Banelienė, Rū a; S azdas, Rolandas
A icle
A holis ic app oach o sus ainabili y: Sus ainable
De elopmen Goals (SDGs) and co po a e sus ainabili y
Con empo a y Economics
P o ided in Coope a ion wi h:
VIZJA Uni e si y, Wa saw
Sugges ed Ci a ion: Banelienė, Rū a; S azdas, Rolandas (2025) : A holis ic app oach o sus ainabili y:
Sus ainable De elopmen Goals (SDGs) and co po a e sus ainabili y, Con empo a y Economics,
ISSN 2300-8814, VIZJA Uni e si y, Wa saw, Vol. 19, Iss. 2, pp. 186-207,
h ps://doi.o g/10.5709/ce.1897-9254.561
This Ve sion is a ailable a :
h ps://hdl.handle.ne /10419/323490
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Human ac i i ies a e ha ing an inc easingly nega i e impac on he en i onmen a all scales. This si ua ion c ea es
an u gen need o shi human ac i i ies owa d sus ainable de elopmen a all le els—company, sec o , coun y,
egion and global. Howe e , na ional e o s o imp o e sus ainabili y, as measu ed by na ional ankings on sus ain-
able de elopmen goals (SDGs), may ha e a posi i e impac on he sus ainabili y o one sec o , including economic
sus ainabili y, while nega i ely a ec ing o he sec o s o e en ha ming he social, economic, and en i onmen al
si ua ion in o he coun ies. In es ing in a company's en i onmen al sus ainabili y may ha e a nega i e e ec on i s
economic sus ainabili y and o e all en i onmen al, social, and go e nance (ESG) sco e. This esea ch ocuses on he
e ical dimension, om companies o global sus ainabili y, and akes a holis ic app oach o ill a gap in he s udy o
he link be ween a company's sus ainabili y and he SDG sco es a he na ional le el. This s udy examines he impac
o p io i izing sus ainabili y a he na ional le el on he p o i abili y o Fo une 500 companies in Eu ope. Two com-
pa able sec o s, Indus ials and Mo o Vehicles & Pa s, we e selec ed o in es iga e he p oposed hypo heses. The
indings e eal ha p io i izing sus ainabili y can ha e a nega i e e ec on he p o i abili y o companies in sec o s
dependen on employee skills while bene i ing companies in asse -dependen sec o s. This s udy con i ms ha he
implemen a ion o he Sus ainable De elopmen Goals may ha e a ying impac s on di e en sec o s wi hin he
same coun y and egion. Modeling was conduc ed ia he leas squa es me hod and EViews so wa e.
1. In oduc ion1. In oduc ion
Human ac i i ies a e ha ing inc easingly nega-
i e impac s on he en i onmen a all scales (Allan
e al., 2021; Ci man e al., 2009). The e o e, he e is
an u gen need o shi human ac i i y owa d sus-
ainable de elopmen . To achie e his goal, coun-
ies ha e adop ed he Pa is Ag eemen on clima e
change, wi h he goal o limi ing global wa ming o
well below 2 °C, p e e ably 1.5 °C, compa ed wi h
p eindus ial le els (Eu opean Commission, 2020;
Uni ed Na ions En i onmen P og amme, 2024;
Uni ed Na ions En i onmen P og amme, 2023).
The Eu opean Union adop ed i s inaugu al Eu o-
pean Clima e Law in 2021, which es ablished he
con inen 's objec i e o a aining clima e neu al-
i y by 2050 (Regula ion (EU), 2021). As a pi o al
componen o he Eu opean G een Deal and he
EU Biodi e si y S a egy, he Regula ion on Na u e
Res o a ion (Na u e Res o a ion Law) was b ough
in o o ce in 2024 (Regula ion (EU), 2024). Cu en
global en i onmen al c ises ha e no escaped he
A Holis ic App oach o Sus ainabili y:
Sus ainable De elopmen Goals (SDGs) and
Co po a e Sus ainabili y
ABSTRACT
A10, C30, D04, D20, E17, F61, F63, L16, O30, O40.
KEY WORDS:
JEL Classi ica ion:
SDG, holis ic app oach, e ical in eg a ion, Fo une 500 Eu ope.
Rū a Banelienė, Vilnius Gediminas Technical Uni e si y
Co espondence conce ning his a icle should be add essed o:
Rū a Banelienė,
Vilnius Gediminas Technical Uni e si y, Ply inės s .
25, LT-10105, Vilnius, Li huania.
E-mail: [email p o ec ed]
Rū a Banelienė and Rolandas S azdas
P ima y submission: 17.11.2024 | Final accep ance: 08.03.2025
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Vol. 19 Issue 2 186-2072025
a en ion o business leade s (Bocken e al., 2020).
Businesses a e inc easingly add essing sus ainabil-
i y issues o no ma i e and ins umen al easons.
No ma i e easons include esponding o global
en i onmen al deg ada ion and social p oblems.
Ins umen al easons include egula o y compli-
ance, compe i i eness, new e enue s eams, cos
sa ings, and alen a ac ion (Be nal-To es, e
al., 2023; Nidumolu e al., 2009). Despi e his, he
epo published annually by he Uni ed Na ions
S a is ics Di ision (UNSD), in collabo a ion wi h
o e 50 in e na ional o ganiza ions, shows limi ed
p og ess owa d achie ing he 17 sus ainable de el-
opmen goals o he 2030 Agenda o Sus ainable
De elopmen (UNSD, 2023).
