Most theories that attempt to describe the relationship between corporate sustainability strategies and a company’s triple bottom line also make the assumption that there is insufficient evidence to produce generalizable conclusions. This study contributes to the overall body of knowledge, as there is a lack of significant generalizable knowledge on corporate sustainability strategies and a company’s triple bottom line. To provide a methodologically more rigorous review, we performed a meta-analysis on 18 scholarly articles from top-tier academic journals containing 64 experimental treatments that measured an observed (not self-reported) behavioural outcome, which yielded a sample size of 23,871 observations. Most studies combined multiple treatments, which preclude definitive conclusions on the most effective treatments. The findings suggest that there is a positive medium to strong relationship between sustainability-oriented strategies, for both reactive and proactive behaviours (Dyllick et al., 1997; Gminder et al., 2002), and a company’s “triple bottom line.” Furthermore, regardless of the firm type (e.g., multinational corporation or local establishment, emerging economy firm or developed nation business), proactive sustainability-oriented strategies tend to have a higher payoff than firms that adopt reactive sustainability-oriented strategies. This meta-analysis establishes a greater degree of certainty with respect to corporate sustainability strategies and a firm’s triple bottom line relationship than currently assumed by many business scholars. To conclude, the sustainability concept has significantly expanded the scope of measuring organizational performance according to economic, social, and environmental components (Robins, 2006), which are collectively described as the “triple bottom line.” Organizations have determined that specific products and processes can have serious environmental and social implications beyond providing typical economic benefits (Sarkis, 2001). Based on the results of this study, companies should develop more diversified sustainability strategies that will help them to identify and capture value (McMullen, 2001). The results demonstrate that sustainability can provide companies with a strategic advantage, which is vital for the organization’s long-term viability and success (Orlitzky et al., 2003). This study also examines the balance between reasonable return on investment and long-term organizational viability, which greatly impacts organizational decision-makers that contend with numerous stakeholder issues, pressure from environmental agencies, and increased social consciousness that affects workers, consumers, and communities. It supports the conclusion that being proactive in responding to these conflicting pressures and barriers helps organizations to achieve higher levels of performance.

Submitted by Carol Inoue Dick (carol.idick@gmail.com) on 2014-01-14T12:32:28Z No. of bitstreams: 1 Dissertacao EPGE - Carol Inoue Dick.pdf: 816657 bytes, checksum: b14b922889fd19290bb1bec893c606a4 (MD5) / Approved for entry into archive by Vitor Souza (vitor.souza@fgv.br) on 2014-02-03T13:04:12Z (GMT) No. of bitstreams: 1 Dissertacao EPGE - Carol Inoue Dick.pdf: 816657 bytes, checksum: b14b922889fd19290bb1bec893c606a4 (MD5) / Made available in DSpace on 2014-02-07T13:16:41Z (GMT). No. of bitstreams: 1 Dissertacao EPGE - Carol Inoue Dick.pdf: 816657 bytes, checksum: b14b922889fd19290bb1bec893c606a4 (MD5) Previous issue date: 2013-12-18 / Em meio ao crescente volume de publicações sobre sustentabilidade e finanças, diversas pesquisas internacionais e brasileiras têm abordado a relação entre empresas classificadas como sustentáveis e o retorno de suas ações. Nesta mesma linha, este trabalho utilizou o método de estudos de eventos para verificar se entre 2005 e 2013 houve retornos anormais quando as empresas entraram e saíram do Índice de Sustentabilidade Empresarial (ISE). Além de contemplar um período mais atualizado do que seus precedentes, este estudo difere-se dos demais ao analisar o as observações individualmente e ao buscar estabelecer uma relação dos retornos anormais acumulados com as variáveis governança corporativa, tamanho, rentabilidade e alavancagem. Os resultados mostraram que embora não haja evidências conclusivas quando os casos são tomados individualmente, em conjunto eles indicam que a inclusão e a exclusão do ISE geram retornos anormais significativos, positivos e negativos respectivamente, em linha com a teoria dos stakeholders. Quanto às variáveis de controle, nenhuma apresentou relação com os retornos anormais acumulados. / Among the growing volume of publications about sustainability and finance, several international and Brazilian studies regarding the relationship between companies classified as sustainable and the return of their shares have been published. Following this course, this study applied the event study method to verify if between 2005 and 2013 there were abnormal returns when firms entered or exited the Corporate Sustainability Index (ISE). Besides accounting for a longer period than its predecessors, this paper differs from others by analyzing the observations individually and seeking to establish a relationship between abnormal returns and corporate governance, size, profitability and leverage. The results indicate that, although there is no conclusive evidence when cases are considered individually, together they indicate that inclusion and exclusion of ISE generate respectively positive and negative significant abnormal returns, which is in line with stakeholder theory. Regarding the control variables, it was not possible to establish any relationship between them and the cumulative abnormal returns.

