Authors, Year, Title, Journal and Region

Synthesis

ESG PRACTICES

CAMILLERI. (2015) Environmental, social and governance disclosures in Europe. Sustainability accounting management and policy journal. Europe.

The article outlines the European Union's approach to ESG disclosures, focusing on the adoption of the European Commission's guidelines by EU member states through a combination of smart regulations and both voluntary and mandatory measures. It emphasizes the need for national governments to offer further guidance to both civil society and corporations to ensure compliance with the evolving EU standards in ESG reporting. Europe.

WANG; SARKIS (2017). Corporate social responsibility governance, outcomes, and financial performance. Journal of cleaner production. USA.

The research explores the relationship between Corporate Social Responsibility (CSR) governance, CSR outcomes, and financial performance. It assesses companies’ environmental, social, and governance activities and outcomes, and uses a four-step mediation analysis to examine the impact of CSR outcomes on the relationship between CSR governance and financial performance.

AMEL-ZADEH; SERAFEIM (2018). Why and How Investors Use ESG Information: Evidence from a Global Survey. Financial analysts journal. USA e Europe.

The text underscores the rapid increase in companies reporting on ESG factors and the corresponding rise in investor interest, linking ESG disclosures to notable economic benefits. It cites survey findings from top investment firms, highlighting investment performance, client demand, product strategy, and ethical considerations as the chief reasons for incorporating ESG data, while also noting the absence of standardized reporting as a significant challenge to its broader adoption.

CUCARI; DE FALCO; ORLANDO (2018). Diversity of Board of Directors and Environmental Social Governance: Evidence from Italian Listed Companies. Corporate social responsibility and environmental management. Europe.

The study investigates the association between Environmental, Social, and Governance (ESG) disclosure and board diversity in listed Italian companies, with a specific focus on gender diversity, CSR committees, average board composition, and independent directors. The findings indicate that CSR disclosure is associated with independent directors and CSR committees, while the presence of women on boards is negatively correlated. The study provides insights for shareholders and policymakers on the significant roles that board diversity plays in ESG disclosure.

MIRALLES-QUIROS, et al. (2018). The Value Relevance of Environmental, Social, and Governance Performance: The Brazilian Case. Sustainability. Brazil.

Analyzes the impact of corporate social responsibility activities on the value of companies listed on the São Paulo Stock Exchange in Brazil during the period 2010-2015. The results suggest that the market values environmental practices positively and significantly for companies not related to environmentally sensitive industries, while it values social and corporate governance practices positively and significantly for companies in those sensitive sectors.

TALIENTO; FAVINO; NETTI (2019). Impact of Environmental, Social, and Governance Information on Economic Performance: Evidence of a Corporate `Sustainability Advantage’ from Europe. Sustainability. Europe.

The study examines the financial impact of ESG data among leading European companies, exploring how non-financial sustainability indicators influence economic results. By assessing both absolute and relative ESG metrics, the research reveals that while absolute scores show limited effect, deviations from industry norms markedly enhance competitive sustainability advantage. Additionally, it points out the importance of corporate size and positions social, environmental, and governance duties as essential competitive factors for modern enterprises.

GILLAN; KOCH; STARKS (2021). Firms and social responsibility: A review of ESG and CSR research in corporate finance. Journal of corporate finance.

Reviews research on Environmental, Social, and Governance (ESG) and Corporate Social Responsibility (CSR) in corporate finance, focusing on debated and researched issues related to market characteristics, leadership, ownership, risk, performance, and company value. It highlights the strong relationship between companies’ ESG/CSR profiles and their market characteristics, leadership, ownership, as well as their risk, performance, and value. However, there are still unresolved hypotheses and conflicting results, indicating the need for further research in this area.

PEDERSEN; FITZGIBBONS; POMORSKI (2021). Responsible investing: The ESG-efficient frontier. Journal of Financial Economy.

Proposes a theory that incorporates Environmental, Social, and Governance (ESG) scores of stocks to provide insights into a company’s fundamentals and influence investor preferences. The paper also discusses the impact of ESG on asset prices.

SCHLEICH (2022). Quais são as políticas e práticas em recursos humanos mais utilizadas pelas empresas com melhores índices ESG no brasil? Revista de administração de empresas. Brazil.

Investigates which human resources policies and practices are most commonly used by Brazilian companies that excel in ESG and determines which contribute most strongly to ESG ratings. The results showed that many companies at the highest levels of ESG have already incorporated various employee-related policies; however, practice still falls short of policy. Additionally, metrics were identified that could represent an opportunity for improvement, such as the application of practices along the supply chain, the existence of a team focused on health and safety, and the implementation of policies aimed at training and development, diversity, and opportunity.