The epo and p og ess cha show ha p og ess
on nea ly hal (48%) o he 138 SDG a ge s ha
can be assessed is weak and insu icien , and 37%
o he measu able SDG a ge s ha e ei he s alled
o e e sed, including key a ge s ela ed o po -
e y, hunge , quali y educa ion, clean wa e and
sani a ion, decen wo k and economic g ow h, in-
dus y, inno a ion and in as uc u e, inequali ies,
esponsible consump ion and p oduc ion, clima e
ac ion, li e unde wa e and on land, peace, jus ice
and s ong ins i u ions (Ishida, 2023). These ind-
ings sugges ha e o s by businesses, na ion s a es,
and in e na ional o ganiza ions, including inancial
in es men s, o p omo e global sus ainabili y a e
no e ec i e o may e en ha e a nega i e impac .
This sugges s ha he assump ion ha imp o ing
a company's sus ainabili y will lead o an inc ease
in na ional and global sus ainabili y is no en i ely
accu a e.
Focusing on en i onmen al issues, such as cli-
ma e change, ene gy, wa e , biodi e si y, and ai
pollu ion, can be challenging o companies ha
mus also mee economic and social sus ainabil-
i y goals. In es ing in a company's en i onmen al
sus ainabili y may ha e a nega i e e ec on i s eco-
nomic sus ainabili y and o e all en i onmen al,
social, and go e nance (ESG) sco e (UNSD, 2023).
Inc easing a company's sus ainabili y in one sec-
o may ha e ad e se e ec s on ano he sec o and
he coun y's o e all sus ainabili y; he SDG ank-
ing, which is based on an o e all sco e, assesses a
Figu e 1
Visualiza ion o he Resea ch Gap: Linking Na ional Sus ainabili y o Company Sus ainabili y
www.ce. izja.pl
188
A Holis ic App oach o Sus ainabili y: Sus ainable De elopmen Goals (SDGs) and Co po a e Sus ainabili y
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cou
n y's o e all p og ess owa d he achie emen o
all 17 SDGs, which encompass 169 a ge s. Simila ly,
inc easing he sus ainabili y o one coun y may ha e
nega i e impac s on he sus ainabili y o o he coun-
ies. Fo example, de eloped coun ies consume
mo e global ene gy and con ibu e mo e o global
emissions han do de eloping coun ies, esul ing in
global inequali ies in ene gy consump ion. Addi ion-
ally, clima e change disp opo iona ely a ec s de el-
oping coun ies compa ed wi h de eloped coun ies
(Wijaya, 2014).
Na ional e o s o imp o e sus ainabili y, as mea-
su ed by na ional SDG ankings, may ha e a posi i e
e ec on one sec o 's sus ainabili y, including eco-
nomic sus ainabili y, while nega i ely a ec ing o he
sec o s o e en ha ming he social, economic, and
en i onmen al si ua ion in o he coun ies (Be nal-
To es e al., 2023). I is impo an o conside he
po en ial unin ended consequences o na ional sus-
ainabili y e o s. This may pa ly explain he weak o
nega i e p og ess owa d achie ing he global SDGs.
To add ess sus ainabili y issues a he company,
na ional, and global le els, a holis ic app oach o sus-
ainable de elopmen is necessa y. This app oach has
been u ilized o add ess a ious aspec s o sus ainable
de elopmen , including he assessmen o co po a e
sus ainabili y pe o mance (Pecas e al., 2023); he
adop ion o sus ainable long- e m policies (Ha ik,
2015); he de elopmen o holis ic sus ainabili y as-
sessmen ools o manu ac u ing small and medium
en e p ises (SMEs) (Chen e al., 2014); he examina-
ion o he impac o co po a e social esponsibili y
(CSR) (Nguyen & Ngo, 2022); and he de elopmen
o ini ia i es ela ed o compe i i e ad an age, pe -
o mance, and he sus ainabili y o mic oen e p ises
(Mamun e al., 2021). The holis ic app oach equi es
a clea unde s anding o he ela ionships be ween
di e en ac o s a di e en le els o sus ainabili y,
especially be ween na ional and co po a e sus ain-
abili y, as shown in Figu e 1. The esea ch p oblem
is ha he e is no clea ela ionship be ween na ional
SDGs and co po a e sus ainabili y. The complexi y
o unde s anding hese ela ionships lies in he in-
e ela ionships be ween he a iables. Fo example,
na ional ini ia i es aimed a achie ing he SDGs may
impac company pe o mance, while simul aneously,
company pe o mance may also impac he na ional
SDGs (Billedeau & Wilson, 2023).
The aim o his s udy is o examine he ela ionship
be ween na ional sus ainabili y (SDGs) and co po-
a e sus ainabili y, which is one elemen o a complex
global sus ainabili y sys em. The esea ch ques ion is
as ollows: How do na ional sus ainabili y goals a ec
co po a e sus ainabili y? O pa icula in e es is he
impac o na ional sus ainabili y goals on he pe o -
mance o companies in di e en sec o s. This s udy
analyzes he pe o mance o Fo une 500 companies
in Eu ope and hei ela ionships wi h na ional SDGs.
The pape is di ided in o se en sec ions. The i s
sec ion aims o de ine 'balanced sus ainabili y' and
unco e a holis ic app oach om he company o
global sus ainabili y. The second sec ion p esen s em-
pi ical e idence by e iewing scien i ic s udies and
hei insigh s in o he ield o he SDGs. The hi d
sec ion co e s he me hodology, p o iding g aphi-
cal and ma hema ical exp essions o he de eloped
model and da a analysis. The esul s and answe s o
he p oposed hypo heses a e p esen ed in he ou h
sec ion. The las h ee sec ions p o ide he esea ch
indings in he discussion and conclusion sec ions, as
well as limi a ions.
