How Behavioral Aspects Influence the Sustainable Financial Decisions of Shareholders: An Empirical Study and Proposal for a Relevant Decision-Making Concept

Sedliačiková, Mariana; Aláč, Patrik; Moresová, Mária

doi:10.3390/su12124813

Cited by 5 publications

(4 citation statements)

References 63 publications

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“…The main applications in organizations are linked to the development of sustainability assessment tools [34,35] based on multi-criteria assessments [36][37][38], multi-attribute assessments [39], multi-objective assessments [40], etc. This literature suggests how decisions in organizations can be directed toward greater sustainability based on certain approaches [41], modules [42], models [43,44], concepts [45], methods [46], etc. These studies present a strategic bias, where the best advances in sustainability science are investigated to prescribe which aspects of sustainability should be considered in decisions.…”

Section: Introductionmentioning

confidence: 99%

Sustainability Is All about Values: The Challenges of Considering Moral and Benefit Values in Business Model Decisions

et al. 2021

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Despite indications in the literature about the existence of win-win business opportunities regarding sustainability, most companies are still producing limited social and environmental results that are disconnected from their value propositions. Studies on the rationales underlying decisions regarding sustainability can offer a better understanding of this challenge. In particular, substantive rationality suggests that the decision-making process consider collective values for sustainability. This study investigates the following research question: What are the main challenges of making business decisions based on moral values of sustainable development? Using strategic decisions as a unit of analysis, action research in a start-up environment identified the following business challenges: (1) recognizing the limits of applying the moral values of sustainable development to the current business context dominated by maximization of economic and financial benefit values; (2) recognizing the normative nature of sustainability goals, which implies that moral values related to sustainable development are still external and not naturally occurring in people’s personal moral values; (3) addressing conflicts between moral and benefit values and between collective and individual goals when including substantive rationality in business decisions; (4) engaging business stakeholders according to their personal moral values, as people are value driven; and (5) engaging workers in sustainable development values, as they play a central role in enabling benefit value creation for sustainable development. The paper offers interesting insights into moral value and benefit value. The former is the basis for individual decisions, while the latter represents benefits created by business models. Both concepts have been separately investigated, but this research delimits and differentiates them. Future studies can further investigate decision rationalities to enable sustainability in practice, as this is usually a theoretical discussion. Research on other start-ups and more mature organizations can also provide interesting insights.

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Section: Introductionmentioning

confidence: 99%

Sustainability Is All about Values: The Challenges of Considering Moral and Benefit Values in Business Model Decisions

et al. 2021

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“…decision; Representativeness, an attitude that tends to associate new events with known events in decision making; and Herding, lack confidence in making decisions, because too much information from the "herd" can reduce performance and. The behavioral financial aspect contributes to eliminating negative deviations and errors in the financial decision-making process (Sedliačiková et al, 2020), having a negative impact on financial decisions so that it can reduce financial performance (Laksmana et al, 2020). Behavioral finance has a negative impact on the financial performance of SMEs (Raveendra et al, 2018).…”

Section: Discussionmentioning

confidence: 99%

Financial Literacy and Financial Behavior Encouraging Business Sustainability by Mediation of Financial Performance

2023

QAS

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Village financial institutions based on local wisdom have benefits for various community activities and developing businesses in the village, so that they become the main indicator in advancing village economic growth. Many village financial institutions do not operate due to competition with formal financial institutions. This study aims to analyze the effect of financial literacy on financial performance, sustainability and financial behavior; the influence of financial behavior on financial performance and sustainability as well as the influence of financial performance on sustainability. The sample of this research is Village Credit Institutions totaling 100 units in districts/cities in Bali which are determined by the slovin formula. The analysis technique using SEM-PLS, it was found that increasing financial literacy was able to improve financial performance and sustainability, as well as reduce behavioral financial bias; increasing behavioral financial bias can reduce financial performance and sustainability, and improving financial performance can improve sustainability easing financial literacy was able to improve financial performance and sustainability, as well as reduce behavioral finance bias; increasing behavioral finance can reduce financial performance and sustainability, and increasing financial performance can increase sustainability

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“…Besides, examining the role of social media in transforming sustainability information would be an interesting research prospect. Future research can also examine the reporting of sustainability information from other theoretical perspectives, such as a behavioral finance theory (e.g., Sedliačiková et al 2020 ). It would be interesting to examine the cognitive, psychological, and emotional factors that affect the decisions in terms of sustainability reports.…”

Section: Future Research Directionsmentioning

confidence: 99%

Sustainability reporting scholarly research: a bibliometric review and a future research agenda

et al. 2023

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Despite the substantial increase in sustainability reporting scholarly research, the comprehensive evaluation of scientific production in this area is scarce. This study combines the bibliometric and content analyses of sustainability reporting research to fill this gap. We map the development, conceptual structure, and thematic evolution of sustainability reporting scholarly research based on 1,053 Scopus peer-reviewed articles written by 2,071 scholars comprising 69 countries and published from 2000 to 2022. The findings suggest that sustainability reporting has witnessed exponential growth, moved from a “paucity” stage in 2000 to the “saturation” stage in 2022, and is still ongoing. The collaboration among institutions producing sustainability reporting research reflects “locally-centralized-globally-discrete” cooperation. The collaboration between developed and developing world research organizations can be termed the “North-South” divide. Authors have disciplinary or thematic similarities in their research interests (i.e., homophily impact). The study has explained the thematic categories and topics of interest in sustainability reporting. Based on our findings, we provide an agenda for future research directions. The study’s findings are of interest to scholars and practitioners in business, finance, and accounting.

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How Behavioral Aspects Influence the Sustainable Financial Decisions of Shareholders: An Empirical Study and Proposal for a Relevant Decision-Making Concept

Cited by 5 publications

References 63 publications

Sustainability Is All about Values: The Challenges of Considering Moral and Benefit Values in Business Model Decisions

Sustainability Is All about Values: The Challenges of Considering Moral and Benefit Values in Business Model Decisions

Financial Literacy and Financial Behavior Encouraging Business Sustainability by Mediation of Financial Performance

Sustainability reporting scholarly research: a bibliometric review and a future research agenda

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