The role of Industry 4.0 technologies in driving the financial importance of sustainability risk management

Authors

DOI:

https://doi.org/10.24136/eq.2023.032

Keywords:

sustainability risk, financial risk, financial performance, Industry 4.0 technologies, lockchain, Big Data analytics, the Internet of Things, cloud computing, artificial intelligence, 3D additive manufacturing, digital transformation

Abstract

Research background: The climate crisis is one of the greatest challenges the world is facing in the 21st century. The global response to this problem must comprise transitions in land and ecosystems, energy, urban, infrastructure, and industrial systems and a transformation in enterprise and risk management. With the global pressure to fight climate change and achieve the Sustainable Development Goals, the innovative potential of Industry 4.0 technologies (blockchain, Big Data analytics, the Internet of Things, cloud computing, artificial intelligence, 3D additive manufacturing and technology platforms) has been subject to enormous interest among researchers and practitioners. Additionally, the COVID-19 pandemic has accelerated technology investment and digital transformation in many business areas, potentially including sustainability risk management.

Purpose of the article: The purpose of this paper is to explore the scope of Industry 4.0 technology implementation in sustainability risk management and its financial impact.

Methods: Based on the survey research, the authors verified if enterprises implementing Industry 4.0 technologies during the last five years are benefiting from their investment depending on the number of technologies. Due to the ordinal measurement scale of the analyzed variables, the verification of hypotheses was carried out using the Mann-Whitney U test.

Findings & value added: In the opinion of the managers surveyed, the number of Industry 4.0 technologies implemented in the sustainability risk management process does not affect the enterprise’s aggregate Financial Performance Indicator, individual financial indicators (ROA, ROE, OPM, NPM and FLR) and the enterprise’s ability to manage financial risk. This study contributes to the literature on the technological transformation of the sustainability risk management process and its financial importance. The design and implementation of sustainable development strategies imply a long-term perspective, including the achievement of risk management effects in this area. The implementation of one technology, let alone two or more, is a difficult and time-consuming management challenge before synergy effects are achieved in an integrated technological eco-system.

Downloads

Download data is not yet available.

References

Abd Razak, N., Ab Rahman, Z., & Borhan, H. (2016). Modeling firm resources –enterprise risk management relationships. World Journal of Entrepreneurship, Management and Sustainable Development, 12(1), 35–49.

DOI: https://doi.org/10.1108/WJEMSD-05-2015-0026
View in Google Scholar

Abdel-Basset, M., Manogaran, G., & Mohamed, M. (2018). Internet of Things (IoT) and its impact on supply chain: A framework for building smart, secure and efficient systems. Future Generation Computer Systems, 86, 614–628.

DOI: https://doi.org/10.1016/j.future.2018.04.051
View in Google Scholar

Abdul Aziz, N. A., Manab, N. A., & Othman, S. N. (2016). Sustainability risk management (SRM): An extension of enterprise risk management (ERM) concept. International Journal of Management and Sustainability, 5(1), 1–10.

DOI: https://doi.org/10.18488/journal.11/2016.5.1/11.1.1.10
View in Google Scholar

Aboud, A., & Diab, A. (2019). The financial and market consequences of environmental, social and governance ratings: The implications of recent political volatility in Egypt. Sustainability Accounting, Management and Policy Journal, 10(3), 498–520.

DOI: https://doi.org/10.1108/SAMPJ-06-2018-0167
View in Google Scholar

Afum, E., Agyabeng-Mensah, Y., Opoku Mensah, A., Mensah-Williams, E., Baah, C., & Dacosta, E. (2021). Internal environmental management and green human resource management: Significant catalysts for improved corporate reputation and performance. Benchmarking: An International Journal, 28(10), 3074–3101.

DOI: https://doi.org/10.1108/BIJ-09-2020-0504
View in Google Scholar

Alkaraan, F., Albitar, K., Hussainey, K., & Venkatesh, V.G. (2022). Corporate transformation toward Industry 4.0 and financial performance: The influence of environmental, social, and governance (ESG). Technological Forecasting and Social Change, 175, 121423.

DOI: https://doi.org/10.1016/j.techfore.2021.121423
View in Google Scholar

Almeida, R., Teixeira, J. M, Mira da Silva, M., & Faroleiro, P. (2019). A conceptual model for enterprise risk management. Journal of Enterprise Information Management, 32(5), 843–868.