2. Theo e ical App oach2. Theo e ical App oach
O e he pas wo decades, sus ainabili y has
become a p ominen opic in business, poli ics,
and academia. The global sus ainabili y sys em is a
complex esea ch objec and can be analyzed om
di e en pe spec i es, including mic oindi idual,
mesoco po a e and mac ona ional, egional and
global le els. ‘Sus ainabili y science’ has eme ged
as a dis inc ield (Kajikawa e al., 2014; Ka es,
2011; Ka es e al., 2001; Komiyama & Takeuchi,
2006; Pu is e a ., 2018) . Howe e , he concep o
sus ainabili y emains unclea in a ious con ex s.
The ph ase 'sus ainable business' is o en linked o
en i onmen ally iendly o g een p ac ices ha
add ess cu en en i onmen al conce ns in all
p ocesses, p oduc s, and manu ac u ing ac i i ies.
2.1. Concep o Balanced Sus ainabili y
A he mesoco po a e le el, he concep
o sus ainabili y includes h ee in e ela ed
dimensions: social, economic, and en i onmen al.
These dimensions a e ep esen ed by h ee
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Vol. 19 Issue 2 186-2072025
in e sec ing ci cles ha cen e on o e all
sus ainabili y (Pu is e al., 2018) (see Figu e 2).
This concep assumes ha all h ee dimensions—
economic, social, and en i onmen al—a e equally
impo an o sus ainabili y. Acco ding o his
concep , he elimina ion o e en one o hese
dimensions unde mines sus ainabili y. The e o e, a
company ha lacks any o hese dimensions canno
be conside ed sus ainable.
Balanced sus ainabili y is he ideal s a e when
all dimensions a e equally de eloped. This concep
sugges s ha he dominance o one dimension
can nega i ely impac he o e all sus ainabili y
and long- e m pe o mance o a company.
Figu e 2 illus a es 'balanced sus ainabili y',
'unbalanced sus ainabili y', and 'no sus ainabili y'
as he in e sec ion o he h ee main dimensions.
'Balanced sus ainabili y' occu s when all
dimensions (social, en i onmen al and economic)
a e equally de eloped in a company; 'unbalanced
sus ainabili y' occu s when one o wo dimensions
a e neglec ed in a company; and 'no sus ainabili y'
occu s when he social dimension is comple ely
neglec ed in a company, and he ocus is mainly
on en i onmen al issues. The concep o balanced
sus ainabili y is impo an no only a he company
le el bu also a he na ional and global le els and is
c ucial o achie ing a be e unde s anding o he
holis ic app oach o sus ainabili y.
2.2. Holis ic App oach o Sus ainabili y
Schola s use he e m 'holis ic sus ainabili y' o
de ine a ious aspec s o sus ainabili y. Holis ic
sus ainabili y can be unde s ood as a holis ic
app oach o sus ainabili y p omo ion and ma ke ing
ha aims o in eg a e and in ol e key ac o s—
na ional and local au ho i ies, o ganiza ions and
esiden s—in a ious sus ainabili y ac ions (Rakic,
& Rakic, 2015; Sega a-Moline & Bel-Oms, 2023;
Tacconi & Tisdell, 1993). The concep o 'holis ic
sus ainabili y' is also used o emphasize he
impo ance o ocusing on all h ee dimensions o
sus ainabili y: social, economic and en i onmen al.
The concep could be applied o sus ainable
p oduc s, as demons a ed by S o els e al. (2018)
and Wang e al. (2021), as well as sus ainable
business de elopmen . Pecas e al. (2023) and Ha ik
e al. (2015) employed a holis ic concep o de elop
Figu e 2
Concep o Balanced Sus ainabili y
www.ce. izja.pl
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A Holis ic App oach o Sus ainabili y: Sus ainable De elopmen Goals (SDGs) and Co po a e Sus ainabili y
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sus ainabili y assessmen ools and amewo ks o
indus ial companies. Concu en ly, Chen e al. (2014)
ocused hei a en ion on he ealm o sus ainabili y
de elopmen in manu ac u ing SMEs. Al Mamun
e al. (2021) analyzed he impac o pa icipa ion in
de elopmen ini ia i es on he compe i i e ad an age,
pe o mance, and sus ainabili y o mic oen e p ises.
Nguyen and Ngo (2022) examined he impac o
co po a e social esponsibili y (CSR) along wi h
enewable ene gy consump ion, ene gy use and
impo s, and ca bon emissions on sus ainable
economic de elopmen in he Associa ion o Sou heas
Asian Na ions (ASEAN). Aluchna and Kuszewski
(2021) examined he impac o py amidal owne ship
o non inancial companies lis ed on he Wa saw S ock
Exchange. A holis ic unde s anding o co po a e
sus ainabili y is impo an o ou s udy, as e o s o
imp o e sus ainabili y (SDGs) a he na ional le el can
ha e a nega i e e ec on he economic dimension (one
o he h ee main dimensions) o holis ic co po a e
sus ainabili y.
A he mac o and global le els, he e m 'holis ic
sus ainabili y' is used as a comp ehensi e app oach o
implemen ing he 17 UN SDGs. These goals include
169 a ge s and 231 indica o s and aim o b ing
abou ans o ma ional change o inc ease global
sus ainabili y (UN Gene al Assembly, 2015).
