Enhancing Corporate Financial Performance through Sustainability Balanced Scorecards: A Systematic Literature Review

In e na ional Jou nal o Cu en Science Resea ch and Re iew
ISSN: 2581-8341
Volume 08 Issue 10 Oc obe 2025
DOI: 10.47191/ijcs /V8-i10-20, Impac Fac o : 8.048
IJCSRR @ 2025
www.ijcs .o g
5081 *Co esponding Au ho : Eb ima Jabbi Volume 08 Issue 10 Oc obe 2025
A ailable a : www.ijcs .o g
Page No. 5081-5091
Enhancing Co po a e Financial Pe o mance h ough Sus ainabili y
Balanced Sco eca ds: A Sys ema ic Li e a u e Re iew
Eb ima Jabbi1, Muba ak AbdulSalam2, Youmandja A i Riyak THIOMBIANO3,
Ca he ine Mosia a Kenya a4
1,2,3,4 Mas e 's P og am in Managemen , Facul y o Economics and Business
Uni e si as Pembangunan Nasional “Ve e an” Jawa Timu
ABSTRACT: This s udy explo es he ex en o which he Sus ainabili y Balanced Sco eca d (SBSC) se es as an e ec i e ool o
enhancing co po a e inancial pe o mance. Th ough a sys ema ic li e a u e e iew (SLR) o 18 pee - e iewed a icles published
be ween 2020 and 2024, he esea ch highligh s how SBSC acili a es he in eg a ion o sus ainabili y in o o ganiza ional s a egy
ac oss ou key dimensions: inancial, cus ome , ope a ional wo k lows, and knowledge and de elopmen . The e iew e eals ha
he adop ion o SBSC con ibu es o imp o ed p o i abili y, ope a ional e iciency, cus ome sa is ac ion and loyal y, as well as
enhanced employee inno a ion and capabili y de elopmen . Key enable s o success ul SBSC implemen a ion include s ong
managemen commi men , a cul u e o inno a ion, and s a egic use o in o ma ion echnology. Fu he mo e, he indings
unde sco e he alue o SBSC o small and medium-sized en e p ises (SMEs) ac oss di e se sec o s, pa icula ly in manu ac u ing
and se ices, posi ioning i as a s a egic amewo k o sus ainable inancial g ow h.
KEYWORDS: Co po a e Financial Pe o mance, S a egic CSR In eg a ion, Sus ainabili y Balanced Sco eca d.
INTRODUCTION
The p ima y objec i e o e e y i m is o en o iden i y he amoun o ype o p o i . This ci cums ance is he p ima y cause o
managemen 's his o ical emphasis on ma ke sha e, p o i abili y, and o he ac o s. As a esul , a lo o hem conside sus ainabili y
o be me ely a supplemen o inancial epo ing(Kalende & Vay ay, 2016). I is commonly acknowledged, ne e heless, ha
co po a e s a egy managemen is mo e di icul in new ma ke s han i was in he pas due o he apid changes in decision
en i onmen . In o ma ion alone is insu icien o assess he e ec s o he p e e ed company s a egy and ac i i ies; new me ics a e
equi ed. Sus ainabili y pe o mance managemen , which ackles he social, en i onmen al, and inancial ace s o co po a e
managemen , is a new business p oblem ha con empo a y o ganiza ions mus deal wi h. Companies ha e been d i en o esea ch
and enhance en i onmen al pe o mance by a ious kinds o issues. En i onmen al conce ns may become mo e and mo e impo an
o s akeholde s and consume s. Despi e he ac ha sus ainabili y is no a no el concep , many businesses a e s ill unsu e o how
o apply i o quan i y i s esul s. Fu he mo e, he dispa i ies among businesses and pe o mance managemen sys em use s make
he deploymen o hese sys ems di icul . A con inuous sus ainabili y managemen philosophy, he sus ainabili y balanced sco eca d
(SBSC) combines en i onmen al and economic objec i es o help di ec an o ganiza ion's o e all s a egy. The collec ed sco eca d
indings a e u ilized by he o ganiza ion o e alua e i s p og ess in ul illing i s goal, achie ing i s ision, and ca ying ou i s s a egic
policies(Ali e al., 2022). Th ough he planning, a ge ing, and alignmen o s a egic ac i i ies, as well as he augmen a ion o
s a egic lea ning eedback, he sus ainabili y balanced sco eca d can also be u ilized o in eg a e and communica e plans. O e he
pas ew decades, esea ch on he ela ionship be ween co po a e sus ainabili y and inancial pe o mance (CSFP) has gained
ac ion. This inc ease has mos ly been caused by a g owing awa eness o he need o p o ec he en i onmen om des uc i e
co po a e p ac ices(Rahi e al., 2024). The de imen al e ec s o co po a ions ha e led o signi ican wild i es, he mel ing o a c ic
ice, and cu en global wa ming (Panne , 2022; Tolli e e al., 2020). The concep is popula because co po a e sus ainabili y is a
mul i ace ed, adap able ac ion ha migh po en ially ease symbolic so ow. In he pas ew yea s, he g owing global ocus on
sus ainabili y has spa ked a global discussion on how o c ea e a sus ainable wo ld. Businesses a e iewed in his discussion as
essen ial con ibu o s o he global sus ainabili y objec i es.They a e no only essen ial o con empo a y ci iliza ion because hey
c ea e jobs and con ibu e o iches, bu hey a e also o blame o a hos o en i onmen al and social issues. As no ed by Lansi uo o
and Ja enpaa (2010), en i onmen al conce ns can become s a egic since hey impac a company's epu a ion, ea nings,
compe i i eness, ma ke s, and goods, all o which will impac i s abili y o su i e in he long un. Many businesses ha e adop ed
In e na ional Jou nal o Cu en Science Resea ch and Re iew
ISSN: 2581-8341
Volume 08 Issue 10 Oc obe 2025
DOI: 10.47191/ijcs /V8-i10-20, Impac Fac o : 8.048
IJCSRR @ 2025
www.ijcs .o g
5082 *Co esponding Au ho : Eb ima Jabbi Volume 08 Issue 10 Oc obe 2025
A ailable a : www.ijcs .o g
Page No. 5081-5091
social and en i onmen al managemen sys ems in ecen yea s o handle and egula e sus ainabili y- ela ed conce ns. Bu in p ac ical
