IDEAS home Printed from https://ideas.repec.org/a/eee/jrpoli/v87y2023ipas0301420723010590.html
   My bibliography  Save this article

Integrating ESG practices and natural resources management for sustainable economic development in SMEs under the double-carbon target of China

Author

Listed:
  • Jiang, Yihuo
  • Ni, Hongliang
  • Guo, Xiaomei
  • Ni, Yihan

Abstract

Small and medium-sized enterprises (SMEs) have positive impact on the global economic growth. Since SMEs are under pressure to promote sustainable practices and aid in the transition to a low-carbon economy as a result of China's double-carbon goal. Due to financing issues and uncertainty, many SMEs find it challenging to adopt sustainable practices. The current study suggests integrating China's double-carbon objective with environmental, social, and governance (ESG) policies and resource management in SMEs. The study makes use of the Delphi and Fuzzy Decision-Making Trial and Evaluation Laboratory (DEMATEL) techniques to identify and assess the best strategy for decision-making in this situation. The study identifies and assesses a range of ESG practices and natural resource management integration strategies that can assist SMEs in lowering their environmental impact, enhancing their sustainability performance, and helping China meet its double-carbon objective. The findings indicated that eco-friendly packaging, implementing sustainable transportation practices, and setting carbon reduction targets are the most crucial strategies. These strategies are vital for SMEs to be sustainable and environmentally friendly, as shown by their ranking. This study has significant implications for evaluating and selecting the suitable strategies for incorporating ESG practices and natural resource management in SMEs while taking into account the ambiguities and haziness of decision-making. Therefore, SMEs should support environmental sustainability and build a more resilient and sustainable economy in order to achieve China's double-carbon objective.