DOI: https://doi.org/10.1108/JEIM-05-2018-0097
View in Google Scholar

Amirkolaii, K. N., Baboli, A., Shahzad, M. K., & Tonadre, R. (2017). Demand forecasting for irregular demands in business aircraft spare parts supply chains by using Artificial Intelligence (AI). IFAC-PapersOnLine, 50(1), 15221–15226.

DOI: https://doi.org/10.1016/j.ifacol.2017.08.2371
View in Google Scholar

Andekina, R., & Rakhmetova, R. (2013). Financial analysis and diagnostics of the company. Procedia Economics and Finance, 5, 50–57.

DOI: https://doi.org/10.1016/S2212-5671(13)00008-7
View in Google Scholar

Andriole, S. J. (2017). Five myths about digital transformation. MIT Sloan Management Review, 58(3), 20–22.
View in Google Scholar

Antikainen, M., Uusitalo, T., & Kivikytö-Reponen, P. (2018). Digitalisation as an enabler of circular economy. Procedia CIRP, 73, 45–49.

DOI: https://doi.org/10.1016/j.procir.2018.04.027
View in Google Scholar

Antony, J., Sony, M., McDermott, O., Furterer, S., & Pepper, M. (2023). How does performance vary between early and late adopters of Industry 4.0? A qualitative viewpoint. International Journal of Quality & Reliability Management, 40(1), 1–24.

DOI: https://doi.org/10.1108/IJQRM-05-2021-0134
View in Google Scholar

AON (2021). Global Risk Management Survey. Retrieved from https://grms.aon. com/2021-global-risk-management-survey/top-10-risks-in-the-next-3-years/ (20.12.2021).
View in Google Scholar

Aracil, E., Nájera-Sánchez, J. J., & Forcadell, F .J. (2021). Sustainable banking: A literature review and integrative framework. Finance Research Letters, 42, 101932.

DOI: https://doi.org/10.1016/j.frl.2021.101932
View in Google Scholar

Bai, Ch., Dallasega, P., Orzes, G., & Sarkis, J. (2020). Industry 4.0 technologies assessment: A sustainable perspective. International Journal of Production Economics, 229, 107776.

DOI: https://doi.org/10.1016/j.ijpe.2020.107776
View in Google Scholar

Bărbuță-Mișu, N., Madaleno, M., & Ilie, V. (2019). Analysis of risk factors affecting firms’ financial performance - support for managerial decision-making. Sustainability, 11, 4838.

DOI: https://doi.org/10.3390/su11184838
View in Google Scholar

Barrane, F. Z., Ndubisi, N. O., Kamble, S., Karuranga, G. E., & Poulin, D. (2021). Building trust in multi-stakeholder collaboration for new product development in the digital transformation era. Benchmarking. An International Journal, 28(1), 205–228.

DOI: https://doi.org/10.1108/BIJ-04-2020-0164
View in Google Scholar

Bashar, A. (2019). Review on sustainable green Internet of Things and its application. IRO Journal on Sustainable Wireless Systems, 01(04), 256–264.

DOI: https://doi.org/10.36548/jsws.2019.4.006
View in Google Scholar

Beier, G., Niehoff, S., & Xue, B. (2018). More sustainability in industry through industrial Internet of Things? Applied Sciences, 8(2), 219.

DOI: https://doi.org/10.3390/app8020219
View in Google Scholar

Benitez, G. B., Ayala, N. F., & Frank, A. G. (2020). Industry 4.0 innovation ecosystems: An evolutionary perspective on value cocreation. International Journal of Production Economics, 228, 107735.

DOI: https://doi.org/10.1016/j.ijpe.2020.107735
View in Google Scholar

Benlian, A., Kettinger, W. J., Sunyaev, A., & Winkler, T. J. (2018). The transformative value of cloud computing: A decoupling, platformization, and recombination theoretical framework. Journal of Management Information Systems, 35(3), 719–739.

DOI: https://doi.org/10.1080/07421222.2018.1481634
View in Google Scholar

Birkel, H. S., Veile, J. W., Müller, J. M., Hartmann, E., & Voigt, K.-I. (2019). Development of a risk framework for Industry 4.0 in the context of sustainability for established manufacturers. Sustainability, 11(2), 384.