business ope a ions, hese managemen echniques equen ly all sho . The undamen al cause o his ci cums ance is ha hese
managemen sys ems a e equen ly ope a ed a he ope a ing le el and a e he e o e un ela ed o he company's s a egic planning
and managemen . In eg a ing social and en i onmen al ac o s in o he gene al managemen sys em is e y possible wi h a balanced
sco eca d. The balancing sco eca d is a echnique o desc ibing an exis ing s a egy consis en ly o imp o e i s success ul
implemen a ion, no o c ea ing new s a egies (Leon-So iano e al., 2010). Businesses and o ganiza ions can use i o cla i y hei
goals and pu hem in o p ac ice. Kaplan and No on (1996) claim ha he model o e s insigh in o he in e nal business ope a ions
and he esul s ha a e ob ained om hose ope a ions. Acco ding o Johansson and La son (2015), i can be u ilized as a ool o
con inuous imp o emen in o de o iden i y he mos s a egic esul s and pe o mance me ics. A s ong and p ac ical echnique
o assessing an o ganiza ion's o company's sus ainable pe o mance is he balanced sco eca d app oach, which is based on
sus ainable de elopmen objec i es. This s udy's p ima y goal is o examine and e alua e how he Sus ainabili y Balanced Sco eca d
(SBSC) migh enhance he inancial pe o mance o a company. In o de o p o ide a mo e comp ehensi e knowledge o how SBSC
migh be used as a s a egic ool o enhance inancial pe o mance in a sus ainable con ex , his s udy a emp s o ga he and combine
empi ical e idence om ea lie esea ch. Insigh in o how well SBSC in eg a es sus ainabili y objec i es wi h p o i able esul s is
in ended o be gi en o p ac i ione s and schola s h ough his analysis(Gandini e al., 2024). The p ima y issue his s udy a emp s
o answe is: How much o a measu emen ool o imp o ing a company's inancial pe o mance is he Sus ainabili y Balanced
Sco eca d (SBSC)? In-dep h unde s anding o how SBSC is being used o enhance business inancial pe o mance me ics like
p o i abili y, ope a ional e ec i eness, and e enue g ow h is he goal o his inqui y. This s udy aims o gi e esea ch-based
e idence by add essing his opic, which will help businesses c ea e and execu e sus ainable s a egies ha will boos hei bo om
line.
2. LITERATURE REVIEW
The Sus ainabili y Balanced Sco eca d (SBSC) is a de elopmen o he Balanced Sco eca d (BSC) ha was c ea ed o inco po a e
he inancial, ecological, and social componen s o sus ainabili y in o company ope a ions (Kaplan & No on, 1992). The in e es s
o indi iduals, p o i s, and he en i onmen mus all be balanced, acco ding o SBSC, which was in luenced by he T iple Bo om
Line (TBL) pa adigm (Elking on, 1997). In con as o he BSC, i allows businesses o make a mo e comp ehensi e and in eg a ed
con ibu ion o sus ainable de elopmen by openly in eg a ing social and en i onmen al goals in o pe o mance iews (Figge e al.,
2002). The economic componen o SBSC is cen e ed on e ec i e managemen and inancial secu i y, making su e ha businesses
can con inue hei sus ainabili y ini ia i es e en in he ace o economic s ain(T isyulian i, 2024). Pe o mance is he ac i i y aken
by a company o accomplish desi ed ou comes in acco dance wi h p e ious decisions(Wong e al., 2015). Acco ding o Lebas
(1995), an o ganiza ion's p ima y goal is o accomplish goals wi hin he allo ed ime and by employing p e e ence o de ing. A
business may gua an ee p ecise and imely planning by using pe o mance measu emen . Kenne ly and Neely (2003) desc ibed a
pe o mance measu emen sys em as an indi idual's pe o mance o a g oup o indi iduals, echniques, and ins umen s ha
gene a ed, analyzed, and diagnosed da a using bo h in e nal and ex e nal ac o s. The e o e, a sys em o measu ing pe o mance
canno gi e an o ganiza ion he p ecise in o ma ion i needs o consis en ly sa is y he needs o i s s akeholde s and cus ome s. In
o de o combine inancial and non- inancial pe o mance measu es, Kaplan and No on (2001) de eloped he Balanced Sco eca d
a e ealizing he d awbacks o p e ious pe o mance e alua ion me hods. U ing (2007) asse s ha he Balanced Sco eca d is one
o he mos e ec i e pe o mance e alua ion ools in he wo ld. Acco ding o nume ous s udies, a company's inancial pe o mance
and he adop ion o a Sus ainable Balanced Sco eca d (SBSC) a e posi i ely co ela ed. Fo example, Figge e al. (2002) ound ha
businesses ha use sus ainabili y indica o s in hei pe o mance e alua ion sys ems ypically ha e be e inancial esul s han hose
ha don' . Fu he mo e, esea ch on publicly aded co po a ions has demons a ed a a o able ela ionship be ween aising he
ma ke alue o he business and implemen ing sus ainabili y p ac ices h ough SBSC (López e al., 2007). U ilizing SBSC esul s
in mo e inno a i e p ocesses and p oduc s as well as mo e e icien esou ce alloca ion, bo h o which e en ually boos p o i abili y,
acco ding o ano he s udy (Hansen & Schal egge , 2016). Ne e heless, o he esea ch has p oduced con adic o y indings,
highligh ing he impo ance o indus y con ex and success ul s a egy execu ion o op imize he inancial gains om sus ainable
p ac ices. Fu he mo e, he mos ecen in o ma ion echnology ad ancemen s a e c ucial in making SBSC deploymen and
moni o ing easie . The s udies emphasize how c ucial sus ainable p ac ices a e o a aining sus ainable de elopmen and imp o ing
In e na ional Jou nal o Cu en Science Resea ch and Re iew
ISSN: 2581-8341