[pt] O objetivo da dissertação é demonstrar os benefícios sociais e ambientais da adoção de normas pela indústria de papel e celulose, ilustrando-se pelo estudo de caso da Suzano Papel e Celulose no contexto de um projeto internacional da ISO. Esse projeto foi concluído em 2013 e teve por objetivo desenvolver estudos de caso para avaliar os benefícios sociais e ambientais das normas focalizando-se cinco empresas de setores industriais distintos de três países – China, Rússia e Brasil. No Brasil, a ABNT coordenou o estudo de caso referente à empresa Suzano Papel e Celulose, que contou com a participação do pesquisador na equipe do projeto, através de uma parceira com a PUC-Rio. Quanto aos fins, a pesquisa pode ser considerada aplicada e descritiva. Quanto aos meios de investigação, a metodologia compreende pesquisa bibliográfica e documental; pesquisa de campo, com entrevistas semiestruturadas para o caso da empresa Suzano Papel e Celulose; descrição do estudo de caso, com análise dos indicadores gerados. Destacam-se como resultados: (i) revisão dos sistemas de mensuração de sustentabilidade corporativa que vêm sendo adotados em nível mundial e nacional; (ii) análise dos resultados do estudo de caso e demonstração da aplicabilidade e efetividade da metodologia baseada no conceito de cadeia de valor introduzido por Porter e no modelo de criação de valor sustentável concebido por Hart e Milstein; (iii) funções da cadeia de valor da empresa que são relevantes para a avaliação dos benefícios sociais e ambientais gerados pela adoção de normas; e (iv) conjunto de indicadores operacionais que deverão ser considerados pelas empresas da indústria de papel e celulose, visando maximizar o valor gerado pelas normas. / [en] The objective of this dissertation is to demonstrate the social and environmental benefits of adoption of standards by pulp and paper companies, within the context of an international project carried out by ISO. This project was concluded in 2013 and aimed to develop five case studies focusing companies from different industrial sectors in three countries – China, Russia and Brazil. In Brazil, the selected company was Suzano Papel e Celulose and the researcher integrated the project team coordinated by ABNT, through a partnership with PUC-Rio. This research can be considered descriptive and applied and the methodology encompasses bibliographical and documental research, field research by means of semi-structured interviews for the case of Suzano Papel e Celulose; description of Suzano s case study with critical analysis of indicators and metrics. The main results can be summarized as follows: (i) a review of measurement systems of corporate sustainability that have been adopted worldwide; (ii) critical analysis of the results from Suzano s case study and demonstration of applicability and effectiveness of the methodology based on concept of value chain introduced by Porter and also on sustainable value model designed by Hart e Milstein; (iii) functions of the company s value chain that are relevant for assessing social and economic benefits generated by the adoption of standards, and (iv) a set of operational indicators to be considered by pulp and paper companies to maximize the value generated by the standards adoption.

[pt] Grupos multissetoriais e empresas holdings atuam em ambientes cada vez mais dinâmicos e complexos, com exigências e preocupações crescentes para atingir patamares superiores de sustentabilidade. Atualmente, as Diretrizes G4 da Global Reporting Initiative (GRI), que são as mais utilizadas mundialmente pelas organizações para elaboração de seus relatórios de sustentabilidade, não apresentam suplementos orientativos específicos para grupos multissetoriais. Nesse contexto, esta dissertação tem por objetivo propor um modelo para a avaliação de desempenho em sustentabilidade de grupos empresariais multissetoriais, mediante a integração das Diretrizes G4 da GRI à ferramenta Balanced Scorecard, com uso de métodos multicritério de apoio à decisão. A pesquisa pode ser considerada descritiva, metodológica e aplicada. A partir dos resultados da revisão bibliográfica e documental sobre os temas centrais da pesquisa, desenvolveu-se um modelo conceitual para avaliação de desempenho em sustentabilidade de grupos empresariais multissetoriais, buscando-se preencher lacunas identificadas na literatura especializada, cobrindo-se o período de 1988 a 2018. A aplicabilidade do modelo conceitual proposto foi demonstrada mediante um estudo empírico no Grupo Algar, que atua nos setores de telecomunicações, agroindústria, serviços e turismo. Os resultados desta pesquisa poderão ser replicados em processos de avaliação de desempenho em sustentabilidade de outros grupos multissetoriais no Brasil e no exterior. No âmbito da GRI, poderão contribuir para a elaboração de um suplemento orientativo para grupos multissetoriais, i.e., G4 Multisectoral Disclosures. / [en] Multisectoral groups and holding companies have been operating in dynamic and complex business environments, with increasing concerns to reach higher levels of sustainability. On the other hand, the G4 Guidelines published by the Global Reporting Initiative (GRI), which are the most widely used organizations worldwide for the preparation of their sustainability reports, do not provide guidance supplements for multisectoral groups. In this context, this dissertation aims to propose a model for the sustainability performance assessment of multisectoral business groups by integrating the GRI G4 Guidelines with the Balanced Scorecard tool, with support of multicriteria decision making methods. The research can be considered descriptive, methodological and applied. Based on the results of the bibliographic and documentary review on the central themes of this research, a conceptual model was developed for assessing the sustainability performance of multisectoral groups (MSGs), aiming to fill gaps identified during the literature review and documentary analysis covering the period 1988-2018. The applicability of the model could be demonstrated through an empirical study in the Algar Group, which operates in ICT, agribusiness, tourism and services sectors. The results of this research can be replicated in processes of sustainability performance assessment of other multisectoral groups in Brazil and abroad. Within the scope of the GRI methodology, they can contribute to the formulation of a guidance supplement addressed to multisectoral groups, i.e. the G4 Multisector Disclosures.