DOI: https://doi.org/10.3390/su11020384
View in Google Scholar

Boulhaga, M., Bouri, A., Elamer, A. A., & Ibrahim, B. A. (2023). Environmental, social and governance ratings and firm performance: The moderating role of internal control quality. Corporate Social Responsibility and Environmental Management, 20(1), 134–145.

DOI: https://doi.org/10.1002/csr.2343
View in Google Scholar

Brinch, M., Stentoft, J., Jensen, J. K., & Rajkumar, C. (2018). Practitioners understanding of big data and its applications in supply chain management. International Journal of Logistics Management, 29(2), 555–574.

DOI: https://doi.org/10.1108/IJLM-05-2017-0115
View in Google Scholar

Buallay, A., Hamdan, A., & Barone, E. (2020). Corporate social responsibility disclosure and firms' performance in Mediterranean countries: A stakeholders' perspective. Euromed Journal of Business, 15(3), 361–375.

DOI: https://doi.org/10.1108/EMJB-05-2019-0066
View in Google Scholar

Busse, Ch., Schleper, M. C., Weilenmann, J., & Wagner, S. (2017). Extending the supply chain visibility boundary: Utilizing stakeholders for identifying supply chain sustainability risks. International Journal of Physical Distribution & Logistics Management, 47(1), 18–40.

DOI: https://doi.org/10.1108/IJPDLM-02-2015-0043
View in Google Scholar

Casado-Vara, R., Prieto, J., De la Prieta, F., & Corchado, J. M. (2018). How blockchain improves the supply chain: Case study alimentary supply chain. Procedia Computer Science, 134, 393–398.

DOI: https://doi.org/10.1016/j.procs.2018.07.193
View in Google Scholar

Cavalcante, I. M., Frazzon, E. M., Forcellini, F. A., & Ivanov D. (2019). A supervised machine learning approach to data-driven simulation of resilient supplier selection in digital manufacturing. International Journal of Information Management, 49, 86–97.

DOI: https://doi.org/10.1016/j.ijinfomgt.2019.03.004
View in Google Scholar

Cenamor, J., Rönnberg Sjödin, D., & Parida, V. (2017). Adopting a platform approach in servitization: Leveraging the value of digitalization. International Journal of Production Economics, 192, 54–65.

DOI: https://doi.org/10.1016/j.ijpe.2016.12.033
View in Google Scholar

Chabachib, M., Fitriana, T.U, Hersugondo, H., Pamungkas, I. D., & Udin U. (2019). Firm value improvement strategy, corporate social responsibility, and institutional ownership. International Journal of Financial Research, 10(4), 152–163.

DOI: https://doi.org/10.5430/ijfr.v10n4p152
View in Google Scholar

Chai, J., & Ngai, E. W. T. (2020). Decision-making techniques in supplier selection: Recent accomplishments and what lies ahead. Expert Systems with Applications, 140, 112903.

DOI: https://doi.org/10.1016/j.eswa.2019.112903
View in Google Scholar

Chalmeta, R., & Santos-deLeón, N. J. (2020). Sustainable supply chain in the Eraof Industry 4.0 and big data: A systematic analysis of literature and research. Sustainability, 12(10), 4108.

DOI: https://doi.org/10.3390/su12104108
View in Google Scholar

Chen, H. M., Kuo, T. C., & Chen, J. L. (2022). Impacts on the ESG and financial performances of companies in the manufacturing industry based on the climate change related risks. Journal of Cleaner Production, 380(1), 134951.

DOI: https://doi.org/10.1016/j.jclepro.2022.134951
View in Google Scholar

Chen, L., Jia, F., Li, T., & Zhang, T. (2021). Supply chain leadership and firm performance: A meta-analysis. International Journal of Production Economics, 235, 108082.

DOI: https://doi.org/10.1016/j.ijpe.2021.108082
View in Google Scholar

Colorado, H. A., Velásquez, E. I. G., & Monteiro, S. N. (2020). Sustainability of additive manufacturing: The circular economy of materials and environmental perspectives. Journal of Materials Research and Technology, 9(4), 8221–8234.

DOI: https://doi.org/10.1016/j.jmrt.2020.04.062
View in Google Scholar

De Bernardi, P., Bertello, A., & Venuti, F. (2019). Online and on-site interactions within alternative food networks: Sustainability impact of knowledge-sharing practices. Sustainability, 11(5), 1457.

