Special Issue "Sustainable Value Management–New Concepts and Contemporary Trends"

A special issue of Sustainability (ISSN 2071-1050). This special issue belongs to the section "Sustainable Management".

Deadline for manuscript submissions: closed (31 January 2020).

Special Issue Editors

Prof. Dariusz Zarzecki

Guest Editor
Department of Investment and Enterprise Valuation, Institute of Management and Investment, University of Szczecin, Poland
Interests: business valuation; assessment of investment effectiveness; financial analysis; feasibility studies; enterprise restructuring; business consulting
Prof. Marek Jabłoński
Website
Guest Editor
Scientific Institute of Entrepreneurship and Innovation, Faculty in Chorzów, WSB University in Poznań, Poland
Interests: value management; business models; sustainable business; sustainable business models; performance management; corporate social responsibility; value-based management
Special Issues and Collections in MDPI journals

Special Issue Information

Dear Colleagues,

Nowadays sustainable value is an important determinant of the development of modern organizations. Not only has it become an increasingly important element of the survival strategy, but also of creating long-term success.

The contemporary approach to value management is evolving. Previous work on the value based management concept was concentrated in creating value for shareholders. Shareholders were the most important beneficiaries of the value created [1,2]. This approach met with wide criticism, especially after the experience of the global economic crisis in the financial and banking markets, which peaked in 2008–2009, triggered by the collapse of the high-risk mortgage loan market in the United States. Concepts of a more balanced approach to management and investment appeared [3]. The trend of a sustainability approach to management based on the assumptions of the triple bottom line [4], corporate social responsibility, sustainable business models and other concepts has been growing for many years [5–7]. There is evidence that the concept of sustainability has become a paradigm [8]. In this respect, there is a need to understand the new approach to the concept of value not only in the context of investment processes but also in the value exchange approach. The value literature has evolved from a focus on resource exchange and value in exchange to an emphasis on resource integration and value in use. This changing perspective triggered a fresh view on the customer value proposition, understood as a strategic tool for communicating how a company aims to propose value to customers [9]. If an organization’s success is to conduct a dialogue with all key stakeholders, then the value provided should be sustained. Value should provide reasons for the monetization of the business model and create a social effect that will prevent factors that could hinder the capture of value from the market. Creating sustainable value is a process that takes into account not only the factors resulting from the contractual approach but in particular from the relational approach. The purpose of this Special Issue is to indicate the results of research into the current trends and challenges related to the sustainable value management concept.

This issue requires extensive research and analysis.

On the basis of the above-mentioned assumptions, the key issues to answer are the following:

  1. How to shape enterprises, including their business models, to the ability to generate sustainable value?
  2. How to define sustainable value?
  3. Which scientific concepts and practical experience should form the basis of a theory of sustainable value?
  4. How the creation of sustainable value can influence the success of enterprises?
  5. Can sustainable value be created, delivered, captured and appropriated to a similar degree?
  6. How co-creating value affects sustainable value?
  7. How to interpret sustainable value on capital markets?
  8. Can creating sustainable value affect the migration of values to the capital/financial markets?
  9. How to effectively manage sustainable value?
  10. Can sustainable value also exist in the public sector and how should it be defined there?
  11. How sustainable value is understood in various sectors of the economy?
  12. How does the creation of a sustainable value influence the financial and non-financial results of an organization?

References

  1. Rappaport, A. (1998). Creating Shareholder Value: A guide for managers and investors. New York: The Free Press.
  2. Copeland, T., Koller, T., & Murrin, J. (2000). Valuation: Measuring and managing the value of companies (3rd ed.). New York, NY: John Wiley & Sons, Inc.
  3. Herman, R.P. (2010). The HIP Investor. Make Bigger Profits by Building a Better World, 2010, John Wiley &Sons, Inc.
  4. Elkington, J. (1999) Cannibals with forks: the triple bottom line of 21. century business, Oxford: Capstone.
  5. Bergman, M.M., Bergman, Z., Berger, L. An Empirical Exploration, Typology, and Definition of Corporate Sustainability, Sustainability, 2017, 9.
  6. Jabłoński, A., Jabłoński, M. Research on Business Models in their Life Cycle, Sustainability, 2016, 8.
  7. Schaltegger, S., Lüdeke-Freund, F., Hansen, E.G. Business Models for Sustainability - A Co-Evolutionary Analysis of Sustainable Entrepreneurship, Innovation, and Transformation, Organization & Environment, vol. 29, First Published February 25, 2016.
  8. D’Humieres P., Towards a sustainable European business model? Foundation Robert Schuman, European Issues, Number 460/30th January 2018.
  9. Eggert, A., Ulaga, W., Frow, P., Payne A. Conceptualizing and communicating value in business markets: From value in exchange to value in use, Industrial Marketing Management Volume 69, February 2018.