O termo sustentabilidade corporativa refere-se à capacidade de uma organização de sobreviver no longo prazo, mantendo-se (minimamente) lucrativa para que possa exercer suas atividades com cada vez menos impactos negativos ambientais e mais benefícios sociais. Considerando a lógica de que a empresa é aquilo que ela é capaz de mensurar, organizações sustentáveis demandam sistemas gerenciais de mensuração de desempenho que estejam alinhadas ao desenvolvimento sustentável. Assim, o presente estudo se propõe a discutir a seguinte pergunta de pesquisa: Como é inserida a sustentabilidade nos sistemas de mensuração de desempenho corporativos? Para isso, são propostos dois objetivos de pesquisa: (i) levantar os sistemas de mensuração de desempenho de sustentabilidade e explorar seus principais desafios; e (ii) explorar a importância relativa dada pelas empresas em relação aos indicadores de sustentabilidade. Para isso, a pesquisa conta com uma revisão sistemática da literatura e estudos de casos multissetoriais (um piloto e quatro exploratórios). A pesquisa traz evidências de que a temática de indicadores de sustentabilidade é ainda incipiente e pouco estruturada, com potencial de melhorar o aproveitamento da literatura já consolidada de sistemas de mensuração de desempenho. O estudo bibliométrico conta com (i) estatística descritiva, (ii) análise de redes de relacionamento (co-citação e palavras-chave) e (iii) análise de conteúdo a partir de uma amostra de artigos extraídos da base de dados ISI Web of Knowledge (Web of Science). Verifica-se que a literatura de indicadores de sustentabilidade aborda temáticas diversas, tais como vantagem competitiva, gestão de stakeholders e avaliação do ciclo de vida. Já os estudos de casos baseados em entrevistas semi-estruturadas permitiram o levantamento dos seguintes sistemas de mensuração de desempenho com incorporação de indicadores de sustentabilidade: sistema de avaliação de desempenho das áreas, sistema de avaliação de desempenho individual, indicadores para elaboração de relatórios internos e externos e sistema de avaliação inicial de projetos. Além disso, foram identificados fatores que interferem na prioridade dos indicadores de sustentabilidade: estratégia corporativa, pré-requisito; maturidade da questão e urgência. Dentre os desafios apontados pelas empresas, encontram-se a definição de indicadores para avaliar os benefícios sociais decorrentes das atividades da organização, a quantificação monetária de retorno de iniciativas ambientais e sociais e o engajamento dos colaboradores na sustentabilidade corporativa, independente da natureza das suas atividades. A pesquisa mostra que há benefícios na incorporação da sustentabilidade no sistema de mensuração de desempenho corporativo e que isso ainda tem potencial para ser abordado de forma mais sistemática, sem depender exclusivamente da iniciativa de determinados líderes. O papel desses atores para implantação de práticas sustentáveis na organização é fundamental e necessário, mas não suficiente, já que a sustentabilidade corporativa depende do engajamento de diversos stakeholders (internos e externos à organização), que podem ser influenciados pela cultura e pelos processos de negócios alinhados à lógica do desenvolvimento sustentável. / The term corporate sustainability refers to the ability of an organization to survive in the long term, keeping itself (minimally) profitable in order to conduct their activities with less negative environmental impacts and more social benefits. Whereas the logic that the company is what it is capable of measuring, sustainable organizations require performance management systems that are aligned to sustainable development. Thus, this study aims to discuss the following research question: \"How sustainability is embedded in corporate performance measurement systems?\" For this, it proposes two research objectives: (i) identify the sustainability performance measurement systems and explore their major challenges, and (ii) explore the relative importance given by companies in relation to sustainability indicators. So, the research has a systematic literature review and multisectoral exploratory case studies (one pilot and four exploratory). The research provides evidence that the theme of sustainability indicators is still incipient and unstructured, with the potential to improve the use of literature already consolidated on performance measurement systems. The bibliometric study is based on (i) descriptive statistics, (ii) analysis of extracted networks of relationships (co-citation and keywords) and (iii) content analysis of a given sample of articles extracted from ISI Web of Knowledge (Web of Science). It is found that the literature of sustainability indicators covers different topics such as competitive advantage, stakeholder management and life cycle assessment (LCA). The cases studies based on semi-structured interviews allowed the identification of the following performance measurement systems that incorporate sustainability indicators: performance evaluation of the areas; individual performance evaluation system; indicators for internal and external reports; and initial project evaluation system. In addition, factors influencing the priority of sustainability indicators have been identified: maturity of the issue, requirement, corporate strategy and urgency. Among the challenges faced by companies, there are the definition of indicators to assess the social benefits of the organization activities, the quantification of the monetary return of environmental and social initiatives and employee engagement in corporate sustainability, independently of the nature of their activities. Research shows that there are benefits in incorporating sustainability in corporate performance measurement system and it still has the potential to be addressed more systematically, without relying solely on the initiative of certain leaders. The role of these actors for implementing sustainable practices in the organization is essential and necessary, but not sufficient, since the corporate sustainability depends on the engagement of various stakeholders (internal and external to the organization), which may be influenced by the culture and the business processes aligned to the logic of sustainable development.

