Sustainable Development and Business Strategies: An

Exploratory Study of Greek Businesses

By
1. Aanandi Carpenter – 2301002
2. Abhineet Singh – 2301006
3. Aditya Rastogi - 2301016
Spyridon A. Bafas, Alexandra P. Alexandropoulou, 4. Aniruddh Diggiwal – 2301024
Andreas E. Fousteris, Eleni A. Didaskalou * 5. Ankita B. Dash - 2301026
and Dimitrios A. Georgakellos
 INTRODUCTION
The purpose of the present study is threefold:
(a) It examines how Greek businesses perceive the concept of sustainability
(b) It investigates the implementation of sustainable development practices in Greek businesses
(c) It examines if there is a correlation between sustainable development practices adopted by businesses and the competitive
advantage of businesses.

BRIEF OVERVIEW
The Concept of Sustainable Development and SDGs
The first definition of sustainable development was given in
the Brundtland Commission report in 1987, establishing that:
“development must meet the needs of the present without
compromising the ability and opportunities of future
generations to meet their own needs”

The 17 SDGs provide clear guidance and coherent

approaches to a specific problem or issue in sustainability
terms. Finally, there is a corresponding correlation of the SD
goals with the three pillars of sustainable development,
which is illustrated below
1)Economic pillar: SD goals 1, 2, 3, 8, and 9.
2)Social Pillar: SD goals 4, 5, 10, 11, 16, and 17.
3)Environmental Pillar: SD goals 6, 7, 12, 14, 13, and 15
 Sustainable Development and the TBL (Triple Bottom Line)

The Triple Bottom Line (TBL) assesses a company's performance based

on economic, social, and environmental factors. TBL sustainability
means a company can sustain its activities without negatively impacting
society or the environment. It aims for financial success while
maintaining a balanced connection with social and environmental
systems.
The Triple Bottom Line (TBL) encompasses three pillars: economic, social, and environmental.

Economic Pillar:
• Focus: Business impact on the economic system, aiming for sustainability.
• Emphasis on profitable operations, considering environmental factors.
• Example: Companies forming industrial clusters for mutual economic viability.

Social Pillar:
• Focus: Positive societal impact and responsible business conduct.
• Includes employee relations, fair wages, and community engagement.
• Actions: Updating safety regulations, organizing charitable events.

Environmental Pillar:
• Focus: Ecological practices ensuring no harm to environmental resources.
• Involves initiatives like reducing emissions and resource use.
• Measurement: Environmental Management Systems (e.g., ISO 14001), photovoltaics, water recycling.
Research Design and Methodology
1. Research Hypotheses
•H1: There is a statistically significant relationship between the social pillar (SP) of sustainable
development and competitive advantage (CA).
•H2: There is a statistically significant relationship between the economic pillar (EP) of
sustainable development and competitive advantage (CA).
•H3: There is a statistically significant relationship between the environmental pillar (ENP) of
sustainable development and competitive advantage (CA).
•H4: There is a statistically significant relationship between the three pillars of sustainable
development and competitive advantage (CA).
•H5: There is a statistically significant relationship between the competitive advantage (CA) of
sustainable development and business performance (BP).

2. Research Design and Methodology

•Data Collection: Conducted via a structured questionnaire.
•Sampling Procedure: Utilized ICAP business database and selected 150 Greek companies from
various sectors.
•Questionnaire Structure: 39 questions with Likert-type responses, Yes/No, multiple-choice,
and open-ended questions.
•3. Data Analysis
•Software Used: Excel and SPSS version 27.
•Response Rate: 22.6% (34 out of 150 questionnaires returned).
•Eligible Responses: 33 out of 34 questionnaires.
 Data Analysis and Results
•4.1 Univariate Statistics:
• Displays the perceptions of enterprises regarding sustainable development.
• Highlights key questions and percentages for environmental, social, and economic pillars.
4.1 Univariate Statistics (Contd.):Presents on actions and measures adopted by businesses.
•Emphasizes positive responses for social and environmental aspects.
Sustainable development and sustainable business performance