Prof. Dariusz Zarzecki
Assoc. Prof. Marek Jabłoński
Guest Editors

Manuscript Submission Information

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Keywords

  • sustainability
  • sustainability management
  • sustainability business model
  • creating value
  • value migration
  • stock exchange
  • financial market
  • public sector
  • theory of sustainable value

Published Papers (21 papers)

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Open AccessArticle
Testing the Smooth Driving of a Train Using a Neural Network
Sustainability 2020, 12(11), 4622; https://doi.org/10.3390/su12114622 - 05 Jun 2020
Abstract
This article deals with the extraction of a new original parameter to characterize a railway traffic driving smoothness indicator, and its investigation is based on data obtained from a neural train emulator. This indicator of driving smoothness is an example of the sustainable [...] Read more.
This article deals with the extraction of a new original parameter to characterize a railway traffic driving smoothness indicator, and its investigation is based on data obtained from a neural train emulator. This indicator of driving smoothness is an example of the sustainable value of control command and signaling technology. The pro-social and pro-environmental aspects of smooth driving are indicated and the article proposes the introduction of a new indicator for assessing the quality of rail traffic, taking into account traffic on a micro scale—the driving smoothness of a single train (also called driving flow), derived from a parameter identified in the literature—and traffic smoothness (also called traffic flow), describing traffic quality on a macro scale. At the same time, the concept of a neural train emulator is presented, providing input data to determine the value of the proposed indicator for different train models and track systems in order to test the indicator’s properties. The concept proposes the structure of an artificial neural network, the technique of obtaining test data sets and the conditions of training the network as well. An emulator based on the neural network enables the simulation of train driving, taking into account its nonlinearity and data acquisition for indicator research. Full article
(This article belongs to the Special Issue Sustainable Value Management–New Concepts and Contemporary Trends)
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Open AccessArticle
New Agricultural Model of Economic Sustainability for Wheat Seed Production in Romania
Sustainability 2020, 12(10), 4182; https://doi.org/10.3390/su12104182 - 20 May 2020
Cited by 1
Abstract
In the conditions of a digitalized and sustainable economy, a smart decision is focused on all demand aspects regarding: the product demand, the quality demand, and the elements of national and international bodies able to ensure the criteria of economic integrity on the [...] Read more.
In the conditions of a digitalized and sustainable economy, a smart decision is focused on all demand aspects regarding: the product demand, the quality demand, and the elements of national and international bodies able to ensure the criteria of economic integrity on the European Markets. These aspects represent a set of challenges and indicate the smart component of the management decision assisted by reliable economic models. The present work aims to develop such a model applied to the wheat seed production starting from the study of the specialized literature and using empirical methods. The analysis covers 2016–2020. The main objective of the study is the combination of the information from the observational study to obtain the smart decision model. The study results in the smart model of managerial decision, which represents a real necessity for managers, considering the challenges to which they are subjected. The proposed model in the paper can be used for all types of seeds across the EU and not only. The implementation of the present study by the authors validates the proposed model. Full article
(This article belongs to the Special Issue Sustainable Value Management–New Concepts and Contemporary Trends)
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Open AccessArticle
Modern Methods of Business Valuation—Case Study and New Concepts
Sustainability 2020, 12(7), 2699; https://doi.org/10.3390/su12072699 - 30 Mar 2020
Abstract
In the modern world, the terms enterprise value and valuation are of great importance. Knowledge about how much an enterprise is worth is of fundamental importance for both the owner of that company and investors when negotiating the price of an enterprise at [...] Read more.
In the modern world, the terms enterprise value and valuation are of great importance. Knowledge about how much an enterprise is worth is of fundamental importance for both the owner of that company and investors when negotiating the price of an enterprise at the time of conducting a commercial transaction. The article presents the goals of the company’s valuation and characteristic stages of the company’s life at which such valuation is necessary. The article classifies the methods of enterprise valuation used today. On this basis, the valuation methodology is presented according to the MDI-R concept (Assets, Income, Intellectual Capital-Market), which in a broad spectrum measures the effectiveness of the company’s operations and, in accordance with the current features of good valuation, aims to determine the fair value of the company. The purpose of the article is to demonstrate the need to improve the code of conduct and valuation standards. As part of the implementation of the objective, multi-faceted and complex valuation issues are presented, as well as factors that may distort the determination of fair value. The methodology of the study is based on inferences about the methodology of business valuation, and verification is based on practical examples, by which a hypothesis on the existence of critical elements of valuation is verified that allows the use of broad subjectivity in estimating the value of assets. At the same time, the factors that determine the possibility of the existence of too wide a subjectivity in estimating assets, which is in contradiction with the features of good valuation, are presented. The attempt is made to draw attention to the threats arising from modern business valuation methodologies and their challenges in the future. Additionally, this article offers the authors’ proposed hybrid method MDI-R, which draws from existing solutions to improve their functionality and applicability. Full article
(This article belongs to the Special Issue Sustainable Value Management–New Concepts and Contemporary Trends)
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Open AccessArticle
Public Policy Timing in a Sustainable Approach to Shaping Public Policy
Sustainability 2020, 12(7), 2677; https://doi.org/10.3390/su12072677 - 29 Mar 2020
Cited by 1
Abstract
This study addresses the problem of optimal public policy timing and the relation to public health policy. Ways of recognizing this problem are presented, as well as the role of public policy timing, which is perceived or can be performed from various economic [...] Read more.