Volume 08 Issue 10 Oc obe 2025
DOI: 10.47191/ijcs /V8-i10-20, Impac Fac o : 8.048
IJCSRR @ 2025
www.ijcs .o g
5083 *Co esponding Au ho : Eb ima Jabbi Volume 08 Issue 10 Oc obe 2025
A ailable a : www.ijcs .o g
Page No. 5081-5091
o ganiza ional pe o mance(A e al., 2023). Zheng e al. (2022) asse ha capi al o ecas ing is an essen ial p ocedu e o businesses,
pa icula ly SMEs, since i enables hem o make plans o upcoming inancial needs such deb inancing, wo king capi al, and
in es men s. Acco ding o Zhu e al. (2019), cash low o ecas ing is a help ul ool o SMEs o es ima e hei capi al needs since i
enables hem o an icipa e u u e inancing equi emen s and spo possible sho - e m liquidi y issues. Shikumo and Mi ie (2020)
disco e ed ha SMEs migh ha e ouble ge ing eliable inancial da a and migh be mo e ulne able o ou side economic o ces
ha impac hei capi al needs. Addi ionally, Osaze ba u (2021) disco e ed ha SMEs' capi al o ecas ing can be g ea ly impac ed
by ex e nal economic ac o s like in e es a es and exchange a es. Fu he mo e, in o de o imp o e hei capi al o ecas s, SMEs
should s eng hen hei inancial managemen p ocedu es, such as wo king capi al managemen and cash low managemen ,
acco ding o Bake e al. (2019). Addi ionally, Szollosi & Newell (2020) discussed he signi icance o capi al o ecas ing in
imp o ing decision-making and ope a ional e iciency. By p edic ing hei u u e capi al equi emen s, SMEs can p io i ize
in es men s ha will ha e he bigges e ec s on hei ope a ions, like adding new echnology o expanding hei p oduc line.
Howe e , ex e nal ac o s like inc eased in es o con idence and s akeholde sa is ac ion can ha e a big impac on SMEs' capi al
p ojec ion. Capi al o ecas ing, acco ding o Li e al. (2020), can boos in es o con idence by showing ha a SME is p oac i e in
managing i s esou ces and has a ho ough g asp o i s inancial s a us. Fu he mo e, Su ip o (2023) ad ises ha i s akeholde s a e
pleased wi h he SME's inancial pe o mance and decision-making, i indica es ha he capi al o ecas ing p ocess is success ul
and espec ed. Thus, he s udies emphasize he signi icance o capi al o ecas ing echniques, o ecas ing accu acy, ac o s
in luencing capi al o ecas ing, and bes p ac ices o capi al o ecas ing in small and medium-sized en e p ises. These s udies
emphasize ha in o de o imp o e hei inancial planning skills, SMEs mus implemen e icien capi al o ecas ing p ocedu es
and, when equi ed, seek ou side counsel. P e ious esea ch on sus ainabili y has looked a he ad an ages o using inancial
s a emen s o e alua e and communica e a p oduc 's ca bon oo p in (Ca ballo-Penela & Doménech, 2010) and in es iga ed he
connec ions be ween inancial pe o mance and en i onmen al, social, and go e nance (ESG) p ac ices o companies h ough g een
inno a ion in wo Eu opean na ions (Chouaibi e al., 2022). O he s ha e examined he impac and con ibu ion o inno a i e
business models o i ms' sus ainabili y goals (Mo ioka e al., 2016; Rich e , 2013), he mode a ing e ec o co po a e disclosu es
on esponses o clima e change and company s ock pe o mance (Ziegle e al., 2011), and he in luence o sus ainable p oduc
a ibu es (SPA) on i m p o i abili y (Ullah, 2021). Acco ding o sus ainabili y esea che s, businesses ha wan o achie e
sus ainabili y goals mus c ea e a sys em o pe o mance measu emen s ha includes sus ainabili y pe o mance measu es(Vee a e
al., 2024). This sys em will help he company plan, manage, and con ol i s social, en i onmen al, and economic ac i i ies (Penz &
Polsa, 2018). Fu u e s udies should iden i y app op ia e quali a i e indica o s o an o ganiza ion ha e ec i ely e lec he
company's alue in addi ion o doing mo e ho ough quali a i e analysis (H is o e al., 2019). Acco ding o Mio e al. (2022), a
ho ough app oach o sus ainabili y should conside bo h ex e nal and in e nal elemen s as well as hose ha connec hem.
Fu he mo e, as businesses inc easingly use g een inno a ion s a egies, i is c ucial o ga he in o ma ion abou how hese s a egies
a ec s akeholde s' us ing iews (Jø gensen e al., 2022). The ange o s anda ds, a ings, and guidelines ha a e now in use and
how hey compa e o one ano he a e no well unde s ood by s udy (C ous e al., 2022; Fisch, 2019; Liu e al., 2022). Resea ch on
how boa ds a ec en i onmen al, social, and go e nance (ESG) and hei e o s o de elop sus ainable co po a e s a egies o
long- e m alue maximiza ion—which would allow sha eholde s o ecei e sus ainable e u ns—is also lacking (Eccles e al., 2020;
Nguyen e al., 2021). A company's inancial pe o mance and sus ainabili y can be signi ican ly imp o ed by applying he
Sus ainabili y Balanced Sco eca d (SBSC), acco ding o p io esea ch. A e implemen ing SBSC, i 's c ucial o emembe ha no
e e y business will see he same deg ee o inancial bene i . The e ec i eness o SBSC implemen a ion is la gely dependen on
elemen s like managemen 's commi men o sus ainabili y, an inno a i e and lea ning- iendly o ganiza ional cul u e, and he
capaci y o inco po a e sus ainabili y in o he b oade business plan (Tawse & Tabesh, 2023). Thus, while SBSC is a use ul
ins umen o inc easing inancial pe o mance and inco po a ing sus ainabili y in o co po a e s a egy, i s e ec i eness is mos ly
dependen on o ganiza ional and sec o -speci ic cha ac e is ics. To maximize he ad an ages o SBSC deploymen , mo e esea ch
concen a ing on hese a eas would be bene icial.
