The Documentary Research to Synthesize Components of Sustainable Business Development Concept for Small and Medium Enterprises
Article Sidebar
Main Article Content
Abstract
The purpose of this research was to study and synthesize the components of the sustainable business development concept based on the three main pillars: Environment, Society, and Governance for small and medium-sized businesses. The article studies the effect of sustainable business development concepts based on ESG principles in the context of small and medium businesses from 38 academic articles and research papers which are published online on the databases of Journal of Finance, Wiley-Blackwell Publishing Ltd and Academy of Management spanning the period from 2013 to 2023. The results of the study showed that sustainable business development ideas based on ESG principles for small and medium businesses can be divided into 3 dimensions, each of which consists of important components: 1) The environmental dimension includes 3 components: 1.1) Innovation, 1.2) green business, 1.3) sustainability. 2) The social dimension consists of 6 components: 2.1) gender, 2.2) social responsibility, 2.3) culture, 2.4) age, 2.5) geography. and 2.6) politics. 3) The corporate governance dimension consists of 6 components: 3.1) strategy, 3.2) accounting, finance and investment, 3.3) management 3.4) good governance, 3.5) resource management and 3.6) organization efficiency.
Article Details
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
ลิขสิทธิ์ของบทความ
ผลงานที่ได้รับการตีพิมพ์ถือเป็นลิขสิทธิ์ของมหาวิทยาลัยหอการค้าไทย ห้ามมิให้นำเนื้อหา ทัศนะ หรือข้อคิดเห็นใด ๆ ของผลงานไปทำซ้ำ ดัดแปลง หรือเผยแพร่ ไม่ว่าทั้งหมดหรือบางส่วนโดยไม่ได้รับอนุญาตเป็นลายลักษณ์อักษรจากมหาวิทยาลัยหอการค้าไทยก่อน
References
ตลาดหลักทรัพย์แห่งประเทศไทย. (ม.ป.ป.). หุ้นยั่งยืน – Thailand sustainability investment (THSI). สืบค้นเมื่อ 14 เมษายน 2566, จาก https://www.setsustainability.com/page/thsi-thailand-sustainability-investment
รู้จัก ‘ESG & SDGs’ 2 แนวคิดสร้างโอกาสและความท้าทายธุรกิจสู่ความยั่งยืน. (2565). สืบค้นเมื่อ 14 เมษายน 2566, จาก https://www.bangkokbanksme.com/en/esg-sdgs-sustainability
สรุปความเห็นต่อทิศทางด้าน Sustainable. (ม.ป.ป.). สืบค้นเมื่อ 14 เมษายน 2566, จาก https://app.bot.or.th/landscape/feedback-summary/sustainable/
สำนักงานปลัดกระทรวงทรัพยากรธรรมชาติและสิ่งแวดล้อม, สำนักความร่วมมือด้านทรัพยากรธรรมชาติและสิ่งแวดล้อมระหว่างประเทศ. (2556). ความรู้เบื้องต้นเกี่ยวกับการพัฒนาที่ยั่งยืน. สืบค้นจาก http://lib.mnre.go.th/lib/book/TheFutureWeWant_KhamRu.pdf
สำนักงานส่งเสริมวิสาหกิจขนาดกลางและขนาดย่อม. (2562). นิยาม SME. สืบค้นเมื่อ 14 เมษายน 2566, จาก https://www.sme.go.th/th/cms-detail.php?modulekey=332&id=1334
สำนักงานสภาพัฒนาเศรษฐกิจและสังคมแห่งชาติ. (2565). แผนพัฒนาเศรษฐกิจและสังคมแห่งชาติฉบับที่สิบสาม พ.ศ.2566-2570. สืบค้นจาก https://www.nesdc.go.th/ewt_news.php?nid=13651&filename=develop_issue
สิรภัทร เกาฏีระ. (ม.ป.ป.). หุ้น ESG คืออะไร รู้จัก ESG Investing ลงทุนวิถีใหม่. สืบค้นเมื่อ 14 เมษายน 2566, จาก https://www.krungsri.com/th/wealth/krungsri-prime/privileges/articles/esg-investing
Avetisyan, E., & Gond, J. (2013). Institutional dynamics of CSR standardization: A multilevel perspective in the field of ESG rating. Academy of Management Proceedings, 2013(1), 15122. doi: 10.5465/AMBPP.2013.15122abstract
Avetisyan, E., & Hockerts, K. (2012). Consolidation within the ESG rating industry: Motivation and impact. Academy of Management Proceedings, 2012(1), 16427. doi: 10.5465/AMBPP.2012.16427abstract
Barrymore, N., & Sampson, R. (2021). ESG performance and labor productivity: Exploring whether and when ESG affects firm performance. Academy of Management Proceedings, 2021(1), 13997. doi: 10.5465/AMBPP.2021.13997abstract
Bielawska, A. (2022). Socially responsible activity of mcro-, small-, and medium-sized enterprises—benefits for the enterprise. Sustainability, 14(15), 9603. doi:10.3390/su14159603
Caputo, F., Pizzi, S., Ligorio, L., & Leopizzi, R. (2021). Enhancing environmental information transparency through corporate social responsibility reporting regulation. Business Strategy and the Environment, 30(8), 3470-3484.
