Abstract
Recent complex changes of the organizational environment urge the boards of directors of energy corporations to step up quickly in crises (e.g., COVID-19) and foster innovation, to seize new strategic opportunities (e.g., environmental, social, and governance (ESG) investments). The purpose of the study is to provide in-depth analyses of ESG projects during the COVID-19 pandemic, through the lens of an emerging theoretical approach, dynamic corporate governance (CG). The research is built on the multi-case study method at large energy companies and energy startups. The research goal was to empirically analyze theoretical opportunities of dynamic board behavior in this research context. The major findings show that ESG projects faced serious challenges in the fast-changing organizational environment generated by COVID-19, which induced board intervention regarding innovation, networks, and organizational changes. This study is among the first to offer a novel theoretical viewpoint, by integrating CG and strategic management theories, besides the already dominant financial and reporting aspects. From a practical perspective, our conclusions might direct the attention of boards of directors toward innovation, networks, and organizational changes, in order to enable adaptation in turbulent times and increase sustainability in the social and environmental dimensions.
Highlights
Ensuring economic, environmental, and social sustainability is one of the most important goals of corporate governance (CG), which has been extensively discussed within different industries [1–4]
Building theoretical framework based on the literature with theoretical triangulation
This study focuses on a novel CG research direction in the context of sustainability
Summary
Environmental, and social sustainability is one of the most important goals of corporate governance (CG), which has been extensively discussed within different industries [1–4]. This goal is especially challenging in the energy sector, where companies have faced serious financial burdens (e.g., caused by drops in oil prices) but are expected to provide affordable, secure, and reliable energy, while focusing on sustainable energy development and climate change concerns [5]. Finding new methods of CG research and practice should received increased attention in the era of ESG (environmental, social, and governance) pressures and opportunities [10,11], and the macroenvironmental changes generated by COVID-19, which affect the energy sector [12].
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