The SDG amewo k was de eloped as a ho izon al
pla o m in which 17 global goals de ine he
sus ainable de elopmen aspi a ions o UN membe
s a es and hei key s akeholde s (Bie man e al.,
2017). One o he key assump ions unde lying he
s a egic engagemen o mul ina ional companies
(MNCs) in he amewo k was he belie ha hey
could be s a egic ac o s o global sus ainable
de elopmen . MNCs a e expec ed o in eg a e SDG
missions in o hei business p ac ices and suppo
global sus ainabili y (Van Tulde , 2021). These
expec a ions ha e no been me , as he 2023 epo
shows ha li le p og ess has been made owa d
achie ing he 17 sus ainable de elopmen goals (UN
S a is ics Di ision, 2023).
2.3. Resea ch Gap and Hypo hesis
The abo e analysis e eals ha he e is a lack
o unde s anding om a global sus ainabili y
de elopmen pe spec i e. E o s o imp o e
na ional sus ainabili y (SDG) in one coun y
can ha e a nega i e impac on sus ainabili y in
ano he coun y. Addi ionally, e o s o imp o e
na ional sus ainabili y can ha e a nega i e e ec on
co po a e sus ainabili y (ESG) in di e en sec o s.
The as majo i y o exis ing s udies ha e ocused
on mesoco po a e o mac ona ional sus ainabili y
analysis. S udies conduc ed by Pecas e al. (2023) and
Ha ik e al. (2015) ocused on holis ic sus ainabili y
assessmen s o indus ial companies. Chen e al.
(2014) de eloped a holis ic sus ainabili y assessmen
ool o manu ac u ing SMEs. Al Mamun e al.
(2021) ocused hei esea ch on he sus ainabili y o
mic oen e p ises. Nguyen and Ngo (2022) examined
he impac o co po a e social esponsibili y (CSR)
along wi h enewable ene gy consump ion, ene gy
consump ion and impo s, and ca bon emissions on
sus ainable economic de elopmen .
A holis ic app oach a he mac ona ional le el
was used o iden i y he impac o g een inno a ion
on economic g ow h in an inno a i e en i onmen
and unde digi aliza ion condi ions (Banelienė
& S azdas, 2023). S eimikiene (2022) analyzed
he main d i e s o g eenhouse gas emissions in
Viseg ad G oup (V4) coun ies and o ecas ed u u e
g eenhouse gas emissions. Bie man e al. (2017) and
Van Tulde (2021) p o ide an analysis and assessmen
o he e olu ion, a ionale, and u u e p ospec s o
he SDGs. The concep o holis ic mesoco po a e
o mac ona ional analysis can be cha ac e ized as
a ho izon al app oach, indica ing ha he analysis
is conduc ed wi hin a speci ic le el o sus ainabili y
(mic o, meso, o mac o). The e is a clea gap in he
unde s anding o he ela ionships be ween he le els
o sus ainabili y. This app oach could be called he
e ical app oach in sus ainabili y s udies (see Figu e
3).
The e o e, ou esea ch is ocused on illing he gap
in be e unde s anding he ela ionships be ween he
le els o sus ainabili y (na ional sus ainabili y and
co po a e sus ainabili y (ESG)) and inding answe s
o he ollowing hypo heses aised: Does ocusing
on sus ainabili y a he na ional le el ha e di e en
impac s (nega i e/posi i e) on he p o i abili y o
companies wi hin he same coun y? Could his e ec
depend on wo ac o s o he p oduc ion unc ion –
labo and capi al?
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3. Empi ical Backg ound: Fields o 3. Empi ical Backg ound: Fields o
S udy, Models Used, and Majo FindingsS udy, Models Used, and Majo Findings
The ela ionships be ween he SDGs and eco-
nomic g ow h as well as en i onmen al p o ec ion
ha e been widely analyzed (Ak o i e al., 2022; Fai -
b ass e al., 2024; Gup a & Vegelin, 2016; Me an,
2023; San ika e al., 2019; Spaise e al., 2016; S e-
imikiene, 2024; Tiba & Om i, 2017; Van Vuu en
e al., 2015; Von S echow e al., 2015; Wang e al.,
2019; Zhang e al., 2019). Howe e , he e is a lack
o esea ch on he ela ionship be ween he SDGs
and company pe o mance. Recen s udies ha e o-
cused mainly on b oad SDG analysis. Van Vuu en
e al. (2015) conduc ed a s udy on he con ibu ion
o echnological measu es and beha io al changes
o achie ing sus ainabili y goals, conside ing hei
linkages. Thei s udy e ealed ha signi ican ans-
o ma ions in ene gy and ood sys ems a e neces-
sa y o achie e he SDGs. The au ho s u ilized he
IMAGE in eg a ed assessmen model in conjunc-
ion wi h o he models, including he Modula Ap-
plied GeNe al Equilib ium Tool (MAGNET). Ac-
co ding o one o hei modeling esul s in he a ea
o clima e change, he global mean empe a u e is
p ojec ed o exceed he 2 °C a ge well be o e 2050
and o exceed 4 °C by he end o he 21s cen u y.
