Q56 - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population GrowthReturn

Consumers express their ethics through their consumption decisions. The article examines the preferences of Czech respondents in the area of ethical consumption. The aim of the study is to find out the respondents' attitudes towards ethical shopping. We apply a series of ordinal regression analyses to analyse data from a survey (N=1670; aged 15–93 years, M ± SD: 35.51 ± 16.82; 62.00% women; 32.10% with higher education) conducted in 2021. In some cases, the survey results are compared with surveys on the same topic conducted in 2016 and 2018. The research found that customer interest in purchasing is growing, but this trend has not yet manifested itself in the volume of purchases. Beyond the reasons, the decision to buy, ignore ethical products or boycott unethical products is largely linked to the natural interest in and availability of information about “ethical shopping” in general and “ethical” products. The results suggest that personal responsibility is the most important reason for ethical shopping. Poor availability in the sales network, disinterest and higher prices were the most significant reasons for not buying "ethical" products. This research extends existing studies by examining the reasons for purchasing or ignoring so-called ethical products in relation to the intensity of their purchase. We believe that the results of the research can be used as baseline data to support targeted ethical purchasing, for example through education.
Implications for Central European audience: To achieve long-term sustainability, current patterns of behaviour and consumption need to change at all levels. Environmental protection and sustainability are now increasingly implemented in most EU policies, programmes and regulations. In the case of Central European economies, the transition towards sustainable and environmentally neutral practices is still delayed. One of the key prerequisites for sustainable development and its further expansion is sustainable consumption at the level of consumers. The results of our analysis can be used to broaden awareness and raise shoppers' understanding as an important tool to increase ethical consumption behaviour.

Currently, economic development of countries and regions is not possible without the implementation of the European Green Deal. A set of policy initiatives by the European Commission is closely related to concepts such as greening the economy, green finance, climate finance, climate change adaptation and mitigation, environmental protection and others. This research is dedicated to highlighting the role of green finance in environmental protection and development of the financial sector. Green finance connects the worlds of finance and business with environmentally friendly behaviour. In principle, all strategic decisions made by business organisations must take into account the potential impact on the environment, which means that value creation in the long term is integral to the well-being of current and future generations. The novelty of the research lies in the developed conceptual framework of the role of green finance in greening the economy. The conceptual framework covers three main elements of green economy: real green economy, green finance and providers of green finance – the green financial sector and public funds. It is developed by applying the methods of content analysis and synthesis, comparison and logical modelling, the model as a research design proposed by Jaakkola (2020), a system test proposed by Arnold and Wade (2015) and the main features of the conceptual framework presented by Jabareen (2009).
Implications for Central European audience: The main “green” economic and financial concepts are described and their interconnectedness is revealed in this study. This is important in the phase of greening the economy when various actors – users of information and decision-makers – interpret the concepts differently. Different understanding and thinking slow down the development of green economy. The developed conceptual framework provides a clear understanding of how business and public organisations, as well as individuals, can change their behaviour to environmentally friendly by investing in real investment projects or financial assets. Finally, the main research challenges and directions related to green real and financial investments are revealed.

More attention is being paid to companies’ environmental performance these days. It includes the consideration of how a company’s business operations affect the natural environment in which it operates. In order to improve its environmental performance, various investments are essential. However, one important question is how such environmental performance investments affect the company’s financial performance. The theoretical background indicates that both positive and negative effects on financial performance are possible; however, previous results show that environmental performance has a predominantly positive effect on financial performance. Considering the importance of environmental performance, the aim of this research is to determine if there is a positive relationship between environmental performance investments and financial performance. Investments in new long-term assets are used as a proxy for environmental performance investments since newer long-term assets are considered to be more environmentally acceptable than the older ones, while financial performance is measured with the business result (net profit or loss). The data was analysed by using multivariate regression analysis. The sample included 150 Croatian large-sized companies. The results reveal that there is a positive relationship between environmental performance investments and financial performance. Therefore, such investments are of interest to both the environment and the company since they help to preserve the natural environment and, at the same time, improve the company’s financial performance.
Implications for Central European audience: The effect of environmental performance investments on financial performance has been tested on a sample comparing companies from Central European country, Croatia. Obtained results can be of interests also for audience from other Central European countries with similar characteristics as Croatia due to common historical features (transitional experience).