3. RESEARCH METHOD
This s udy, i led Enhancing Co po a e Financial Pe o mance h ough Sus ainabili y Balanced Sco eca ds, employed a sys ema ic
li e a u e e iew (SLR) o iden i y, e alua e, and analyze ele an esea ch on he impac o he Sus ainabili y Balanced Sco eca d
In e na ional Jou nal o Cu en Science Resea ch and Re iew
ISSN: 2581-8341
Volume 08 Issue 10 Oc obe 2025
DOI: 10.47191/ijcs /V8-i10-20, Impac Fac o : 8.048
IJCSRR @ 2025
www.ijcs .o g
5084 *Co esponding Au ho : Eb ima Jabbi Volume 08 Issue 10 Oc obe 2025
A ailable a : www.ijcs .o g
Page No. 5081-5091
(SBSC) on co po a e inancial ou comes. In o de o be eligible o inclusion, esea ch had o speci ically examine SBSC and
inancial pe o mance and be published in pee - e iewed publica ions ha we e indexed by ei he Cope nicus, Scopus, o Sin a 2.
Books, opinion pieces o edi o ials, and esea ch ha was no in English we e among he exclusion c i e ia. Using Publish o Pe ish
so wa e and Google Schola ; a li e a u e sea ch s a egy was pu in o place o loca e pe inen publica ions. Keywo ds including
"Sus ainabili y Balanced Sco eca d" o "SBSC" and " inancial pe o mance" o "company pe o mance" o "co po a e inancial
ou comes" we e used in he sea ch. To make su e he li e a u e was cu en and ele an , he sea ch was na owed o only include
a icles eleased be ween 2020 and 2024.
The i s s ep in he li e a u e selec ion p ocess was ga he ing he i les and abs ac s ound using he sea ch me hod. Reading
abs ac s was pa o he ini ial sc eening p ocess o weed ou pape s ha we en' applicable o he esea ch issue. A e passing his
phase, he a icles mo ed on o he ull- ex e alua ion, whe e he inclusion and exclusion c i e ia we e igo ously ollowed. To
minimize bias, wo e iewe s e alua ed he publica ions independen ly. I he e we e disag eemen s, hey we e discussed o , i
equi ed, a hi d e iewe was consul ed. The las phase was o ex ac in o ma ion abou he impac o SBSC on inancial
pe o mance om he chosen pape s, including he esea ch design, sample, analysis echniques, key indings, and au ho
conclusions. In-dep h analysis and deba e in subsequen s udies will be based on he ho ough and me hodical e idence collec ing
made possible by his app oach.
4. RESULTS AND DISCUSSION
The s udy in ends o use a comp ehensi e li e a u e e iew o s udies published be ween 2020 and 2024 o examine how he
applica ion o Sus ainabili y Balanced Sco eca ds (SBSC) enhances company inancial pe o mance. Using a Sys ema ic Li e a u e
Re iew (SLR) me hodology, his s udy ound, picked, and examined academic pape s ha we e ele an o he applica ion o SBSC
in in luencing inancial esul s. A p elimina y sea ch using pa icula keywo ds p oduced 150 a icles. 75 a icles we e elimina ed
a e sc eening o i les and abs ac s because hey did no i he equi emen s o inclusion. In a ollow-up ull- ex e iew, 57
mo e publica ions we e elimina ed o easons such inadequa e ele ance o he esea ch ocus, non-pee - e iewed s a us, o a lack
o empi ical da a. A e a ca e ul analysis, 18 pee - e iewed publica ions we e ound o mee all inclusion equi emen s. These
selec ed s udies a e p esen ed in Table 1.
No
Au ho ’s
Name
Yea
Resea ch Ti le
Resea ch
Design
Sample
Me hod
Main Finding
SBSC
Conclusion
SBSC
1
(Mahesw
a i e al.,
2020)
2020
Sus ainable e e se
logis ics sco eca ds
o he pe o mance
measu emen o
in o mal e-was e
businesses.
Empi ical
S udy
In-Dep h
In e iews
wi h Ele en
Expe s
S a is ical
Desc ip i e
Analysis
SBSC pe spec i es
( inancial,
s akeholde s' alue,
in e nal business
p ocesses, inno a ion
and g ow h,
en i onmen , and
social).
Sus ainable e e se
logis ics sco eca d
(SRLS) o e alua e
he pe o mance o
in o mal e-was e
businesses.
2
(Oncioiu
e al.,
2020)
2020
Co po a e
sus ainabili y
epo ing and
inancial
pe o mance
Re ospec i
e s udy
Global
Company
Empi ical
analysis
Sus ainabili y
epo ing bene i s
la ge companies mo e
due o egula o y
amewo ks, indus y-
speci ic ac o s, and
company size.
Sus ainabili y
epo ing o e s
en i onmen al and
social bene i s and
inancial bene i s,
wi h highe sco es
esul ing in be e
inancial ou comes
Table 1. 18 A icles Inclusi e
In e na ional Jou nal o Cu en Science Resea ch and Re iew
ISSN: 2581-8341
Volume 08 Issue 10 Oc obe 2025
DOI: 10.47191/ijcs /V8-i10-20, Impac Fac o : 8.048
IJCSRR @ 2025
www.ijcs .o g
5085 *Co esponding Au ho : Eb ima Jabbi Volume 08 Issue 10 Oc obe 2025
A ailable a : www.ijcs .o g
Page No. 5081-5091
3
(Benko á
e al.,
2020)
2020
Fac o s a ec ing
he use o balanced
sco eca d in
measu ing
company
pe o mance
P ospec i e
s udy
643
companies,
182 esponses
Desc ip i e
s a is ics, and
Pea son's Chi-
squa e Tes o
Independence
Balanced Sco eca d
implemen a ion
inancial indica o s
despi e he signi ican
esou ce cons ain s.