Suggested Citation

  • Jiang, Yihuo & Ni, Hongliang & Guo, Xiaomei & Ni, Yihan, 2023. "Integrating ESG practices and natural resources management for sustainable economic development in SMEs under the double-carbon target of China," Resources Policy, Elsevier, vol. 87(PA).
    • Handle: RePEc:eee:jrpoli:v:87:y:2023:i:pa:s0301420723010590
    DOI: 10.1016/j.resourpol.2023.104348
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0301420723010590
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.resourpol.2023.104348?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Laura Južnik Rotar & Roberta Kontošić Pamić & Štefan Bojnec, 2019. "Contributions of small and medium enterprises to employment in the European Union countries," Economic Research-Ekonomska Istraživanja, Taylor & Francis Journals, vol. 32(1), pages 3302-3314, January.
    2. Huafang Huang & Sharafat Ali & Yasir Ahmed Solangi, 2023. "Analysis of the Impact of Economic Policy Uncertainty on Environmental Sustainability in Developed and Developing Economies," Sustainability, MDPI, vol. 15(7), pages 1-19, March.
    3. Lucía Muñoz-Pascual & Carla Curado & Jesús Galende, 2019. "The Triple Bottom Line on Sustainable Product Innovation Performance in SMEs: A Mixed Methods Approach," Sustainability, MDPI, vol. 11(6), pages 1-22, March.
    4. Sebastian Ion Ceptureanu & Eduard Gabriel Ceptureanu & Doina Popescu & Olguta Anca Orzan, 2020. "Eco-innovation Capability and Sustainability Driven Innovation Practices in Romanian SMEs," Sustainability, MDPI, vol. 12(17), pages 1-18, August.
    5. Bob Buhr, 2017. "Assessing the sources of stranded asset risk: a proposed framework," Journal of Sustainable Finance & Investment, Taylor & Francis Journals, vol. 7(1), pages 37-53, January.
    6. Jose García‐Quevedo & Elisenda Jové‐Llopis & Ester Martínez‐Ros, 2020. "Barriers to the circular economy in European small and medium‐sized firms," Business Strategy and the Environment, Wiley Blackwell, vol. 29(6), pages 2450-2464, September.
    7. Shahzad, Farrukh & Bouri, Elie & Mokni, Khaled & Ajmi, Ahdi Noomen, 2021. "Energy, agriculture, and precious metals: Evidence from time-varying Granger causal relationships for both return and volatility," Resources Policy, Elsevier, vol. 74(C).
    8. Shaolong Zeng & Qinyi Fu & Danni Yang & Yihua Tian & Yang Yu, 2023. "The Influencing Factors of the Carbon Trading Price: A Case of China against a “Double Carbon” Background," Sustainability, MDPI, vol. 15(3), pages 1-24, January.
    9. Kazançoglu, Yigit & Ada, Erhan & Ozturkoglu, Yucel & Ozbiltekin, Melisa, 2020. "Analysis of the barriers to urban mining for resource melioration in emerging economies," Resources Policy, Elsevier, vol. 68(C).
    10. Wu, Hsin-Hung & Chang, Shih-Yu, 2015. "A case study of using DEMATEL method to identify critical factors in green supply chain management," Applied Mathematics and Computation, Elsevier, vol. 256(C), pages 394-403.
    11. Maha Faisal Alsayegh & Rashidah Abdul Rahman & Saeid Homayoun, 2020. "Corporate Economic, Environmental, and Social Sustainability Performance Transformation through ESG Disclosure," Sustainability, MDPI, vol. 12(9), pages 1-20, May.
    12. Peng Tong & Chao Zhao & Huaqing Wang, 2019. "Research on the Survival and Sustainable Development of Small and Medium-Sized Enterprises in China under the Background of Low-Carbon Economy," Sustainability, MDPI, vol. 11(5), pages 1-17, February.
    13. Chaofeng Li & Yasir Ahmed Solangi & Sharafat Ali, 2023. "Evaluating the Factors of Green Finance to Achieve Carbon Peak and Carbon Neutrality Targets in China: A Delphi and Fuzzy AHP Approach," Sustainability, MDPI, vol. 15(3), pages 1-21, February.
    14. Catalina Costache & Danut-Dumitru Dumitrascu & Ionela Maniu, 2021. "Facilitators of and Barriers to Sustainable Development in Small and Medium-Sized Enterprises: A Descriptive Exploratory Study in Romania," Sustainability, MDPI, vol. 13(6), pages 1-19, March.
    15. Naoyuki Yoshino & Ehsan Rasoulinezhad & Farhad Taghizadeh-Hesary, 2021. "Economic Impacts of Carbon Tax in a General Equilibrium Framework: Empirical Study of Japan," Journal of Environmental Assessment Policy and Management (JEAPM), World Scientific Publishing Co. Pte. Ltd., vol. 23(01n02), pages 1-25, June.
    16. Jun Dong & Huijuan Huo, 2017. "Identification of Financing Barriers to Energy Efficiency in Small and Medium-Sized Enterprises by Integrating the Fuzzy Delphi and Fuzzy DEMATEL Approaches," Energies, MDPI, vol. 10(8), pages 1-26, August.
    17. Kasimu Sendawula & Vincent Bagire & Cathy Ikiror Mbidde & Peter Turyakira, 2020. "Environmental commitment and environmental sustainability practices of manufacturing small and medium enterprises in Uganda," Journal of Enterprising Communities: People and Places in the Global Economy, Emerald Group Publishing Limited, vol. 15(4), pages 588-607, December.
    18. Solangi, Yasir Ahmed & Longsheng, Cheng & Shah, Syed Ahsan Ali, 2021. "Assessing and overcoming the renewable energy barriers for sustainable development in Pakistan: An integrated AHP and fuzzy TOPSIS approach," Renewable Energy, Elsevier, vol. 173(C), pages 209-222.
    19. Saboori, Behnaz & Gholipour, Hassan F. & Rasoulinezhad, Ehsan & Ranjbar, Omid, 2022. "Renewable energy sources and unemployment rate: Evidence from the US states," Energy Policy, Elsevier, vol. 168(C).
    20. Ni Luh Putu Hariastuti & Pratikto Pratikto & Purnomo Budi Santoso & Ishardita Pambudi Tama, 2021. "Analyzing the drivers of sustainable value creation, partnership strategies, and their impact on business competitive advantages of small & medium enterprises: a PLS-model," Eastern-European Journal of Enterprise Technologies, PC TECHNOLOGY CENTER, vol. 2(13(110)), pages 55-66, April.
