Incorporating ESG Risk in Companies’ Business Models: State of Research and Energy Sector Case Studies
The article aims to systematize the state of knowledge of and research on the inclusion of ESG (Environmental, Social, and Governance) risk in companies’ business models, with a special stress on energy sector companies. Many publications address incorporating ESG, but only some deal with it from th...
| Main Authors: | , , |
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| Format: | Article |
| Language: | English |
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MDPI AG
2023-02-01
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| Series: | Energies |
| Subjects: | |
| Online Access: | https://www.mdpi.com/1996-1073/16/4/1809 |
| _version_ | 1797621262882701312 |
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| author | Magdalena Zioło Iwona Bąk Anna Spoz |
| author_facet | Magdalena Zioło Iwona Bąk Anna Spoz |
| author_sort | Magdalena Zioło |
| collection | DOAJ |
| description | The article aims to systematize the state of knowledge of and research on the inclusion of ESG (Environmental, Social, and Governance) risk in companies’ business models, with a special stress on energy sector companies. Many publications address incorporating ESG, but only some deal with it from the perspective of business models. This paper fills that gap. The methods of incorporating ESG risk into a sustainable business model, identified on the basis of the literature review, were verified based on the examples of three companies from the energy industry. A two-stage review of publications from the WoS and Scopus databases was carried out, considering a more comprehensive (sustainability) and a narrower (ESG risk) range of keywords, and the period from 2000 to 2022. The result showed that SMEs and large enterprises consider ESG risk in their risk management systems (ERMs), while small enterprises and start-ups do not. In Europe, Asia, and Australia, it is common to include ESG risk in an ERM, while it is rare in Latin America. In developing countries, companies in the service sector are more likely to include ESG risk in ERMs than those in the manufacturing sector. These findings may be useful for policymakers who wish to provide support and financial incentives for companies transforming their business models toward sustainability. |
| first_indexed | 2024-03-11T08:53:20Z |
| format | Article |
| id | doaj.art-e5dc7da437664d18957e64dcf2686fbc |
| institution | Directory Open Access Journal |
| issn | 1996-1073 |
| language | English |
| last_indexed | 2024-03-11T08:53:20Z |
| publishDate | 2023-02-01 |
| publisher | MDPI AG |
| record_format | Article |
| series | Energies |
| spelling | doaj.art-e5dc7da437664d18957e64dcf2686fbc2023-11-16T20:18:05ZengMDPI AGEnergies1996-10732023-02-01164180910.3390/en16041809Incorporating ESG Risk in Companies’ Business Models: State of Research and Energy Sector Case StudiesMagdalena Zioło0Iwona Bąk1Anna Spoz2Faculty of Economics and Management, University of Szczecin, Mickiewicza 64, 71-101 Szczecin, PolandFaculty of Economics, West Pomeranian University of Technology, Janickiego 31, 71-270 Szczecin, PolandInstitute of Economics and Finance, The John Paul II Catholic University of Lublin, Aleje Racławickie 14, 20-950 Lublin, PolandThe article aims to systematize the state of knowledge of and research on the inclusion of ESG (Environmental, Social, and Governance) risk in companies’ business models, with a special stress on energy sector companies. Many publications address incorporating ESG, but only some deal with it from the perspective of business models. This paper fills that gap. The methods of incorporating ESG risk into a sustainable business model, identified on the basis of the literature review, were verified based on the examples of three companies from the energy industry. A two-stage review of publications from the WoS and Scopus databases was carried out, considering a more comprehensive (sustainability) and a narrower (ESG risk) range of keywords, and the period from 2000 to 2022. The result showed that SMEs and large enterprises consider ESG risk in their risk management systems (ERMs), while small enterprises and start-ups do not. In Europe, Asia, and Australia, it is common to include ESG risk in an ERM, while it is rare in Latin America. In developing countries, companies in the service sector are more likely to include ESG risk in ERMs than those in the manufacturing sector. These findings may be useful for policymakers who wish to provide support and financial incentives for companies transforming their business models toward sustainability.https://www.mdpi.com/1996-1073/16/4/1809energy sectorESGriskbusinessmethodsmodels |
| spellingShingle | Magdalena Zioło Iwona Bąk Anna Spoz Incorporating ESG Risk in Companies’ Business Models: State of Research and Energy Sector Case Studies Energies energy sector ESG risk business methods models |
| title | Incorporating ESG Risk in Companies’ Business Models: State of Research and Energy Sector Case Studies |
| title_full | Incorporating ESG Risk in Companies’ Business Models: State of Research and Energy Sector Case Studies |
| title_fullStr | Incorporating ESG Risk in Companies’ Business Models: State of Research and Energy Sector Case Studies |
| title_full_unstemmed | Incorporating ESG Risk in Companies’ Business Models: State of Research and Energy Sector Case Studies |
| title_short | Incorporating ESG Risk in Companies’ Business Models: State of Research and Energy Sector Case Studies |
| title_sort | incorporating esg risk in companies business models state of research and energy sector case studies |
| topic | energy sector ESG risk business methods models |
| url | https://www.mdpi.com/1996-1073/16/4/1809 |
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