Purpose

The purpose of this study is to evaluate whether the implementation of sustainable business models contributes to improving a firm’s performance during a global crisis, such as the one caused by COVID-19. Based on the triple bottom line theory, the paper explores the relation between the creation of value through solid corporate social responsibility (CSR) strategies, United Nations (UN) Global Compact’s (GC) business model proposals and Global Reporting Initiative’s (GRI) reporting scheme.

Design/methodology/approach

The present paper studies companies within the European Union, focusing specifically on the long-term impact of using the world’s most widely used standards for sustainability reporting – the GRI’s standards and/or the UNGC management models, as well as on the firm’s performance based on the financial results during COVID-19 crisis. To achieve this goal, the study analyses the share price of firms publicly listed in the FTSEMIB (benchmark index of Italy’s largest trading platform) out of those companies that are implementing the UN and GRI’s tools.

Findings

Findings show how a commitment to sustainable business models and long-term CSR strategies can contribute to firm’s ability to overcome periods of economic crisis. Furthermore, implementing GRI standards and UNGC guidelines within the business model seems to have a positive impact in overcoming a hard context such as COVID-19. In addition, it contributes to a better understanding of stakeholders’ needs, consumer profiling and value creation.

Originality/value

This study evaluates firms’ business models, considering the effects of decisions made in the context of COVID-19. The role of UNGC and GRI is evaluated in terms of their contribution to firms’ financial performance and corporate reputation during a context of hardship. Consequently, this study contributes to academia and practice, adding value in areas related to strategic planning and business model design.

中文翻译：

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创造可持续竞争优势的可持续商业模式：克服 COVID-19 危机和提高财务绩效的战略方法

目的

本研究的目的是评估可持续商业模式的实施是否有助于在全球危机（例如 COVID-19 引起的危机）期间提高公司的绩效。本文基于三重底线理论，探讨了通过坚实的企业社会责任 (CSR) 战略创造价值、联合国 (UN) 全球契约 (GC) 商业模式提案和全球报告倡议 (GRI) 报告方案之间的关系.

设计/方法/方法

本论文研究了欧盟内的公司，特别关注使用世界上使用最广泛的可持续发展报告标准——GRI 的标准和/或 UNGC 管理模型的长期影响，以及公司基于COVID-19 危机期间的财务业绩。为实现这一目标，该研究分析了在 FTSEMIB（意大利最大交易平台的基准指数）中公开上市的那些正在实施联合国和 GRI 工具的公司的股价。

发现

调查结果表明，对可持续商业模式和长期企业社会责任战略的承诺如何有助于公司克服经济危机时期的能力。此外，在商业模式中实施 GRI 标准和 UNGC 指南似乎对克服 COVID-19 等困难环境产生积极影响。此外，它还有助于更好地了解利益相关者的需求、消费者画像和价值创造。

原创性/价值

本研究评估了公司的商业模式，同时考虑了在 COVID-19 背景下做出的决策的影响。UNGC 和 GRI 的作用是根据它们在困难背景下对公司财务业绩和公司声誉的贡献来评估的。因此，这项研究有助于学术界和实践，在与战略规划和商业模式设计相关的领域增加价值。