on information systems (Vol. 2018, p. 10). bridge University Press.
https://aisel.aisnet.org/amcis2018/GreenIS/Presentations/10 Freudenreich, B., Lüdeke-Freund, F., & Schaltegger, S. (2020). A stake-
De Bakker, F. G., Rasche, A., & Ponte, S. (2019). Multi-stakeholder initia- holder theory perspective on business models: Value creation for sus-
tives on sustainability: A cross-disciplinary review and research agenda tainability. Journal of Business Ethics, 166, 3–18. https://doi.org/10.
for business ethics. Business Ethics Quarterly, 29(3), 343–383. https:// 1007/s10551-019-04112-z
doi.org/10.1017/beq.2019.10 Garcia‐Torres, S., Rey‐Garcia, M., & Albareda‐Vivo, L. (2017). Effective dis-
De los Rios, I. C., & Charnley, F. J. (2017). Skills and capabilities for a sus- closure in the fast‐fashion industry: From sustainability reporting to
tainable and circular economy: The changing role of design. Journal of action. Sustainability, 9(12), 2256. https://doi.org/10.3390/
Cleaner Production, 160, 109–122. https://doi.org/10.1016/j.jclepro. su9122256
2016.10.130 García‐Muiña, F. E., Medina‐Salgado, M. S., Ferrari, A. M., & Cucchi, M.
de Moura, G. B., & Saroli, L. G. (2021). Sustainable value chain manage- (2020). Sustainability transition in industry 4.0 and smart manufactur-
ment based on dynamic capabilities in small and medium‐sized enter- ing with the triple‐layered business model canvas. Sustainability, 12(6),
prises (SMEs). The International Journal of Logistics Management, 32(1), 2364. https://doi.org/10.3390/su12062364
168–189. https://doi.org/10.1108/IJLM-01-2020-0044 Gardetti, M. A. (2016). Loewe: Luxury and sustainable management. In M.
de Oliveira, M. C., Portella, A. R., Rover, S., Ferreira, D. D. M., & Borba, J. Gardetti & S. Muthu (Eds.), Handbook of sustainable luxury textiles and
A. (2017). Is sustainability in business strategy factual or figurative? fashion. Environmental footprints and eco‐design of products and pro-
Race: Revista de Administração, Contabilidade e Economia, 16(2), 427– cesses (pp. 1–16). Springer. https://doi.org/10.1007/978-981-287-
454. https://doi.org/10.18593/race.v16i2.12053 742-0_1
Dempsey, N., Bramley, G., Power, S., & Brown, C. (2011). The social Geissdoerfer, M., Bocken, N. M. P., & Hultink, E. J. (2016). Design
dimension of sustainable development: Defining urban social sustain- thinking to enhance the sustainable business modeling process.
ability. Sustainable Development, 19, 289–300. https://doi.org/10. Journal of Cleaner Production, 135, 1218–1232. https://doi.org/10.
1002/sd.417 1016/j.jclepro.2016.07.020
Den Ouden, E. (2012). Innovation design: Creating value for people, organiza- Govindan, K., Rajeev, A., Padhi, S. S., & Pati, R. K. (2020). Supply chain sus-
tions and society. Springer. https://doi.org/10.1007/978-1-4471- tainability and performance of firms: A meta-analysis of the literature.
2268-5 Transportation Research Part E: Logistics and Transportation Review,
D'heur, M. (2015). Shared value chain: Profitable growth through sustain- 137, 101923. https://doi.org/10.1016/j.tre.2020.101923
able value creation. In M. D'heur (Ed.), Sustainable value chain manage- Greenacre, M. (1994). Multiple and joint correspondence analysis. In M.
ment (pp. 1–107). Springer. Greenacre & J. Blasius (Eds.), Correspondence analysis in social sciences.