AMBIENTAL DIMENSION

NOGUEIRO; RAMOS (2014). The integration of environmental practices and tools in the Portuguese local public administration. Journal of cleaner production. Portugal.

Discusses the integration of environmental practices and tools in local Portuguese public administration, highlighting the need for research on initiatives that offer a coherent environmental framework for local governments. The goal is to identify the general state of environmental integration and engagement in Portuguese municipalities, as well as the extent of the implementation of specific environmental practices and tools.

HOOGENDOORN; GUERRA; VAN DER ZWAN (2015). What drives environmental practices of SMEs? Small Business Economics.  Global.

Aims to understand the drivers of environmental practices in small and medium-sized enterprises (SMEs). Despite the significant impact of SMEs on the economy and the natural environment, their socially responsible behavior remains underexplored in the literature. The findings suggest that strict environmental legislation encourages companies to engage in environmental activities, particularly in the case of green products and services. The size of the company plays a significant role in engaging in greening processes, while SMEs in tangible sectors and those receiving financial support are more involved in environmental practices.

LEWIS; CASSELLS; ROXAS (2015). SMEs and the Potential for A Collaborative Path to Environmental Responsibility. Business Strategy and Environment.

Focuses on the attitudes of small and medium-sized enterprises (SMEs) owners/managers towards various environmental issues and on collaboration with other businesses. It highlights the potential for collaboration to increase environmental engagement among SMEs and overcome barriers associated with their size and characteristics.

TO; LAM; LAI (2015). Importance-performance ratings for environmental practices among Hong Kong professional-level employees. Journal of cleaner production. China.

The article explores the perceptions of professional-level employees in Hong Kong on the importance and performance of environmental practices. The study found a strong association between the performance of environmental practices and their perceived importance. Organizations and employees in Hong Kong were primarily focused on saving paper and energy resources but had not yet adopted the concept of a green value chain or engaged their suppliers in becoming environmentally friendly. The research contributes to identifying the key internal and external factors that influence environmental practices.

DJEKIC, et al. (2016). Assessment of environmental practices in Serbian meat companies. Journal of Cleaner Production. USA.

The article focuses on assessing environmental practices in Serbian meat companies, specifically examining the level of implementation and its impact on financial performance. It also discusses the perception of environmental practices as costly by small and medium-sized enterprises, while highlighting the potential benefits of such practices in terms of innovation and cost reduction.

LEE; CIN; LEE (2016). Environmental Responsibility and Firm Performance: The Application of an Environmental, Social and Governance Model. Business Strategy and the Environment. South Korea.

The study examines the impact of environmental responsibility on corporate financial performance, measured by return on equity (ROE) and return on assets (ROA). Results indicate a positive and statistically significant relationship between environmental responsibility and both ROE and ROA. However, the study also found that research and development (R&D) intensity does not influence environmental responsibility or corporate financial performance. The findings call for further empirical analysis across industries and the use of various estimation methods to assess the link between environmental responsibility and corporate financial performance.

TELES, et al. (2016). Uma proposta para avaliação da sustentabilidade socioambiental utilizando suporte analítico e gráfico. Production. Brazil.

The article aims to characterize the adoption of environmental management practices in large Brazilian companies. It analyzes the profile of variables and uses hierarchical cluster analysis to identify five groups with different levels of environmental practice adoption.

MIROSHNYCHENKO; BARONTINI; TESTA (2017). Green practices and financial performance: A global outlook. Journal of Cleaner Production. Global.

The study theorizes and empirically examines the impacts of corporate green practices on financial performance. Results indicate that internal green practices (pollution prevention and green supply chain management) are the primary environmental drivers of financial performance, while external green practices (development of green products) play a secondary role in determining financial performance. The adoption of ISO 14001 appears to have a negative impact on financial performance.

KIM (2018). Proactive versus Reactive Corporate Environmental Practices and Environmental Performance. Sustainability.

The study investigates the Impact of different types of corporate environmental practices on environmental performance, using a resource-based view and a disaggregated approach. It emphasizes the importance of carefully interpreting the relationship between corporate environmental practices and performance. The findings aim to provide a more nuanced understanding of measuring environmental practices and their impact on environmental performance, which can be valuable for both theorists and practitioners.