    21. Shuo Gao & Ming Kim Lim & Renlu Qiao & Chensi Shen & Chentao Li & Li Xia, 2022. "Identifying critical failure factors of green supply chain management in China’s SMEs with a hierarchical cause–effect model," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 24(4), pages 5641-5666, April.
    22. Centobelli, Piera & Cerchione, Roberto & Esposito, Emilio, 2020. "Pursuing supply chain sustainable development goals through the adoption of green practices and enabling technologies: A cross-country analysis of LSPs," Technological Forecasting and Social Change, Elsevier, vol. 153(C).
    23. Taghizadeh-Hesary, Farhad & Phoumin, Han & Rasoulinezhad, Ehsan, 2022. "COVID-19 and regional solutions for mitigating the risk of SME finance in selected ASEAN member states," Economic Analysis and Policy, Elsevier, vol. 74(C), pages 506-525.
    24. Veronica, Scuotto & Alexeis, Garcia-Perez & Valentina, Cillo & Elisa, Giacosa, 2020. "Do stakeholder capabilities promote sustainable business innovation in small and medium-sized enterprises? Evidence from Italy," Journal of Business Research, Elsevier, vol. 119(C), pages 131-141.
    25. Ehsan Rasoulinezhad, 2020. "Environmental Impact Assessment Analysis in the Kahak’s Wind Farm," Journal of Environmental Assessment Policy and Management (JEAPM), World Scientific Publishing Co. Pte. Ltd., vol. 22(01n02), pages 1-15, June.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Ge, Yongbo & Zhu, Yuexiao, 2022. "Boosting green recovery: Green credit policy in heavily polluted industries and stock price crash risk," Resources Policy, Elsevier, vol. 79(C).
    2. Wang, Shuhong & Xing, Lu & Chen, Xueli & Song, Malin, 2024. "Evaluating and enhancing natural resource asset management efficiency in China: A data envelopment analysis study," Resources Policy, Elsevier, vol. 92(C).
    3. Cai, Lu & Le, Thanh Tiep, 2023. "Natural resources and financial development: Role of corporate social responsibility on green economic growth in Vietnam," Resources Policy, Elsevier, vol. 81(C).
    4. Wu, Fan & Wang, Xingguo & Liu, Tao, 2023. "Sustainable development goals, natural resources and economic growth: Evidence from China," Resources Policy, Elsevier, vol. 83(C).
    5. Shang, Yunfeng & Zong, Yi, 2024. "Role of e-commerce for promoting sustainability in the mining sector," Resources Policy, Elsevier, vol. 90(C).
    6. Xu, Jin & Liu, Chengjun & Dou, Gang & Cai, Yunfei, 2024. "Mineral resource management in Chinese rural areas: Policy assessment for green economic growth," Resources Policy, Elsevier, vol. 90(C).
    7. Dai, Xiajing & Zhang, Junjie, 2024. "China's green development journey through resource rent optimization and green finance policies," Resources Policy, Elsevier, vol. 90(C).
    8. Sheng Xu & Weiyu Gu, 2024. "Dual carbon economy modeling in advanced economies," Palgrave Communications, Palgrave Macmillan, vol. 11(1), pages 1-8, December.
    9. Hanzhi Zhang & Qiang Liang & Yu Li & Pengpeng Gao, 2023. "Promoting eco-tourism for the green economic recovery in ASEAN," Economic Change and Restructuring, Springer, vol. 56(3), pages 2021-2036, June.
    10. Zhang, Ming & Wei, Xuejiao, 2024. "Resource efficiency, cultural industry, and green economic growth: A synergistic approach," Resources Policy, Elsevier, vol. 90(C).
    11. Wang, Chuangang & Li, Xin, 2024. "Optimizing the utilization of mineral assets and human resources for enhanced social welfare and sustainable development," Resources Policy, Elsevier, vol. 90(C).
    12. Xiuzhen, Xie & Zheng, Wenxiu & Umair, Muhammad, 2022. "Testing the fluctuations of oil resource price volatility: A hurdle for economic recovery," Resources Policy, Elsevier, vol. 79(C).
    13. Liu, Xiaoxia & Yang, Ming & Shao, Zongyuan & Liu, Liyan & Gu, Weiyu, 2024. "Assessment of impacts of mineral raw material resource efficiency on enterprise performance," Resources Policy, Elsevier, vol. 90(C).
    14. Rui, Zhaobiao & Peng, Weicai & Qin, Ximei & Wang, Jun, 2023. "Assessing carbon cap-and-trade policies on hybrid renewable energy investments: Implications for pricing and capacity decisions," Resources Policy, Elsevier, vol. 86(PA).
    15. Liu, Donghui & Shang, Zhaoyan & Lin, Tongzhi & Yue, Shuguang, 2024. "Balancing law, sustainability, and the economy in China's responsible mineral resource extraction path," Resources Policy, Elsevier, vol. 90(C).
    16. Li, Jianying & Fang, Zhi, 2024. "Navigating COVID-19 disruptions for resilience and green growth in mineral resource trade," Resources Policy, Elsevier, vol. 90(C).
    17. Zuo, Yun & Zhi, Kangquan & Pei, Yingshun & Zhuang, Wencan & Chen, Yanhua, 2023. "Combining the role of natural resources development and trade openness on economic growth: New evidence from linear and asymmetric analysis," Resources Policy, Elsevier, vol. 83(C).
    18. Yunfeng Shang & Yuanjie Pu & Yiting Yu & Nan Gao & Yun Lu, 2023. "Role of the e-exhibition industry in the green growth of businesses and recovery," Economic Change and Restructuring, Springer, vol. 56(3), pages 2003-2020, June.
    19. Chishti, Muhammad Zubair & Patel, Ritesh, 2023. "Breaking the climate deadlock: Leveraging the effects of natural resources on climate technologies to achieve COP26 targets," Resources Policy, Elsevier, vol. 82(C).
    20. Qiu, Kai & Liu, Chunli & Li, Ying, 2023. "The effect of natural resource utilization efficency, financial development for the economic development In Asian Countries," Resources Policy, Elsevier, vol. 86(PA).

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:jrpoli:v:87:y:2023:i:pa:s0301420723010590. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/inca/30467 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.