This study addresses the problem of optimal public policy timing and the relation to public health policy. Ways of recognizing this problem are presented, as well as the role of public policy timing, which is perceived or can be performed from various economic theories and concepts, mainly: regulation theory; the concept of adaptive public policy; and the theory of policy timing based on the concepts of option value and the transaction costs of the political process. The approach of methodological pluralism adopted by the authors made it possible to reach for various cognitive inspirations borrowed from numerous theoretical approaches, in order to create a comprehensive and coherent theoretical foundation for the purposes of analyzing the role of timing in applied public policies. Next, an attempt was made to define the role of public policy timing in the applied approach, i.e., the case of Polish policy towards the public hospital care sector. The final conclusion is that the role of timing is marginalized in Polish public health policy. The time dimension of its creation was ignored or treated as an exogenous event in relation to the rest of the policy formulation process. There is no political approach that adaptively links the right combination of resources and regulatory activity to timing for specific stages of development or growth in public hospital care. Full article
(This article belongs to the Special Issue Sustainable Value Management–New Concepts and Contemporary Trends)
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Open AccessArticle
Risk Management Opportunities between Socially Responsible Investments and Selected Commodities
Sustainability 2020, 12(5), 2003; https://doi.org/10.3390/su12052003 - 05 Mar 2020
Abstract
Socially responsible investing (SRI) or sustainable, responsible, and impact investing is growing fast. The net total of SRI assets at the beginning of 2018 was USD 12.0 trillion. There is extensive literature on SRI, but very little of it relates to portfolio construction [...] Read more.
Socially responsible investing (SRI) or sustainable, responsible, and impact investing is growing fast. The net total of SRI assets at the beginning of 2018 was USD 12.0 trillion. There is extensive literature on SRI, but very little of it relates to portfolio construction and risk management combining SRI and commodities. In this paper, the authors pay attention to model volatility and dynamic conditional correlations between SRI investment and selected representative of commodities. We state the following hypothesis: the potential to create portfolio and risk management opportunities exists between SRI and commodities such as grain, precious metals, and industrial metals. To verify this, modeling of volatility and dynamic conditional correlation (DCC) between pair of elements is necessary. Empirical research conducted for the global market based on selected indices for SRI and commodities confirms this hypothesis. These results can improve asset selection in portfolio construction and allow investors to make more reasonable decisions. Full article
(This article belongs to the Special Issue Sustainable Value Management–New Concepts and Contemporary Trends)
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Open AccessArticle
Capital Investments and Manufacturing Firms’ Performance: Panel-Data Analysis
Sustainability 2020, 12(4), 1689; https://doi.org/10.3390/su12041689 - 24 Feb 2020
Cited by 4
Abstract
The main goal of this study was to examine the effects of capital investments on firm performance, using panel-data analysis. For this purpose, financial data were gathered for 60 manufacturing firms based in Serbia, in the period from 2004 to 2016. The main [...] Read more.
The main goal of this study was to examine the effects of capital investments on firm performance, using panel-data analysis. For this purpose, financial data were gathered for 60 manufacturing firms based in Serbia, in the period from 2004 to 2016. The main research hypotheses were developed in accordance with the definition, nature, and time aspect of capital investments. Therefore, empirical expectation of this study was that the relationship between capital investments and firm performance should be positive—they probably bring losses to the firm in the short term, but they should increase firm performance in the long term. Finally, the results have indeed shown that capital investments have statistically significant negative effect on the short-term performance, but positive effect on the long-term performance of the analyzed firms, while controlling for time-fixed effects and certain internal factors. Full article
(This article belongs to the Special Issue Sustainable Value Management–New Concepts and Contemporary Trends)
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Open AccessArticle
Social Expectations and Market Changes in the Context of Developing the Industry 4.0 Concept
Sustainability 2020, 12(4), 1362; https://doi.org/10.3390/su12041362 - 13 Feb 2020
Cited by 7
Abstract
There are more and more talks in the community of scientists and business practitioners about new challenges for industry in connection with the fourth industrial revolution. Industry 4.0 is the result of the development of cyber-physical generation systems as part of the fourth [...] Read more.
There are more and more talks in the community of scientists and business practitioners about new challenges for industry in connection with the fourth industrial revolution. Industry 4.0 is the result of the development of cyber-physical generation systems as part of the fourth industrial revolution. Industry 4.0 sets new areas of change in the sphere of production and management but also exerts an impact on various aspects of society’s life. It is a transformational challenge for enterprises of the present age. Industry 4.0 is present in economic studies at the macroeconomic level and business at the microeconomic level. Scientists discuss the essence of change, and specialized research centers and consulting companies carry out research on various aspects of this industrial revolution. The article presents the range of expectations and changes in society towards the development of the concept of Industry 4.0. The work was based on a literature study and direct research in the field of social change in the Industry 4.0 era. The aim of the article is to identify social expectations of development changes related to the implementation of the Industry 4.0 concept. The article devotes a lot of attention to customization because it is one of the keys of Industry 4.0, leading to a change of the paradigm from mass production to personalized production. This simple change will affect customers, producers, and employees. Based on the synthesis of literature and secondary research, authors identify opportunities and threats to the broadly understood society functioning in the Industry 4.0 environment. Social conditions were analyzed from the point of view of the consumer, producer, and employee. In the cited direct studies, the basic area of analysis was product personalization and pre-recognition of the opinions of potential consumers about customization in Industry 4.0. The limitation of the research area to the consumer segment resulted from the importance of product personalization in Industry 4.0 and its impact on producer behavior and effects for employees. Full article
(This article belongs to the Special Issue Sustainable Value Management–New Concepts and Contemporary Trends)
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Open AccessArticle
Identifying the Financial Risk Factors of Excessive Indebtedness of Rural Communes in Poland