Submitted by Carla Schuchmann (carla.schuchmann@gmail.com) on 2018-06-04T23:41:45Z No. of bitstreams: 1 Dissertação-Carla-Schuchmann 20180604.pdf: 2181890 bytes, checksum: f3dde4e5e6e77e830fb82af06a0755da (MD5) / Approved for entry into archive by Simone de Andrade Lopes Pires (simone.lopes@fgv.br) on 2018-06-05T19:05:26Z (GMT) No. of bitstreams: 1 Dissertação-Carla-Schuchmann 20180604.pdf: 2181890 bytes, checksum: f3dde4e5e6e77e830fb82af06a0755da (MD5) / Approved for entry into archive by Suzane Guimarães (suzane.guimaraes@fgv.br) on 2018-06-06T12:07:08Z (GMT) No. of bitstreams: 1 Dissertação-Carla-Schuchmann 20180604.pdf: 2181890 bytes, checksum: f3dde4e5e6e77e830fb82af06a0755da (MD5) / Made available in DSpace on 2018-06-06T12:07:08Z (GMT). No. of bitstreams: 1 Dissertação-Carla-Schuchmann 20180604.pdf: 2181890 bytes, checksum: f3dde4e5e6e77e830fb82af06a0755da (MD5) Previous issue date: 2018-07-04 / Se, por um lado, o meio ambiente é fundamental para o crescimento econômico no modelo capitalista, as crises ambientais, devido ao não respeito dos limites planetários, representam uma ameaça para humanidade. As empresas são cobradas para contribuir com a solução desse problema, por historicamente terem contribuído para essa situação. Por outro lado, ainda existem poucos estudos que tratam a sustentabilidade empresarial e seus impactos para melhorar a qualidade do meio ambiente (WHITEMAN, WALKER E PEREGO, 2013). Este estudo buscou avaliar se as estratégias de sustentabilidade do setor elétrico estão alinhadas aos principais desafios ambientais da atualidade. Para definir esses desafios, o estudo se baseou, principalmente, na teoria dos limites planetários de Steffen et al. (2015). Além de revisões bibliográficas, também foi realizada uma análise Multi Estudos de Casos, que contou com análises documentais (websites e relatórios de sustentabilidade) e entrevistas com três líderes da estratégia de sustentabilidade de empresas do setor elétrico, que são referências no tema (estão na carteira do ISE). Como resultado desse estudo, observou-se que, dos nove limites planetários (mudança do clima, integridade da biosfera, redução da camada de ozônio, acidificação dos oceanos, uso de água doce, fluxo bioquímico (nitrogênio e fósforo), alteração no território , carga de aerossol atmosférico e novos contaminantes), seis deles (mudança do clima, integridade da biosfera, alteração no território, uso de água doce, carga de aerossol atmosférico e novos contaminantes) tiveram historicamente o setor elétrico como uma de suas principais ameaças. Dois desses temas (mudança do clima e novos contaminantes) são considerados prioritários por todas as empresas estudadas. No entanto, quando se analisa o alinhamento das empresas para enfrentar os principais impactos causados pelo setor nos limítes planetários, observa-se que: I) todos os impactos relacionados ao tema ‘alteração no território’ são geridos por, ao menos, uma estratégia de cada empresa estudada; II) todos os impactos relacionados a uso de água doces e carga de aerossóis atmosféricos são gerenciados por uma ou duas das empresas estudadas; III) um ou mais impactos relacionados aos temas ‘mudança do clima’, ‘integridade da biosfera’ e ‘novos contaminantes’ não são gerenciados pela estratégia de sustentabilidade de nenhuma empresa estudada. Ao final, são sugeridos alguns estudos futuros relacionados aos temas estudados. / The environment is essential for economic growth in capitalism. In contrast, environmental crisis, due to not respecting planetary boundaries, represent a threat to humanity. Corporations are charged to help solving this problem, since historically they were the contributors of this issue. Nonetheless, there still are few studies that deal with corporate sustainability and its impacts to improve environment quality (Whiteman, Walker and Perego, 2013). This paper tried to evaluate if the sustainable strategies within the Brazilian electric Power companies are aligned with the main environmental challenges of current times. To describe these challenges, this research was mainly based on the planetary boundaries theory , done by Steffen et al. (2015). Among several bibliographic reviews, it was done a an Multiple Case Study analysis, that took into account documental reviews (websites and sustainability reports), interviews with three sustainable strategy leaders from benchmark companies of the Brazilian