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Rethinking Corporate Responsibility and Sustainability in Light of Economic Performance

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  • Anca Antoaneta Vărzaru

    (Department of Economics, Accounting and International Business, University of Craiova, 200585 Craiova, Romania)

  • Claudiu George Bocean

    (Department of Management, Marketing and Business Administration, University of Craiova, 200585 Craiova, Romania)

  • Michael Marian Nicolescu

    (Synario–PFM, Philadelphia, PA 19103, USA
    Doctoral School, University of Craiova, 200585 Craiova, Romania)

Abstract

Concepts of ethical behavior and corporate social responsibility have emerged in recent years due to organizations’ increasing ethical problems. Business ethics, social responsibility, and corporate governance are significant drivers for organizational performance, growth, and sustainable development (SD). In this paper, we propose an original tool, at a macroeconomic level, for the integration of concepts such as business ethics (BE), corporate social responsibility (CSR), and corporate governance (CG). The paper also seeks to establish the relationships among corporate responsibility dimensions (CR), sustainability, and economic performance. This research used the Sustainable Development Report 2020, Candriam’s ESG Country Report, World Bank Doing Business 2020 Report, World Bank national accounts data, and Eurostat as data sources. As part of the research, we selected the European Union states (27) plus the United Kingdom. The main results reveal the positive direct and indirect influences of corporate responsibility on economic performance, ultimately leading to sustainable development.

Suggested Citation

  • Anca Antoaneta Vărzaru & Claudiu George Bocean & Michael Marian Nicolescu, 2021. "Rethinking Corporate Responsibility and Sustainability in Light of Economic Performance," Sustainability, MDPI, vol. 13(5), pages 1-21, March.
    • Handle: RePEc:gam:jsusta:v:13:y:2021:i:5:p:2660-:d:509131
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