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The Latest Trends in the Corporate Sustainability and its Implications for Czech Businesses

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  • Zuzana Křečková Kroupová

Abstract

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.

Suggested Citation

  • Zuzana Křečková Kroupová, 2015. "The Latest Trends in the Corporate Sustainability and its Implications for Czech Businesses," Central European Business Review, Prague University of Economics and Business, vol. 2015(2), pages 12-20.
    • Handle: RePEc:prg:jnlcbr:v:2015:y:2015:i:2:id:122:p:12-20
    DOI: 10.18267/j.cebr.122
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    More about this item

    Keywords

    Corporate sustainability; Czech Republic; Corporate social responsibility; shared value; strategy;
    All these keywords.

    JEL classification:

    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility
    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth

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