Cheng, M., Micale, J., & Hasan, I. (2022). Which environmental, social, or governance (ESG) activities are more informative to stock prices. Academy of Management Proceedings, 2022(1), 12658. doi: 10.5465/AMBPP.2022.12658abstract
Chuah, K. (2018). Carrot or stick? strategic corporate governance and the incentivization of attention to ESG issues. Academy of Management Proceedings, 2018(1), 10598. doi: 10.5465/AMBPP.2018.229
Chuah, K. (2019). Strategic mobilization of shareholder activists on ESG issues. Academy of Management Proceedings, 2019(1), 13788. doi: 10.5465/AMBPP.2019.13788abstract
Chuah, K. (2021). Salient yet susceptible: Coalition composition in shareholder engagements on ESG issues. Academy of Management Proceedings, 2021(1), 11212. doi: 10.5465/AMBPP.2021.11212abstract
Cundill, G. J., & Wilson, H. (2020). ESG? A framework for corporate governance and its environmental, social, and financial outcomes. Academy of Management Proceedings, 2020(1), 18896. doi: 10.5465/AMBPP.2020.18896abstract
Elbasha, T., & Avetisyan, E. (2014). Studying strategizing activities at the field’s level, the case of ESG rating agencies. Academy of Management Proceedings, 2014(1), 17442. doi: 10.5465/ambpp.2014.17442abstract
Esposito De Falco, S., Scandurra, G., & Thomas, A. (2021). How stakeholders affect the pursuit of the environmental, social, and governance. Evidence from innovative small and medium enterprises. Corporate Social Responsibility and Environmental Management, 28(5), 1528-1539. doi: 10.1002/csr.2183
Fu, L., Boehe, D., & Akhtaruzzaman, M. (2021). Culture and mixed signals: Does ESG reduce risk everywhere?. Academy of Management Proceedings, 2021(1), 10306. doi: 10.5465/AMBPP.2021.10306abstract
Garcia, A. S., Mendes-Da-Silva, W., & Orsato, R. J. (2017). Sensitive industries produce better ESG performance: Evidence from emerging markets. Journal of Cleaner Production, 150, 135-147. doi: 10.1016/j.jclepro.2017.02.180
Gavin, M., Coelho, M. T. P., McGlinch, J., & Henisz, W. J. (2022). Pathways To materiality: Environmental, social & governance (ESG) factors and financial performance. Academy of Management Proceedings, 2022(1), 16003. doi: 10.5465/AMBPP.2022.16003abstract
Gholami, A., Murray, P. A., & Sands, J. (2022). Environmental, social, governance & financial performance disclosure for large firms: is this different for SME firms?. Sustainability, 14(10), 6019. doi: 10.3390/su14106019
Gjergji, R., Vena, L., Sciascia, S., & Cortesi, A. (2021). The effects of environmental, social and governance disclosure on the cost of capital in small and medium enterprises: The role of family business status. Business strategy and the environment, 30(1), 683-693.