Balanced Sco eca d
is signi ican ly
in luenced by non-
inancial indica o s,
bu challenges.
4
(S i
We as u i
, 2021)
2021
Sus ainabili y
Balanced
Sco eca d and
Managemen
Communica ion in
E alua ing a
Company’s
Pe o mance
Expe imen
al
S udy
94 S uden s o
Accoun ing
Expe imen al
App oach
SBSC in luences
pe o mance
e alua ion and
manage s' decisions on
bonus alloca ion
SBSC imp o e
pe o mance
e alua ion,
en i onmen al
pe spec i e and
high-le el
managemen
communica ion
5
(Mio e
al., 2022)
2021
Pe o mance
measu emen ools
o sus ainable
business: A
sys ema ic
li e a u e e iew on
he sus ainabili y
balanced sco eca d
use
S udy o
Li e a u e
69 scien i ic
publica ions
we e selec ed
and
subsequen ly
analyzed
Li e a u e
Analysis
SBSC help he
manage ial
implica ions o
exis ing esea ch
s eams ela ed o
SBSC use.
SBSC indica ed
po en ial u u e
a enues, and
highligh ing
manage ial
implica ions.
6
(Biswas,
2021)
2021
Designing o
Sus ainabili y
Balanced
Sco eca d in Heal h
Ca e Sec o –
Con ex ual
Re e ence o he
Eme gence o
Pandemic
S udy o
Li e a u e
Heal h
li e a u e
a icles
Li e a u e
Analysis
The SBSC is in ended
o gauge he heal h
sec o 's con inuous
pe o mance du ing he
pandemic.
Heal hca e can
o e come he
pandemic's obs acles
wi h he suppo o
SBSC.
7
(Ali e al.,
2022)
2022
A S udy on
Co po a e
Sus ainabili y
Pe o mance
E alua ion and
Managemen : The
Sus ainabili y
Balanced
Sco eca d
Empi ical
S udy
Global
company
(Gene ali
G oup)
Case S udy
SBSC is e ec i e
imp o ing
sus ainabili y
pe o mance and
implemen ing
sus ainabili y
s a egies
SBSC as an e ec i e
sus ainabili y
pe o mance
managemen ool
8
(Gazi e
al., 2022)
2022
The Assessmen o
In e nal Indica o s
on The Balanced
Sco eca d
Measu es o
Sus ainabili y
Empi ical
S udy
350 employees
and manage s
banks in No h
Cyp us
SEM, o
s uc u al
equa ion
modeling
The e ec i eness o
accoun ing Inno a ion
pe o mance and
in ap eneu ship
in luence SBSC
SBSC Imp o es
O ganiza ional
E ec i eness and
E iciency

In e na ional Jou nal o Cu en Science Resea ch and Re iew
ISSN: 2581-8341
Volume 08 Issue 10 Oc obe 2025
DOI: 10.47191/ijcs /V8-i10-20, Impac Fac o : 8.048
IJCSRR @ 2025
www.ijcs .o g
5086 *Co esponding Au ho : Eb ima Jabbi Volume 08 Issue 10 Oc obe 2025
A ailable a : www.ijcs .o g
Page No. 5081-5091
9
(Vee a e
al., 2024)
2024
Sys ema ic
Li e a u e Re iew
o Co po a e
Sus ainabili y and
Financial
Pe o mance
Linkages
S udy o
Li e a u e
4 geog aphical
egions
con inen
Ame icas,
Asia, A ica,
and he Middle
Eas .
PRISMA
app oach
U ilized
so wa e ools
like Re Wo ks
and Co idence
Co po a e inancial
pe o mance
implemen s
managemen
p ac i ione s in
planning sus ainabili y
Sus ainabili y and
ESG ini ia i es help
in con ibu es o
in e nal and ex e nal
ac o s a ec ing
sus ainabili y.
10
(Chalme
a & Fe e
Es e ez,
2023)
2023
De eloping a
business
in elligence ool o
sus ainabili y
managemen
Case S udy
Th ee
Company
Case S udy
Quali a i e
mul iple-case
s udy
Me hodology o
de eloping and
implemen ing SBSC
ha in eg a es in he
o ganiza ion
SBSC enhances
managemen and
in o ma ion sys ems
heo y by add essing
sho comings in
cu en p ac ices
11
(Swamy
e al.,
2023)
2023
Sus ainable
o ganiza ion
pe o mance
e alua ion using
balance sco eca d
and analy ical
hie a chical
p ocess
Empi ical
S udy
Ae ospace
o ganiza ions
in India
AHP & Fuzzy
Comp ehensi
e Me hod
SBSC
SBSC suppo s
con inuous
pe o mance
assessmen s in
indus ial companies.
SBSC le e ages
sus ainabili y o
enhance company
e iciency.
12
(T isyulia
n i, 2024)
2024
Sus ainabili y
Balance Sco eca d:
Li e a u e Re iew
and Clus e ing o
Pe o mance
Indica o
S udy o
Li e a u e
Li e a u e
a icles
Li e a u e
Analysis
SBSC help in
conduc ing
Sus ainabili y
pe o mance,
axonomy and me a-
analysis
SBSC ans o m
axonomic pic u e
and mapping and
de elopmen he
pe spec i e an
o ganiza ion
13
Aulia
Gandini,
Dwi
Suha ini,
Endah
Susilowa
i (2024)
2024
Sus ainabili y
Balanced
Sco eca d:
Enhancing
Financial
Pe o mance
S udy o
Li e a u e
20 scien i ic
publica ions
we e selec ed
and
subsequen ly
analyzed
Li e a u e
Analysis
SBSC assis s SMEs in
inco po a ing
sus ainabili y in o hei
managemen plans in
o de o lowe
ope a ing expenses and
boos p oduc i i y.
SBSC os e s be e
inancial
pe o mance and
sus ainable p ac ices
ha inc ease
consume
sa is ac ion and
loyal y.