RIO-RAMA; ALVAREZ-GARCIA; OLIVEIRA (2018). Environmental Practices. Motivations and Their Influence on the Level of Implementation. Sustainability. Italy.

Identifies and analyzes environmental practices in the thermal sector in Spain, using descriptive and regression analysis methodologies. The study also examines the influence of motivations on the level of implementation of environmental practices in thermal establishments, providing a diagnosis of environmental management in the sector.

BANDINELLI, et al. (2020). Environmental practices in the wine industry: an overview of Italian market. British food journal. Italy.

Presents a classification of specific environmental practices in the wine industry and investigates the level of adoption of these practices by Italian wine producers. Provides an overview of the adoption of environmental practices and highlights the attention given to all listed practices, including those not yet adopted.

TYLER,  et al (2020). SME Managers’ Perceptions of Competitive Pressure and the Adoption of Environmental Practices in Fragmented Industries: A Multi-Country Study in the Wine Industry. Organization & environment. Europe and USA.

Aims to understand how internal and external factors influence the adoption of environmental practices in small and medium enterprises (SMEs) and whether the regulatory context moderates this relationship. The hypothesis is of a positive relationship between SMEs’ proactivity and the adoption of environmental practices, with the relationship being enhanced by greater regulatory pressure. The study uses data from global surveys of the wine industry and finds support for the hypotheses, highlighting the role of external regulatory pressure in motivating proactively oriented SMEs to adopt environmental practices.

ARCO-CASTRO, et al. (2023). The role of socially responsible investors in environmental performance. An analysis of proactive and reactive practices. Journal of Cleaner Production. Europe.

The article examines the influence of socially responsible investors (SRI) on companies’ proactive and reactive environmental practices. It proposes that the degree of control, stability, and value of SRI may have an impact on a company’s environmental practices.

SOCIAL DIMENSION

GARAY; FONT (2012). Doing good to do well? Corporate social responsibility reasons, practices and impacts in small and medium accommodation enterprises. International Journal of Hospitality Management.

The article addresses the gap in analyzing corporate social responsibility (CSR) practices in the service sector, particularly in small and medium-sized lodging businesses. It explores the motives behind responsible actions, the impact of CSR on financial performance, and the need for greater implementation of these practices to gain competitive advantages.

GALLEGO-ALVAREZ; FORMIGONI; POMPA ANTUNES (2014). Corporate social responsibility practices at Brazilian firms. ERA. Brazil.

Focuses on analyzing the corporate social responsibility practices that Brazilian companies are engaged in. Based on the results obtained, it can be inferred that CSR variables corresponding to environmental practices are more closely linked to companies located in the northern areas of Brazil. Social and community practices are linked to companies located mainly in the southern and northeastern regions of the country.

GOVERNANCE DIMENSION

AL-MALKAWI; PILLAI; BHATTI (2014). Corporate governance practices in emerging markets: The case of GCC countries. Economic modelling. Gulf Countries.

The article examines corporate governance practices in Gulf countries. It identifies thirty attributes of internal governance that are summarized into three categories to form the best CG practices in the region.

LATTEMANN (2014). On the convergence of corporate governance practices in emerging markets. International Journal of Emerging Markets. BRICs.

Analyzes the convergence and adaptation of corporate governance practices in the BRICs, demonstrating how companies in these countries apply international standards of corporate governance and which factors affect the quality of practices. It shows that these companies adapt to the best international practices of corporate governance, and that international institutions positively influence BRIC companies in this regard.

ALKHAWALDEH (2022). Attitudes of Directors towards Governance Practices in Government Institutions and Companies in Jordan. Jordan Journal of Business Administration. Jordany.

Examines the attitudes of directors towards governance practices in governmental institutions and companies in Jordan. Investigated governance practices include legal and institutional frameworks, strategy and performance management structures, human capital management structures, resource management structures, and operational management structures.

AMBIENTAL AND SOCIAL DIMENSIONS

DESJARDINE; BANSAL; YANG (2019). Bouncing Back: Building Resilience Through Social and Environmental Practices in the Context of 2008 Global Financial Crisis. Journal of management. Spain.

It argues that strategic social and environmental practices contribute more to organizational resilience than tactical practices. It suggests that focusing on the benefits of social and environmental practices for resilience can help companies survive longer and adapt to environmental changes.

SOCIAL AND GOVERNANCE DIMENSIONS

CHEUNG; JIANG; TAN (2012). ‘Doing-good’ and ‘doing-well’ in Chinese publicly listed firms. China Economic Review. China.