Sustainability 2020, 12(3), 794; https://doi.org/10.3390/su12030794 - 21 Jan 2020
Cited by 2
Abstract
The purpose of this paper is to identify the financial risk factors of excessive indebtedness of Polish rural communes. The objective of this research task is to verify the following research hypothesis: the main determinant of the risk of excessive indebtedness is the [...] Read more.
The purpose of this paper is to identify the financial risk factors of excessive indebtedness of Polish rural communes. The objective of this research task is to verify the following research hypothesis: the main determinant of the risk of excessive indebtedness is the rural communes’ own income potential. To meet the objective of this research, an empirical study was carried out in three steps. The first step of the research procedure was the analysis of the operation of Polish rural communes in the context of financial management. In the second step was the analysis of indebtedness of rural communes compared to other types of Polish administrative units in 2007–2017. The evolution of the level and share of total debt in total incomes of entities studied was analyzed, and the share of overindebted rural communes was identified. In the third step, a discriminatory analysis was performed to build a model able to forecast the financial risk factors of excessive indebtedness for Polish rural communes. The problem of increasing indebtedness can be observed in a growing number of communes and on an increasing scale in Poland. The discriminant analysis showed that the share of the operating surplus and own income in total income, as well as the amount of the EU funds per capita (in zlotys), are particularly significant. The study reveals that the smaller the share of the operating surplus in total income is as well as the greater the share of own income in total income and the amount of the EU funds in zlotys per capita are, the lower the value of the estimated discriminatory function is and the higher the risk of excessive indebtedness of a rural commune is. Full article
(This article belongs to the Special Issue Sustainable Value Management–New Concepts and Contemporary Trends)
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Open AccessArticle
In Search of Sustainable Value: A Structured Literature Review
Sustainability 2020, 12(2), 615; https://doi.org/10.3390/su12020615 - 14 Jan 2020
Cited by 1
Abstract
The concept of value, where shareholders are the main recipients of the created value, is changing towards more comprehensive models, which respond to the increased stakeholder awareness and urgent sustainability agenda. Hart and Milstein (2003) elaborated the widely used sustainable value concept in [...] Read more.
The concept of value, where shareholders are the main recipients of the created value, is changing towards more comprehensive models, which respond to the increased stakeholder awareness and urgent sustainability agenda. Hart and Milstein (2003) elaborated the widely used sustainable value concept in which they characterize temporal and spatial dimensions of value, and suggest strategic drivers for sustainability. Although the framework is highly cited, there is no review on the changes over more than ten years. In this paper, we adopted a structured literature review methodology to discover how the concept of sustainable value has been used by researchers and how it has been developed. Our findings show that sustainable value has mainly been used as the general phrase to describe positive business results instead of using it as a concept. Scholars, who make an in-depth analysis of sustainable value do not emphasize the time horizon of sustainable value as its peculiar characteristic while broad stakeholder surrounding is called to be an important feature of sustainable value. Additionally, strategic drivers for sustainability have moved from being purely environmental as in Hart and Milstein’s (2003) concept: globalization, economic fluctuations, and knowledge innovation have become as important as green technologies and carbon-reduction policies. Full article
(This article belongs to the Special Issue Sustainable Value Management–New Concepts and Contemporary Trends)
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Open AccessArticle
Young People Collecting Natural Souvenirs: A Perspective of Sustainability and Marketing
Sustainability 2020, 12(2), 514; https://doi.org/10.3390/su12020514 - 09 Jan 2020
Abstract
Collecting of natural souvenirs causes destruction of the natural environment as well as social and economic problems. The article shows that the next generation will have a tendency to aggravate such problems by collecting natural souvenirs. To discover the preferences of young people [...] Read more.
Collecting of natural souvenirs causes destruction of the natural environment as well as social and economic problems. The article shows that the next generation will have a tendency to aggravate such problems by collecting natural souvenirs. To discover the preferences of young people related to collecting natural souvenirs, the authors performed a survey in Poland on a sample of 426 persons aged 21–30. The survey has shown that 80.7% of young people participating in tourist trips bring souvenirs to their places of residence. As much as 61.4% collect natural souvenirs. Most people bring shells (53.9%), rocks (22.7%), and sand from seaside beaches (18.0%). Natural souvenirs are important to young Poles. This is confirmed by the following major motivations for collection: natural souvenirs are unique (26.2%), genuine (23.8%), bring back the best memories (22.6%), and cannot be bought in stores (14.5%). Only 9.8% of those surveyed oppose bringing of natural souvenirs, 5.2% deem such practices unlawful, and 11.2% recognize their detrimental effect on local tourist attractions. The article presents demarketing actions, which can largely stem the negative phenomenon of collection of natural souvenirs. Full article
(This article belongs to the Special Issue Sustainable Value Management–New Concepts and Contemporary Trends)
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Open AccessArticle
The Role of Local Governments in Supporting Creative Industries—A Conceptual Model
Sustainability 2020, 12(1), 438; https://doi.org/10.3390/su12010438 - 06 Jan 2020
Cited by 1
Abstract
Local government relates to the public administration of towns, cities, counties, and districts. One of the key responsibilities of local government is the administrative purpose of supplying goods and services. Local governments should also represent and involve citizens in determining specific local public [...] Read more.
Local government relates to the public administration of towns, cities, counties, and districts. One of the key responsibilities of local government is the administrative purpose of supplying goods and services. Local governments should also represent and involve citizens in determining specific local public needs and how these local needs can be met. As the structure of gross domestic product (GDP) in many countries across the world changes, so do the expectations towards the role of local governments as far as supporting local economic growth is concerned. The administrative purpose involves creating conducive conditions for economic development. Statistical figures show that the share of the creative economy in the GDP of the most developed countries is steadily increasing. New economic sectors such as “creative industries” pose a challenge to local governments. In this paper, we present a conceptual model for measuring the efforts of local governments in developing and supporting the creative industries. The model proposed by the authors allows for the comparison of smaller administrative units such as counties regarding their advancement and commitment to supporting creative industries. Full article
