The Concern of Energy Companies in Obtaining and Maintaining their Sustainable Value

  • Camelia Cătălina Mihalciuc Faculty of Economics and Public Administration,“Stefan cel Mare“ University of Suceava
  • Maria Grosu Faculty of Economics and Business Administration, „Alexandru Ioan Cuza“ University of Iasi
Keywords: Sustainable development, sustainable business practices, corporate sustainability, principles of sustainability, listed companies, responsible company, Sustainable Development Goals (SDGs)

Abstract

The last years are distinguished by increasing the awareness of companies towards sustainable business, going beyond their traditional role of providing goods and services at competitive prices to meet customer requirements. Thus, companies will have to consider the effects of their best practices on the environment and society, in order to contribute to the progress of society and the protection of the environment, the essence of sustainable development being the coexistence of economic and social relations and environmental protection by implementing economic, social and environmental objectives. We can see that every company that seeks to become sustainable must consider approaches based on sustainable business practices geared to meeting customer needs. For companies listed on the stock market, the index that stands next to each company is the one that shows the level of sustainability, through corporate sustainability, long-term value is created for shareholders, taking into account all social factors, those related to the environment, as well as economic ones. All these considerations have led to the establishment of the general objective of the paper, through which the authors aim to explain and present the importance of sustainability/sustainable development in energy companies in conjunction with the UN guidelines on business and human rights, which will address with priority to the Sustainable Development Goals (SDGs) for 2030.

References

Anastasiou, A., & Marietta, P. (2020). Sustainable Development at the Frames of the Strategy “Europe 2020”. Theoretical Economics Letters, 10, 443-457. https://doi.org/10.4236/tel.2020.103028

Androniceanu, A. (2019). Social Responsibility, an Essential Strategic Option for a Sustainable Development in the Field of Bio-Economy. Amfiteatru Economic, 21(52), 503-519. https://doi.org/10.24818/EA/2019/52/503

Andronie, M., Simion, V.E., Gurgu, E., Dijmărescu, A., & Dijmărescu, I. (2019). Social Responsibility of Firms and the Impact of Bio-Economy in Intelligent Use of Renewable Energy Source. Amfiteatru Economic, 21(52), 520-535. https://doi.org/10.24818/EA/2019/52/520

Bebbington, J., &Unerman, J. (2018). Achieving the United Nations Sustainable Development Goals An enabling role for accounting research. Accounting, Auditing and Accountability Journal, 31(1), 2-24. https://doi.org/10.1108/AAAJ-05-2017-2929

Belaşcu, L. (2013). Responsabilitatea corporativă şi performanţele companiilor multinaţionale, în Studii post-doctorale în economie”, volumul 5, Studii şi cercetări privind impactul globalizării asupra structurii şi dinamicii economiilor [Corporate responsibility and the performance of multinational companies, in Post-doctoral studies in economics ”, volume 5, Studies and research on the impact of globalization on the structure and dynamics of economies] (Publication No. 978-973-27-2295-4) [Doctoral dissertation]. Romanian Academy Publishing House.

Beltramello, A., Haie-Fayle, L., &Pilat, D. (2013). Why new business models matter for green growth.OECD Green Growth Papers 1. https://doi.org/10.1787/5k97gk40v3ln-en

Diesendorf, M. (2000). Sustainability and sustainable development. In D. Dunphy, J. Benveniste, A. Griffiths, & P. Sutton, (eds.), Sustainability: The corporate challenge of the 21st (pp. 19-37). Allen & Unwin.

Berheci, M. (2013). Corporate responsibility and performance of multinational companies [Unpublished Post-Doctoral Dissertations, Romanian Academy].

Bocken, N.M., Short, S.W., Rana, P., & Evans, S. A. (2014). Literature and practice review to develop sustainable business model archetypes. Journal of Cleaner Production, 65, 42–56. https://doi.org/10.1016/j.jclepro.2013.11.039

Dey, M., & Sircar, S. (2012). Integrating Corporate Social Responsibility Initiatives with Business Strategy: A Study of Some Indian Companies. The IUP Journal of Corporate Governance 11(1), 36–51. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2148237

Germán, A., Wolfgang, F., Gerstlberger, J., Bonzanini, A., Bernardi, D., & Pedrini, C. (2016). An integrative environmental performance index for benchmarking in oil and gas industry. Journal of Cleaner Production, 133, (1), 1190-1203. https://doi.org/10.1016/j.jclepro.2016.06.064

Izzo, F., & Magnanelli, B.S. (2012). Does it pay or does firm pay? The relation between CSR performance and the cost of debt. SSRN Electronic Journal 1-45. https://doi.org/10.2139/ssrn.1986131

Jaba, E. (2008). Econometrie aplicată. Alexandru Ioan Cuza Publishing House.

Jeffrey, S. (2015). The Age of Sustainable Development. Columbia University Press.

