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Implementation of sustainability principles into systems of business management – linking sustainability to business strategy

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Category: Economy and management

Last Updated on 08 February 2016

Published on 08 February 2016

Hits: 3863

Authors:

L. Dvorakova, Ing., CSc., Prof., University Of West Bohemia, Pilsen, Czech Republic

L. Vallisova, Ing., University Of West Bohemia, Pilsen, Czech Republic

Abstract:

Purpose. The paper is focused on identifying and analyzing of current state and use of the Sustainability Concept in the business management and assesses the possibility of integration of sustainability principles into business strategy.

Methodology. In terms of research methodology the work is based on comprehensive analyses of the Balanced Scorecard approach from the perspective of Sustainability Development Concept carried out by the results of the survey, desk research, along with expert interviews.

Findings. Analysis of theoretical approaches to the assessment of use of sustainability principles in the business management is made. Theoretical and methodical recommendations how these principles could be involved in practice via The Process of Building Sustainability Balanced Scorecard System are formulated and this is further validated in a case study on OKD, the only producer of hard coal (bituminous coal) in the Czech Republic.

Originality. Based on theoretical and practical knowledge authors will develop methodology that will enable the implementation of the sustainability principles into corporate strategy through the Balanced Scorecard.This fact allows to point out the relation between social, environmental and economic dimension of business strategy within a Sustainability Balanced.

Practical value. This paper offers a systematic review, which is crucial, not only for advancing an academic field, but also for informing management practice and show the way how to incorporate sustainability in practise.

References:

1. Figge, F., Hahn, T., Schaltegger, S., Wagner, M. (2001), The sustainability balanced scorecard-theory and application of a tool for value-based sustainability management, Gothenburg: Greening of Industry Network Conference, pp. 1−32.

2. Bennett, M., Burritt, R., Schaltegger, S. (2006), Sustainability accounting and reporting. Dordrecht: Springer.

3. Kaplan, R.S., Norton, D.P. (1996), The Balanced scorecard: translating strategies into action, Boston: Harvard Business School Press.

4. Hansen, E., Schaltegger, S. (2012), Pursuing Sustainability with the Balanced Scorecard: Between Shareholder Value and Multiple Goal Optimisation, Lunenburg: Centre for sustainability management, available at: http://www2. leuphana.de/umanagement/csm/content/nama/downloads/download_publikationen/Hansen_Schaltegger_2012_Pursuing_Sustainability_BSC.pdf.

5. Rohm, H. (2010), Link sustainability to corporate strategy using the balanced scorecard, Balanced Scorecard Institut, available at: http://www.balancedscorecard.org /Portals/0/PDF/LinkingSustainabilitytoCorporateStrategyUsingtheBalancedScorecard.pdf .

6. Moller, A., Schaltegger, S. (2005), The sustainability balanced scorecard as a framework for eco-efficiency analysis, Yale University: The Journal of Industrial Ecology, vol. 9, nr. 4.

7. OKD, a.s. (2012), OKD odpovědná firma, available at: http://www.okd.cz/cs/odpovedna-firma.

8. Horová, M. (2012), “Performance Audit Considering the Sustainability: Approach of the Czech Enterprises”, Proceedings of the 8th European Conference on Management, Leadership and Governance, Reading: Academic Publishing International Limited, pp. 231−236.

9. Krechovská, M., Taušl Procházková, P. (2014), “Sustainability and its Integration into Corporate Governance Focusing on Corporate Performance Management and Reporting“ Procedia Engineering. Amsterdam: Elsevier, pp.1144–1151.

10. Zingales, F. Hockerts, K. 2003. Balanced scorecard and sustainability: examples from literature and practice, Center for management of environmental resources, available at: https://flora.insead.edu/fichiersti_wp/inseadwp2003 /2003-30.pdf.

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