(This article belongs to the Special Issue Sustainable Value Management–New Concepts and Contemporary Trends)
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Open AccessArticle
The Impact of Management Methods on Employee Engagement
Sustainability 2020, 12(1), 426; https://doi.org/10.3390/su12010426 - 06 Jan 2020
Cited by 2
Abstract
The aim of the paper is to present the findings of our own questionnaire-based quantitative study carried out in 2018. The research questionnaire was sent to companies in the databases of two universities (the database of enterprises cooperating with each university), which were [...] Read more.
The aim of the paper is to present the findings of our own questionnaire-based quantitative study carried out in 2018. The research questionnaire was sent to companies in the databases of two universities (the database of enterprises cooperating with each university), which were selected according to the criterion of the number of employees (micro, small, medium, and large companies). The study attempted to identify the correlations among the following variables: people-oriented management, non-people-oriented management, direct active and passive participation, and engagement in work. Two research questions drove the research process: (RQ1) What are the links between people-oriented management and non-people-oriented management, direct (active and passive) participation, and work engagement? (RQ2) Does direct participation (active and passive) mediate the relationship between people and non-people-oriented management and employees’ engagement? To this end, 1037 employees of companies operating in Poland reported the intensity of people-oriented management, non-people-oriented management, and direct (active and passive) participation. Research findings revealed that people-oriented management and active participation (i.e., co-deciding) are the most significant for work engagement. Not only does non-people-oriented management entail a low level of engagement but a lower level of direct participation as well. As far as the dimensions of engagement are concerned (i.e., vigour, dedication, and absorption), if one of them is more intense, the other are intense as well. People-oriented management translates into active participation and the latter into engagement in all the three dimensions. A structural equation model demonstrated that perceived people-oriented management and active participation were strong, positive, and significant predictors of work engagement. Full article
(This article belongs to the Special Issue Sustainable Value Management–New Concepts and Contemporary Trends)
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Open AccessArticle
Business Model as a Concept of Sustainability in the Banking Sector
Sustainability 2020, 12(1), 111; https://doi.org/10.3390/su12010111 - 22 Dec 2019
Cited by 1
Abstract
The paper presents the concept of a sustainable bank by developing a framework based on performance of different business models. Traditional banking and investment activities, such as trading in securities or securitization, may reduce the risk of commercial banks and provide an attractive [...] Read more.
The paper presents the concept of a sustainable bank by developing a framework based on performance of different business models. Traditional banking and investment activities, such as trading in securities or securitization, may reduce the risk of commercial banks and provide an attractive approach to sustainable finance. Using the method of assessing the performance of a bank, the study appraises the degree of sustainability of the bank from different stakeholders’ points of view. The aim of the article is to verify the research question: how does diversification of traditional activities of commercial banks affect their sustainability? The analysis has been extended by the importance of country-specific and macroeconomic factors. The survey was conducted on 368 commercial banks from European countries, using data from the period 1998−2015. The study contributes to the ongoing discussion on the recognized profitability and sustainability nexus as an important part of sustainable finance that may be a powerful solution to financial crises. Full article
(This article belongs to the Special Issue Sustainable Value Management–New Concepts and Contemporary Trends)
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Open AccessArticle
Method for Selecting the Safety Integrity Level for the Control-Command and Signaling Functions
Sustainability 2019, 11(24), 7062; https://doi.org/10.3390/su11247062 - 10 Dec 2019
Abstract
The purpose of the article is to present selected method of risk assessment of railway control and signaling systems, including current normative and legal bases, such as directives and regulations that regulate the interoperability and safety of the railway system. Selected methods used [...] Read more.
The purpose of the article is to present selected method of risk assessment of railway control and signaling systems, including current normative and legal bases, such as directives and regulations that regulate the interoperability and safety of the railway system. Selected methods used at the initial stage of creating safety requirements and referring to the initial definition of the system defined at a high level of abstraction are considered. Issues of holistic approach and residual risk management are also discussed. Risk models are presented as well as individual steps of risk analysis, evaluation, and assessment, including hazard identification, impact analysis, and selection of the risk acceptance principle. Selected model based on hazard and operability studies (HAZOP) and an adapted risk graph was applied to the real signalling equipment. The key aspect undertaken in the article is the proposal to set quantitative safety objectives based on the safety integrity level/tolerable hazard rate (SIL/THR) indicator, as an important parameter in further analysis of the system, especially in computer applications. The result of study showed that application of proposed combination HAZOP and adapted risk graph method are efficient and suitable for a railway signalling application. The results and conclusion are presented in Chapters 4 and 6 of the article. Full article
(This article belongs to the Special Issue Sustainable Value Management–New Concepts and Contemporary Trends)
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Open AccessArticle
Influence of Interlocking Directorates on Integration after the Acquisition of Warsaw Stock Exchange—Listed Companies
Sustainability 2019, 11(24), 6955; https://doi.org/10.3390/su11246955 - 06 Dec 2019
Abstract
Acquisition processes are aimed at achieving value based on synergistic effects. One of the most important obstacles in achieving value is the manner of conducting post-transaction integration—a risk area often ignored. This study assumes that a factor that may be important for the [...] Read more.