In the expansion of volumes of industrial production, there is an increase of anthropogenic influence and deterioration of the external environment that became the reason for the impossibility of a functioning market system without taking into account negative externalities. The article considers the directions and principles of a “green economy” functioning as the basis for further development of society. The current state and trends of the impact of environmental factors on other indicators of quality of life have been analysed and comparative analysis has been made on the example of developed and developing countries. Effective indices and instruments of influence on the level of ecological and economic development and main tendencies and problems arising at the introduction of “green economy”, have been considered. The use of indicators that take into account negative externalities, such as the Pigouvian tax, has been demonstrated to be more visible than widely used indices. The losses from the negative impact on the resulting economic indicators have been analysed, and a significant decrease in the per capita GDP level has been proved with the extensive development of the economy.
Implications for Central European audience: This paper aims to contribute to the development of a green economy as part of a policy aimed at reducing environmental risks in the process of economic growth. The proposed indicators and tools for influencing the level of environmental and economic development arising from the implementation of the “green economy” as the main vector of sustainable development, which can be used further research and development and can be implemented by European companies.

The circular economy is characterized as regenerative economy that aims to preserve the greatest value of products and materials. Currently, the transition to the circular economy is not only a necessity, but it gradually becomes a social and economic paradigm. The implementation of the circular economy gradually changes and will change the nature and intensity of every sector regardless of its reproductive cycle. For producers, particularly in the rapidly growing sectors, the development of innovative business models will be essential to comply with the principles of the circular economy. The fastest growing sector includes the textiles and clothing industry. The implementation of innovative business models in the field of textile and clothing industry is thus a challenge that the sector is facing. Slovakia as EU member state is facing the same challenge. Bodies operating in the textile and clothing industries must be gradually prepared for changes that brings the legislation and get ready for the trends that determine the changes mentioned. The article presents the results of research that shows the potential of the Slovak textile and clothing producers, coupled with the transition to the aforementioned new economic model, with a focus on implementing new circular business models into their activities, benefits and disadvantages of this procedure and the limits of implementation new business models into the activities of entities operating in the textile clothing industry in Slovakia.
Implications for Central European audience: This paper aims to contribute to the development of a topical and beneficial subject-matter related to transition from a linear to a circular economy in Central Europe. This entails knowledge on the imminent obligations of producers in one of the fastest growing sectors of Central European economies, i.e. in the textile and clothing industry. Such knowledge enriches the existing business models with a new business paradigm. In theoretical terms, this knowledge creates a platform for further scientific research potential and economic, business, and management education at universities. In practical terms, this knowledge represents a proactive approach of producers to the creation and implementation of innovative business models.

The article analyzes Shared Value (CSV) implemented projects by regions, social issues, and industries that are involved in pursuing the CSV concept. Project preferences by region show South America, Central America and Caribbean, Global scope and Africa as key targets of CSV projects, followed by North America and Asia. Europe, both Western and Eastern, is at the edge of interest with only several projects implemented. Project preferences by industry clearly show that companies capitalize on their strengths and professional focus. Analyzed Shared Value projects proved simultaneous value to a wide range of corporate stakeholders by creating new products or services, redefining productivity in the value chain or enabling local cluster development. Given the strategic nature of CSV projects, top management initiative is necessary. Numerous worldwide proven Shared Value business cases could serve as inspiration for Central European leaders in creation of their future strategies. Successful CSV projects implemented in the Czech Republic are mentioned.

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.

How concerned are today's students about environmental issues? Do they sense urgency for change towards a more environmentally compatible life? Who should act and what impact does one's individual action have? And last but not least, do ecological consciousness and action go together with a sense of nature relatedness? More than 1,600 South Korean, Swiss, and Czech students have participated in this comparative survey. Nearly all of them affirm that ecological considerations influence their daily behavior. Most of them see the main agent of change in themselves; the impact of one's individual action, however, is seen differently along the East and West cultural divide. Also when it comes to one's personal sense of closeness to nature, we can observe an East West cultural variation. On average, the South Koreans reveal a greater closeness towards nature than Swiss and Czech students, this despite the fact that they have the largest percentage in urban background, and consequently reveal the least physical familiarity with the natural world. In our effort to interpret these results, we have included a discussion about the diverging cultural background of the three sample groups. While they all agree on the urgency of the issue and the necessity of more pro-environmental change, depending on their culture, their ideas about the right means to introduce a change in behavior differ.