doi: 10.1002/bse.2647
Gualandris, J., Longoni, A., & Luzzini, D. (2019). Towards supply chain transparency: Linking supply chain structure to collective ESG disclosure. Academy of Management Proceedings, 2019(1), 16503. doi: 10.5465/AMBPP.2019.16503abstract
Harasheh, M. (2023). Freshen up before going public: Do environmental, social, and governance factors affect firms' appearance during the initial public offering?. Business Strategy and the Environment, 32(4), 2509-2521. doi: 10.1002/bse.3261
Harymawan, I., Nasih, M., Agustia, D., Putra, F. K. G., & Djajadikerta, H. G. (2022). Investment efficiency and environmental, social, and governance reporting: Perspective from corporate integration management. Corporate Social Responsibility and Environmental Management, 29(5), 1186-1202. doi: 10.1002/csr.2263
Hawn, O., & Ioannou, I. (2020). When and why do organizations respond to environmental, social, and governance issues?. Academy of Management Proceedings, 2020(1), 18172. doi: 10.5465/AMBPP.2020.18172abstract
Hejri, A., Daugaard, D., Linnenluecke, M. K., & Smith, T. M. (2021). Natural experiments on the impact of financial performance on subsequent changes in ESG ratings. Academy of Management Proceedings, 2021(1), 14268. doi: 10.5465/AMBPP.2021.14268abstract
Höse, K., Süß, A., & Götze, U. (2022). Sustainability-related strategic evaluation of business models. Sustainability, 14(12), 7285. doi: 10.3390/su14127285
Huang, C., & Mirza, S. S. (2023). Green business practices and corporate financialization: Role of female directors in Chinese small and medium enterprises (SMEs). Journal of Corporate Accounting & Finance, 34(1), 137-151. doi: 10.1002/jcaf.22586
Isachenkova, N. (2012). Disclosure of environmental, social and governance (ESG) performance and firm value. Academy of Management Proceedings, 2012(1), 13637. doi: 10.5465/AMBPP.2012.13637abstract
Kellers, A., Kölbel, J. F., & Paetzold, F. (2022). Investors pushing for sustainability: How firms assess the authenticity of investors’ ESG requests. Academy of Management Proceedings, 2022(1), 14045. doi: 10.5465/AMBPP.2022.266
Koelbel, J., & Busch, T. (2013). Does stakeholder pressure on ESG issues affect firm risk? Evidence from an international sample. Academy of Management Proceedings, 2013(1), 15874. doi: 10.5465/ambpp.2013.15874abstract
Kroft, B. V. D., & Bams, D. (2022). Inflated ESG ratings: An inverse relation to non-financial performance. Academy of Management Proceedings, 2022(1), 11233. doi: 10.5465/AMBPP.2022.11233abstract
Lee, J. W. (2022). Value of ESG in the time of COVID-19 crisis: How corporate ESG promotes employee innovative behavior. Academy of Management Proceedings, 2022(1), 17028. doi: 10.5465/AMBPP.2022.43
Leung, M. D., Liang, C., Lourie, B., & Zhu, C. (2021). Heterogeneous gender effects of a firm’s environment social governance efforts on employee turnover. Academy of Management Proceedings, 2021(1), 15713. doi: 10.5465/AMBPP.2021.15713abstract
Li, M., Huang, M., & Li, X. (2022). Bias is not always a bad thing: non-local CEOs and environmental, social and governance performance. Academy of Management Proceedings, 2022(1), 14289. doi: 10.5465/AMBPP.2022.14289abstract
Li, T. T., Wang, K., Sueyoshi, T., & Wang, D. D. (2021). ESG: Research progress and future prospects. Sustainability, 13(21), 11663. doi: 10.3390/su132111663
Mandliya, A., & Pandey, J. (2021). Understanding environmental social and governance controversies: A moderated mediation model. Academy of Management Proceedings, 2021(1), 10582. doi: 10.5465/AMBPP.2021.10582abstract