The study constructs a Corporate Social Responsibility (CSR) index to measure the quality of CSR practices of major Chinese listed companies during 2004-2007. It concludes that Chinese companies are making progress in their CSR practices and that the market rewards companies for improving their corporate governance practices, indicating that “doing good” leads to “doing well” in the stock market in China. The study also highlights that Chinese companies listed abroad and more profitable ones have enhanced their CSR practices, suggesting the need for more CSR initiatives in other emerging markets.

ORGANIZATIONAL SUSTAINABILITY

MAIA; PIRES (2011). Uma compreensão da sustentabilidade por meio dos níveis de complexidade das decisões organizacionais. RAM – Revista de Administração Mackenzie.

The paper proposes a methodology for defining realistic and challenging sustainability goals for corporations, based on quantitative methods and input from decision-makers. The methodology integrates various techniques aligned with the Sustainable Development Goals (SDGs). It fills a gap in the market by enabling the formulation of quantitative goals for various sustainability indicators without thematic restrictions and considering the opinions of decision-makers. It provides a way to integrate corporate goals into the business plans of their operational units, which is often a significant barrier to the adoption of such goals.

BRUNSTEIN; SCARTEZINI, RODRIGUES (2012). Sustentabilidade na educação corporativa e o desenvolvimento de competências societais. Organizações & Sociedade. Brazil.

The study investigates the relevance and impact of competency development programs in organizations, specifically focusing on integrating sustainability principles into business practice. It reveals that while the leadership development program successfully enhanced managers’ knowledge and critical insight, they still faced challenges in aligning business objectives with sustainability principles. The findings underscore the ongoing paradoxes and difficulties in translating sustainability concepts into actions within organizations.

CHOI; YU (2014) The Influence of Perceived Corporate Sustainability Practices on Employees and Organizational Performance. Sustainability. China.

The article examines the influence of corporate Sustainability practices (CSP) on employees’ attitudes and behaviors and their mediating effects on organizational performance. Empirical results indicate that employees’ perceptions of CSP positively impact their organizational commitment and organizational citizenship behavior, partially mediating the relationship between CSP and organizational performance.

KLEWITZ; HANSEN (2014). Sustainability-oriented innovation of SMEs: a systematic review. Journal of cleaner production.

The article presents a systematic literature review on sustainability-oriented innovations (SOIs) in small and medium-sized enterprises (SMEs), categorizing practices into process, organizational, and product innovations. The review aims to provide an integrated framework for understanding SOIs in SMEs, identify research gaps, and propose strategies to enhance innovative capacity for sustainability. The article suggests that engaging with external stakeholders can enhance SMEs’ innovative capacity for SOIs, particularly for more proactive behaviors.

MONTIEL; DELGADO-CEBALLOS (2014). Defining and Measuring Corporate Sustainability: Are We There Yet? Organization & Environment.

This literature review aims to provide a better understanding of the field of corporate sustainability (CS) by quantifying research dedicated to CS and related topics, summarizing different definitions, organizational theories, and measures used by management scholars, and highlighting differences between literature aimed at academics and professionals. It also focuses on how stakeholders influence corporate sustainability behavior and highlights similarities and differences in the use of theories. Additionally, it mentions that there is no standardized definition of CS, with professionally oriented definitions being more prescriptive and academically focused definitions being more holistic and complex.

TOMŠIČ; BOJNEC; SIMČIČ (2015). Corporate sustainability and economic performance in small and medium sized enterprises. Journal of Cleaner Production. Europe.

This study examines the relationship between corporate sustainability and economic performance in small and medium-sized enterprises (SMEs), considering variables such as leadership, human capital, innovation process, and EU policies for SMEs. It concludes that they are complementary and that companies need to balance economic performance with social responsibility and environmental protection in competitive markets. It was demonstrated that leadership has a significant positive effect on corporate sustainability, and investment in human capital leads to innovation, which in turn has a significant positive influence. Also highlights the importance of SMEs becoming familiar with EU policy mechanisms to improve sustainability and corporate competitiveness.

ADAMS et al. (2016). Sustainability-oriented Innovation: A Systematic Review. International Journal of Management Reviews.

The article discusses the impact of corporate sustainability on organizational processes and performance, aiming to better understand and utilize operational research tools and methods for improved outcomes. It identifies four pillars (governance, stakeholder engagement, decision-making time horizon, and measurement reporting) directly affected by sustainability commitment and contributing to the establishment of a long-term sustainable organization.

VILDÅSEN; KEITSCH; FET (2017). Clarifying the Epistemology of Corporate Sustainability. Ecological Economics.

