Stakeholders’ Engagement in the Company’s Management as a Driver of Green Competitiveness within Sustainable Development

Abstract

The world’s transition to green economic growth, considering the Agenda for Sustainable Development, provokes relevant structural changes in the world market. Consequently, it boosts the business sector’s ability to incorporate green dimensions into their development policies to intensify their green competitiveness in the market. In this case, it is necessary to identify the appropriate indicators that affect a company’s green competitiveness. Thus, stakeholders and management could intensify or decline a company’s green competitiveness depending on the efficiency of communication between them. The paper aims to analyze the role of stakeholders’ engagement in the company’s management in enhancing green competitiveness. The research data were compiled from a questionnaire of 75 respondents, who represent the Ukrainian company’s management. The study applies PLS-SEM to test the hypotheses of the investigation. The empirical results allow us to conclude that stakeholders’ engagement in the company’s management positively affects the company’s green competitiveness. The most statistically significant impact on the company’s green competitiveness is experience in communication with stakeholders and managing stakeholders’ conflicts, with loading factors of 0.802 and 0.806, respectively. The findings show that to improve green competitiveness, the company’s management should develop targeted stakeholder communications and extend knowledge and awareness of stakeholder interests and values. At the same time, management should incorporate stakeholders’ suggestions and recommendations when promoting a company’s green competitiveness.

Pengaruh Keterlibatan Stakeholder, Prinsip Akuntansi Berkelanjutan, dan Implementasi CSR terhadap Kinerja Keuangan Pada Perusahaan Manufaktur di Indonesia

“…Perusahaan multinasional harus menyesuaikan keterlibatan keberlanjutan mereka dengan budaya, institusi, dan realitas pasar yang berbeda, dengan mempertimbangkan tiga serangkai tanggung jawab Lingkungan, Sosial, dan Tata Kelola (LST) (Simões-Coelho et al, 2023). Keterlibatan pemangku kepentingan dalam manajemen perusahaan secara positif mempengaruhi daya saing hijau perusahaan, dan komunikasi pemangku kepentingan yang ditargetkan serta memasukkan saran dari pemangku kepentingan sangat penting untuk meningkatkan daya saing hijau (Lyulyov et al, 2023). Memenuhi tanggung jawab ekonomi-sosial-ekologi penting untuk mendapatkan legitimasi, dukungan pemangku kepentingan, serta menilai risiko dan prospek berdasarkan faktor sosial dan lingkungan (Riduan & Andajani et al, 2023).…”

Factors That Influence Sustainable Innovation in Organizations: A Systematic Literature Review

“…SE is a process that is adopted by an organization to connect with its internal and external stakeholders, which enables it to give information and collect ideas or demands that will enhance value for both of them [57] and help it gain a first-mover advantage in offering new products and services or solutions to existing and future issues. As there are a number of opportunities and risks involved with the ongoing demand for a sustainable world, sustainability requires moving forward and growing with the support and commitment of stakeholders.…”

Cross-cultural Communication Strategies in the Digital Era: A Bibliometric Analysis

“…Other minor concepts used are communication strategy, cross-cultural studies, international students, communication strategy, e-learning, cross-cultural adjustment, and emotional intelligence among others [68][69][70][71][72][73]. What this means is that CCC and digitalisation have a symbiotic relationship with these key concepts.…”