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Environmental, Social, Governance and Financial Performance of SME Firms

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A special issue of Sustainability (ISSN 2071-1050). This special issue belongs to the section "Economic and Business Aspects of Sustainability".

Deadline for manuscript submissions: closed (24 July 2023) | Viewed by 21574

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Special Issue Editors

Prof. Dr. Bálint Csaba Illés

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Guest Editor

Hungarian National Bank—Research Center, John von Neumann University, 6000 Kecskemét, Hungary
Interests: business economics; management and development of smes; corporate competitiveness; food safety management

Prof. Dr. Anna Dunay

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Guest Editor

John von Neumann University, Hungarian National Bank—Research Center, 6000 Kecskemét, Hungary
Interests: development, management and competitiveness of small and medium enterprises & innovation-driven enterprises (startups); sustainable business models, corporate social responsibility

Special Issue Information

Dear Colleagues,

As the development of small and medium-sized enterprises (SMEs) as well as micro enterprises plays an important role in the global economy and production, and they represent the backbone of economic growth in developed and developing countries (Darcy et al. 2014, Tong et al. 2022, Allard et al. 2021, Gregurec et al. 2021), the evaluation of their processes is always a topic with economic, social and practical relevance. The importance of the topic has been improved due to the global coronavirus crisis (Guo et al. 2020) as well as the present challenges of the global and local supply chains and political conflicts.

The performance of SMEs is influenced by many external (political, economic, social and environmental) and internal (family-related, personal, financial, knowledge-based) factors which may differ according to continents, countries, regions and industries (Varsakelis 2006, Price et al. 2013, Hadjimanolis 2019).

In addition to SMEs, innovation-driven enterprises (IDEs) and startups also play an important role in boosting economic development (Aulet and Murray 2013, Majava et al. 2017, Budden et al. 2021), as enterprises represent different scopes, industries, knowledge and innovation attitudes than ‘classical’ SMEs. Their economic and social background and development cycles are much less represented in the scientific literature.

This Special Issue aims to focus on important issues in the development, competitiveness and performance of micro, small and medium enterprises as well as innovation-driven enterprises.

In this Special Issue, original research articles and reviews are welcome. Research areas may include (but are not limited to) the following:

SMEs as drivers of national economies;
Competitiveness of SMEs;
Sustainable Development Goals in SMEs;
Role, development and competitiveness of innovation-driven enterprises/startups;
Assessment of the role of digitalization in SMEs;
Innovation and eco-innovation;
Evaluation of business performance in SMEs (human resource, financial aspects, competitiveness in different sectors);
Building and evaluation of entrepreneurial ecosystems;
Contemporary issues of SMEs in human resource and social aspects (succession problems, rural entrepreneurship, female entrepreneurship, etc.).

We look forward to receiving your contributions.

Prof. Dr. Bálint Csaba Illés
Prof. Dr. Anna Dunay
Guest Editors

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Sustainability is an international peer-reviewed open access semimonthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 2400 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

entrepreneurship
SMEs
startups
sustainability
performance
digitalization
eco-innovation
entrepreneurial ecosystem
financial sustainability

Published Papers (9 papers)

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Research

22 pages, 1171 KiB

Open AccessArticle

Sustainable Aspects of Startups among Generation Z—Motivations and Uncertainties among Students in Higher Educations

by Árpád Papp-Váry, Diána Pacsi and Zoltán Szabó

Sustainability 2023, 15(21), 15676; https://doi.org/10.3390/su152115676 - 06 Nov 2023

Cited by 1 | Viewed by 1310

Abstract

While technology is developing rapidly, natural resources are being exploited with more and more factories. Global environmental problems draw attention to the issue of sustainability as a warning sign. In this situation, encouraging the development of green innovative technologies and supporting green startups has become particularly important. Sustainable development is an important goal for every country, and it means a global competitive advantage if the given country supports the spread of green technologies. It is therefore the responsibility of leading politicians to create an enabling economic environment to encourage young people to become conscious, green-minded entrepreneurs. In this study, we delve into the driving factors compelling young individuals to venture into entrepreneurship. This exploration combines both quantitative and qualitative research methods. A cohort of 280 Hungarian university students participated in an online questionnaire survey as part of the quantitative segment, while the qualitative research component involved scrutinizing young people’s perspectives on enterprises and startups through focus group discussions. The research aims to unveil the motivations and primary concerns of Z-generation university students when contemplating entrepreneurship, as well as their perspectives on the significance of sustainability in this context. The outcomes of this study could serve as a catalyst for the establishment of more environmentally-conscious and sustainable businesses and startups. Full article

