Leveraging CSR for Sustainability: Assessing Performance Implications of Sustainability Reporting in a National Business System

Labrini Sideri

doi:10.3390/su13115987

Abstract

In the light of Agenda 2030 awareness of sustainability is steadily growing all over the world. Devastating phenomena like pandemics (Sustainable Development Goal 3 (SDGs—Agenda 2030)), poverty (Sustainable Development Goal 1 (SDGs—Agenda 2030)) as well as climate change (Sustainable Development Goal 13 (SDGs—Agenda 2030)) threaten humanity, calling for more sustainable solutions. Although economic growth (Sustainable Development Goal 8 (SDGs—Agenda 2030)) is one of the principal goals for a sustainable future, little research has been devoted to the interface of corporate social responsibility (CSR) and sustainability and their contribution to the financial sector, in view of sustainable banking. Even fewer are the studies concerning sustainable banking in Greece. This paper attempts a comparative overview of sustainability integration into businesses, focusing on the banking industry. The current theoretical analysis initially provides an extended review of the CSR and sustainability concepts, which is followed by a comprehensive analysis of non-financial disclosures (NFDs) and their business value, providing some evidence from Greece. The following sections refer to the performance implications and sustainability integration in the banking industry. Eventually, sustainable banking seems to enhance banking performance in a national business system. This is a very important deduction for sustainability to be both the cause and effect of corporate banking. Along with the discussion, some avenues for future research are highlighted.

Highlights

In 2004, Professor Wangari Maathai was awarded the Nobel Peace Prize “for her contribution to sustainable development, democracy and peace.” It was the first time the Nobel was given to supporting sustainable development pursuits, recognizing the contribution of sustainable development to global growth
Hypothesis arguing that national institutional environment does shape national stakeholders’ attitudes towards corporate social responsibility (CSR)
Content analysis of many sources unanimously demonstrated that corporate sustainability performance is positively affected by sustainability reporting, as an institutional requirement

Summary

Introduction

In 2004, Professor Wangari Maathai was awarded the Nobel Peace Prize “for her contribution to sustainable development, democracy and peace.” It was the first time the Nobel was given to supporting sustainable development pursuits, recognizing the contribution of sustainable development to global growth. In 2004, Professor Wangari Maathai was awarded the Nobel Peace Prize “for her contribution to sustainable development, democracy and peace.”. It was the first time the Nobel was given to supporting sustainable development pursuits, recognizing the contribution of sustainable development to global growth. The main objective of sustainable development strategies is to raise the quality of life for present generations to such an extent that neither the environment and resources are depleted at the expense of future generations, nor social cohesion is threatened by social inequalities and political instability. Sustainable development is represented by the so—called “triple bottom line development: economic–social–environmental” [2]

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Conclusion