Di Vaio, A., Palladino, R., Hassan, R., & Escobar, O. (2020). Artificial intelli- Recent developments and applications (pp. 141–161). Academic Press.
gence and business models in the sustainable development goals per- Greenacre, M. (2007). Correspondence analysis in practice (2nd ed.). Chap-
spective: A systematic literature review. Journal of Business Research, man & Hall/CRC. https://doi.org/10.1201/9781420011234
121, 283–314. https://doi.org/10.1016/j.jbusres.2020.08.019 Gromis di Trana, M., Bava, F., & Pisoni, P. (2020). A sustainable value gen-
Dickinson, S., Plisson‐Saune, S., & Mani, P. (2020). Establishing public bio- erator in the Italian wine industry: Casa E. di Mirafiore e Fontana-
diversity commitments within an oil & gas company [Conference pre- fredda winery. British Food Journal, 122(5), 1321–1340. https://doi.
sentation]. In SPE international conference and exhibition on health, org/10.1108/BFJ-03-2019-0209
safety, environment, and sustainability, virtual. https://doi.org/10.2118/ Guedes, M. G., & Vaz, P. (2021). Reinventing the Portuguese knitwear
199508-MS industry: The case of Pedrosa & Rodrigues private label management
Edtmayr, T., Sunk, A., & Sihn, W. (2016). An approach to integrate parame- model. Industria Textila, 72, 469–476. https://doi.org/10.35530/IT.
ters and indicators of sustainability management into value stream 072.05.202035
mapping. Procedia CIRP, 41, 289–294. https://doi.org/10.1016/j. Hahn, T., & Figge, F. (2007). Sustainable value creation among companies
procir.2015.08.037 in the manufacturing sector. International Journal of Environmental
Eliwa, Y., Aboud, A., & Saleh, A. (2019). ESG practices and the cost of debt: Technology and Management, 7(5/6), 496–511.
Evidence from EU countries. Critical Perspectives on Accounting, 70, Hamadamin, H. H., & Atan, T. (2019). The impact of strategic human
102097. https://doi.org/10.1016/j.cpa.2019.102097 resource management practices on competitive advantage sustain-
Elkington, J. (1997). Cannibals with forks: The triple bottom line of 21st cen- ability: The mediation of human capital development and employee
tury business. Capstone Publishing. commitment. Sustainability, 11(20), 5782. https://doi.org/10.3390/
Eriksen, S., Aldunce, P., Bahinipati, C. S., Martins, R. D. A., Molefe, J. I., su11205782
Nhemachena, C., Molefe, J., Olorunfemi, F., Park, J., Bahinipati, C. S., & Hart, S. L., & Milstein, M. B. (2003). Creating sustainable value. Academy of
Ulsrud, K. (2011). When not every response to climate change is a good Management Executive, 17(2), 56–69. https://doi.org/10.5465/ame.
one: Identifying principles for sustainable adaptation. Climate and Devel- 2003.10025194
opment, 3(1), 7–20. https://doi.org/10.3763/cdev.2010.0060 Haseeb, M., Hussain, H. I., Kot, S., Androniceanu, A., & Jermsittiparsert, K.
Eszergár-Kiss, D., & Caesar, B. (2017). Definition of user groups applying (2019). Role of social and technological challenges in achieving a sus-
Ward's method. Transportation Research Procedia, 22, 25–34. https:// tainable competitive advantage and sustainable business performance.
doi.org/10.1016/j.trpro.2017.03.004 Sustainability, 11(14), 3811. https://doi.org/10.3390/su11143811
Evans, S., Fernando, L., & Yang, M. (2017). Sustainable value creation— Henriksson, R., Livnat, J., Pfeifer, P., Stumpp, M., & Zeng, G. (2018). ESG
From concept towards implementation. In R. Stark, G. Seliger, & J. literature review. SSRN Electronic Journal, 1–14.
Bonvoisin (Eds.), Sustainable manufacturing. Sustainable production. Life Hernández‐Chea, R., Jain, A., Bocken, N. M., & Gurtoo, A. (2021). The busi-
cycle engineering and management (pp. 203–220). Springer, Cham. ness model in sustainability transitions: A conceptualization. Sustain-
https://doi.org/10.1007/978-3-319-48514-0_13 ability, 13(11), 5763. https://doi.org/10.3390/su13115763
Evans, S., Vladimirova, D., Holgado, M., Van Fossen, K., Yang, M., Hörisch, J., Freeman, R. E., & Schaltegger, S. (2014). Applying stakeholder
Silva, E. A., & Barlow, C. Y. (2017). Business model innovation for theory in sustainability management: Links, similarities, dissimilarities,
15353966, 2023, 5, Downloaded from https://onlinelibrary.wiley.com/doi/10.1002/csr.2489 by INASP/HINARI - PAKISTAN, Wiley Online Library on [03/03/2024]. See the Terms and Conditions (https://onlinelibrary.wiley.com/terms-and-conditions) on Wiley Online Library for rules of use; OA articles are governed by the applicable Creative Commons License
