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Accelerating Sustainable Innovation Through ESG Integration: Driving Value Creation and Social Impact in Firms

A special issue of Sustainability (ISSN 2071-1050). This special issue belongs to the section "Economic and Business Aspects of Sustainability".

Deadline for manuscript submissions: 12 October 2025 | Viewed by 16996

Special Issue Editors

Prof. Dr. Young-Chan Lee

E-Mail Website
Guest Editor
Department of Information Management, Dongguk University, Gyeongju 38066, Republic of Korea
Interests: data mining; multi-criteria decision making; FinTech; digital transformation; customer relationship management
Special Issues, Collections and Topics in MDPI journals
Prof. Dr. Runhui Lin

E-Mail Website
Guest Editor
College of Business Administration, Nankai University, Tianjin 300071, China
Interests: network organizations and governance; multinational corporate governance; technology and innovation management; IT project management; analysis of complex organization system
Special Issues, Collections and Topics in MDPI journals

Special Issue Information

Dear Colleagues,

The integration of environmental, social, and governance (ESG) considerations into business practices has emerged as a critical driver of sustainable innovation and value creation. As firms increasingly recognize the importance of aligning their strategies with ESG principles, there is a growing need for research exploring the theoretical foundations, practical applications, and impact of ESG-driven innovation.

This Special Issue aims to advance the discourse concerning how firms can accelerate sustainable innovation by integrating ESG factors into their decision-making processes, product development, and organizational practices. We invite contributions that investigate the relationship between ESG and innovation, with a focus on how this integration can create both business value and positive social impact.

We welcome theoretical and empirical papers that address a range of topics, including, but not limited to, the following:

  • Conceptual frameworks linking ESG and sustainable innovation;
  • Empirical studies on the impact of ESG integration on firm innovation performance;
  • Case studies showcasing successful ESG-driven innovation in firms;
  • Strategies for embedding ESG considerations into innovation processes;
  • The role of stakeholder engagement in driving ESG-oriented innovation;
  • Measuring and reporting the social and environmental impact of ESG-driven innovation;
  • Barriers and enablers of ESG integration in innovation practices;
  • The influence of institutional and regulatory factors on ESG-driven innovation;
  • Comparative analyses of ESG-driven innovation across industries or regions.

We encourage submissions from diverse disciplinary backgrounds, including management, sustainability, innovation studies, and other related fields. Both conceptual and empirical papers using qualitative, quantitative, or mixed-method approaches are welcome.

Submitted papers will undergo a rigorous peer-review process in line with the journal's standards. Manuscripts should be prepared according to the journal's guidelines and submitted through the online system.

We look forward to your contributions to this timely and important Special Issue.

Prof. Dr. Young-Chan Lee
Prof. Dr. Runhui Lin
Guest Editors

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Sustainability is an international peer-reviewed open access semimonthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 2400 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • ESG integration
  • sustainable innovation
  • value creation
  • social impact
  • stakeholder engagement
  • innovation processes
  • sustainability reporting
  • institutional factors
  • comparative analysis

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Further information on MDPI's Special Issue policies can be found here.

Published Papers (5 papers)