(This article belongs to the Special Issue Environmental, Social, Governance and Financial Performance of SME Firms)

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23 pages, 4538 KiB

Open AccessArticle

Financial Analysis and Survival Research of the Visegrad Countries’ Health Industries

by Judit Vitéz-Durgula, Anna Dunay, Gergő Thalmeiner, Balázs Vajai and László Pataki

Sustainability 2023, 15(16), 12360; https://doi.org/10.3390/su151612360 - 14 Aug 2023

Cited by 1 | Viewed by 1516

Abstract

Our study examined the financial situation of small and medium-sized enterprises (SMEs) in the health industry of the Visegrad Four (V4: Czech Republic, Poland, Slovakia, Hungary) in the period 2008–2021. The basis of the analysis was the reports available in the Crefoport database. During the analysis, we took into account four key financial indicators (liquidity, profitability (ROA), efficiency, capital structure) and used the Kaplan–Meier survival estimator to examine the viability of enterprises. In our study, we draw attention to the national economic importance of healthcare SMEs in the CEE region, and within that, in the V4 countries during the period of Industry 4.0 and the COVID-19 pandemic. Our research goal is to examine the life expectancy of healthcare enterprises operating in Hungary at the time of their establishment, in relation to the SMEs of the other three countries. The health industry SMEs of the V4 countries showed positive growth (+18%) in the period under review compared to the average of the 3 years before the COVID-19 pandemic, in the average of the first 3 years of the COVID-19 pandemic. The study paid particular attention to the life expectancy of businesses at the time of establishment. According to our results, the life expectancy of healthcare enterprises operating in Hungary at the time of establishment is high, but it does not differ significantly from that of the other examined countries. Our study highlights that the health industry SMEs of the examined countries do not need financial support; they are standing on a stable footing, which provides them with an excellent opportunity to either expand abroad or introduce innovations. Full article

(This article belongs to the Special Issue Environmental, Social, Governance and Financial Performance of SME Firms)

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19 pages, 2409 KiB

Open AccessArticle

Scenarios to Improve E-Commerce SMEs Activity Based on Their Classification: A Case Study on Romania

by Ana Maria Mihaela Iordache, Alexandru Ionescu, Vlad Gabriel Cârstea, Hanna Chung, Nicoleta Rossela Dumitru and Bogdan Glăvan

Sustainability 2023, 15(15), 11963; https://doi.org/10.3390/su151511963 - 03 Aug 2023

Viewed by 1538

Abstract

With the onset of the COVID-19 pandemic, society has increasingly relied on alternative ways to procure goods, leading to an e-commerce boom. This study analyzes the performance of small and medium-sized enterprises (SMEs) that are active in e-commerce in Romania and provides recommendations for entrepreneurs to improve their efficiency. Through unsupervised learning techniques, three classes are identified according to company performance: (1) a class of high-performing companies whose entrepreneurs took the risk of investing in the business, (2) a class of medium-performing companies that maintained their position in the market and (3) a class of financially weak companies whose managers adopted risk-averse, defensive policies. Furthermore, we present scenarios for moving companies from a lower-performing class to a higher-performing class. The research identifies the strategies that managers need to adopt in order to stimulate the activity of e-commerce companies, provides foreign investors a rubric for making investment decisions, and offers a starting point for an entrepreneurship course in academia. Full article

(This article belongs to the Special Issue Environmental, Social, Governance and Financial Performance of SME Firms)

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31 pages, 4872 KiB

Open AccessArticle

Research on the Development Level, Spatiotemporal Evolution Characteristics, and Sustainable Development Path of the Digital Business Environment

by Songliang Guo, Chunhui Yuan and Xiaolong Li

Sustainability 2023, 15(15), 11929; https://doi.org/10.3390/su151511929 - 03 Aug 2023