DOI: https://doi.org/10.3390/su11051457
View in Google Scholar

De Vass, T., Shee, H., & Miah, S. J. (2020). IoT in supply chain management: A narrative on retail sector sustainability. International Journal of Logistics Research and Applications, 24(6), 605–624.

DOI: https://doi.org/10.1080/13675567.2020.1787970
View in Google Scholar

Derun, I., & Mysaka, H. (2018). Stakeholder perception of financial performance in corporate reputation formation. Journal of International Studies, 11(3), 112–123.

DOI: https://doi.org/10.14254/2071-8330.2018/11-3/10
View in Google Scholar

DiSegni, D. M., Huly, M., & Akron, S. (2015). Corporate social responsibility, environmental leadership and financial performance. Social Responsibility Journal, 11(1), 131–148.

DOI: https://doi.org/10.1108/SRJ-02-2013-0024
View in Google Scholar

Eloranta, V., & Turunen, T. (2016). Platforms in service-driven manufacturing: Leveraging complexity by connecting, sharing, and integrating. Industrial Marketing Management, 55, 178–186.

DOI: https://doi.org/10.1016/j.indmarman.2015.10.003
View in Google Scholar

Esmaeilian B., Sarkis, J., Lewis, K., & Behdad, S. (2020). Blockchain for the future of sustainable supply chain management in Industry 4.0. Resources, Conservation & Recycling, 163, 105064.

DOI: https://doi.org/10.1016/j.resconrec.2020.105064
View in Google Scholar

European Union (2019). The EU sustainable finance disclosure regulation. Retrieved from https://eur-lex.europa.eu/legal-content/en/TXT/?uri=CELEX:32019R2088 (18.11.2021).
View in Google Scholar

Fatorachian, H., & Kazemi, H. (2021). Impact of Industry 4.0 on supply chain performance. Production Planning & Control, 32(1), 63–81.

DOI: https://doi.org/10.1080/09537287.2020.1712487
View in Google Scholar

Feng, M., Yu, W., Wang, X., Wong, C.Y., Xu, M., & Xiao, Z. (2018). Green supply chain management and financial performance: The mediating roles of operational and environmental performance. Business Strategy and the Environment, 27(7), 811–824.

DOI: https://doi.org/10.1002/bse.2033
View in Google Scholar

FERMA (2021). People, planet & performance. The contribution of enterprise risk management to sustainability. Retrieved from https://www.ferma.eu/app/up loads/2021/03/Ferma-sustainability_2021_final.p df (12.12.2021).
View in Google Scholar

Frederico, G. F., Garza-Reyes, J. A., Kumar, A., & Kumar, V. (2020). Performance measurement for supply chains in the Industry 4.0 era: A balanced scorecard approach. International Journal of Productivity and Performance Management, 70(4), 789–807.

DOI: https://doi.org/10.1108/IJPPM-08-2019-0400
View in Google Scholar

George, G., Merrill, R. K., Schillebeeckx, S. J. D., & Simonc, J. D. (2021). Digital sustainability and entrepreneurship: How digital innovations are helping tackle climate change and sustainable development. Entrepreneurship Theory and Practice, 45(5), 999–1027.

DOI: https://doi.org/10.1177/1042258719899425
View in Google Scholar

Ghobakhloo, M. (2020). Industry 4.0, digitalization, and opportunities for sustainability. Journal of Cleaner Production, 252, 119869.

DOI: https://doi.org/10.1016/j.jclepro.2019.119869
View in Google Scholar

Giannakis, M., & Papadopoulos, T. (2016). Supply chain sustainability: A risk management approach. International Journal of Production Economics, 171(4), 455–470.

DOI: https://doi.org/10.1016/j.ijpe.2015.06.032
View in Google Scholar

Gohar, S. R., & Indulska, M. (2021). Environmental sustainability through green business process management. Business and Human Rights Journal, 6(1), 93–119.
View in Google Scholar

Gomez-Trujillo, A. M., & Gonzalez-Perez, M. A. (2021). Digital transformation as a strategy to reach sustainability. Smart and Sustainable Built Environment, 11(4), 1137–1162.

DOI: https://doi.org/10.1108/SASBE-01-2021-0011
View in Google Scholar

Gong, Ch., & Ribiere, V. (2021). Developing a unified definition of digital transformation. Technovation, 102, 102217.

