Central European Business Review 2015, 4(2):12-20 | DOI: 10.18267/j.cebr.122

The Latest Trends in the Corporate Sustainability and its Implications for Czech Businesses

Zuzana Křečková Kroupová
Ing. Zuzana Křečková Kroupová, M.A., Ph.D., Assistant Professor, Department of Retailing and Commercial Communications, Faculty of International Relations, W. Churchill sq. 4, 130 67 Prague 3, Czech Republic, zuzana.kreckova@vse.cz

This paper analyzes the state of corporate sustainability in the Czech Republic compared with world trends, including case studies of best practices. Corporate sustainability has developed from ad hoc activities dominantly focused on cost-cutting or corporate image improvements to strategic issue requiring the attention of corporate boards and top management. The development of sustainability as an integral part of corporate existence comprises of the following managerial implications: strategy, collaboration, and implementation. The strategic component requires mission reformulation, strategy redefinition and involves the board and top managers' broader thinking, leaders capable of open mindedness, and creativity. The collaborative component calls for intensive collaboration and communication with all stakeholders, including association with avant-garde partners, such as, NGOs, regulators, universities, and competitors. The implementation component addresses the need for high quality change management programs.

Keywords: Corporate sustainability; Czech Republic; Corporate social responsibility; shared value; strategy
JEL classification: M14, Q56

Received: January 28, 2015; Revised: May 2, 2015; Published: June 30, 2015  Show citation

ACS AIP APA ASA Harvard Chicago Chicago Notes IEEE ISO690 MLA NLM Turabian Vancouver
Křečková Kroupová, Z. (2015). The Latest Trends in the Corporate Sustainability and its Implications for Czech Businesses. Central European Business Review, 4(2), 12-20. doi: 10.18267/j.cebr.122
Download citation
  • BibTeX (.bib)
  • Bookends (.ris)
  • EasyBib (.ris)
  • EndNote (.enw)
  • EndNote 8 (.xml)
  • ISI WoS (.isi)
  • Medlars (.medlars)
  • Mendeley (.ris)
  • MODS (.xml)
  • Papers (.ris)
  • RefWorks (.txt)
  • RefManager (.ris)
  • RIS (.ris)
  • MS Word (.xml)
  • Zotero (.ris)
    • Open full article

    References

    1. Bockstette, V., & Stamp, M. (2011). Creating Shared Value: A How-to Guide for the New Corporate (R)evolution. Retrieved June 20, from http://www.fsg.org.
    2. Bockstette, V., & Stamp, M. (2012). Vytváření sdílené hodnoty, Průvodce firemní (r)evolucí. Prague: FSG.
    3. Denning, S. (2014). Why Tim Cook Doesn't Care About 'The Bloody ROI'. Retrieved February 21, 2015 from http://www.forbes.com/sites/stevedenning/2014/03/07/why-tim-cook-doesnt-care-about-the-bloody-roi/.
    4. Egon Zehnder (2014). Achieving Global Board Capability: Keeping pace with global opportunity. Egon Zehnder Global Board Index 2014. Retrieved May 25, 2015 from http://www.egonzehnder.com/global-board-index-2014.
    5. European Commission (2002). Communication from the commission concerning corporate social responsibility: a business contribution to sustainable development. Commission of the European Communities.
    6. European Commission (2014). First European CSR Awards Projects 2013. Golden Book. Retrieved February 21, 2015 from www.europeancsrawards.eu.
    7. Filipová, A., Mokrejšová, V., & Zeman, J. (2014). Social Responsibility and Food Waste in the Czech Republic. E-Leader International Journal, 9(2).
    8. Friedman, M. (1970). The Social Responsibility of Business Is to Increase Its Profits. The New York Times. Retrieved February 21, 2015 from http://query.nytimes.com/mem/archive-free/pdf?res=9E05E0DA153CE531A15750C1A96F9C946190D6CF.
    9. GE Releases (2014). GE Releases 2013 Progress against Sustainability Commitments. Retrieved February 21, 2015 from http://www.businesswire.com/news/home/20140630006140/en/GE-Releases-2013-Progress-Sustainability-Commitments#.VOowIBt0zzU.
    10. Kalousová, P. (2014). Prestižní cenu za odpovědné podnikání získaly IBM a ZLKL. Retrieved February 21, 2015 from http://www.topodpovednafirma.cz/tiskova-zprava.html.
    11. Kouřil, T. (2014). Nejlepší firmy a organizace dnes večer převezmou ocenění "Excelentní firma" a "Společensky odpovědná firma". Retrieved February 21, 2015 from http://www.narodnicena.cz/clanky/aktualne-cz-11-2014-nejlepsi-firmy-a-organizace-ziskaly-prestizni-narodni-ceny.
    12. Kiron, D. et al. (2015). Joining Forces: Collaboration and Leadership for Sustainability. MIT Sloan Management Review. Retrieved June 1, 2015 from http://sloanreview.mit.edu/projects/joining-forces/.
    13. Lohr, S. (2011). First, Make Money. Also, Do Good. New York Times. February 21, 2015 from http://www.nytimes.com/2011/08/14/business/shared-value-gains-in-corporate-responsibility-efforts.html.
    14. Luthans, F., & Doh, J. P. (2012). International Management. Culture, strategy, and Behavior. New York: McGraw-Hill.
    15. Němečková, I. (2013). The Role of Salary in Employee Motivation and Retention in the Financial Sector of the Czech Republic in Relation to Herzberg's Two Factor Theory of Work Motivation. Politická ekonomie, 61(3), 373-392. Go to original source...
    16. Porter, M. E., & Kramer, M. R. (2011). Creating shared value. Harvard business review, 89(1/2), 62-77.
    17. Post, R. (2014). For BASF, Sustainability Is a Catalyst. MIT Sloan Management Review Blog. Retrieved February 21, 2015 from http://sloanreview.mit.edu/article/for-basf-sustainability-is-a-catalyst/.
    18. Serafeim, G. (2013). The Role of Corporation in Society: An Alternative View and Opportunities for Future Research. Harvard Business School Working Paper. topodpovednafirma.cz (2014). TOP odpovědná firma. Cena byznysu pro společnost, 2014. Retrieved February 21, 2015 from http://www.topodpovednafirma.cz/finaliste-a-oceneni.html. Go to original source...
    19. UNEP (2014). Integrated Governance. A New Model of Governance for Sustainability. United Nations Environment Programme. Retrieved June 1, 2015 from http://www.unepfi.org/fileadmin/documents/UNEPFI_IntegratedGovernance.pdf.
    20. UN Global Compact (2014). Guide to Corporate Sustainability. Shaping Sustainable Future. Retrieved June 1, 2015 from http://www.unglobalcompact.org/docs/publications/UN_Global_Compact_Guide_to_Corporate_Sustainability.pdf.
    21. UN Global Compact (2015). Participants and Stakeholders. Retrieved May 25, 2015 from http://www.unglobalcompact.org.
    22. WCED (World Commission on Environment and Development) (1987). Our Common Future. Oxford: Oxford University Press.
    23. Yin, R. K. (2003). Case Study Research: Design and Methods. Thousand Oaks: Sage.
    24. Zadražilová, D. et al. (2011). Udržitelné podnikání. Prague: Oeconomica Publishing House.

    This is an open access article distributed under the terms of the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License (CC BY NC ND 4.0), which permits non-comercial use, distribution, and reproduction in any medium, provided the original publication is properly cited. No use, distribution or reproduction is permitted which does not comply with these terms.


    Return to the content