The article analyzes the epistemology of Corporate Sustainability (CS) through a conceptual analysis based on positivism and constructivism, aiming to identify epistemological trends in influential CS literature.

LOZANO (2018). Sustainable business models: Providing a more holistic perspective. Business Strategy and the Environment. Japan.

The article analyzes the contribution of Japanese business terms to corporate sustainability, highlighting their complementary approaches to Western views and the need to enhance stakeholder engagement and communication in Japanese business practices. The research suggests that both Eastern and Western companies can learn from each other’s approaches to corporate sustainability and adapt them to their own contexts to contribute to a more sustainable world.

RAGHUPATHI; REN; RAGHUPATHI (2020). Identifying corporate sustainability issues by analyzing shareholder resolutions: A machine-learning text analytics approach. Sustainability.

The article explores the use of text analysis techniques to extract insights from shareholder sustainability resolutions, providing valuable knowledge about corporate sustainability efforts and shareholders’ perspectives and objectives. The results demonstrate that stakeholders, such as shareholders, can influence corporate sustainability through resolutions, and the incorporation of text analysis techniques enhances the understanding of shareholder resolutions and reaches a broader audience.

BEZERRA; SCHRAMM; SCHRAMM (2021). A literature review on models for assessing corporate sustainability. International journal of sustainable engineering.

The paper presents a literature review on corporate sustainability assessment models. It concludes that there is no consensus among researchers on the definition of corporate sustainability, and different indicators have been used to assess it. The article recommends a set of relevant indicators to be adopted for evaluating corporate sustainability.

KHALED; ALI; MOHAMED (2021). The Sustainable Development Goals and corporate sustainability performance: Mapping, extent and determinants. Journal of Cleaner Production.

The study develops a framework to map the Sustainable Development Goals (SDGs) with a company’s sustainability practices, providing a guide for companies to measure their progress in achieving the SDGs. The research also explores the relationship between specific company characteristics and corporate sustainability performance, finding that profitable, larger, and less leveraged companies tend to demonstrate better sustainability performance.

PAZIENZA; JONG; SCHOENMAKER (2022). Clarifying the Concept of Corporate Sustainability and Providing Convergence for Its Definition. Sustainability. 2022.

The paper discusses the lack of a commonly accepted definition and understanding of corporate sustainability (CS), which hampers effective and consistent practices. The authors conducted an ontological analysis of various interrelated concepts and an analysis of the necessary conditions to define the constitutive characteristics of corporate sustainability, demonstrating that it can be well-defined around its environmental, social, and economic pillars.

MAH; CHUAH; E-VAHDATI (2023). Corporate Sustainability Orientation, Sustainable Development Practices, and Firm Performance of MSMEs in Malaysia. Asian Journal of Business Research. Malaysia.

The study examines the influence of corporate sustainability orientation on firm performance and the mediating role of environmental practices in Micro, Small, and Medium Enterprises (MSMEs) in Malaysia. It highlights the importance of corporate sustainability orientation in enhancing environmental sustainability practices in MSMEs, which, in turn, leads to positive outcomes for the company.

ESG PRACTICES AND ORGANIZATIONAL SUSTAINABILITY

LOKUWADUGE; HEENETIGALA (2017). Integrating Environmental, Social and Governance (ESG) Disclosure for a Sustainable Development: An Australian Study. Business Strategy and the Environment. Australia.

The study contributes to understanding ESG reporting in the metals and mining sector listed on the Australian Stock Exchange, highlighting the nature of ESG indicators used in the sector and the influence of reporting regulations on ESG reporting motivations. It emphasizes the importance of stakeholder engagement in improving environmental policies and sustainable development, suggesting the use of an ESG disclosure index as a legitimacy tool for external stakeholders to measure and compare ESG performance. It identifies the need for more empirical research on integrating sustainability into strategic planning.

ESCRIG-OLMEDO et al. (2019). Rating the raters: Evaluating how ESG rating agencies integrate sustainability principles. Sustainability.

The aim is to understand the evolution of criteria used by ESG rating agencies over the past decade and analyze if these agencies are promoting sustainable development by integrating sustainability principles into their assessment processes and practices. The results show that, while ESG rating agencies have integrated new criteria to measure corporate performance more accurately, they have not fully incorporated sustainability principles into their assessment processes. It highlights that ESG rating agencies are gradually integrating the needs and expectations of various stakeholders, such as indigenous peoples’ rights, local suppliers, customer satisfaction, etc. However, they

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