DOI: https://doi.org/10.1016/j.technovation.2020.102217
View in Google Scholar

Hofmann, H., Busse, Ch., Bode, Ch., & Henke, M. (2014). Sustainability-related supply chain risks: Conceptualization and management. Business Strategy and the Environment, 23, 160–172.

DOI: https://doi.org/10.1002/bse.1778
View in Google Scholar

Hösli, A., & Weber R.H. (2022). Climate change reporting and due diligence: Frontiers of corporate climate responsibility. European Company and Financial Law Review, 18(6), 948–979.

DOI: https://doi.org/10.1515/ecfr-2021-0035
View in Google Scholar

Iqbal, S., Nawaz, A., & Ehsan, S. (2019). Financial performance and corporate governance in microfinance: Evidence from Asia. Journal of Asian Economics, 60, 1–13.

DOI: https://doi.org/10.1016/j.asieco.2018.10.002
View in Google Scholar

Jarrahi, M. H. (2018). Artificial intelligence and the future of work: Human-AI symbiosis in organizational decision making. Business Horizons, 61(4), 577–586.

DOI: https://doi.org/10.1016/j.bushor.2018.03.007
View in Google Scholar

Johnston, J., & Soileau, J. (2020). Enterprise risk management and accruals estimation error. Journal of Contemporary Accounting and Economics, 16(3), 100209.

DOI: https://doi.org/10.1016/j.jcae.2020.100209
View in Google Scholar

Kara, M. E., Ghadge, A., & Bititci, U. S. (2021). Modelling the impact of climate change risk on supply chain performance. International Journal of Production Research, 59(24), 7317–7335.

DOI: https://doi.org/10.1080/00207543.2020.1849844
View in Google Scholar

Karmaker, C. L., Ahmed, T., Ahmed, S., Mithun Ali, S., Moktadir, A., & Kabir, G. (2021). Improving supply chain sustainability in the context of COVID-19 pandemic in an emerging economy: Exploring drivers using an integrated model. Sustainable Production and Consumption, 26, 411–427.

DOI: https://doi.org/10.1016/j.spc.2020.09.019
View in Google Scholar

Kellens, K., Baumers, M., Gutowski, T. G., Flanagan, W., Lifset, R., & Duflou, J. R. (2017). Environmental dimensions of additive manufacturing: Mapping application domains and their environmental implications. Journal of Industrial Ecology, 21, 1–20.

DOI: https://doi.org/10.1111/jiec.12629
View in Google Scholar

Kshetri, N. (2018). Blockchain’s roles in meeting key supply chain management objectives. International Journal of Information Management, 39, 80–89.

DOI: https://doi.org/10.1016/j.ijinfomgt.2017.12.005
View in Google Scholar

Kumar, A., Srivastava, A., & Kumar Gupta, P. (2022b). Banking 4.0: The era of artificial intelligence-based fintech. Strategic Change, 31(6), 591–601.

DOI: https://doi.org/10.1002/jsc.2526
View in Google Scholar

Kumar, S., Sharma, D., Rao, S. D., Lim, W. M., & Mangla, S. K. (2022a). Past, present, and future of sustainable finance: insights from big data analytics through machine learning of scholarly research. Annals of Operations Research. Advance online publication.

DOI: https://doi.org/10.1007/s10479-021-04410-8
View in Google Scholar

Li, Y., Dai, J., & Cui, L. (2020). The impact of digital technologies on economic and environmental performance in the context of industry 4.0: A moderated mediation model. International Journal of Production Economics, 229, 107777.

DOI: https://doi.org/10.1016/j.ijpe.2020.107777
View in Google Scholar

Losse, M., & Geissdoerfer, M. (2021). Mapping socially responsible investing: A bibliometric and citation network analysis. Journal of Cleaner Production, 296, 126376.

DOI: https://doi.org/10.1016/j.jclepro.2021.126376
View in Google Scholar

Lundqvist, S. A. (2014). An exploratory study of enterprise risk management: Pillars of ERM. Journal of Accounting, Auditing & Finance, 29(3), 393–429.