2360 ZIOŁO ET AL.
and a conceptual framework. Organization & Environment, 27(4), 328– Ludema, J. D., Laszlo, C., & Lynch, K. D. (2012). Embedding sustainability:
346. https://doi.org/10.1177/1086026614535786 How the field of organization development and change can help com-
Hristov, I., Chirico, A., & Appolloni, A. (2019). Sustainability value creation, panies harness the next big competitive advantage. In A. B. (Rami)
survival, and growth of the company: A critical perspective in the sus- Shani, W. A. Pasmore, & R. W. Woodman (Eds.), Research in organiza-
tainability balanced scorecard (SBSC). Sustainability, 11(7), 2119. tional change and development (Vol. 20, pp. 265–299). Emerald Group
https://doi.org/10.3390/su11072119 Publishing Limited. https://doi.org/10.1108/S0897-3016(2012)
Hu, G., Wang, X., & Wang, Y. (2021). Can the green credit policy stimulate 0000020011
green innovation in heavily polluting enterprises? Evidence from a Lüdeke-Freund, F. (2020). Sustainable entrepreneurship, innovation, and
quasi-natural experiment in China. Energy Economics, 98, 05134. business models: Integrative framework and propositions for future
https://doi.org/10.1016/j.eneco.2021.105134 research. Business Strategy and the Environment, 29(2), 665–681.
Ilyas, I. M., & Osiyevskyy, O. (2022). Exploring the impact of sustainable https://doi.org/10.1002/bse.2396
value proposition on firm performance. European Management Journal, Lüdeke-Freund, F., Rauter, R., Pedersen, E., & Nielsen, C. (2020). Sustain-
40(5), 729–740. https://doi.org/10.1016/j.emj.2021.09.009 able value creation through business models: The what, the who and
Jensen, J. P., Prendeville, S. M., Bocken, N. M., & Peck, D. (2019). Creating the how. Journal of Business Models, 8, 62–90.
sustainable value through remanufacturing: Three industry cases. Jour- Marczewska, M., & Kostrzewski, M. (2020). Sustainable business models:
nal of Cleaner Production, 218, 304–314. A bibliometric performance analysis. Energies, 13(22), 6062. https://
Juniarti, J. (2020). Does mandatory CSR provide long‐term benefits to doi.org/10.3390/en13226062
shareholders. Social Responsibility Journal, 17(6), 776–794. https://doi. Mati, B. N. (2021). An examination of the effect of impact investment instru-
org/10.1108/SRJ-03-2019-0114 ments on sustainable development financing in Kenya [Doctoral disserta-
Kaufman, L., & Rousseeuw, P. J. (2008). Finding groups in data: An introduc- tion]. Strathmore University. http://hdl.handle.net/11071/12946
tion to cluster analysis. Wiley. Max-Neef, M. (1991). Human scale development: Conception, application
Khan, M. A. (2022). ESG disclosure and firm performance: A bibliometric and further reflections. The Apex Press.
and meta analysis. Research in International Business and Finance, 61, Minatogawa, V. L. F., Franco, M. M. V., Rampasso, I. S., Anholon, R.,
101668. https://doi.org/10.1016/j.ribaf.2022.101668 Quadros, R., Durán, O., & Batocchio, A. (2020). Operationalizing busi-
Khan, S. A. R., Zhang, Y., Kumar, A., Zavadskas, E., & Streimikiene, D. ness model innovation through big data analytics for sustainable orga-
(2020). Measuring the impact of renewable energy, public health nizations. Sustainability, 12(1), 277. https://doi.org/10.3390/
expenditure, logistics, and environmental performance on sustainable su12010277
economic growth. Sustainable Development, 28(4), 833–843. https:// Mondal, S., Singh, S., & Gupta, H. (2022). A meta-analysis of green and sus-
doi.org/10.1002/sd.2034 tainable business models: A comprehensive approach. Journal of
Kita, P., & Šimberová, I. (2018). An overview of business models in the Cleaner Production, 371, 133623. https://doi.org/10.1016/j.jclepro.