Mallovy Hicks, H., Gilcreast, A., Marais, H., & Manning, C. (2021). The drivers of enterprise value extend beyond financial productivity and as disruption intensifies, businesses must adapt to avoid value destruction. Strategy+BUSINESS. https://www.strategy-business.com/article/A-CEO-guide-to-todays-value-creation-ecosystem

Mihalciuc, C. C., Grosu, M., & Apetri, A. N. (2020). Supporting the Sustainable Development of Companies Through the Use of Social Responsibility Practices In International Affairs. LUMEN Proceedings, 13, 206-225. https://doi.org/10.18662/lumproc/ncoe4.0.2020/19

Mihalciuc, C. C., & Grosu, M. (2020). Sustainable business practices and corporate models, European Finance, Business and Regulation EUFIRE. Alexandru Ioan Cuza Publishing House.

Mihalciuc, C., & Apetri, A.(2017). The Role of Social and Environmental Information in Assessing the Overall Performance of the Enterprise. In W. L. Filho, D. M. Pociovalisteanu, A. Q. Al-Amin, Sustainable Economic Development: Green Economy and Green Growth, (pp. 213-231). Springer International Publishing.

Nechita, E. (2019). Analysis of the Relationship between Accounting and Sustainable Development. The Role of Accounting and Accounting Profession on Sustainable Development.The Audit Financial Journal, 17(155), 520-536. https://doi.org/10.20869/AUDITF/2019/155/021

Nucă, D., Grosu, M., Mihalciuc, C., & Apetri, A. (2020). The Identification of the Company Profile Listed on the Romanian Stock Exchange Involved in CSR Actions. In: J. Xu, G. Duca, S. Ahmed, F. García Márquez, A. Hajiyev, (eds.), Proceedings of the Fourteenth International Conference on Management Science and Engineering Management: vol. 1190, International Conference on Management Science and Engineering Management. Springer. https://doi.org/10.1007/978-3-030-49829-0_40

Owusu Phebe, A., & Asumadu-Sarkodie, S. (2016). A review of renewable energy sources, sustainability issues and climate change mitigation. Cogent Engineering, 3(1). https://doi.org/10.1080/23311916.2016.1167990

Pasimeni, P. (2012). Measuring Europe 2020: A New Tool to Assess the Strategy. International Journal of Innovation and Regional Development, 4(5), 365-385. https://doi.org/10.1504/IJIRD.2012.048986

Pieloch-Babiarz, A., Misztal, A. &Kowalska, M. (2021). An impact of macroeconomic stabilization on the sustainable development of manufacturing enterprises: the case of Central and Eastern European Countries. Environ Dev Sustain, 23, 8669–8698. https://doi.org/10.1007/s10668-020-00988-4

Richardson, J. (2008). The business model: an integrative framework for strategy execution, Strateg. Change, 17(5-6), 133–144. https://doi.org/10.1002/jsc.821

Sáez-Martínez, F.J., Lefebvre, G., Hernández, J.J., Clark, J.H. (2016). Drivers of sustainable cleaner production and sustainable energy options. Journal of cleaner production, 138, 1–7. https://doi.org/10.1016/j.jclepro.2016.08.094

Ebubekir, S. S., Bayram, I. S., & Koc, M. (2019). Demand side management opportunities, framework, and implications for sustainable development in resource-rich countries: Case study Qatar. Journal of cleaner production, ‏241. https://doi.org/10.1016/j.jclepro.2016.08.094

Socoliuc, M., Grosu, V., Hlaciuc, E. & Stanciu, S. (2018). Analysis of Social Responsibility and Reporting Methods of Romanian Companies in the Countries of the European Union. Sustainability, 10(12), 4662. https://doi.org/10.3390/su10124662

Tanţău, A. & Şanta, A.M.I. (2019). Best Practices for a Sustainable Energy Sector at European Union Level- Chances and Challenges for Romania. Amfiteatru Economic, 21(52), 697-706. https://doi.org/10.24818/EA/2019/52/697

United Nations. (2015). The 2030Agenda for Sustainable Development. Transforming our World: The 2030 Agenda for Sustainable Development. Sustainable Development Knowledge. https://sustainabledevelopment.un.org/post2015/transformingourworld/publication

Wicks, A.C. (1996). Overcoming the separation thesis: The need for a reconsideration of business and society research. Sage Journals, 35(1), 89-118. https://doi.org/10.1177/000765039603500108

World Business Council for Sustainable Development. (2018). Reporting Matters – Six years on: the state of play. WBCSD. https://docs.wbcsd.org/2018/10/Reporting_Matters_2018.pdf

Wysokińska-Senkus, A. (2021). Determinants of Improving the Strategy of Sustainable Energy Management of Building Sustainable Value for Stakeholders—Experience of Organizations in Poland. Energies, 14(10), 2878. https://doi.org/10.3390/en14102878

Published
2022-01-12
How to Cite
Mihalciuc, C. C., & Grosu, M. (2022). The Concern of Energy Companies in Obtaining and Maintaining their Sustainable Value. LUMEN Proceedings, 17, 447-464. https://doi.org/10.18662/wlc2021/45