DOI: https://doi.org/10.1177/0148558X14535780
View in Google Scholar

Ma, S., Wang, H., Dai, H.-N., Cheng, S., Yi, R., & Wang, T. (2018). A blockchain-based risk and information system control framework. In IEEE 16th Intl Conf on dependable, autonomic and secure computing, 16th Intl Conf on pervasive intelligence and computing, 4th Intl Conf on big data intelligence and computing and cyber science and technology congress, Athens (pp. 106–113). IEEE.

DOI: https://doi.org/10.1109/DASC/PiCom/DataCom/CyberSciTec.2018.00031
View in Google Scholar

Martinez-Caro, E., Cegarra-Navarro, J. G., & Alfonso-Ruiz, F. J. (2020). Digital technologies and firm performance: The role of digital organisational culture. Technological Forecasting and Social Change, 154, 119962.

DOI: https://doi.org/10.1016/j.techfore.2020.119962
View in Google Scholar

Mazzone, D. (2014). Digital or death: Digital transformation: The only choice for business to survive, smash and conquer. Smashbox Consulting Inc.
View in Google Scholar

McShane, M. (2018). Enterprise risk management: History and a design science proposal. Journal of Risk Finance, 19(2), 137–153.

DOI: https://doi.org/10.1108/JRF-03-2017-0048
View in Google Scholar

Mehmood, R., Meriton, R., Graham, G., Hennelly, P., & Kumar, M. (2017). Exploring the influence of big data on city transport operations: A Markovian approach. International Journal of Operations & Production Management, 37(1), 75–104.

DOI: https://doi.org/10.1108/IJOPM-03-2015-0179
View in Google Scholar

Merlino, M., & Sproģe, I. (2017). The augmented supply chain. Procedia Engineering, 178, 308–318.

DOI: https://doi.org/10.1016/j.proeng.2017.01.053
View in Google Scholar

Metcalf, L., Askay, D. A., & Rosenberg, L. B. (2019). Keeping humans in the loop: Pooling knowledge through artificial swarm intelligence to improve business decision making. California Management Review, 61(4), 84–109.

DOI: https://doi.org/10.1177/0008125619862256
View in Google Scholar

Michna, A., & Kmieciak, R. (2020). Open-mindedness culture, knowledge-sharing, financial performance, and Industry 4.0 in SMEs. Sustainability, 12, 9041.

DOI: https://doi.org/10.3390/su12219041
View in Google Scholar

Mobarakeh, N. A., Shahzad, M. K., Baboli A., & Tonadre, R. (2017). Improved forecasts for uncertain and unpredictable spare parts demand in business aircrafts with bootstrap method. IFAC-PapersOnLine, 50(1), 15241–15246.

DOI: https://doi.org/10.1016/j.ifacol.2017.08.2379
View in Google Scholar

Moosavi, J., Bakhshi, J., & Martek, I. (2021). The application of industry 4.0 technologies in pandemic management: Literature review and case study. Healthcare Analytics, 1, 100008.

DOI: https://doi.org/10.1016/j.health.2021.100008
View in Google Scholar

Muhammad, N., Upadhyay, A., Kumar, A., & Gilani, H. (2022). Achieving operational excellence through the lens of lean and Six Sigma during the COVID-19 pandemic. International Journal of Logistics Management, 33(3), 818–835.

DOI: https://doi.org/10.1108/IJLM-06-2021-0343
View in Google Scholar

Nagy, M., & Lăzăroiu, G. (2022). Computer vision algorithms, remote sensing data fusion techniques, and mapping and navigation tools in the Industry 4.0-based Slovak automotive sector. Mathematics, 10, 3543.

DOI: https://doi.org/10.3390/math10193543
View in Google Scholar

Nascimento, D. L. M., Alencastro, V., Quelhas, O. L. G., Caiado, R. G. G., Garza-Reyes, J. A., Rocha-Lona, L., & Tortorella, G. (2019). Exploring Industry 4.0 technologies to enable circular economy practices in a manufacturing context. A business model proposal. Journal of Manufacturing Technology Management, 30, 607–627.

DOI: https://doi.org/10.1108/JMTM-03-2018-0071
View in Google Scholar

Newell, P. (2020). The business of rapid transition. WIREs Climate Change, 11(6), e670. doi :10.1002/wcc.670.

DOI: https://doi.org/10.1002/wcc.670
View in Google Scholar

Nishant, R., Kennedy, M., & Corbett, J. (2020). Artificial intelligence for sustainability: Challenges, opportunities, and a research agenda. International Journal of Information Management, 53, 102–104.