San ika e al. (2019) ocused on he ene gy sec-
o , emphasizing i s cen al ole in ending po e y
and hunge ; p o iding heal h ca e, educa ion, and
wa e ; sus aining economic g ow h; and p o ec ing
he en i onmen . Twen y- i e SDG a ge s wi h
di ec links o ene gy we e iden i ied in his s udy
wi h he help o he Google Schola sea ch engine,
and a map o he mul idimensional in e ac ion be-
ween hem was p esen ed. Tiba and Om i (2017)
in es iga ed he ela ionships among ene gy, he
en i onmen , and economic g ow h. Thei indings
sugges ha ene gy consump ion can inc ease eco-
nomic g ow h by inc easing p oduc i i y, bu i can
also lead o en i onmen al damage by inc easing
pollu an emissions. The au ho s used compa a-
i e li e a u e analysis o hei indings. Ak o i e
al. (2022) conduc ed an analysis o he ene gy sec-
o in ela ion o he SDGs and Pa is Ag eemen
goals. They used a sys ema ic e iew me hod ol-
lowing he P e e ed Repo I ems o Sys ema ic
Re iews and Me a-analysis (PRISMA) p ocedu e
o iden i y eme ging ends in ene gy deba es and
policy discou ses in academic discussions. I was
concluded ha u he esea ch is needed on he
p og ess o implemen a ion, i s impac s, and c i i-
cal lessons om cu en policy e o s o achie e
Figu e 3
The Ve ical Dimension o a Holis ic App oach o Sus ainabili y: F om Company o Global Sus ainabili y
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A Holis ic App oach o Sus ainabili y: Sus ainable De elopmen Goals (SDGs) and Co po a e Sus ainabili y
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hese global agendas, and coun y case s udies can
acili a e policy lea ning h ough c oss-coun y
compa isons.
Von S echow e al. (2015) conduc ed a com-
p ehensi e e iew and syn hesis o li e a u e on
mi iga ion e ec s o in o m clima e policy choices
a di e en go e nance le els. The au ho s empha-
sized he impo ance o educing ene gy demand
o achie e syne gies ac oss mul iple sus ainabili y
objec i es.
The anspo a ion sec o has been ex ensi ely
analyzed in e ms o ene gy consump ion and i s
impac on he en i onmen . Zhang e al. (2019)
alida ed he ca bon Kuzne s cu e (CKC) hy-
po hesis by p esen ing he changing s a us o CO2
emissions in he li e a u e. They used da a eco d-
ing he CO2 emissions o he anspo a ion sec-
o s o 119 coun ies om 1995-2014.
Spaise e al. (2016) in es iga ed he po en ial in-
compa ibili y be ween he SDGs in he a eas o so-
cioeconomic de elopmen and en i onmen al sus-
ainabili y. They used dynamic sys em models o
demons a e ha he inconsis ency a ises om he
emphasis on economic g ow h and consump ion
as a means o de elopmen (Spaise e al., 2016).
Gup a and Vegelin (2016) analyzed he SDGs
in ela ion o economic g ow h, social well-being,
and en i onmen al iabili y. They epo ed ha
goals pe o m well in e ms o social inclusi eness
bu all sho in e ms o ecological and ela ional
inclusi eness. This implies ha he SDG imple-
men a ion p ocess may p io i ize social inclusi e-
ness o e ecological and ela ional inclusi eness.
The au ho s applied SDG ex analysis o p io i y
iden i ica ion.
Moye and Bohl (2019) analyzed h ee policy
pa hways o achie ing he SDGs: echnology, li e-
s yle change, and decen alized go e nance. The
au ho s used an in eg a ed assessmen pla o m
o explo e he achie abili y o nine human de el-
opmen - ela ed SDGs by 2050, scaling al e na i e
pa hways in coun ies ha ha e his o ically de el-
oped apidly. Thei s udy e ealed ha he global
echnology pa hway is he mos e ec i e in im-
p o ing human de elopmen , whe eas he educed
consump ion pa hway is he leas e ec i e. Ad-
di ionally, he au ho s p o ided e idence ha he
geog aphic le el o analysis is c ucial in assessing
he achie abili y o he SDGs. While many SDGs
seem achie able when assessed a he global popu-
la ion le el, se e al small poo coun ies ail o
mee he a ge s when assessed a he coun y le el.
Resea che s ha e u ilized he In e na ional Fu u es
(IFs) model o analyze SDG human de elopmen
a ge s on he basis o cu en ends and mul iple
policy scena ios (Moye & Bohl, 2019).
Scha lemann e al. (2020) e iewed p e ious as-
sessmen s o in e ac ions be ween SDGs. They ap-
plied an in luence ma ix o assess pai wise in e -
ac ions be ween all he SDGs and epo ed ha he
en i onmen and en i onmen ‒human linkages
ha e he g ea es in luence on in e ac ions among
he SDGs.
P adhan e al. (2017), analyzing SDG da a om
227 coun ies, epo ed ha no po e y indica o
has a signi ican posi i e co ela ion wi h mos o
he o he SDGs, whe eas esponsible consump ion
and p oduc ion a e mos commonly associa ed
wi h a signi ican nega i e co ela ion. The au ho s
used nonpa ame ic Spea man’s ank co ela ion
analysis o assess mono onic ela ionships be ween
all possible combina ions o unique indica o da a
pai s o each coun y.
Thamma aksa e al. (2024) analyzed da a om
mo e han 8,500 en e p ises om he London
S ock Exchange G oup (LSEG) and Analy ics om
2019-2021. The au ho s used a h ee-s ep me hod:
1) desc ip i e and eg ession analysis o ends
iden i ica ion in he ield o he SDGs epo ed by
en e p ises, 2) co-occu ence analysis o iden i-
ying he ela ionships among companies’ pe o -
mance and SDGs, and 3) in e en ial s a is ics o
iden i ying he ela ionships be ween ESGs and
SDGs. This esea ch iden i ied he op 5 o he 17
SDGs mos equen ly epo ed by companies: de-
cen wo k and economic g ow h; clima e ac ion;
esponsible consump ion and p oduc ion; good
heal h and well-being; and gende equali y, which
a e s ongly in e linked wi h o he SDG indica-
o s, al hough o he SDGs lack s ong in e ela-
ions. The e was no signi ican co ela ion be ween
speci ic ESGs epo ed by en e p ises and SDGs in
70% o he ela ionships.