Mathuros, S., Teerarujikajohndej, J., & Chuenchum, Y. (2023) The Guidelines for Change for Sustainable Business Development Based on ESG Principles. Interdisciplinary Academic and Research Journal, 3(1), 211-226. doi: 10.14456/iarj.2023.14
McGlinch, J., & Henisz, W. J. (2020). Enhancing profits & reducing losses by managing material environmental, social & governance factors. Academy of Management Proceedings, 2020(1), 20390. doi: 10.5465/AMBPP.2020.20390abstract
Ng, E., Phang, R., & Kang, S. L. E. (2021). For individuals or for groups? The influence of CEO moral foundations on firms’ ESG performance. Academy of Management Proceedings, 2021(1), 12672. doi: 10.5465/AMBPP.2021.12672abstract
Oh, C. H., & Shin, J. (2019). Institutional determinants of environmental, social, and corporate governance performance. Academy of Management Proceedings, 2019(1), 11382. doi: 10.5465/AMBPP.2019.11382abstract
Papavasileiou, E., Tzouvanas, P., & Kizys, R. (2022). Endosymbiosis in the boardroom and ESG performance: A generational perspective. Academy of Management Proceedings, 2022(1), 18272. doi: 10.5465/AMBPP.2022.18272abstract
Park, J. G., Park, K., Kwon, B., Kim, K., Noh, H., Kim, Y. G., & Zhu, W. (2022). CSR vs. ESG vs. corporate citizenship: A distinction based on a text mining-based review. Academy of Management Proceedings, 2022(1), 17094. doi: 10.5465/AMBPP.2022.17094abstract
Pereira, K. R., Gavronski, I., Alves, T. W., & Nardi, V. M. (2014). Activism of pension funds and environmental, social, and corporate governance of investee firms. Academy of Management Proceedings, 2014(1), 14496. doi: 10.5465/ambpp.2014.14496abstract
Savio, R., D’Andrassi, E., & Ventimiglia, F. (2023). A systematic literature review on ESG during the COVID-19 pandemic. Sustainability, 15(3), 2020. doi: 10.3390/su15032020
Scott, J. (2006). Social research and documentary sources. Documentary Research, 1, 23-79.
Shakil, M. H. (2022). Environmental, social and governance performance and stock price volatility: A moderating role of firm size. Journal of Public Affairs, 22(3), e2574. doi: 10.1002/pa.2574
Shalhoob, H., & Hussainey, K. (2023). Environmental, social and governance (ESG) disclosure and the small and medium enterprises (SMEs) sustainability performance. Sustainability, 15(1), 200. doi: 10.3390/su15010200
Slager, R. (2019). One size fits all? A configurational study of collective shareholder engagement on ESG issues. Academy of Management Proceedings, 2019(1), 19271. doi: 10.5465/AMBPP.2019.19271abstract
Stroehle, J., Eccles, R., & Mooij, S. (2019). It Takes Two to Tango–The Logics of ESG-Related Interactions in the Capital Market. Academy of Management Global Proceedings, Slovenia (2019), 359. Retrieved from https://journals.aom.org/doi/abs/10.5465/amgblproc.slovenia.2019.0359.abs
Syed, A. M. (2017). Environment, social, and governance (ESG) criteria and preference of managers. Cogent Business & Management, 4(1), 1340820. doi: 10.1080/23311975.2017.1340820
The ten principles of the UN global compact. (n.d.) Retrieved April 14, 2023, from https://unglobalcompact.org/ what-is-gc/mission/principles
Unglobalcompact.The Ten Principles of the UN Global Compact. Retrieved April 14, 2023, from https://unglobalcompact.org/ what-is-gc/mission/principles
World Bank. (October 7, 2020). COVID-19 to add as many as 150 million extreme poor by 2021 [Press Release]. Retrieved from https://www.worldbank.org/en/news/press-release/2020/10/07/covid-19-to-add-as-many-as-150-million-extreme-poor-by-2021
Zahoor, N., Khan, H., Donbesuur, F., Khan, Z., & Rajwani, T. (2023). Grand challenges and emerging market SMEs: The role of strategic agility and gender diversity. Journal of Product Innovation Management. doi: 10.1111/jpim.12661