DOI: https://doi.org/10.1016/j.ijinfomgt.2020.102104
View in Google Scholar

Nowicka, K. (2016). Cloud computing in sustainable mobility. Transport Research Procedia 14, 4070–4079.

DOI: https://doi.org/10.1016/j.trpro.2016.05.504
View in Google Scholar

Ocicka, B., & Turek, J. (2021). Supply chain sustainability risk management in a digitally VUCA changing world. In A. Szelągowska & A. Pluta-Zaremba (Eds.). The economics of sustainable transformation (pp. 167–190). London: Routledge.

DOI: https://doi.org/10.4324/9781003219958-8
View in Google Scholar

OECD (2020). Digital transformation in the age of COVID-19: Building resilience and bridging divides, digital economy outlook 2020 supplement. Paris: OECD. Retrieved from www.oecd.org/digital/digital-economy-outlook-covid.pdf (21.11.2021).
View in Google Scholar

Onsongo, S. K., Muathe, S. M. A., & Mwangi, L. W. (2020). Financial risk and financial performance: Evidence and insights from commercial and services listed companies in Nairobi securities exchange, Kenya. International Journal of Financial Studies, 8, 51.

DOI: https://doi.org/10.3390/ijfs8030051
View in Google Scholar

Ozili, P. K. (2020). Effect of climate change on financial institutions and the financial system. In E. Özen & S. Grima (Eds.). Uncertainty and challenges in contemporary economic behaviour (pp. 139–144). Bingley: Emerald Publishing Limited.

DOI: https://doi.org/10.1108/978-1-80043-095-220201011
View in Google Scholar

Portna, O. V., Iershova, N. Y., Tereshchenko, D. A., & Kryvytska, O. R. (2021). Economic business partnerships within Industry 4.0: New technologies in management. Montenegrin Journal of Economics, 17(1), 151–163.

DOI: https://doi.org/10.14254/1800-5845/2021.17-1.11
View in Google Scholar

Puicǎ, E. (2020). Cloud computing in supply chain management and economic, environmental and social impact analysis. Informatica Economicǎ, 24(4), 41–54.

DOI: https://doi.org/10.24818/issn14531305/24.4.2020.04
View in Google Scholar

PwC (2021). 24th Annual global CEO survey. A leadership agenda to take on tomorrow. Retrieved from https://www.pwc.com/gx/en/ceo-survey/2021/reports/pwc-24th-global-ceo-survey.pdf (16.11.2021).
View in Google Scholar

Riyadh, H. A., Sukoharsono, E. G., & Alfaiza, S. A. (2019). The impact of corporate social responsibility disclosure and board characteristics on corporate performance. Cogent Business & Management, 6(1), 1647917.

DOI: https://doi.org/10.1080/23311975.2019.1647917
View in Google Scholar

Saberi, S., Kouhizadeh, M., Sarkis, J., & Shen, L. (2019). Blockchain technology and its relationships to sustainable supply chain management. International Journal of Production Research, 57(7), 2117–2135.

DOI: https://doi.org/10.1080/00207543.2018.1533261
View in Google Scholar

Sarkis, J. (2020). Supply chain sustainability: Learning from the COVID-19 pandemic. International Journal of Operations & Production Management, 41(1), 63–73.

DOI: https://doi.org/10.1108/IJOPM-08-2020-0568
View in Google Scholar

Schniederjans, D. G., & Hales, D. N. (2016). Cloud computing and its impact on economic and environmental performance: A transaction cost economics perspective. Decision Support Systems, 86, 73–82.

DOI: https://doi.org/10.1016/j.dss.2016.03.009
View in Google Scholar

Singh, A., Mishra, N., Ali, S. I., Shukla, N., & Shankar, R. (2015). Cloud computing technology: Reducing carbon footprint in beef supply chain. International Journal of Production Economics, 164, 462–471.

DOI: https://doi.org/10.1016/j.ijpe.2014.09.019
View in Google Scholar

Srivastava, R., Prashar, A., Iyer, S. V., & Gotise, P. (2022). Insurance in the Industry 4.0 environment: A literature review, synthesis, and research agenda. Australian Journal of Management. Advance online publication.