Fai b ass e al. (2024) used he UN’s SDG Indi-
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ca o s Da abase and he gene alized linea eg es-
sion model (GLRM) o e alua e en i onmen al
and social impac s in ela ion o en i onmen al
ac o s such as en i onmen al p essu e, policy and
s a e, he popula ion and GDP. The au ho s ound
no e idence ha en i onmen al policies lead o
wide social bene i s.
Schmid -T aub e al. (2017) demons a ed he
analy ical use ulness o he SDG index by ana-
lyzing i s co ela ion wi h o he commonly used
de elopmen indices and demons a ing how i
explains c oss-na ional a ia ions in subjec i e
well-being. The au ho s used co ela ion analysis
o hei indings.
Sušnik and an de Zaag (2017) examined he
ela ionship be ween he SDGs and he UN human
de elopmen index (HDI). This esea ch was based
on compa a i e da a om 193 coun ies and co e-
la ion analysis. They epo ed ha he o e all HDI
is no co ela ed wi h na ional weal h o esou ce
use o als bu is s ongly co ela ed wi h pe sonal
weal h and esou ce access.
Me an (2023) emphasized ha pe pe ual g ow h
can be ensu ed by inc easing esou ce e iciency
and ocusing on alue c ea ion. The esul s we e
de i ed om models using p oduc ion unc ions
ha allow asymp o ically comple e decoupling o
he economy om i s esou ce base by subs i u ing
physical and knowledge capi al o na u al esou c-
es. The a icle p esen s a semiendogenous g ow h
model u ilizing a linea –exponen ial p oduc ion
unc ion (Me an, 2023).
S udies on he SDGs ha e also ocused on in-
di idual coun ies, egions, o ci ies. Ross e al.
(2022) analyzed he p og ess o indi idual coun-
ies owa d en i onmen al sus ainabili y in ela-
ion o he SDGs, iden i ying he bes and wo s
pe o me s. Allen e al. (2024) p oposed six
ans o ma ion pa hways o Aus alia o imp o e
pe o mance on he SDGs by 2030. The au ho s
sugges ed maximizing ans o ma ion syne -
gies h ough in es men s in ene gy deca boniza-
ion, esilience, social p o ec ion, and sus ainable
ood sys ems. They also ecommended managing
ade-o s o income and employmen , wi h he
suppo o echnological, social, and poli ical en-
abling condi ions. Reg ession analysis was applied
o modeling scena ios (Allen e al., 2024). Wang
e al. (2019) in es iga ed he causal ela ionship
be ween ca bon dioxide (CO2) emissions and eco-
nomic ac o s in Chinese p o inces and epo ed
unidi ec ional causali y be ween he a iables. Re-
sea che s concluded ha o educe CO2 emissions,
China should implemen s ic laws and egula-
ions and ad oca e o g een in es men , echno-
logical inno a ion, ci cula economy de elopmen ,
and sus ainable de elopmen . This s udy is based
on a compa a i e analysis o he eas e n, cen al,
and wes e n p o inces ia a ec o au o eg essi e
model and panel da a o 1997–2015 (Wang e al.,
2019). Hossain e al. (2023) e alua ed he impac
o egula o y and epu a ional p essu es on co po-
a e en i onmen al pe o mance in China, whe e
inancial penal ies o en i onmen al iola ions
a e low. Thei s udy e ealed a signi ican nega-
i e s ock p ice eac ion o news abou co po a e
en i onmen al iola ions. Addi ionally, i was con-
cluded ha he nega i e s ock ma ke eac ion is
lessened o companies wi h s ong olun a y en-
i onmen al commi men s. A mul i a ia e eg es-
sion model was used o hese indings (Hossain e
al., 2023). Bo e al. (2024) in es iga ed he nonlin-
ea ela ionship be ween en i onmen al echnolo-
gy and g een en ep eneu ship in China om 1995
o 2021. Thei s udy e ealed ha en i onmen al
echnology p omo es bo h sho - and long- e m
g een en ep eneu ship. The au ho s applied an
au o eg essi e dis ibu ed lag s a iona i y (ARDL)
model and nonlinea au o eg essi e dis ibu ed lag
(NARDL) es ima ion o cap u e he nonlinea dy-
namics be ween a iables (Bo e al., 2024). Cheng
e al. (2023) esea ched he ela ionships among
he go e nmen subsidies, g een inno a ion, and
sus ainable de elopmen pe o mance o 142 lis ed
companies in China's highly pollu ing indus y.
The esul s e ealed a signi ican co ela ion be-
ween subsidies and he imp o ed inancial, en i-
onmen al, and social pe o mance o hese com-
panies. The au ho s applied o dina y leas squa es
(OLS) eg ession as a modeling me hod (Cheng e
al., 2023). Neie (2023) conduc ed a spa ial analy-
sis o seg ega ion-based en i onmen al inequali y
in Vienna. The esea ch applied wo inno a i e
seg ega ion-based inequali y indices o measu e
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200
A Holis ic App oach o Sus ainabili y: Sus ainable De elopmen Goals (SDGs) and Co po a e Sus ainabili y
This wo k is licensed unde a C ea i e Commons A ibu ion 4.0 In e na ional License.
denced by his esea ch. In ligh o hese indings, i
can be concluded ha a e ical app oach, encompass-
ing bo h meso- and mac ole els, is a c ucial elemen
in he ield o sus ainabili y s udies and policy imple-
men a ion. Mo eo e , he need o a comp ehensi e,
holis ic pe spec i e on global sus ainable de elop-
men is subs an ia ed.
