Il ruolo degli indicatori ESG nel “Modello di Business Sostenibile”: un’analisi sistematica della letteratura

The definition of firm has always been outlined by the neoclassical theory with the idea that strategy is the core of a business model (Rumelt, 1997). External factors, such as social and environmental aspects of the activity, play the role of moderators in the relationship between strategy processes and organizational performance (Goll, Rasheed, 1997). Starting from this point of view, companies have a crucial role in shaping the future of society: is it always true that companies must ensure sustainability through sustainable business models? The most representative theoretical reference models agree that the implementation of Environmental, Social and Governance (ESG) indicators in the modern company represent the way to achieve a valid sustainable business model (Kocmanová, Dočekalová, 2012). This paper seeks to find, from the existing literature on ESG indicators, an answer to the initial general question and to create a literature framework about the sustainable business models. The first part of the work will outline, through a systematic analysis of the literature and its primary and secondary sources, the most important research contributions about ESG while the second part will analyse the collected data. Specific key words will be subsequently isolated, and their role and frequency will be studied through a word cloud analysis and the realization of a dendrogram. The main results will point out a strong link between performance and ESG practices and will show the impact of such indicators in terms of stakeholders and investors relationship. Finally, some research ideas, linked with the identified critical issues of the literature, will be suggested for a future approach to the topic.