DOI: https://doi.org/10.1177/03128962221132458
View in Google Scholar

Su, C. J., & Chen, Y. A. (2018). Risk assessment for global supplier selection using text mining. Computers and Electrical Engineering, 68, 140–155. doi: 10.1016/j.com peleceng.2018.03.042.

DOI: https://doi.org/10.1016/j.compeleceng.2018.03.042
View in Google Scholar

Sun, Y., & Li, Y. (2021). COVID-19 outbreak and financial performance of Chinese listed firms: Evidence from corporate culture and corporate social responsibility. Frontiers in Public Health, 9, 1–11.

DOI: https://doi.org/10.3389/fpubh.2021.710743
View in Google Scholar

Szelągowska, A., & Pluta-Zaremba, A. (Eds.) (2021). The economics of sustainable transformation. London: Routledge.

DOI: https://doi.org/10.4324/9781003219958
View in Google Scholar

The UN Intergovernmental Panel on Climate Change (2019). Retrieved from https://www.ipcc.ch/sr15/ (21.11.2021).
View in Google Scholar

The World Commission on Environment and Development (1987). Our common future. Retrieved from https://sustainabledevelopment.un.org/content/docu ments/5987our-common-future.pdf (10.11.2021).
View in Google Scholar

The World Economic Forum (2021). The global risks report 2021. Retrieved from https://www.weforum.org/reports/the-global-risks-report-2021 (21.11.2021).
View in Google Scholar

United Nations (2015). Sustainable Development Goals. Retrieved from https://sdgs.un.org/goals (21.11.2021).
View in Google Scholar

Valaskova, K., Nagy, M., Zabojnik, S., & Lăzăroiu, G. (2022). Industry 4.0 wireless networks and cyber-physical smart manufacturing systems as accelerators of value-added growth in Slovak exports. Mathematics, 10, 2452.

DOI: https://doi.org/10.3390/math10142452
View in Google Scholar

Valdez-Juarez, L. E., Gallardo-Vazquez, D., & Ramos-Escobar, E. A. (2021). Entrepreneurial orientation and CSR: A dynamic capability in the corporate performance of Mexican SMEs. Entrepreneurship and Sustainability Issues, 8(3), 654–680.

DOI: https://doi.org/10.9770/jesi.2021.8.3(41)
View in Google Scholar

Van Vliet, O., Hanger-Kopp, S., Nikas, A., Spijker, E., Carlsen, H., Doukas, H., & Lieu, J. (2020). The importance of stakeholders in scoping risk assessments – Lessons from low-carbon transitions. Environmental Innovation and Societal Transition, 35, 400–413.

DOI: https://doi.org/10.1016/j.eist.2020.04.001
View in Google Scholar

Woods, M., & Dowd, K. (2008). Management accounting guideline financial risk management for management accountants. The Society of Management Accountants of Canada, the American Institute of Certified Public Accountants and The Chartered Institute of Management Accountants. Retrieved from https://www.cimaglobal.com/Documents/ImportedDocuments/cid_mag_financial_risk_jan09.pdf (12.12.2021).
View in Google Scholar

World Business Council for Sustainable Development (2021). Sustainability and enterprise risk management: The first step towards integration. Retrieved form https://www.wbcsd.org/contentwbc/download/2548/31131 (12.12.2021).
View in Google Scholar

Xu, J., Yu, Y., Zhang, M., & Zuopeng Zhang, J. (2023). Impacts of digital transformation on eco-innovation and sustainable performance: Evidence from Chinese manufacturing companies. Journal of Cleaner Production, 393, 136278.

DOI: https://doi.org/10.1016/j.jclepro.2023.136278
View in Google Scholar

Yilmaz, A. K., & Flouris, T. (2010). Managing corporate sustainability: Risk management process based perspective. African Journal of Business Management, 4(2), 162–171.
View in Google Scholar

Downloads

Published

2023-12-30

How to Cite

Turek, J., Ocicka, B., Rogowski, W., & Jefmański, B. (2023). The role of Industry 4.0 technologies in driving the financial importance of sustainability risk management. Equilibrium. Quarterly Journal of Economics and Economic Policy, 18(4), 1009–1044. https://doi.org/10.24136/eq.2023.032

Issue

Section

Articles

Similar Articles

1 2 3 4 5 6 7 8 9 10 > >> 

You may also start an advanced similarity search for this article.