14
(San os e
al., 2024)
2024
En i onmen al
sus ainabili y
balanced sco eca d:
a s a egic map o
join ac ion by
municipali ies
Empi ical
S udy
5 companies in
no he n
egion o
Po ugal
Quali a i e
me hodology,
Documen
analysis -
Municipal-
le el su eys -
In e iew wi h
CCDR-N
ESBSC help o
enhances coope a ion
and imp o ed
en i onmen al
pe o mance
SBSC imp o es
en i onmen al
pe o mance by
inco po a ing
s a egies o
os e ing a
sus ainable cul u e
15
(Ap iyan
i e al.,
2024)
2024
Analysis o
company
pe o mance
measu emen using
he balanced
sco eca d me hod
S udy o
Li e a u e
18 scien i ic
publica ions
we e selec ed
and
subsequen ly
analyzed
Li e a u e
Analysis
BSC is used o gain a
comple e
unde s anding o
company pe o mance
ac oss inancial,
cus ome , in e nal
Balanced Sco eca d
enhanced company
pe o mance by
iden i ying gaps and
a eas o u he
in es iga ion
In e na ional Jou nal o Cu en Science Resea ch and Re iew
ISSN: 2581-8341
Volume 08 Issue 10 Oc obe 2025
DOI: 10.47191/ijcs /V8-i10-20, Impac Fac o : 8.048
IJCSRR @ 2025
www.ijcs .o g
5087 *Co esponding Au ho : Eb ima Jabbi Volume 08 Issue 10 Oc obe 2025
A ailable a : www.ijcs .o g
Page No. 5081-5091
This esea ch highligh s a numbe o essen ial s ages in he implemen a ion o SBSC. In he ea ly 1990s, Kaplan and No on
de eloped he Balanced Sco eca d (BSC), a amewo k o e alua ing business pe o mance om ou key pe spec i es: g ow h
and de elopmen , in e nal company ope a ions, cus ome ela ionships, and inancial pe o mance. As an imp o emen on he BSC,
he SBSC inco po a es social and en i onmen al sus ainabili y elemen s in o pe o mance e alua ion, o e ing a mo e
comp ehensi e amewo k o achie ing long- e m sus ainable objec i es (A o a, 2020). The ad an ages o SBSC include highe
a ings om clien s, lowe expenses, and imp o ed o ganiza ional e iciency—all o which boos a company's inancial
pe o mance. Th ough he use o SBSC, businesses may be e moni o and manage hei sus ainabili y pe o mance and o e alue
o s akeholde s (Guix & Fon , 2020). Because SBSC uni ies all ope a ional ace s in o a single, comple e amewo k, pe o mance
e alua ion is s eng hened. This enables businesses o no only concen a e on inancial pe o mance bu also ake in o accoun how
hei ope a ions e ec he en i onmen and socie y.
Acco ding o his s udy, SBSC assis s businesses in inding ways o op imize ope a ions and cu expenses, bo h o which ha e a
di ec e ec on p o i abili y (Be g e al., 2021). SBSC can add ess indus y issues ha a e no simply p o i -d i en bu also
conside a e o he wel a e needs o people, socie y, and he en i onmen (Elking on, 1998). The Balance Sco eca d is a popula
s a egic managemen ool ha may be used o c ea e ope a ional s a egies and moni o pe o mance (Rabbani e al., 2014).
Acco ding o Elking on (1998), he TBL concep 's aspec s a e as ollows: Economics (a) displays p o i s and p o i s pe sha e in a
company's accoun ing; en i onmen (b) demons a es ha execu i es' en i onmen al agenda has been se o sa is y ma ke
expec a ions; and social (c) includes social, poli ical, and e hical issues. In o de o build a sus ainable co po a e economy ha
ensu es inancial e u ns and s akeholde liquidi y, en i onmen ally conscious businesses ha a e dedica ed o p o ec ing he
ecosys em, and socially sus ainable businesses ha p o ide social managemen capi al o he communi y, Go indan e al. (2016)
add alue o he TBL concep .
Sus ainabili y is inco po a ed in o he ou BSC iewpoin s by SBSC. Fi s , om a inancial s andpoin , SBSC assis s businesses in
con olling sus ainabili y expenses and enhancing ope a ional e ec i eness, bo h o which boos p o i abili y (Alajeli & Wahhab,
and analy ical
hie a chy p ocess
(AHP) a PT XYZ
business p ocesses,
and lea ning and
g ow h pe spec i es.
16
(Alajeli &
Wahhab,
2022)
2022
The Role o
In e nal Audi in
E alua ing
Sus ainable
Pe o mance and
i s Impac on he
Quali y o
Financial Repo s
Empi ical
S udy
Au omo i e
companies in
I aq
Case s udy
SBSC imp o es he
quali y o inancial
epo s h ough
con inuous
pe o mance
e alua ion
SBSC is
impo an o
in e nal audi s o
ongoing
pe o mance
17
(S a opo
ulou e
al., 2023)
2023
G een Balanced
Sco eca d: A Tool
o Sus ainable
In o ma ion
Sys ems o an
Ene gy E icien
Business
Bibliome i
c analysis
Li e a u e
a icles
Bibliome ic
analysis
SBSC suppo s
companies in
achie ing
en i onmen al and
ene gy e iciency
objec i es.
SBSC imp o es
en i onmen al,
social, and economic
pe o mance.
18
(Ma ín-
Gómez e
al., 2024)
2024
Balanced
Sco eca d o
Ci cula Economy:
A Me hodology o
Sus ainable
O ganiza ional
T ans o ma ion
Empi ical
S udy
Case s udy
P elimina y
analysis
BSC help o in eg a ed
ci cula economy
p inciples and p o ide
a s uc u ed app oach
o companies o adop
CE p ac ices
BSC demons a ed
he con enience o
es ablishing ci cula
economy in a eal
indus ial company
o he de elopmen
and moni o ing
In e na ional Jou nal o Cu en Science Resea ch and Re iew
ISSN: 2581-8341
Volume 08 Issue 10 Oc obe 2025
DOI: 10.47191/ijcs /V8-i10-20, Impac Fac o : 8.048
IJCSRR @ 2025
www.ijcs .o g
5088 *Co esponding Au ho : Eb ima Jabbi Volume 08 Issue 10 Oc obe 2025
A ailable a : www.ijcs .o g
Page No. 5081-5091
2022). Second, by emphasizing sus ainabili y p ac ices ha migh boos cus ome loyal y and epu a ion, SBSC adop ion imp o es
cus ome sa is ac ion om he s andpoin o he cus ome (Guix & Fon , 2020). Thi d, om he s andpoin o in e nal ope a ions,
SBSC makes i possible o iden i y and apply sus ainabili y e o s in in e nal business p ocesses, like ene gy e iciency and was e
educ ion (Reinaldy e al., 2023). Fou h, by inco po a ing sus ainable objec i es in o o ganiza ional and s a de elopmen plans,
SBSC os e s inno a ion and ongoing lea ning om he s andpoin o lea ning and g ow h (A S Ali e al., 2022).
