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Environmental, Social, and Governance (ESG): Where Has It Come from, and Where Will It Go?

In: The Competitiveness of Nations 2 Government Policies and Business Strategies for Environmental, Social, and Governance (ESG)

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  • Dong-sung Cho

Abstract

Environmental, Social, and Governance (ESG) is a rising business trend reflected by the recent imposition of stronger regulations and initiatives by more firms. This chapter unravels the concept of ESG by analyzing how it has developed and how it will be developed further in the future. In doing so, this chapter provides a theoretical and philosophical explanation of why firms are engaging in such efforts. Moreover, the chapter comprehensively integrates concepts related to ESG such as CSR, Creating Shared Value (CSV), and Sustainable Development Goals (SDGs). It clearly states that the role of firms in society is to serve social values, and that simply focusing on profits does not sufficiently justify a firm’s existence in society. In conclusion, this chapter drives meaningful business implications for firms, introducing the required conditions for maintaining longer lives for corporations.

Suggested Citation

  • Dong-sung Cho, 2023. "Environmental, Social, and Governance (ESG): Where Has It Come from, and Where Will It Go?," World Scientific Book Chapters, in: The Competitiveness of Nations 2 Government Policies and Business Strategies for Environmental, Social, and Governance (ESG), chapter 6, pages 103-121, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789811268090_0006
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    Keywords

    National Competitiveness; Government Policy; Business Environment; Firm Strategy; Locational Advantage; Competitive Advantage; International Business; Russia-Ukraine War; Environmental; Social; and Governance (ESG); Corporate Social Responsibility (CSR); Corporate Social Opportunity (CSO); Creating Shared Value (CSV);
    All these keywords.

    JEL classification:

    • F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business
    • F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations
    • F1 - International Economics - - Trade

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