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Research

21 pages, 1371 KiB  
Article
Sustaining Multi-Sided Platforms While Creating Value: The Ride-Hailing Experience
by Amna Javed, Ahson Javaid and Youji Kohda
Sustainability 2025, 17(4), 1596; https://doi.org/10.3390/su17041596 - 14 Feb 2025
Viewed by 1049
Abstract
Multi-sided platforms (MSPs) can enable multiple user groups to create coordinated value. Like all transformative business models, these platforms emerged to resolve platform-related issues. Among the well-known MSPs, this research has focused on the ride-hailing platform InDrive as a successful case of MSP [...] Read more.
Multi-sided platforms (MSPs) can enable multiple user groups to create coordinated value. Like all transformative business models, these platforms emerged to resolve platform-related issues. Among the well-known MSPs, this research has focused on the ride-hailing platform InDrive as a successful case of MSP in Pakistan. Despite the presence of major companies like Uber and Careem, InDrive has gained recognition in a short period and has become the most downloaded ride-hailing application in Pakistan. InDrive focuses on empowering riders and drivers with greater fare-setting autonomy through negotiation; this peer-to-peer pricing model distinguishes it from its counterparts (Uber and Careem). This research examines the strategic features and innovations of InDrive’s business model to create a comprehensive framework for evaluating the effectiveness of strategic management, focusing on generating value by balancing the well-being of all stakeholders, ensuring equity, boosting productivity, and enhancing the impact of network effects. Notably, ride-hailing services (RHSs) are highly dynamic, as the features and offerings of these platforms may evolve. Therefore, balancing the sustainability of MSPs requires ongoing effort and an iterative approach. Full article
(This article belongs to the Special Issue Accelerating Sustainable Innovation Through ESG Integration: Driving Value Creation and Social Impact in Firms)
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22 pages, 814 KiB  
Article
Does ESG Performance Help Corporate Deleveraging? Based on an Analysis of Excessive Corporate Debt
by Tao Zhu, Dongjiao Liu and Lequan Zhang
Sustainability 2025, 17(3), 1274; https://doi.org/10.3390/su17031274 - 5 Feb 2025
Cited by 1 | Viewed by 962
Abstract
The ESG performance of enterprises is becoming an essential form of support for investors’ investment decisions and a critical aspect to follow to achieve sustainable development of enterprises. This study uses A-share listed companies in China from 2009 to 2022 as the research [...] Read more.
The ESG performance of enterprises is becoming an essential form of support for investors’ investment decisions and a critical aspect to follow to achieve sustainable development of enterprises. This study uses A-share listed companies in China from 2009 to 2022 as the research sample to study the impact of ESG performance on corporate over-indebtedness and its mechanism. The findings show that good ESG performance significantly negatively affects the level of corporate over-debt and the probability of over-debt. The mechanism test revealed that ESG performance reduces the level and probability of excessive corporate debt by alleviating information asymmetry, reducing corporate debt financing costs and short-term debt length, and improving corporate operating performance. The heterogeneity analysis indicates that the inhibitory effect of ESG performance on corporate over-indebtedness is more significant in polluting industries and regions with a low degree of marketization. Through the moderating effect, we find that improved internal control quality and increased analyst attention can enhance the inhibitory effect of ESG performance on excessive corporate debt. Based on the results above, enterprises should focus on improving ESG performance to reduce the risk of excessive debt and achieve sustainable development. This paper enriches the research on ESG performance and corporate leverage manipulation from the perspective of corporate over-indebtedness, deepens and expands the research on the mechanism of ESG performance affecting corporate over-indebtedness, and explores the moderating effect of internal and external governance mechanisms on ESG performance affecting corporate over-indebtedness. Full article
(This article belongs to the Special Issue Accelerating Sustainable Innovation Through ESG Integration: Driving Value Creation and Social Impact in Firms)
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30 pages, 1146 KiB  
Article
Unlocking Green Innovation Potential Amidst Digital Transformation Challenges—The Evidence from ESG Transformation in China
by Yanfei Wu, Irina Ivashkovskaya, Galina Besstremyannaya and Chunfeng Liu
Sustainability 2025, 17(1), 309; https://doi.org/10.3390/su17010309 - 3 Jan 2025
Cited by 1 | Viewed by 2076
Abstract
In the current economic landscape, businesses are challenged by the dual imperatives of digital transformation and sustainability goals. While digital transformation is often heralded as a catalyst for innovation, its potential negative effects on green innovation remain underexplored. This study fills in this [...] Read more.