This s udy shows ha implemen ing Sus ainabili y Balanced Sco eca d (SBSC) p ac ices imp o es a business's bo om line.
Acco ding o s udies, businesses ha use SBSC ypically ha e g ea e ma ke alue and p o i abili y (A o a, 2020). SBSC also
p omo es inno a ion in p oduc s and p ocesses and mo e e ec i e use o esou ces, which enhances inancial pe o mance
(We as u i, 2021). Se e al elemen s a e necessa y o he success ul implemen a ion o SBSC, such as managemen commi men ,
an inno a i e and lea ning- iendly o ganiza ional cul u e, and he use o in o ma ion echnology o acili a e he ga he ing and
analysis o sus ainabili y pe o mance da a (Rica do Chalme a & Es e ez, 2023). Geog aphical loca ion and indus y also ha e an
impac on SBSC. SBSC helps he indus ial indus y ind ways o cu cos s by implemen ing en i onmen al sus ainabili y s a egies
(Gazi e al., 2022). Addi ionally, SBSC o e s SMEs a numbe o ad an ages. Resea ch indica es ha SBSC aids SMEs in cos
educ ion, ope a ional e iciency, and sus ainabili y in eg a ion in o managemen plans (Achenbach, 2021). SMEs can become mo e
sus ainable and compe i i e o e ime by using SBSC. The sec o s ha gain he mos om SBSC a e manu ac u ing and se ices.
Acco ding o Ra iq e al. (2020), SBSC enhances cus ome sa is ac ion and se ice quali y in he se ice indus y while lowe ing
ope a ing cos s and inc easing e iciency in he manu ac u ing sec o . The SBSC is well known o being a use ul ool o making
decisions on sus ainabili y managemen (T isyulian i, 2024). Rela i ely speaking, SBSC is c ucial in de e mining o ganiza ional
sus ainabili y (Hansen & Schal egge , 2014; Schal egge & Wagne , 2006). Acco ding o Fulop e al. (2014), SBSC is he
co ne s one o o ganiza ional ope a ions when i comes o pu ing s a egies in o ac ion ha a e sui ed o he company's in e nal
esou ces and capabili ies as well as i s ex e nal con ex . Acco ding o Baumga ne and Rau e (2017) and Schal egge and Wagne
(2006), sus ainable de elopmen seeks o ad ance he economy, he en i onmen , and socie y while add essing p esen demands
and a oiding impedimen s o u u e gene a ions. A comp ehensi e, mul i ace ed, and s a egic e alua ion o pe o mance is
necessa y o his (Am ina e al., 2016; Dcekalo á & Kocmano á, 2016; Edgeman & Eskildsen, 2014; Baumga ne & Rau e ,
2017; Ag awala e al., 2016; Schal egge & Wagne , 2006). The challenges o assessing business pe o mance in ligh o sus ainable
de elopmen a e an icipa ed o be esol ed by he inco po a ion o SBSC.
Using SBSC has he ollowing bene i s:
1. Mee ing he demands o s akeholde s (Dyllick and Hocke s, 2002)
2. P oposing he concep o a "bene i company" and u ning he emphasis o he bo om line, speci ically p o i and social bene i s
(Wilbu n &Wilbu n, 2014).
3. P io i ize sus ainable long- e m g ow h o e immedia e gains (Choi e al., 2019).
4. T ans o ma ion o managemen h ough cul u al, s uc u al, and p ac ice changes ha shi he socio- echnical sys em owa d a
mo e sus ainable mode o p oduc ion (Lah inen and Y jola, 2019).
This a icle also explains how SBSC may help manu ac u ing o ganiza ions ind ways o cu cos s associa ed wi h en i onmen al
sus ainabili y p ojec s by employing he ollowing s a egies.
1. E iciency o Ene gy Use: By using ene gy- ela ed key pe o mance indica o s, SBSC helps businesses keep an eye on hei
ene gy usage. Businesses can iden i y a eas whe e ene gy can be sa ed by e alua ing his da a, such as by enhancing p oduc ion
p ocedu es o implemen ing mo e ene gy-e icien echnologies. Acco ding o a s udy by S a opoulou e al. (2023), using SBSC
helps businesses become mo e ene gy e icien , which lowe s ope a ing expenses.
2. Minimizing Was e: SBSC can be used o moni o and con ol he c ea ion o ash. Companies can ind possibili ies o educe
was e h ough ecycling o ma e ial euse by se ing pe o mance KPIs o was e gene a ion and ecycling p ocedu es. Reducing
packing o p oduc ion was e, o ins ance, can sa e a lo o money. Resea ch by Chen e al. (2020) and Reinaldy e al. (2023) backs
up he claim ha using SBSC o was e moni o ing inc eases p oduc i i y and lowe s expenses.
3. Managing Resou ces: SBSC acili a es mo e e ec i e na u al esou ce managemen . Companies can sa e money by moni o ing
he use o wa e and aw ma e ials and es ablishing goals o cu back on hese esou ces. Fo example, maximizing aw ma e ial
u iliza ion h ough mo e e ec i e manu ac u ing p ocedu es o conse ing wa e wi h wa e -sa ing echnologies. A o a (2020)
shows ha be e esou ce managemen can sa e expenses and lessen i s e ec s on he en i onmen .