Acquisition processes are aimed at achieving value based on synergistic effects. One of the most important obstacles in achieving value is the manner of conducting post-transaction integration—a risk area often ignored. This study assumes that a factor that may be important for the course of integration after the acquisition of enterprises may be the fact of personal connections through interlocking directorates between transaction partners of acquisitions. The research was carried out in two stages. The first was to identify the scope of connections by interlocking between WSE-listed companies participating in acquisition transactions. This stage was implemented using the social network analysis method (SNA) and covered 188 companies. In the second stage, research was conducted using semi-structured interview techniques with the CEOs of the acquiring companies. The aim of the study was to identify the relationship between personal relations and the course of post-transaction integration. The analysis focused primarily on two factors: the dynamics of integration activities and their centralization. The research covered 38 companies that were included in the sample in the first stage of the research (including 19 personally related companies and, for comparison, in 19 unrelated companies). Studies have shown that the fact of connecting through interlocking affects the post-transaction integration model in the analyzed group. The dynamically centralized model dominates in enterprises related by particular persons. Many integration activities are carried out in the first 100 days. The factor affecting the implemented integration model is the durability of connections between participants before and after the transaction is conducted and the position in the network of connections determined by such sociometric measures as the centrality of proximity and own vector. Enterprises connected with long-term relationships usually demonstrate high dynamics of integration activities, which are conducted by joint teams whose group employees represent each of the merging enterprises. In addition, the CEOs surveyed from this group of companies declare having an integration plan with different levels of detail in each case. Full article
(This article belongs to the Special Issue Sustainable Value Management–New Concepts and Contemporary Trends)
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Open AccessArticle
Search for Measure of the Value of Baltic Sustainability Development: A Meta-Review
Sustainability 2019, 11(23), 6640; https://doi.org/10.3390/su11236640 - 24 Nov 2019
Cited by 4
Abstract
The purpose of the study is to identify a sustainability development measure. The United Nations announced 17 development objectives in Agenda 2030. This research attempts to identify a measurement which captures all of the UN objectives. It uses the Baltic Sea Region as [...] Read more.
The purpose of the study is to identify a sustainability development measure. The United Nations announced 17 development objectives in Agenda 2030. This research attempts to identify a measurement which captures all of the UN objectives. It uses the Baltic Sea Region as a natural laboratory for the sustainability discussion. This paper provides an analysis of a sample from the population of 159 research papers, published between 1990 and 2019. With the application of citation count regression, the population of papers is reduced to a sample of the heterogenic papers. These papers were then analysed for the existence of an integrated sustainability development measurement. The results indicate that there is no available applied or theoretical model for an integrated measurement of sustainable development across all of the United Nation’s goals. The study provides the framework for a further matrix in reference to gross domestic product. The results are robust in terms of different sample specifications. The identified research gap has a policy implication. There is a need to develop a universal and comprehensive sustainable value measure to support policymakers and their public choices. Full article
(This article belongs to the Special Issue Sustainable Value Management–New Concepts and Contemporary Trends)
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Open AccessArticle
The Role of Local Finance in Overcoming Socioeconomic Inequalities in Polish Rural Areas
Sustainability 2019, 11(20), 5848; https://doi.org/10.3390/su11205848 - 21 Oct 2019
Cited by 6
Abstract
Poland is affected not only by a persistent regional differentiation but also by an internal polarization of regional development levels, particularly in rural areas. Local government authorities, especially municipalities, play an important role in bridging inequalities in socioeconomic rural development. This is because [...] Read more.
Poland is affected not only by a persistent regional differentiation but also by an internal polarization of regional development levels, particularly in rural areas. Local government authorities, especially municipalities, play an important role in bridging inequalities in socioeconomic rural development. This is because the investment capacity depends on the efficiency and effectiveness of local public finance. Note that the fight against inequalities is related to the issues of sustainable development. Therefore, the main purpose of this paper is to assess the changes in the level of socioeconomic inequalities between rural municipalities and the importance of local public finance in bridging these inequalities, as illustrated by the example of Poland. The objective formulated above emanates from the research hypothesis advanced by the authors which assumes that a strong relationship exists between one’s own income and investment potential, on one side, and the socioeconomic development level of Polish rural municipalities, on the other. In the first stage of research, the levels of socioeconomic development of the municipalities surveyed were assessed with a synthetic indicator estimated using the TOPSIS method (Technique for Order Preference by Similarity to an Ideal Solution). The indicator served as a basis for building the typological classes of socioeconomic development at the municipal level. Following this, selected descriptive statistics methods were used to describe the typological classes of socioeconomic development. The second stage of research consisted of assessing the quantitative relationships between the development level and the financial situation of entities surveyed. This was done using the Pearson linear correlation coefficient and the pseudo-test of differences of means. As demonstrated in the analyses, Polish rural municipalities witnessed an improvement in their socioeconomic development level and a simultaneous reduction in development disparities. Also identified were the relationships between local public finance and development levels of rural municipalities. The empirical study also allowed us to confirm the research hypothesis formulated in this paper. Full article
(This article belongs to the Special Issue Sustainable Value Management–New Concepts and Contemporary Trends)
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Open AccessArticle
Trust as a Key Factor in Shaping the Social Business Model of Water Supply Companies
Sustainability 2019, 11(20), 5805; https://doi.org/10.3390/su11205805 - 18 Oct 2019
Cited by 2
Abstract
