Figure 1.
Figure 2.
Model 1: OLS, using observations 2009–2022 (T = 14)_ Dependent variable: SD
| Coefficient | Std. Error | t-ratio | p-value | ||
|---|---|---|---|---|---|
| Const | −1.95928 | 0.501354 | −3.908 | 0.0024 | *** |
| HDI_1 | 2.74846 | 0.682873 | 4.025 | 0.0020 | *** |
| SD_1 | 0.515422 | 0.139392 | 3.698 | 0.0035 | *** |
Seemingly Unrelated Regression (SUR) results
| Coefficient | std. | error | t-ratio | p-value | |||
|---|---|---|---|---|---|---|---|
| E | Const | −0.108234 | 0.0392986 | −2.754 | 0.0175 | Mean dependent var | 0.767747 |
| FS | 0.226024 | 0.0511615 | 4.418 | 0.0008 | R-squared | 0.981872 | |
| S | 0.844548 | 0.0257470 | 32.80 | 4.08e-013 | |||
| S | Const | 0.127311 | 0.0460402 | 2.765 | 0.0171 | Mean dependent var | 0.822582 |
| FS | −0.265644 | 0.0638185 | −4.162 | 0.0013 | R-squared | 0.978344 | |
| E | 1.18310 | 0.0358780 | 32.98 | 3.83e-013 | |||
| Env | Const | 0.450622 | 0.137233 | 3.284 | 0.0059 | Mean dependent var | 0.744505 |
| E | 0.382787 | 0.176701 | 2.166 | 0.0495 | R-squared | 0.241918 | |
| Breusch-Pagan test for diagonal covariance matrix: | |||||||
| Chi-square(3)= 18.3827 [0.0004] | |||||||
Selected Definitions of Sustainable Enterprise Development
| Author | Definition |
|---|---|
| Dyllick and Hockerts (2002) | Meeting the needs of a firm’s direct and indirect stakeholders (…) without compromising its ability to meet the needs of future stakeholders as well |
| Colbert and Kurucz (2007) | Keep the business going, future-proofing |
| Porter and Kramer (2007) | Take decisions considering the common value |
| Grudzewski, Hejduk, Sankowska, Wańtuchowicz (2010) | A sustainable enterprise is the concept of the company of ‘tomorrow’, flexible to the constant turbulent changes in the environment and capable of functioning in chaos and crisis |
| Novikova, O.F., Amosha, A.I. and Antoniuk, V.P. (2012) | Economic – provides for the formation of an economic system harmonised with the environmental factor in the development; social –affirms the human right to a high standard of living under the conditions of ecological safety; ecological –determines the conditions and limits of restoration of the ecological systems |
| Zu (2013) | The sustainable enterprise incorporates the principles of sustainability into each of its business decisions |
| Trojanowski (2015) | Balancing the economic goals of the company with the environmental and social goals is not an easy task. Taking action on the sustainable concept requires a different approach from management staff and mid-level and executive staff. |
| Oželienė (2017) | A holistic approach to business thinking that seeks to integrate consideration of the three aspects of sustainability—social, environmental, and economic |
| Pabian (2017) | A sustainable enterprise operates on the basis of sustainable resources. These resources include people, infrastructure, durable and nondurable assets, as well as any outgoing goods |
| Brach, Gul, Kawecki (2020) | A sustainable company ensures the environmental friendliness of its operating processes while striving to meet the expectations of all stakeholders to prolong the chances of long-term market survival |
