SUSTAINABILITY AND THE REASONS FOR ITS ADOPTION IN THE COMPANIES
Keywords:sustainability, international business, corporate governance
Sustainable development is all around us nowadays. Every day we are poured in with initiatives and information related to sustainable development. The world leaders talk about the green economy, circular economy, green deals, and sustainable development. However, what actually drives the companies to apply sustainable development principles in their business operations? Whether these are the different legislative requirements at the national and international level or the pure economic interest of the companies to earn additional income from their sustainable actions? The present paper highlights the key results of the project "International Business and Sustainable Practices" and attempts to summarize the motivations for the business to be sustainable. The research focuses on the three key dimensions of sustainability (economic, environmental, and social) and the sustainable development practices of internationally operating companies. The main objectives of the study are to identify the major business environment factors influencing the implementation of sustainable practices by companies operating internationally and to analyze the best sustainable development practices. The present study is primarily desk research based on the review of existing literature for developing and promoting the concept of sustainability in everyday business practices. Research papers, projects, and reports of international organisations working for sustainable development are extensively reviewed. The study found that internal environment factors like managers’ attitude, employees, and financial benefits are the key motives for the organisations to apply sustainable development practices in their business operations.
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