6. Discussion6. Discussion
Empi ical s udies sugges ha many esea che s
ha e ocused p ima ily on mac ole el analyses o he
SDGs in ela ion o economic g ow h and en i on-
men al impac , wi h a pa icula emphasis on he en-
e gy, ood, and anspo a ion sec o s (Ak o i e al.,
2022; San ika e al., 2019; Tiba & Om i, 2017; Von
S echow e al., 2015; Zhang e al., 2019). Resea che s
ha e analyzed he compa ibili y o SDGs and hei e-
la ionships wi h o he global indices, such as he HDI
(Sušnik & an de Zaag, 2017). Fu he mo e, nume -
ous s udies ha e been conduc ed on SDGs o speci ic
coun ies, geog aphical a eas, o ci ies (Ross e al.,
2022; Allen e al., 2024; Wang e al., 2019; Cheng e al.;
Neie , 2023). A he company le el, se e al s udies ha e
ocused on li e a u e e iews, s akeholde a i udes,
and companies' philan h opic expendi u es, as well
as hei beha io wi h espec o o eign di ec in es -
men (De Souza Ba bosa e al., 2023; Fe o-So o e al.,
2018; Billedeau & Wilson, 2023; Wiessne e al., 2023).
Howe e , ou esea ch e ealed a lack o analysis o
co po a e p o i maximiza ion in he con ex o SDG
implemen a ion. The e o e, ou esea ch helps ill his
gap in unde s anding he impac o he SDGs on co -
po a e pe o mance.
Ou s udy p o es ha na ional e o s o imp o e
sus ainabili y, as measu ed by na ional SDG ankings,
may ha e a posi i e impac on he sus ainabili y o one
indus y, including economic sus ainabili y, while neg-
a i ely a ec ing o he indus ies— he same was ound
in o he s udies, such as Billedeau, & Wilson (2023)
and Bie mann e al. (2017). Ou s udy also suppo s
he s a emen ha a holis ic app oach o sus ainable
de elopmen is needed o add ess sus ainabili y issues
a he co po a e, na ional, and global le els, as shown
by Thamma aksa e al. (2024) and Allen e al. (2024).
This app oach equi es a clea unde s anding o he e-
la ionships be ween di e en ac o s a di e en le els
o sus ainabili y. The e o e, i is impo an o ocus on
he e ical dimensions, om he company o global
sus ainabili y le els.
7. Conclusion7. Conclusion
This esea ch ills a gap in he esea ch on he in e -
connec ion be ween a company's sus ainabili y and i s
SDG sco es a he na ional le el. This s udy applies a
no el e ical app oach ( om he meso- o he mac-
ole el) o holis ic sus ainabili y esea ch ocused on
Fo une 500 Eu opean companies.
7.1. Implica ions
The modeling esul s a e based on wo simula ions
o selec ed indus ies: Indus ials and Mo o Vehicles
& Pa s. The es ima ion esul s show he ela ionship
be ween na ional sus ainabili y (SDGs) and co po a e
sus ainabili y and answe he esea ch ques ion o how
na ional sus ainabili y goals a ec co po a e sus ain-
abili y in di e en indus ies. The es ima ion esul s
o he Indus ial sec o , which is highly dependen
on employee skills, indica e he nega i e impac o
sus ainabili y ac o s on company p o i s, whe eas he
es ima ion esul s o he Mo o Vehicles & Pa s sec-
o , which is highly dependen on asse s, indica e he
posi i e impac o sus ainabili y ac o s on company
p o i s. The esul s o ou s udy con i m bo h hypo h-
eses ha ocusing on sus ainabili y a he na ional le el
can nega i ely a ec he p o i abili y o companies in
indus ies ha ely hea ily on labo ac o s while posi-
i ely a ec ing he p o i abili y o companies ope a ing
in capi al-dependen indus ies.
Addi ionally, his esea ch e ealed ha na ional
SDG p og ess has a posi i e e ec on mo e p o i able
companies bu a nega i e e ec on less p o i able com-
panies despi e he na u e o success ul mul ina ional
co po a ions.
7.2. Theo e ical and P ac ical Con ibu ions
The indings imp o e he unde s anding o he im-
pac o na ional sus ainabili y (SDG) on co po a e sus-
ainabili y (ESG) and demons a e he impo ance o a
holis ic app oach o global sus ainabili y de elopmen .
Mo eo e , mo e a en ion needs o be gi en o he e -
ical dimension o a holis ic app oach o sus ainabili y
by policy-make s, academics and expe s.
Fu he esea ch is necessa y o explain hese ou -
comes. Howe e , he indings emphasize ha e o s
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10.5709/ce.1897-9254.561DOI: CONTEMPORARY ECONOMICS
Vol. 19 Issue 2 186-2072025
o inc ease na ional sus ainabili y could ha e nega-
i e impac s on ce ain companies. This unde sco es
he impo ance o conside ing he e ical dimension
o a holis ic app oach o sus ainabili y. I is c ucial
o ensu e ha SDG implemen a ion p og ams and
measu es a e well-coo dina ed wi h each o he . Ad-
di ionally, i is impo an o analyze he sus ainabili y
impac s e ically. The na ional sus ainabili y de elop-
men p og ams and measu es should be analyzed a
h ee le els: impac on o he na ional sec o s, impac
on he egion (e.g., he Eu opean Union), and global
impac (e.g., impac on de eloping coun ies). The
inco po a ion o e ical impac coo dina ion and im-
pac assessmen o sus ainable de elopmen in o SDG
moni o ing sys ems can help conse e esou ces o
achie e global sus ainabili y.