Viewed by 1555

Abstract

This paper aims to measure the development level and dynamic evolutionary characteristics of the digital business environment, and explore its sustainable development strategies, which would contribute to the sustainable development of the digital economy. This study employs ecosystem theory to construct evaluation indicators for the digital business environment. Utilizing panel data from 272 cities in China between 2011 and 2020, the study applies the entropy weight method to measure the development level of China’s digital business environment. It further examines the spatiotemporal evolution characteristics and sustainable development strategy of the digital business environment using methods such as kernel density estimation, Markov chain analysis, Moran’s I index analysis, Dagum’s Gini coefficient calculation and decomposition, and fsQCA analysis. The results indicate that the digital business environment steadily increased during the study period. Furthermore, there has been a gradual acceleration in the upward trend since 2017, with a higher probability of transition from cities with lower levels of the digital business environment to neighboring cities with higher levels. Cities with higher development levels are experiencing an increasing gap compared to the average level. There is a significant spatial positive autocorrelation in the efficiency of the digital business environment among Chinese cities, exhibiting a distribution pattern of “high-high” and “low-low” in spatial terms. Dagum’s Gini coefficient reveals that the regional differences serve as the primary source of spatial distribution disparities in the digital business environment, and there are four configuration paths to promote a sustainable digital business environment. Moreover, our findings have implications for policy makers, such as increasing investment in digital infrastructure, leveraging the spatial spillover effects of regions with a high level of digital business environment development, and enhancing the diffusion mechanism for optimizing the digital business environment. Full article

(This article belongs to the Special Issue Environmental, Social, Governance and Financial Performance of SME Firms)

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24 pages, 1132 KiB

Open AccessArticle

Differences between Public-Sector and Private-Sector Project Management Practices in Hungary from a Competency Point of View

by Bálint Blaskovics, Zalán Márk Maró, Gábor Klimkó, Viktória Papp-Horváth and Ágnes Csiszárik-Kocsir

Sustainability 2023, 15(14), 11236; https://doi.org/10.3390/su151411236 - 19 Jul 2023

Cited by 13 | Viewed by 2622

Abstract

Both sustainability and strategic goals are realized in the course of implementing projects and in this way, projects are crucial for companies. Despite the growing importance of projects and the vast resources allocated to them, the success rates achieved by these projects are still considered low. Numerous reasons have been identified in the literature for why a project might succeed or fail, and it has also been revealed that a competent project manager is a key factor in this process. However, papers have mainly focused on analyzing the required competencies in general, while the sector involved is rarely considered. Thus, this paper investigates, within an exploratory framework, the success and failure rates of projects and project management competencies in Hungarian public- and private-sector organizations by using the Mann–Whitney test. Based on the results, the authors reject the idea that public-sector organizations perform better than those in the private sector, but the analysis of the data also revealed that there were differences in the perceived importance of skills in the two sectors. Customer orientation and business acumen were considered significantly more important in the private sector than in the public sector, based on the sample available. This study also revealed possible correlations among the knowledge areas and skills required. In addition to contributions to the understanding of project success, this paper can also help to improve the project management frameworks applied in public and private companies. Furthermore, the findings can be adapted for projects that require a special attribute, such as sustainability. Full article

(This article belongs to the Special Issue Environmental, Social, Governance and Financial Performance of SME Firms)

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11 pages, 687 KiB

Open AccessArticle

How Does the Degree of Competition in an Industry Affect a Company’s Environmental Management and Performance?

by Yu Jin Chang and Jae Wook Yoo

Sustainability 2023, 15(9), 7675; https://doi.org/10.3390/su15097675 - 07 May 2023

Cited by 2 | Viewed by 2159

Abstract

Environmental management, which was recognized as a functional part of corporate management, has recently been recognized as a strategic element of all business activities. It can be defined as a series of management activities to improve environmental performance throughout the business process and simultaneously achieve profitability and sustainability. Accordingly, businesses are now abandoning the existing management philosophy that economic and environmental feasibility are inevitably in conflict and establishing strategies and methods to achieve both. Meanwhile, industry affects the business performance of individual companies. Since the performance of a company tends to be influenced by the intensity of competition in an industry, it is necessary to analyze the structural factors that determine the intensity of competition in an industry in order to predict the future performance of a company. Therefore, we studied how environmental management affects corporate performance given the level of industry competition. The results are as follows. First, environmental management positively impacts corporate performance. Second, a high level of competition within an industry moderates the relationship between environmental management and corporate performance. By verifying the influence of the industry to which a company belongs, that is, the level of competition within the industry, we confirm that a company’s environmental management can be used strategically to gain a competitive advantage. With the finding that the impact of a company’s environmental practices differs by industry in line with the degree of competition, we expect this study to be helpful for future research into strategic ESG activities. Full article

(This article belongs to the Special Issue Environmental, Social, Governance and Financial Performance of SME Firms)

