Impact of the environmental ESG pillar on firm sustainability: Empirical research in the V4 countries
Vol. 17, No 3, 2024
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Jan Kubalek
Prague University of Economics and Business Prague, Czech republic jan.kubalek@vse.cz ORCID 0000-0002-7872-3116 |
Impact of the environmental ESG pillar on firm sustainability: Empirical research in the V4 countries |
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Michal Erben
Prague University of Economics and Business Prague, Czech republic michal.erben@vse.cz ORCID 0009-0003-9460-7507 Michal Kudej
Prague University of Economics and Business Prague, Czech republic michal.kudej@vse.cz ORCID 0009-0002-4375-5473
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Abstract. The research aimed to define the impact of the environmental pillar of ESG principles on the sustainability of firms in the V4 region and quantify the impact of certain factors on the perception of firms’ sustainability. To this end, a questionnaire survey on the attitudes of managers and business owners was conducted in February 2024 in the Czech Republic, Slovakia, Poland and Hungary. Data were collected using the Computer Assisted Web Interviewing (CAWI) research method. The distribution of respondents by country was as follows: there were 338 respondents from the Czech Republic, 349 from Poland, 312 from Slovakia and 321 from Hungary. Correlation analysis and linear regression analysis were used to test the scientific hypotheses. The results suggest that firms that focus on the environmental education of employees, use green practices, provide truthful information about environmental impacts, and spend adequate costs on environmental protection are more likely to achieve sustainable growth. On the other hand, there appears to be no affect on corporate sustainability from policies pertaining to managing the company in accordance with specific regulations, minimising the environmental impacts of business activities, intensively addressing the energy efficiency of company buildings, and using renewable energy sources. In conclusion, firms in the V4 countries focus on that aspects of Pillar E that affect sustainable growth but do not significantly increase costs or increase the overall complexity of processes. |
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Received: December, 2023 1st Revision: August, 2024 Accepted: September, 2024 |
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DOI: 10.14254/2071-8330.2024/17-3/8
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JEL Classification: F64, P28, P48, Q56 |
Keywords: ESG, environmental pillar, firm’s sustainability, V4 |