Czech chemical industry: A sustainable multiple value creation per- 2022.133623
spective. Entrepreneurship and Sustainability Issues, 6(2), 662–676. Nadeem, M. (2013). Emerging markets: Corporate sustainability or maxi-
https://doi.org/10.9770/jesi.2018.6.2(14) mize stakeholder value? International Journal of Humanities and Social
Kluza, K., Ziolo, M., & Spoz, A. (2021). Innovation and environmental, Science, 3(5), 91–107.
social, and governance factors influencing sustainable business models Nosratabadi, S., Mosavi, A., Shamshirband, S., Zavadskas, E. K.,
– Meta-analysis. Journal of Cleaner Production, 303, 127015. https:// Rakotonirainy, A., & Chau, K. W. (2019). Sustainable business models:
doi.org/10.1016/j.jclepro.2021.127015 A review. Sustainability, 11(6), 1663.
Kuzma, E., Padilha, L. S., Sehnem, S., Julkovski, D. J., & Roman, D. J. (2020). Oláh, J., Aburumman, N., Popp, J., Khan, M. A., Haddad, H., &
The relationship between innovation and sustainability: A meta- Kitukutha, N. (2020). Impact of industry 4.0 on environmental sustain-
analytic study. Journal of Cleaner Production, 259, 120745. ability. Sustainability, 12(11), 4674.
Lacoste, S. (2016). Sustainable value co‐creation in business networks. Osterwalder, A., & Pigneur, Y. (2010). Business model generation: A hand-
Industrial Marketing Management, 52, 151–162. https://doi.org/10. book for visionaries, game changers, and challengers. John Wiley & Sons.
1016/j.indmarman.2015.05.018 Pal, R., & Gander, J. (2018). Modeling environmental value: An examination
Lagasio, V., & Cucari, N. (2019). Corporate governance and environmental of sustainable business models within the fashion industry. Journal of
social governance disclosure: A meta-analytical review. Corporate Cleaner Production, 184, 251–263.
Social Responsibility and Environmental Management, 26(4), 701–711. Pande, B., & Adil, G. K. (2022). Assessment of the current state of sustain-
https://doi.org/10.1002/csr.1716 ability in a manufacturing firm. International Journal of Productivity and
Lange, L., Connor, K. O., Arason, S., Bundgård-Jørgensen, U., Canalis, A., Performance Management, 71(4), 1254–1276. https://doi.org/10.
Carrez, D., Gallagher, J., Gøtke, N., Huyghe, C., Jarry, B., Llorente, P., 1108/IJPPM-04-2020-0151
Marinova, M., Martins, L. O., Mengal, P., Paiano, P., Panoutsou, C., Pandit, P., Nadathur, G. T., & Jose, S. (2019). Upcycled and low-cost sus-
Rodrigues, L., Stengel, D. B., van der Meer, Y., & Vieira, H. (2021). tainable business for value-added textiles and fashion. In The textile
Developing a sustainable and circular bio-based economy in EU: By institute book series, circular economy in textiles and apparel (pp. 95–
partnering across sectors, upscaling and using new knowledge faster, 122). Woodhead Publishing. https://doi.org/10.1016/B978-0-08-
and for the benefit of climate, environment & biodiversity, and peo- 102630-4.00005-4
ple & business. Frontiers in Bioengineering and Biotechnology, 8, Patel, A. B., & Desai, T. N. (2019). A systematic review and meta-analysis
619066. https://doi.org/10.3389/fbioe.2020.619066 of recent developments in sustainable supply chain management.
Laukkanen, M., & Tura, N. (2020). The potential of sharing economy busi- International Journal of Logistics Research and Applications, 22(4), 349–
ness models for sustainable value creation. Journal of Cleaner Produc- 370. https://doi.org/10.1080/13675567.2018.1534946
tion, 253, 120004. https://doi.org/10.1016/j.jclepro.2020.120004 Peng, B., Yan, W., Elahi, E., & Wan, A. (2022). Does the green credit policy
Laursen, M., & Svejvig, P. (2016). Taking stock of project value creation: A affect the scale of corporate debt financing? Evidence from listed
structured literature review with future directions for research and companies in heavy pollution industries in China. Environmental Sci-
practice. International Journal of Project Management, 34(4), 736–747. ence and Pollution Research, 29(1), 755–767. https://doi.org/10.1007/
https://doi.org/10.1016/j.ijproman.2015.06.007 s11356-021-15587-7
Lebart, L., Morineau, A., & Warwick, K. M. (1984). Multivariate descriptive Perey, R., Benn, S., Agarwal, R., & Edwards, M. (2018). The place of waste:
statistical analysis. Correspondence analysis and related techniques for Changing business value for the circular economy. Business Strategy
large matrices. John Wiley & Sons, Inc. and the Environment, 27(5), 631–642.