electric power sector (present at ISE portfolio).As a result of this research, it was realized that out of the nine planetary boundaries described (climate change, biosphere integrity, stratospheric ozone depletion, ocean acidification, freshwater use, biochemical flows (nitrogen and phosphorus), land-system change, atmospheric aerossol loading, novel entities) , the electric power sector represents a historically threat over six of them (climate change, biosphere integrity, land-system change, freshwater use, atmospheric aerossol and novel entities). The companies studied consider as a priority two of these boundaries (climate change and novel entities). Notwithstanding that, observing these companies alignment to deal with these main impacts caused by the electric sector Power on the boundaries, we can point that: I) all companies have their own strategies to manage all impacts on land-system change ; II) at least one company manages each freshwater use or atmospheric aerossol loading impacts; III) one or more impacts caused by climate change, biospheric integrity or novel entities are not dealt with any of these companies. It is possible to conclude that sustainable strategies among the Brazilian eletric power sector companies are partially aligned with the main environmental challenges of current times. Lastly, futures studies related to these cases are suggested.

L'objectif de cette thèse est de démontrer que le renforcement des institutions environnementales permet d'améliorer la responsabilité environnementale. Si des changements institutionnels sont mis en place favorisant la responsabilité environnementale alors une co-responsabilité des parties prenantes prend forme rendant la protection de l'environnement plus efficace et efficiente. Compte tenu de l'ampleur des dégradations environnementales et de leurs conséquences, la responsabilité environnementale devient la panacée à la crise écologique. La notion de développement durable s'en fait écho en s'ancrant cependant dans une dynamique plus vaste. Ce concept de développement durable se décline au niveau industriel par la responsabilité sociale des entreprises. Force est de constater que les réponses institutionnelles et industrielles sont loin d'être à la hauteur des défis environnementaux. Historiquement, les instruments réglementaires ont été mobilisés pour faire face aux dégradations irréversibles. Malgré les preuves théoriques et empiriques européennes, la fiscalité écologique française ne répond pas aux recommandations économiques. Les raisons à ces échecs résident dans les difficultés d'acceptabilité et d'ajustement. Ces éléments amènent à repenser les schémas de l'intervention de l'Etat en matière d'environnement. L'apport de cette thèse consiste à proposer la mise en place de nouveaux arrangements institutionnels fondés sur la mise en place d'institutions environnementales dotées de capacités d'expertise, d'enforcement et de conformité. / The aim of this thesis is to demonstrate that the strengthening of the environmental institutions enforces environmental responsibility. If institutional changes are setting up to promote environmental responsibility, then a co-responsibility takes form making environmental protection more efficient and more effective. Given the extent of environmental degradation and their consequences, environmental liability bccomes a panacea to the ecological crisis. The notion of sustainable development echoes to it. however anchoring in a larger dynamic. The concept ofsustainable development comes at industrial level by the corporate social responsibility. lt is clear that the answers given by the institutions and the industrial segment fall far short of responding to the environmental challenges. Historically, regulatory instruments have been mobilized to deal with irreversible damage. The recent issue of emission permits still experiences difficulties. Despite the European theoretical and empirical evidences, French ecological taxation doesn't comply with the economic recommendations. The reasons for these failures depend on the difficulties of acceptability. These considerations lead us to rethink the patterns of state intervention in environmental. The contribution of this thesis is to propose the establishment of new institutional arrangements based on the establishment of environmental institutions which have capacities of expertise, enforcement and compliance.