In the current economic landscape, businesses are challenged by the dual imperatives of digital transformation and sustainability goals. While digital transformation is often heralded as a catalyst for innovation, its potential negative effects on green innovation remain underexplored. This study fills in this gap by analyzing 1443 listed companies on the Shanghai Stock Exchange main board between 2013 and 2022, focusing on the mechanisms by which digital transformation impacts green innovation and on the moderated role of environmental, social, and governance (ESG) performance. Our findings reveal that digital transformation hinders green innovation by increasing financing constraints. However, good ESG performance mitigates these negative impacts by alleviating financing constraints, thereby fostering green innovation. Our findings hold up against endogeneity tests by applying instrumental variable methods. Notably, the effect of digital transformation and ESG differs significantly between state-owned enterprises (SOEs) and non-state-owned enterprises (non-SOEs). While non-SOEs experience more pronounced challenges, ESG also demonstrates a stronger moderating role, unlike in SOEs, where institutional advantages offset some of these constraints. These findings enhance the understanding of dual transformation challenges, offering practical implications for aligning digital and green strategies in diverse organizational contexts. Full article
(This article belongs to the Special Issue Accelerating Sustainable Innovation Through ESG Integration: Driving Value Creation and Social Impact in Firms)
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23 pages, 374 KiB  
Article
The Impact of ESG Criteria on Firm Value: A Strategic Analysis of the Airline Industry
by Ferah Yildiz, Faruk Dayi, Mustafa Yucel and Ali Cilesiz
Sustainability 2024, 16(19), 8300; https://doi.org/10.3390/su16198300 - 24 Sep 2024
Cited by 4 | Viewed by 9795
Abstract
Environmental, social, and governance (ESG) factors are crucial in evaluating a company’s value. High ESG scores reflect ethical practices, social responsibility, and effective governance. This paper examines the impact of ESG criteria on firm value within the airline industry, focusing on their influence [...] Read more.
Environmental, social, and governance (ESG) factors are crucial in evaluating a company’s value. High ESG scores reflect ethical practices, social responsibility, and effective governance. This paper examines the impact of ESG criteria on firm value within the airline industry, focusing on their influence on operational efficiency, risk reduction, and financial performance. Using panel data analysis, the study evaluates ESG scores from 32 airline companies over the period of 2018–2023, with an explanatory power of 36.5%. The research explores how integrating environmental, social, and governance factors into strategic management can foster sustainable competitive advantage. It focuses on utilizing internal resources, meeting the needs of various interested parties, and balancing financial, social, and environmental performance. The findings indicate that while ESG practices enhance firm value through improved efficiency and risk management, they do not always lead to higher short-term firm value. Moreover, the study underscores the significance of governance in the airline industry, where robust governance structures can mitigate risks but may also increase costs. This research contributes to the literature by providing empirical evidence of the link between ESG performance and firm value in the airline industry, emphasizing the importance of integrating ESG principles into strategic management for long-term sustainability and financial success. Full article
(This article belongs to the Special Issue Accelerating Sustainable Innovation Through ESG Integration: Driving Value Creation and Social Impact in Firms)
22 pages, 653 KiB  
Article
How Does Corporate Social Responsibility Affect Corporate Productivity? The Role of Environmental Regulation
by Jinyao Hou
Sustainability 2024, 16(15), 6426; https://doi.org/10.3390/su16156426 - 27 Jul 2024
Viewed by 2307
Abstract
Corporate social responsibility (CSR) plays a vital role in facilitating sustainable long-term development. Despite its importance, the specific mechanisms through which CSR interacts with business productivity have not been extensively explored. This paper selects 4167 Chinese enterprises from 2011 to 2021 for study [...] Read more.
Corporate social responsibility (CSR) plays a vital role in facilitating sustainable long-term development. Despite its importance, the specific mechanisms through which CSR interacts with business productivity have not been extensively explored. This paper selects 4167 Chinese enterprises from 2011 to 2021 for study to elucidate this mechanism. The results of the study show that (i) CSR has a significant positive effect on enterprise productivity. (ii) Environmental regulation has a negative and significant moderating effect on the effect of CSR. After endogeneity and robustness tests, the findings of (i) and (ii) remain valid. (iii) There is heterogeneity in (i)–(ii) concerning corporate social responsibility, corporate shareholding structure, region, and degree of marketization. Based on these findings, sound recommendations are proposed for enterprise managers and governments. Full article
(This article belongs to the Special Issue Accelerating Sustainable Innovation Through ESG Integration: Driving Value Creation and Social Impact in Firms)
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