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Sustainability 2018, 10(12), 4759; https://doi.org/10.3390/su10124759

Development of a Model Linking Physical Asset Management to Sustainability Performance: An Empirical Research

1
Faculty of Organizational Sciences, University of Maribor, Kidričeva 55a, 4000 Kranj, Slovenia
2
Department of Mechanical Engineering, Faculty of Technology, Linnaeus University, Building M, 351 95 Växjö, Sweden
3
Faculty of Business, University of Wollongong in Dubai, Knowledge Park, Block 15, P. O. Box 20183, Dubai, UAE
*
Author to whom correspondence should be addressed.
Received: 22 November 2018 / Revised: 9 December 2018 / Accepted: 11 December 2018 / Published: 13 December 2018
(This article belongs to the Section Economic, Business and Management Aspects of Sustainability)
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Abstract

This article is aimed at exploring the relationship between physical asset management (PAM) practices and sustainability performance. A framework of interrelated constructs was developed based on the existing literature and consequently tested through empirical study. Survey data were collected from organizations operating in six European countries (i.e., Greece, Poland, Slovakia, Slovenia, Sweden, and Turkey) and analyzed using Partial Least Squares Path Modeling (PLS-PM). The results offer support for the proposed hypotheses, showing that PAM practices positively influence the sustainability performance outcomes, namely economic, environmental, and employee-related social performance. Overall, this study demonstrates that a PAM framework can be conceptualized by four sub-constructs, namely physical asset risk management, physical asset performance assessment, physical asset lifecycle management, and physical asset policy and strategy. Finally, this study brings to light some theoretical and managerial implications as well as directions for future research. The findings of the study underscore PAM areas in which managers should focus on in order to optimize costs, performance, and risk exposures concerning the physical assets, and therefore enhance sustainability performance. View Full-Text
Keywords: physical asset management; ISO 55001; maintenance; sustainability performance; research model; SEM—PLS physical asset management; ISO 55001; maintenance; sustainability performance; research model; SEM—PLS
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Maletič, D.; Maletič, M.; Al-Najjar, B.; Gomišček, B. Development of a Model Linking Physical Asset Management to Sustainability Performance: An Empirical Research. Sustainability 2018, 10, 4759.

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