15353966, 2023, 5, Downloaded from https://onlinelibrary.wiley.com/doi/10.1002/csr.2489 by INASP/HINARI - PAKISTAN, Wiley Online Library on [03/03/2024]. See the Terms and Conditions (https://onlinelibrary.wiley.com/terms-and-conditions) on Wiley Online Library for rules of use; OA articles are governed by the applicable Creative Commons License
ZIOŁO ET AL. 2361
Petcharat, N. (2020). Can an integrated reporting system in Thai context Upward, A., & Jones, P. (2016). An ontology for strongly sustainable busi-
create sustainable value to users? International Journal of Monetary ness models: Defining an enterprise framework compatible with natu-
Economics and Finance, 13(3), 253–259. https://doi.org/10.1504/ ral and social science. Organization & Environment, 29(1), 97–123.
IJMEF.2020.108827 https://doi.org/10.1177/1086026615592933
Phuong, N. A., & Guidat, T. (2018). Sustainable value stream mapping and Urban, M. A., & Wo jcik, D. (2019). Dirty banking: Probing the gap in sus-
technologies of industry 4.0 in manufacturing process reconfiguration: tainable finance. Sustainability, 11(6), 1745. https://doi.org/10.3390/
A case study in an apparel company [Conference presentation]. In su11061745
2018 IEEE international conference on service operations and logistics, Venkatesh, V. G., Kang, K., Wang, B., Zhong, R. Y., & Zhang, A. (2020). Sys-
and informatics (SOLI). IEEE. tem architecture for blockchain based transparency of supply chain
Pittaway, L., Robertson, M., Munir, K., Denyer, D., & Neely, A. (2004). Net- social sustainability. Robotics and Computer-Integrated Manufacturing,
working and innovation: A systematic review of the evidence. Interna- 63, 101896. https://doi.org/10.1016/j.rcim.2019.101896
tional Journal of Management Reviews, 5‐6, 137–168. https://doi.org/ Vincenza Ciasullo, M., & Troisi, O. (2013). Sustainable value creation in
10.1111/j.1460-8545.2004.00101.x SMEs: A case study. TQM Journal, 25(1), 44–61. https://doi.org/10.
Pizzi, S., Corbo, L., & Caputo, A. (2021). Fintech and SMEs sustainable 1108/17542731311286423
business models: Reflections and considerations for a circular econ- Wadin, J. L., Ahlgren, K., & Bengtsson, L. (2017). Joint business model
omy. Journal of Cleaner Production, 281, 125217. https://doi.org/10. innovation for sustainable transformation of industries – A large multi-
1016/j.jclepro.2020.125217 national utility in alliance with a small solar energy company. Journal of
Raimo, N., Caragnano, A., Zito, M., Vitolla, F., & Mariani, M. (2021). Extend- Cleaner Production, 160, 139–150. https://doi.org/10.1016/j.jclepro.
ing the benefits of ESG disclosure: The effect on the cost of debt 2017.03.151
financing. Corporate Social Responsibility and Environmental Manage- Wheeler, D., Colbert, B., & Freeman, R. E. (2003). Focusing on value: Rec-
ment, 28(4), 1412–1421. https://doi.org/10.1002/csr.2134 onciling corporate social responsibility, sustainability and a stakeholder
Rana, P., Short, S. W., Bocken, N., & Evans, S. (2013). Towards a sustain- approach in a network world. Journal of General Management, 28(3), 1–
able business form: A business modelling process and tools. In Sustain- 28. https://doi.org/10.1177/030630700302800301
able consumption research and action initiative (SCORAI) conference: The Xu, X., & Li, J. (2020). Asymmetric impacts of the policy and development
future of consumerism and well-being in a world of ecological constraints. of green credit on the debt financing cost and maturity of different
Clark University. types of enterprises in China. Journal of Cleaner Production, 264,
Richardson, J. (2008). The business model: An integrative framework for 121574.
strategy execution. Strategic Change, 17, 133–144. https://doi.org/10. Yang, M. (2015). Sustainable value creation for product-service systems (PSS)
1002/jsc.821 [Doctoral dissertation]. University of Cambridge, Apollo. https://doi.