| Zhou, Liu, Luo (2022) | Enterprises strive to improve the level of environmental management and pay attention to ESG performance management |
Diagnostic variables used in SD and its pillars (E, S, Env)
| Synthetic index | Diagnostic variable | Description of the variable | Stimulant | Destimulant |
|---|---|---|---|---|
| Economic development (E) | y1 | Total number of companies in a country | + | |
| y2 | Turnover or gross premiums [million euro] | + | ||
| y3 | Production value [million euro] | + | ||
| y4 | Value added at factor cost [million euro] | + | ||
| y5 | Gross operating surplus [million euro] | + | ||
| y6 | Total purchases of goods and services [million euro] | + | ||
| y7 | Gross investment in tangible goods [million euro] | + | ||
| y8 | Investment rate (investment/value added at factors cost) [%] | + | ||
| y9 | Share of personnel costs in production [%] | + | ||
| y10 | Average personnel costs [thousand euro] | + | ||
| Social Development (S) | y11 | Wages and Salaries [million euro] | + | |
| y12 | Social security costs [million euro] | + | ||
| y13 | Total number of employees in a country | + | ||
| y14 | Turnover per person employed [thousand euro] | + | ||
| y15 | Apparent labour productivity [thousand euro] | + | ||
| y16 | Gross value added per employee [thousand euro] | + | ||
| y17 | Growth rate of employment [%] | + | ||
| y18 | Number of persons employed per enterprise | + | ||
| y19 | Investment per person employed [thousand euro] | + | ||
| y20 | Personnel costs [million euro] | + | ||
| Environmental Development (Env) | y21 | Carbon dioxide emission [tons] | + | |
| y22 | Methane emission [tons] | + | ||
| y23 | Nitrous oxide emission [tons] | + | ||
| y24 | Sulphur oxides emission [tons] | + | ||
| y25 | Ammonia emission [tons] | + | ||
| y26 | Carbon monoxide emission [tons] | + | ||
| Y27 | Nitrogen oxides emission [tons] | + | ||
| y28 | Generation of total waste [tons] | + |
Indicators of SD and its pillars, FS, MSP, HDI and their descriptive statistics
| Env | E | S | SD | FS | MSP | HDI | |
|---|---|---|---|---|---|---|---|
| 2008 | 0.67 | 0.66 | 0.75 | 0.69 | 0.62 | 0.37 | 0.82 |
| 2009 | 0.73 | 0.58 | 0.63 | 0.65 | 0.67 | 0.32 | 0.83 |
| 2010 | 0.67 | 0.63 | 0.7 | 0.66 | 0.77 | 0.38 | 0.84 |
| 2011 | 0.69 | 0.69 | 0.73 | 0.7 | 0.79 | 0.38 | 0.84 |
| 2012 | 0.72 | 0.68 | 0.74 | 0.71 | 0.79 | 0.36 | 0.84 |
| 2013 | 0.76 | 0.69 | 0.71 | 0.72 | 0.81 | 0.4 | 0.85 |
| 2014 | 0.78 | 0.74 | 0.75 | 0.76 | 0.81 | 0.48 | 0.84 |
| 2015 | 0.76 | 0.76 | 0.77 | 0.77 | 0.85 | 0.46 | 0.86 |
| 2016 | 0.7 | 0.73 | 0.78 | 0.74 | 0.87 | 0.51 | 0.86 |
| 2017 | 0.64 | 0.78 | 0.84 | 0.75 | 0.83 | 0.53 | 0.87 |
| 2018 | 0.59 | 0.89 | 0.96 | 0.81 | 0.83 | 0.55 | 0.88 |
| 2019 | 0.86 | 0.91 | 0.99 | 0.92 | 0.84 | 0.53 | 0.88 |
| 2020 | 0.97 | 0.91 | 1 | 0.96 | 0.72 | 0.5 | 0.87 |
| 2021 | 0.81 | 0.92 | 0.98 | 0.90 | 0.88 | 0.58 | 0.88 |
| 2022 | 0.82 | 0.95 | 1.01 | 0.93 | 0.95 | 0.52 | 0.88 |
| Max | 0.97 | 0.95 | 1.01 | 0.96 | 0.95 | 0.58 | 0.88 |
| Min | 0.59 | 0.58 | 0.63 | 0.65 | 0.62 | 0.32 | 0.82 |
| Std. Dev | 0.09 | 0.12 | 0.12 | 0.10 | 0.08 | 0.08 | 0.02 |
| Mean | 0.74 | 0.77 | 0.82 | 0.78 | 0.80 | 0.46 | 0.86 |
| Mediana | 0.73 | 0.74 | 0.77 | 0.75 | 0.81 | 0.48 | 0.86 |