The current principles of doing business differ radically from those that were applied a few years ago. Global economic crises have shown that business must have a more social character. This gave rise to the creation of management solutions that would guarantee the [...] Read more.
The current principles of doing business differ radically from those that were applied a few years ago. Global economic crises have shown that business must have a more social character. This gave rise to the creation of management solutions that would guarantee the satisfaction of a wide range of corporate stakeholders. In this context, ideas based on social potential began to emerge. As a consequence, the concept of social business models was born, accompanied by an attempt to search for the best business models possible in order to build the appropriate configuration of their components. According to the authors, an attribute of trust may be such a component based on which effective social business models can be built. As water supply companies are social enterprises, they have become the object of scientific research in this case. The purpose of the article is to determine the position of trust in the construction and application of social business models of water supply companies. The scope of the article includes scientific research into water supply companies in the most industrial region of Poland, Upper Silesia, with the most extensive and dense water supply network in the country. In this article, the AHP (analytic hierarchy process) method was used to conduct research. The aim of the analysis was focusing on the issue of trust as a key factor in shaping the social business model of the company. In the questionnaires, respondents were asked to answer questions on the following issues: trust-based organizational behavior at the company; trust-based social capital at the company; trust-based relationships at the company; trust-based processes and activities at the company; trust-based risk at the company; and the trust-based business model at the company. The adopted logic of the scientific argument conducted indicates that trust and its place and role in the social business model of a water supply company have a significant impact on the social and economic performance of the water supply company, and as a consequence, on increased social responsibility towards stakeholders as well. Trust even stabilizes the organization and its business model; it is also a value catalyst and neutralizes the potentially negative impact of the organization on other entities gathered around it. Trust as a stabilizer can also affect the consistency and scalability of the social business model of a water supply company. Full article
(This article belongs to the Special Issue Sustainable Value Management–New Concepts and Contemporary Trends)
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Open AccessArticle
The Mechanisms of Creating Value vs. Financial Security of Going Concern—Sustainable Management
Sustainability 2019, 11(8), 2278; https://doi.org/10.3390/su11082278 - 16 Apr 2019
Cited by 4
Abstract
The subject of this research study is the quantification of corporate value creation in relation to the level of the financial security of a company’s functioning. The research aims to compare the two mechanisms. Assessments concern the degree of the balancing of effects [...] Read more.
The subject of this research study is the quantification of corporate value creation in relation to the level of the financial security of a company’s functioning. The research aims to compare the two mechanisms. Assessments concern the degree of the balancing of effects in the context of value creation and financial security sustainable management. The analysed entities comprise all the manufacturing enterprises in Poland in 2007–2018, included in public statistical data. In light of the above, the study is unique in character, comprising the broadest possible range of entities. The results support the main hypothesis—which is subordinated to the study’s adopted main target—as well as five sub-hypotheses. The study employs a multifaceted logit model of financial security, and the multifaceted value measure. The paper examines value drivers as well as financial security explanatory variables. The study makes use of cause and effect analysis, object relocation analysis and an analysis of the variability and clustering of objects. On the basis of the detailed research findings, the following rule was demonstrated: there is a directly proportional relationship between the effects of the value creation process and the ensuring of financial security in manufacturing enterprises (compliance with the sustainable management principle). Full article
(This article belongs to the Special Issue Sustainable Value Management–New Concepts and Contemporary Trends)
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Open AccessArticle
Resource Integration, Reconfiguration, and Sustainable Competitive Advantages: The Differences between Traditional and Emerging Industries
Sustainability 2019, 11(2), 551; https://doi.org/10.3390/su11020551 - 21 Jan 2019
Cited by 2
Abstract
Emerging industries bear great difference from traditional industries. It is valuable to explore the effectiveness of different resource management methods in the two industries. Based on this, the purposes of this paper are first to define and distinguish two core resource management methods [...] Read more.
Emerging industries bear great difference from traditional industries. It is valuable to explore the effectiveness of different resource management methods in the two industries. Based on this, the purposes of this paper are first to define and distinguish two core resource management methods (i.e., resource integration and resource reconfiguration), and second to research the different impact paths of resource integration and resource reconfiguration on the sustainable competitive advantages in different industries. Primarily, in order to achieve these purposes, this paper explores the generation path of resource integration and resource reconfiguration from the perspective of organizational learning; secondly, the empirical analysis method is applied to examine the different influences between resource integration and resource reconfiguration on sustainable competitive advantages. Based on 208 samples in traditional industries and 220 samples in emerging industries, the results show that resource integration and resource reconfiguration are the consequence of organizational learning. In traditional industries, resource integration and resource reconfiguration have a positive impact on sustainable competitive advantages, respectively, resulting in a “concerto effect” on sustainable competitive advantages. While, in emerging industries, though resource integration has a positive impact on sustainable competitive advantages, however, there is an inverted U-shaped relationship between resource reconfiguration and sustainable competitive advantages. In such a situation, the “concerto effect” disappeared. This paper not only reveals the uniqueness of different resource management methods in different industries but also enriches the applications of resource management theories in different situations. Full article
(This article belongs to the Special Issue Sustainable Value Management–New Concepts and Contemporary Trends)
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Review