Roscoe, S., Subramanian, N., Jabbour, C. J., & Chong, T. (2019). Green org/10.17863/CAM.13773
human resource management and the enablers of green organisational Yang, M., Vladimirova, D., Rana, P., & Evans, S. (2014). Sustainable value
culture: Enhancing a firm's environmental performance for sustainable analysis tool for value creation. Asian Journal of Management Science
development. Business Strategy and the Environment, 28(5), 737–749. and Applications, 1(4), 312–332. https://doi.org/10.1504/ajmsa.2014.
https://doi.org/10.1002/bse.2277 070649
Sanchez-Roger, M., Oliver-Alfonso, M. D., & Sanchís-Pedregosa, C. (2018). Yang, Y., Han, H., & Lee, P. (2017). An exploratory study of the mechanism
Bail-In: A sustainable mechanism for rescuing banks. Sustainability, of sustainable value creation in the luxury fashion industry. Sustainabil-
10(10), 3789. https://doi.org/10.3390/su10103789 ity, 9(4), 483. https://doi.org/10.3390/su9040483
Scatigna, M., Xia, D., Zabai, A., & Zulaica, O. (2021). Achievements and Yip, A. W., & Bocken, N. M. (2018). Sustainable business model archetypes
challenges in ESG markets. BIS Quarterly Review. https://www.bis.org/ for the banking industry. Journal of Cleaner Production, 174, 150–169.
publ/qtrpdf/r_qt2112f.htm Zastrau, R. (2015). Nanogate AG: Sustainable value creation in technology
Schaltegger, S., Hansen, E. G., & Lüdeke-Freund, F. (2016). Business companies. In M. D'heur (Ed.), Sustainable value chain management.
models for sustainability: Origins, present research, and future ave- CSR, sustainability, ethics & governance (pp. 157–165). Springer.
nues. Organization & Environment, 29(1), 3–10. https://doi.org/10. https://doi.org/10.1007/978-3-319-12142-0_5
1177/1086026615599806 Zhao, J., Patwary, A. K., Qayyum, A., Alharthi, M., Bashir, F., Mohsin, M.,
Segovia‐Villarreal, M., Florez‐Lopez, R., & Ramon‐Jeronimo, J. M. (2019). Hanif, I., & Abbas, Q. (2022). The determinants of renewable energy
Berry supply chain management: An empirical approach. Sustainability, sources for the fueling of green and sustainable economy. Energy, 238,
11(10), 2862. https://doi.org/10.3390/su11102862 122029. https://doi.org/10.1016/j.energy.2021.122029
Spandel, T., Schiemann, F., & Hoepner, A. G. (2020). Capital market effects of
ESG materiality standards. SSRN. https://doi.org/10.2139/ssrn.3694285
Stubbs, W., & Cocklin, C. (2008). Conceptualizing a “sustainability business
model”. Organization & Environment, 21(2), 103–127.
Tiwari, S., Dharwal, M., & Fulzele, R. (2022). An impact of environment on How to cite this article: Zioło, M., Bąk, I., & Spoz, A. (2023).
consumer loyalty towards sustainable businesses in India. Materials Today: Theoretical framework of sustainable value creation by
Proceedings, 60, 911–916. https://doi.org/10.1016/j.matpr.2021.10.249 companies. What do we know so far? Corporate Social
Treptow, I. C., Kneipp, J. M., Gomes, C. M., Kruglianskas, I.,
Responsibility and Environmental Management, 30(5),
Favarin, R. R., & Fernandez-Jardo n, C. M. (2022). Business model inno-
vation for sustainable value creation in construction companies. Sus- 2344–2361. https://doi.org/10.1002/csr.2489
tainability, 14(16), 10101. https://doi.org/10.3390/su141610101