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25 pages, 742 KiB

Open AccessArticle

Crisis Resilience of Startup Companies (The Case of Hungary among the Visegrad Countries with a Focus on the Pandemic)

by Petra Kinga Kézai and Attila Kurucz

Sustainability 2023, 15(9), 7108; https://doi.org/10.3390/su15097108 - 24 Apr 2023

Cited by 3 | Viewed by 2636

Abstract

The study examines the crisis resilience of startup companies in Hungary among the Visegrad countries as a result of the pandemic situation. It aims to provide guidance on what support is needed for startups in the post-crisis period to re-launch the economy and to contribute to the region’s economy with positive results. The research was carried out in two stages: first, in 2021 through an online survey, and then, in 2022 in-depth interviews due to the economic crisis caused by COVID-19 and the Russian–Ukrainian war. A mixed research methodology was used, which comprised an online questionnaire administered in the Crunchbase database (n = 97) and in-depth interviews among startup founders and experts of the startup ecosystem (n = 22). The research summarizes the V4 countries’ measures to protect entrepreneurship with a particular focus on startups. The research found that a crisis such as a pandemic did not have a uniformly negative impact on startups. The winners of the economic crisis are startups in IT, healthcare (Medtech. health-tech), e-commerce and digital education, while those who fared worst are startups in tourism and hospitality. The positive impact of the crisis has been a cleansing of the startup ecosystem. Business support measures supported the viable startups and helped them survive. Full article

(This article belongs to the Special Issue Environmental, Social, Governance and Financial Performance of SME Firms)

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12 pages, 955 KiB

Open AccessArticle

The Effect of Eco-Preneurship and Green Technology Management on Greenhouse Gas Discharge: An Analysis on East Asian Economies

by Md Sahabuddin, Md Billal Hossain, Maryam Khokhar, Mohamed Sharaf, Sarmad Ejaz, Faisal Ejaz and Csaba Bálint Illés

Sustainability 2023, 15(8), 6747; https://doi.org/10.3390/su15086747 - 17 Apr 2023

Cited by 9 | Viewed by 1751

Abstract

This study finds that eco-preneurship and green technology initiatives have the potential to improve the environmental quality of selected East Asian economies in the short term, but in the long term, the impact is negative, and there is a need for a better understanding of their effects on greenhouse gas emissions. The pressing need to address the negative impact of human activity on the environment has given rise these initiatives worldwide. However, there is a lack of research on the effectiveness of these initiatives in East Asian economies. In this study, we examine the short-term and long-term effects of eco-preneurship and green technology on greenhouse gas emissions in China and Japan. The results show that in the short term, both linear and non-linear estimations of eco-preneurship have a significant impact on reducing greenhouse gas emissions in China and Japan. Similarly, short-term linear estimations are significant in both China and Japan, but non-linear estimates are only significant in Japan. The same is true for positive shocks related to green technology in China and Japan, although the estimated coefficient for negative shocks is negative only in Japan. Taken together, these results indicate that eco-preneurship and green technology can improve the environmental quality of these selected economies in East Asia to some extent. Full article

(This article belongs to the Special Issue Environmental, Social, Governance and Financial Performance of SME Firms)

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19 pages, 513 KiB

Open AccessArticle

Green HRM Practices and Knowledge Sharing Improve Environmental Performance by Raising Employee Commitment to the Environment

by Farooq Ahmad, Md Billal Hossain, Khurram Mustafa, Faisal Ejaz, Kausar Fiaz Khawaja and Anna Dunay

Sustainability 2023, 15(6), 5040; https://doi.org/10.3390/su15065040 - 12 Mar 2023

Cited by 8 | Viewed by 4015

Abstract

In this research, the moderating effect of green knowledge sharing was used to investigate the association between green human resources management (green HRM) practices (competence, motivation, and involvement) and environmental performance via employee environmental commitment. Using previously validated metrics, an online survey of 155 academic staff members from 25 Pakistani universities ranked in the UI-Green Metric 2021 for having green campuses was carried out. The findings demonstrated a significant relationship between green HRM practices, employee environmental commitment, and the university’s environmental performance. The correlation between all three green HRM practices and environmental performance was mediated by the employee’s environmental commitment. The findings indicate that in order to improve environmental performance and reach environmental sustainability goals, it is essential to foster green knowledge sharing among employees and increase employee environmental commitment through green HRM practices. Full article

(This article belongs to the Special Issue Environmental, Social, Governance and Financial Performance of SME Firms)

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