La presente investigación pretende analizar el efecto de la Sostenibilidad Corporativa a través del índice ESG (Ambiental, Social y de Gobernanza) que, agrupa las prácticas sociales, medioambientales y de gobernanza corporativa, sobre el valor de la firma para empresas de cinco economías emergentes tales como Brasil, Perú, Colombia, México y Chile (LATAM5). Las investigaciones relacionadas en torno a medir la efectividad de estas prácticas ESG son muy escasas para países en desarrollo. Asimismo, la literatura muestra que también son pocas las investigaciones que abordan las consecuencias de las tres dimensiones ESG en conjunto, incluso cuando se encuentran fuertemente entrelazadas debido a que abordan similares problemáticas y preocupaciones. En cuanto a los resultados, la evidencia muestra que la variable de interés, el índice ESG, no tiene efectos sobre el valor de la firma, mientras que el rendimiento de los activos y la ratio de gasto de capital sí impactan positivamente el valor de la firma para los países de LATAM5. Si bien la literatura empírica arroja resultados mixtos sobre el índice ESG y el valor de la firma, se espera que en los próximos años más empresas divulguen periódicamente sus prácticas de ESG en Latinoamérica y, a su vez, que esta información sea absorbida oportunamente por el mercado y sea verdaderamente apreciado por las partes interesadas, de modo que se compense el buen desempeño de gestión de las compañías. / This research aims to analyze the effect of Corporate Sustainability through the ESG (Environmental, Social and Governance) index that groups together social, environmental and corporate governance practices on the value of the firm for five emerging economies such as Brazil, Peru, Colombia, Mexico and Chile (LATAM5). Research related to measuring the effectiveness of these ESG practices is very scarce for developing countries. Furthermore, the literature shows that there is also little research that addresses the consequences of the three ESG dimensions together, even when they are strongly linked because they address similar issues and concerns. Regarding the results, the evidence shows that the variable of interest, the ESG index, has no effects on firm value, while the return on assets and the capital expenditure ratio do positively affect the firm value for LATAM5 countries. Although the empirical literature shows mixed results on the ESG index and firm value, it is expected that in the coming years more companies will periodically disclose their ESG practices in Latin America and, in turn, that this information will be absorbed in the market and it becomes valuable information for stakeholders, so that the good management performance of companies is compensated. / Trabajo de investigación

Syftet med denna uppsats är att undersöka vad HRM arbetar med inom den social och miljömässig hållbarheten i organisationer samt vilka utmaningar som finns inom hållbarhetsområdet. Uppsatsen vill även undersöka om det finns konkurrensfördelar som HRM kan generera. Det empiriska materialet har samlats in genom tre stycken fysiska semistrukturerade intervjuer och två telefonintervjuer från två olika organisationer. De fem intervjuerna följde samma intervjuschema. Genom uppsatsen har det visat sig att HRM i större utsträckning arbetar med den social hållbarhet i jämförelse med den miljömässiga hållbarheten. Detta i relation till HRMs kompetenser, kunskaper samt humana resurser. I och med HRMs kompetenser inom den sociala hållbarheten kan de skapa konkurrensfördelar gentemot andra organisationer då de anses värdefulla och sällsynta. De slutsatser som identifierats är att HRM i dagsläget bör arbeta med den sociala hållbarheten och hållbart ledarskap. I framtiden kommer det krävas mer kompetenser och kunskaper för HRM för att kunna arbeta med den miljömässiga hållbarheten, vilket kan ses som en utmaning. En ytterligare utmaning inom HRM är tillgången till fler humana resurser. Fler humana skulle kunna öka möjligheterna för ett ännu bättre arbete med både den sociala hållbarheten samt hållbart ledarskap, men skulle även öppna upp möjligheterna för ett miljömässigt hållbarhetsarbete. / The purpose of this essay is to examine what HRM is working with within the social and the environmental sustainability in organizations and also which challenges there are within corporate sustainability. The essay also wants to examine if there are any competitive advantages that HRM can generate. The empirical materials have been gathered through three physical semi-structured interviews and two telephone interviews from two different organizations. The five interviews were conducted with the same questions. It has been found that HRM in greater occurrences works with the social sustainability in comparison to the environmental sustainability. This in relation to HRMs competencies, knowledge and human resources. As a result of HRMs competencies within social responsibility, they can create competitive advantages against other organizations as they are considered valuable and rare. The conclusions that are identified are that HRM should work with social responsibility and sustainable leadership. In the future, more competencies and knowledge will be required for HRM to be able to work with environmental sustainability, which can be a challenge. A further challenge within HRM may be the availability of human resources. More people working with HRM could increase opportunities for even better work with social sustainability and sustainable leadership and would also open up opportunities for work with environmental sustainability.