Jump to: Research

Open AccessReview
Research Profiling for Responsible and Sustainable Innovations
Sustainability 2019, 11(23), 6553; https://doi.org/10.3390/su11236553 - 20 Nov 2019
Cited by 3
Abstract
The issues of responsible and sustainable innovations have been attracting the growing attention of the ranks of scholars in recent years. However, this amassing productivity in the field has not been mapped and profiled thoroughly, yet. Therefore, the aim of the paper is [...] Read more.
The issues of responsible and sustainable innovations have been attracting the growing attention of the ranks of scholars in recent years. However, this amassing productivity in the field has not been mapped and profiled thoroughly, yet. Therefore, the aim of the paper is to map the research output related to the concepts of responsible and sustainable innovations with the method of research profiling. The analysis consists of three components: general research profiling, subject area profiling and topic profiling conducted with the use of Scopus database. The research process is directed at answering three research questions: (1) who are the main contributors within the scholarly community? why? so what? (2) how is the research output distributed among subject areas? why? so what? (3) what are the central topics and issues discussed within the research field? why? so what? First of all, key contributing countries, research institutions, journals, and authors are identified in order to characterize the scholarly community working in the field. Secondly, research output is profiled through the prism of respective subject areas. This type of profiling aims at discovering varieties among key journals, authors and core references distributed across various subject areas. Thirdly, topic analysis is conducted in order to point out most crucial aspects studied in the body of literature in the field. The research sample consists of 1083 publications indexed in Scopus database, including the phrases ‘responsible innovation’ or ‘sustainable innovation’ within their titles, keywords, and abstracts (topic search). The findings from the general research profiling confirm the growing interest of academia in exploring and investigating the issues of responsible and sustainable innovations. The leading contributors in the field are scholars and research institutions from the Netherlands, the United Kingdom, and the United States. Dutch universities and research centers occupy three top three positions in regard to the number of publications. Among them, Delft University of Technology is the unquestionable leader. Journal of Cleaner Production and Journal of Responsible Innovation are found to be the most prolific and highly recognized source titles in the field. Subject area profiling shows a relatively high level of interrelatedness among the four leading subject areas i.e., Business, Management and Accounting, Engineering, Social Sciences, and Environmental Science in regard to authors, source titles and core references. Topic profiling indicates two leading thematic streams in the research field focused on the features and core aspects of responsible and sustainable innovations, and the relationships of the concept with people (human, humans), research, ethics, and technology. Discussion of research findings is focused around comparing and contrasting three overlapping concepts (i.e., responsible research and innovation, responsible innovation, and sustainable innovation), providing the critical assessment of the reasons for the scholarly research to have developed along with certain patterns and identifying unexplored aspects or possible future avenues of research. Full article
(This article belongs to the Special Issue Sustainable Value Management–New Concepts and Contemporary Trends)
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