In e na ional Jou nal o Cu en Science Resea ch and Re iew
ISSN: 2581-8341
Volume 08 Issue 10 Oc obe 2025
DOI: 10.47191/ijcs /V8-i10-20, Impac Fac o : 8.048
IJCSRR @ 2025
www.ijcs .o g
5089 *Co esponding Au ho : Eb ima Jabbi Volume 08 Issue 10 Oc obe 2025
A ailable a : www.ijcs .o g
Page No. 5081-5091
4. P e en i e Main enance and Ca e: By using SBSC o moni o he s a e o machine y and equipmen , businesses may pu p oac i e
main enance plans in o place. This a oids unplanned mal unc ions and cos ly epai s, which a e usually mo e cos ly han egula
upkeep. A p oac i e main enance s a egy lowe s epai expenses and down ime, claim Gazi e al. (2022).
5. U ilizing Eco-F iendly Technologies: SBSC can help businesses use eco- iendly echnology ha will ul ima ely be mo e
economical and e icien . Fo ins ance, cleane and mo e e ec i e indus ial echniques o echnology ha educes emissions. Using
his echnology imp o es he company's epu a ion as a socially and en i onmen ally conscious en e p ise while also lowe ing
ope a ing expenses. Acco ding o esea ch by Jassem e al. (2022), in eg a ing eco- iendly echnologies in o SBSC can esul in
signi ican cos educ ions.
Thus, by aking a holis ic app oach, SBSC gua an ees ha e e y ac ion esul s in lowe ope a ing cos s and mo e o e all e iciency
in addi ion o assis ing manu ac u ing o ganiza ions in iden i ying and implemen ing sus ainabili y p ojec s (Jela ic & Vulić, 2021).
Acco ding o his s udy, a company's inancial pe o mance is signi ican ly imp o ed by applying he Sus ainabili y Balanced
Sco eca d (SBSC). P o i abili y and ope a ional e iciency a e aised when businesses use SBSC o be e manage and assess hei
sus ainabili y pe o mance (Sa ke e al., 2021). In o ma ion echnology use, company cul u e, and managemen commi men a e
all c i ical o he success o SBSC adop ion (R Chalme a & Es e ez, 2023). Addi ionally, SMEs and speci ic economic sec o s like
manu ac u ing and se ices gain g ea ly om SBSC. Las ly, o suppo hese indings and ob ain a be e unde s anding o how
businesses can maximize he ad an ages o SBSC deploymen , mo e esea ch ocusing on di e en indus y sec o s and longe ime
ames is equi ed (Eklund, 2020).
5. CONCLUSIONS
The esul s o his p elimina y esea ch highligh he signi icance o businesses implemen ing sus ainable s a egies and goals,
conside ing s akeholde g oups' opinions when ee alua ing sus ainabili y epo ing, employee aining, and he iden i ica ion o
esponsible g oups in hei d a ing, as well as he ad an ages o he epo ing p ocess. As a esul , he sus ainabili y epo se es
as bo h a ool o business p omo ion and a sou ce o easily accessible in o ma ion abou he ac ual e ec s o he company's
ope a ions on he en i onmen and socie y o cus ome s, ac ual and po en ial in es o s, and o he in e es ed pa ies. Th ough ou
p ima y pe spec i es inancial, cus ome , in e nal p ocesses, and lea ning and g ow h he Sus ainabili y Balanced Sco eca d (SBSC)
assis s businesses in inco po a ing sus ainabili y in o hei managemen s a egy. F om a inancial s andpoin , SBSC enhances
ope a ional e ec i eness and helps con ol sus ainabili y expenses, which e en ually boos s p o i abili y. F om he s andpoin o
he consume , SBSC os e s posi i e sus ainable beha io s, which aises cus ome happiness and loyal y. Acco ding o he in e nal
p ocess pe spec i e, SBSC helps businesses iden i y and ca y ou sus ainabili y p ojec s like ene gy e iciency and was e educ ion.
F om he s andpoin o lea ning and g ow h, SBSC encou ages inno a ion and s a de elopmen by inco po a ing sus ainabili y
objec i es in o he business's lea ning and g ow h plan. Acco ding o he analysis's indings, businesses ha use SBSC ypically
ha e mo e ma ke alue and g ea e p o i abili y. In addi ion, SBSC p omo es inno a ion in p oduc s and p ocesses and mo e
e ec i e use o esou ces, bo h o which enhance inancial success. Managemen commi men , an inno a i e and lea ning-o ien ed
o ganiza ional cul u e, and he use o in o ma ion echnology o s eamline he ga he ing and analysis o sus ainabili y pe o mance
da a a e all necessa y o he success ul implemen a ion o SBSC. Fu he mo e, his s udy demons a es ha SBSC o e s small and
medium-sized businesses (SMEs) subs an ial ad an ages h ough cos educ ion, ope a ional e iciency, and he in eg a ion o
sus ainabili y in o managemen s a egies. Addi ionally, by assis ing in he educ ion o ope a ing expenses, he enhancemen o
e iciency, and he imp o emen o cus ome sa is ac ion and se ice quali y, SBSC is bene icial in a a ie y o indus ial sec o s,
including manu ac u ing and se ices. No wi hs anding he nume ous ad an ages no ed, his s udy has ce ain d awbacks, such as
he ac ha i only examined pape s eleased be ween 2020 and 2024, he use o case s udy and su ey echniques ha could
in oduce esponden bias, and he unequal ep esen a ion o indus y sec o s in he examined publica ions.
In conclusion, by inco po a ing sus ainabili y elemen s in o managemen s a egies, SBSC has been shown o be success ul in
enhancing businesses' inancial pe o mance; ne e heless, he implemen a ion o his app oach is hea ily elian on o ganiza ional
and sec o -speci ic cha ac e is ics. To suppo hese indings and o e u he insigh in o how businesses migh op imize he
ad an ages o SBSC deploymen , mo e esea ch wi h a wide ange o indus y sec o s and longe ime pe iods is equi ed.