Tesis por compendio / [ES] La sostenibilidad es un concepto que se está haciendo extensible a cada vez más ámbitos de nuestra sociedad, estando muy presente en la esfera empresarial a través de la denominada sostenibilidad corporativa. Sin embargo, la capacidad de determinar qué prácticas sostenibles aplicar para poder generar el mayor rendimiento para las compañías todavía se antoja complicado. Esto es debido a que intervienen diferentes variables, como, por ejemplo, el tipo de sector en el que operen las organizaciones y el nivel de desarrollo de prácticas sostenibles aplicadas por los competidores. Es por ello, que, el propósito de esta tesis consiste en el desarrollo de las primeras fases de una teoría que permita a los responsables de las compañías conocer qué tipo de prácticas sostenibles aplicar en función de su organización interna y su posición competitiva. Para ello, inicialmente de desarrolló un análisis de la literatura para identificar las metodologías creadas para ayudar a las organizaciones a integrar la sostenibilidad en su modelo de negocio. Además, se valoró el nivel de aceptación y de uso de dichas metodologías por parte de consultores y directivos de compañías. Posteriormente, se llevó a cabo un detallado estudio del estado del arte sobre la sostenibilidad corporativa que identificó cinco líneas de investigación que se están produciendo actualmente. Estas cinco líneas fueron clasificadas en cinco conceptos que han permitido conocer diferentes tipos de prácticas sostenibles aplicadas por las empresas y, además, contribuyó al desarrollo del protocolo de estudio de casos. El primer concepto es la 'sostenibilidad holística', el cual engloba toda la literatura relativa a cómo la sostenibilidad se debe gestionar desde un punto de vista global incorporándola en la estrategia de la organización. El segundo concepto se denomina 'metodologías sostenibles', concepto que trata de las diferentes metodologías o modelos desarrollados por académicos para ayudar a los responsables de las compañías a determinar qué prácticas ambientales aplicar. El tercer concepto trata de los 'modelos de negocio sostenibles', es decir, las características de aquellas compañías que deciden situar la sostenibilidad en el centro de su negocio y de su propuesta de valor. El cuarto concepto, denominado 'operaciones sostenibles' recoge todas las actividades que se circunscriben a un área concreta de la compañía para reducir el impacto ambiental (p.e. aplicación de tecnología que permita el consumo de energía renovable). Y, finalmente, el quinto concepto, titulado 'innovación orientada a la sostenibilidad', este último concepto abarca el campo de análisis sobre cómo la interacción entre diferentes prácticas en una misma empresa mejoran su rendimiento. El protocolo de estudio de casos se empleó para analizar a una serie de empresas conocidas por la aplicación de prácticas sostenibles, de manera que, usando dicho protocolo se pudo determinar qué tipo de prácticas sostenibles implantadas por estas empresas han sido capaces de generarles un incremento de su rendimiento. Los resultados obtenidos permiten clasificar a las compañías en cinco fases en función de nivel de integración de la sostenibilidad que han desarrollado. Estas fases pasan por el aprovechamiento del cumplimiento legal como una oportunidad, pasando por el desarrollo de una cadena de valor eco-innovadora hasta convertirse en modelos de negocio sostenibles. Para facilitar que la sostenibilidad se convierta en un factor transversal a toda la compañía se requiere de un sistema de gestión ambiental (SGA). De manera que, este tipo de sistemas protocoliza la sostenibilidad incorporándola en los diferentes procesos de toma de decisiones. Finalmente, esta tesis ofrece una serie de prácticas sostenibles que pueden ser desarrolladas por las compañías en función de la fase de integración de la sostenibilidad en la que se encuentren y en la estrategia que siga la compañía. / [CA] La sostenibilitat és un concepte que s'està estenent cada vegada a més àmbits de la nostra societat, estant molt present en l'esfera empresarial mitjançant de la denominada sostenibilitat corporativa. No obstant, la capacitat de determinar quines pràctiques sostenibles s'han d'aplicar per poder generar el major rendiment per a les companyies encara és una qüestió complicada. Això es degut a que intervenen diferents variables, com, per exemple, el tipus de sector en el que operen les organitzacions i el nivell de desenvolupament de pràctiques sostenibles aplicades pels competidors. Per tant, el propòsit d'esta tesi consisteix en el desenvolupament de les primeres fases d'una teoria que puga permetre als responsables de les companyies conèixer quin tipus de pràctiques sostenibles aplicar en funció de la seua organització interna i la seua posició competitiva. Per aconseguir-ho, inicialment es va desenvolupar un anàlisi de la literatura per identificar les metodologies creades per ajudar a les organitzacions a integrar la sostenibilitat en el seu model de negoci. A més, es va valorar el nivell d'acceptació i d'ús d'estes metodologies per part de consultors i directius de companyies. Posteriorment, es va portar a terme un detallat estudi de l'art sobre la sostenibilitat corporativa que va identificar zinc línies de recerca que s'estan produint en l'actualitat. Estes zinc línies van ser classificades en zinc conceptes que han permès conèixer diferents tipus de pràctiques sostenibles aplicades per les empreses i, a més, van contribuir al desenvolupament del protocol d'estudi de casos. El primer concepte és la 'sostenibilitat holística', el qual engloba tota la literatura relativa a com la sostenibilitat s'ha de gestionar des d'un punt de vista global incorporant-la en la estratègia de la organització. El segon concepte es denomina 'metodologies sostenibles', concepte que tracta de les diferents metodologies o models desenvolupats per acadèmics per ajudar als responsables de les companyies a determinar quines pràctiques ambientals aplicar. El