THEORETICAL ASPECTS OF FORMING A SUSTAINABLE DEVELOPMENT STRATEGY
Abstract
The article studies the theoretical foundations of formation of sustainable development strategies, factors and institutional characteristics that influence sustainable development of enterprises, analyses existing typologies of sustainable business strategies, issues of efficiency of implementation of sustainable development strategies at specific enterprises, social and environmental consequences of company's activity. It is proved that successfully implemented sustainability strategies are a means of creating economic value for the company, as well as social value, and the proposals in the document shed light on the capabilities that a firm should have to successfully implement sustainability strategies. The issues of implementing sustainable development strategies have been studied in many works by domestic and foreign scholars: While properly assessing the value of the developments of predecessors, it should be noted that today the issues of effectiveness of implementation of sustainable development strategies at specific enterprises, typology of sustainable business strategies, social and environmental impacts of the company's activities remain open. The concept of sustainability and the related concept of sustainable development intertwine three different disciplines, i.e. dimensions, namely economics, sociology and ecology. Economics considers sustainability as a constraint to achieving economic goals such as profitability, growth and efficiency. Sociology looks at sustainability in terms of achieving the goals of equitable resource distribution and poverty reduction, while ecology focuses on achieving sustainability through natural resource management. Because the goals and requirements of these disciplines differ, sustainable development and sustainable growth can only be achieved through close collaboration that values the diversity of each discipline. Sustainable business development strategies are based on an assessment of the needs of all key stakeholders of a particular company, where the company focuses on achieving sustainable goals, namely the principles of sustainable development and environmental protection. By implementing sustainability strategies, the company undertakes to make plans and decisions in its business that will contribute to the well-being of society and the environment as a whole, and therefore takes into account not only the economic but also the social and environmental impacts of the company's activities.
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