8. Limi a ions8. Limi a ions
The p esen s udy is subjec o ce ain limi a ions.
I examines only he impac o Eu opean coun ies'
na ional sus ainabili y goals on he p o i abili y o
Fo une 500 Eu ope companies. The objec i e o his
examina ion is o unde sco e he impo ance o e i-
cal sus ainabili y impac assessmen and coo dina ion.
Howe e , u he de ailed sec o al and in e sec o al
sus ainabili y analyses a e needed o comp ehensi ely
unde s and e ical sus ainabili y ela ionships. The
SDG annual epo (UNSD, 2023) co obo a es he
lack o comp ehension ega ding e ical sus ainabili y
linkages, as e idenced by he epo 's demons a ion o
inadequa e p og ess in achie ing he SDGs.
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Appendix A
Table A.1
Da a Used o Modeling: Fo une 500 Eu ope P o i able Companies in Indus ials Sec o
Fo une 500
Eu ope ank
Company Coun y o
o igin
P o i s
($M)
Re enues
($M)
Asse s
($M)
Employees (in
housands)
SDG
sco e
35 Siemens Ge many 4027 77860 148184 311.0 83.36
98 Schneide Elec ic F ance 3657 35945 62279 135.0 82.05
128 ABB Swi ze land 2475 29446 39148 105.1 80.54
150 Johnson Con ols In e na ional I eland 1532 25299 42158 102.0 80.15
187 Ea on Co po a ion I eland 2462 20752 35014 91.9 80.15
223 P ysmian I aly 530 16941 136107 30.0 78.79
234 TE Connec i i y Swi ze land 2428 16281 20782 92.0 80.54
260 A las Copco Sweden 2322 13977 16535 45.8 85.98
283 F eudenbe g G oup Ge many 659 12361 14032 51.5 83.36
288 Sand ik Sweden 1109 12210 16955 42.3 85.98
296 Schindle Holding Swi ze land 639 11888 12768 70.0 80.54
301 KION G oup Ge many 103 11712 17636 41.1 83.36
308 Kone Finland 815 11471 9700 63.3 86.76
330 Dan oss Denma k 665 10787 12514 41.9 85.68
350 SKF Sweden 442 9587 10645 42.1 85.98
378 Nexans F ance 258 8802 6831 26.9 82.05
380 Leg and F ance 1051 8771 15381 37.5 82.05
393 G oupe SEB F ance 333 8372 9739 31.6 82.05
400 And i z Aus ia 431 8085 9061 29.1 82.28
405 Signi y Ne he lands 550 7903 8841 35.3 79.42
Sou ce: Fo une 500 Eu ope (2023, Decembe 18), Sus ainable De elopmen Repo 2023, (n.d.).
Table A.2
Da a Used o Modeling: Fo une 500 Eu ope P o i able Companies in Mo o Vehicles & Pa s Sec o
Fo une 500
Eu ope ank
Company Coun y o
o igin
P o i s
($M)
Re enues
($M)
Asse s
($M)
Employees (in
housands)
SDG
sco e
2 Volkswagen Ge many 15223 293685 602612 675.8 83.36
7S ellan is Ne he lands 17669 188888 198629 272.4 79.42
9 Me cedes-Benz G oup Ge many 15252 157782 277436 168.8 83.36
12 BMW G oup Ge many 18870 149991 263470 149.5 83.36
23 Bosch G oup Ge many 1367 92766 106964 421.3 83.36
56 Daimle T uck Holding Ge many 2803 53582 68255 102.9 83.36
67 Vol o Sweden 3236 46828 60369 94.9 85.98
70 ZF F ied ichsha en Ge many 239 46068 41553 161.9 83.36
87 Con inen al Ge many 70 41449 40468 199.0 83.36
123 Michelin F ance 2105 30070 37714 124.9 82.05
184 Valeo F ance 242 21074 23505 104.0 82.05
214 Ap i I eland 594 17489 21884 181.0 80.15
229 Schae le Ge many 586 16627 15241 82.8 83.36
313 Ges amp Au omocion Spain 273 11282 10714 42.7 80.43
338 Fo d O osan Tu key 1124 10376 5133 20.9 70.78
353 Vi esco Technologies G oup Ge many 25 9540 8113 38.0 83.36
373 Bu elle F ance 133 8991 8290 30.2 82.05
412 Kno -B emse Ge many 513 7662 8549 31.6 83.36
426 Pi elli I aly 439 7306 14829 31.2 78.79
Sou ce: Fo une 500 Eu ope (2023, Decembe 18), Sus ainable De elopmen Repo 2023, (n.d.).
www.ce. izja.pl
206
A Holis ic App oach o Sus ainabili y: Sus ainable De elopmen Goals (SDGs) and Co po a e Sus ainabili y
This wo k is licensed unde a C ea i e Commons A ibu ion 4.0 In e na ional License.
Appendix B
Figu e B.1
Ac ual, Fi ed and Residuals: Indus ials Sec o
Figu e B.2
Ac ual, Fi ed and Residuals: Mo o Vehicles & Pa s Sec o
207
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10.5709/ce.1897-9254.561DOI: CONTEMPORARY ECONOMICS
Vol. 19 Issue 2 186-2072025
Appendix C
Figu e C.1
No mali y Tes : Indus ials Sec o
Figu e C.2
No mali y Tes : Mo o Vehicles & Pa s Sec o