tercer concepte tracta dels 'models de negoci sostenibles', és a dir, les característiques d'aquelles companyies que decideixen situar la sostenibilitat en el centre del seu negoci i de la seua proposta de valor. El quart concepte, denominat, 'operacions sostenibles' recull totes les activitats que es circumscriuen a un àrea concreta de la companyia per reduir l'impacte ambiental (p.e. l'aplicació de tecnologia que permet el consum d'energia renovable). I, finalment, el quint concepte, titulat 'innovació orientada a la sostenibilitat', este últim concepte abasta el camp d'anàlisi sobre com la interacció entre diferents pràctiques en una mateixa empresa milloren el seu rendiment. El protocol d'estudi de casos es va emprar per analitzar una sèrie d'empreses conegudes per l'aplicació de pràctiques sostenibles, de manera que, usant el protocol es va determinar quin tipus de pràctiques sostenibles implantades per estes empreses han sigut capaces de fer que generen un increment del seu rendiment. El resultats obtinguts permeten classificar a les companyies en zinc fases en funció del nivell d'integració de la sostenibilitat que han desenvolupat. Estes fases passen per l'aprofitament del compliment legal com una oportunitat, passant pel desenvolupament d'una cadena de valor eco-innovadora fins convertir-se en models de negoci sostenibles. Per facilitar que la sostenibilitat es converteixi en un factor transversal a tota la companyia, es requereix d'un sistema de gestió ambiental (SGA). De manera que, este tipus de sistemes protocol·litzen la sostenibilitat incorporant-la en els diferents processos de presa de decisions. Finalment, esta tesi ofereix una sèries de pràctiques sostenibles que poden ser desenvolupades per les companyies en funció de la fase d'integració de la sostenibilitat en la que es troben i en la estratègia que segueix la companyia. / [EN] Sustainability is a concept that is being extended to more and more areas of our society, being very present in the business sphere through the so-called corporate sustainability. However, the ability to determine which sustainable practices to apply in order to generate the best returns for companies is still challenging. This is due to the fact that different variables intervene, such as, for example, the type of sector in which organizations operate and the level of development of sustainable practices applied by competitors. That is why, the purpose of this thesis consists in the development of the first phases of a theory that allows company managers to know what type of sustainable practices to apply based on their internal organization and their competitive position. To do this, an analysis of the literature was initially developed to identify the methodologies that have been created to help organizations to integrate sustainability into their business model. In addition, the level of acceptance and use of said methodologies by consultants and company executives was analysed. Subsequently, a detailed study of the state of the art on corporate sustainability was carried out, which identified five lines of research that are currently being deployed. These five lines were classified into five concepts that have allowed us to know different types of sustainable practices applied by companies. In addition, these concepts has contributed to the development of the case study protocol. The first concept is 'holistic sustainability', which encompasses all the literature on how sustainability should be managed from a global point of view, incorporating it into the organization's strategy. The second concept is called 'sustainable methodologies', a concept that deals with the different methodologies or models developed by academics to help company managers determine which environmental practices to apply. The third concept deals with 'sustainable business models', that is, the characteristics of those companies that decide to place sustainability at the center of their business and their value proposition. The fourth concept, called 'sustainable operations', includes all the activities that are limited to a specific area of the company to reduce the environmental impact (e.g. application of technology that allows the consumption of renewable energy). And, finally, the fifth concept, entitled 'innovation oriented to sustainability', covers the field of analysis on how the interaction between different practices in the same company improves its performance. The case study protocol was used to analyze a series of companies known for the application of sustainable practices. Using this protocol, it was possible to determine what type of sustainable practices implemented by these companies have been able to generate an increase in their performance. The results obtained allow companies to be classified into five phases according to the level of integration of sustainability they have developed. These phases go through the use of legal compliance as an opportunity, through the development of an eco-innovative value chain to become sustainable business models. In order to make sustainability a cross-cutting factor throughout the company, an environmental management system (EMS) is required. Thus, this type of system protocolizes sustainability by incorporating it into the different decision-making processes, from the hiring of suppliers to the recruitment processes. Finally, this thesis offers a series of sustainable practices that can be developed by companies depending on the phase of integration of sustainability in which they are, and on the strategy followed by the company. / The authors would like to thank the Ministry of Science and Innovation for its financial support through the research Project (PID2019-105497GB-100) / Sánchez Planelles, J. (2022). Measuring the Success of New Business Models with an Environmental Perspective: from the Circular Economy to Servitisation [Tesis doctoral]. Universitat Politècnica de València. https://doi.org/10.4995/Thesis/10251/181474 / TESIS / Compendio