Abstract
Sustainability describes a means to satisfy the needs of today’s generation without causing suffering to the needs and standards of living of future generations. The concept of sustainability consists of three pillars: economic, environmental, and social. The purpose of this study is to find a link between Corporate Social Responsibility and the Environmental Management System and its impact on the economic results of the researched companies. Many companies expect to increase their profits through Corporate Social Responsibility behavior and Environmental Management System certification. Based on an analysis of data collected from 200 of the largest firms operating in various industries in the Slovak Republic, we observed the implications of these two management tools and their impacts on the economic results of these companies. To verify individual hypotheses, we use well-established methods, specifically the Pearson Chi-square test, the Mann-Whitney U test, and the Kruskal-Wallis test, along with the Statistica software. The results suggest a relationship between the incorporation of these two management tools and that incorporation of the Corporate Social Responsibility has an impact on company profit. This work contributes to the literature on sustainability, corporate social behavior, and environmental certification in firms operating in various sectors of the national economy.
Highlights
Many researchers and firm managers are interested in corporate sustainability management, which describes the managerial objective to achieve sustainability of the firm in the economic, environmental, and societal circumstances that can affect firm behavior [1]
This work contributes to the literature on sustainability, corporate social behavior, and environmental certification in firms operating in various sectors of the national economy
The principal aim of this article is to determine whether the implementation of Corporate Social Responsibility (CSR) and Environmental Management System (EMS) certification (ISO 14001) influences the economic results of the researched companies
Summary
Many researchers and firm managers are interested in corporate sustainability management, which describes the managerial objective to achieve sustainability of the firm in the economic, environmental, and societal circumstances that can affect firm behavior [1]. One of the ways to accept these circumstances is to implement some active management tools [2], such as Corporate Social Responsibility (CSR) and the Environmental Management System (EMS). Enterprises consider environmental activities as a possible way to reduce costs These activities may affect cost reduction, improve corporate image, and provide better opportunities for exporting and strengthening a firm’s competitive advantage together with reducing its environmental effects [7]. ISO 14001 is a harmonized environmental standard that has the potential to improve firm performance Organizations may reduce their costs and improve their production processes by implementing green strategies [8]. This work contributes to the literature on sustainability, corporate social behavior, and environmental certification in firms operating in various sectors of the national economy. The secondary objective is to observe the incorporation of these two management tools in various sectors of the national economy
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