Sustainable development and sustainable competitive advantage

Overview of Survey Results
• Title: Greek Businesses and Sustainable Development
1. Introduction
1. Previous surveys lacked Greek business perspective on sustainable
development.
2. Key survey focus: Awareness, opinions, and practices of Greek
businesses.
2. Awareness of Sustainable Development
1. 45.45% know the meaning of sustainable development.
2. Views on government promotion: 36.36% disagree, 33.33% neutral.
3. Positive attitude towards engaging in sustainable development.
3. Alignment with Sustainable Development Goals (SDGs)
1. Greece lacks goals above EU average.
2. Positive beliefs in economic (72.73%) and environmental (59%) bottom
lines.
4. Practices Adopted by Greek Companies
1. Environmental and social bottom line standards prominent.
2. Majority hold ISO 14001 and health & safety certifications.
3. Negative opinions on performance measurement and key indicators.
Correlation and Recommendations
•Correlation between Bottom Lines and Competitive Advantage
• Social bottom line moderately correlated (0.677).
• Economic bottom line moderately correlated (0.548).
• Environmental bottom line weak correlation (0.389).
•Correlation with Business Performance
• Moderate correlation between competitive advantage and business performance.
• Firms perceiving competitiveness add value to their businesses.
•Insights and Recommendations
• Sustainable practices linked to gaining a competitive advantage.
• Importance of integrating sustainable development into business strategy.
• Call for awareness-raising actions among businesses.
•Research Limitations and Future Directions
• Acknowledgment of limitations: small sample size, limited statistical methods.
• Suggestion for further research on sustainable development in different settings
and countries, especially on SMEs.
•Conclusion
• Emphasize the importance of sustainable practices for gaining a competitive edge.
• Encourage businesses to adopt SDGs and allocate resources for sustainable
development.
 Gracious growth:
How to manage the trade-off between
corporate greening and corporate growth

Tahiru Azaaviele Liedong, Paolo Taticchi, Tazeeb

Rajwani, Niccolò Pisani
Introduction

Weakened Shareholder
Increased Costs: Implementing
Support: Lower profitability
CSR initiatives can lead to
1. CSR programs: financial expenses, potentially
might make shareholders less
supportive of future
impacting profitability.
sustainability efforts.

Environmental
Unsustainable Practices: Focus
Degradation: Rapid expansion
on maximizing growth might
2. Aggressive can lead to negative
prioritize short-term gains over
Growth: consequences like land
long-term environmental well-
degradation, pollution, and
being.
greenhouse gas emissions.
 Gracious Growth

Distinct Ways of Fostering

Management philosophy that enables a company to protect earth’s ecosystem Gracious Growth
while realizing long-term realistic profitability - Brunello Cucinelli
Achieved through humanistic capitalism, which balances profit with human
dignity. Developing Eco-
authentic leadership
Humanistic capitalism:
Characterized by a humanistic organizational culture that prioritizes human Adopting long term
orientation
dignity in relationships with:
Nurturing a humanistic
Profit: Ensuring ethical and sustainable profit generation. culture

Ensuring Stakeholder
People: Investing in employee well-being, fair treatment, and Harmony
opportunities for growth.

Planet: Minimizing environmental impact and contributing to

environmental sustainability.
Gracious Growth Model
 Gracious Growth at Brunello Cucinelli
Operations Human
Respecting people and
Resource
planet in operations Finding the right Fit
Motivating Employees

Inbound logistics Marketing, Sales Infrastructure

& Investment Ensuring continuity of the
Being humane in the
Respecting customer corporate philosophy
procurement of supplies
privacy and providing
and raw materials
hospitable treatment
 Gracious Growth implementation at Brunello
Cucinelli

Transmission of Stakeholder
Humanistic
Initiation from Top Humanistic Relationships
Organizational
Management Team Organizational Based on
Culture
Values Humanistic Values

Role of Humanistic
Wider Ripple Integration of
Organizational
Effects for Humanistic
Culture in Gracious
Sustainability Capitalism
Growth
 Fostering Gracious
Growth
•Fostering gracious growth and true
sustainability entails cultivating eco-authentic
leadership, prioritizing long-term planetary
focus, nurturing a human-centric workplace
culture, and ensuring stakeholder harmony.
Brunello Cucinelli's co-leadership model
exemplifies structural changes for sustained
growth, while resisting short-term financial
pressures. This approach emphasizes authentic
leadership, employee well-being, and
collaborative stakeholder engagement to embed
sustainability into organizational culture and
operations.
THANKYOU