Implementation of Voluntary Instruments by Czech Enterprises to Meet Sustainability and Competitive Growth

Abstract

A responsible business reflects the fundamental values of a society and is important for all enterprises. It can improve their economic, environmental, and social characteristics from a short- and long-term perspective through innovative products and services, new capabilities, and stakeholder involvement. This study aims to identify the common convergent factors of voluntary instruments in management systems to achieve sustainable business and competitive growth. There are several tools aimed at achieving sustainability and competitiveness, an important component of which is the subject of this study: the voluntary approach. To determine the key factors of this approach, we used the online questionnaire technique of data collection (n = 183). We also conducted exploratory analysis with factors estimated by the principal components and orthogonal rotation using the varimax method. Relevant driving forces are identified in the development of the business models of sustainability and competitiveness, including the integration of quality, environment and occupational safety and health management systems, the environmental profile of the organisation for economic and social affairs, voluntary reporting of environmental activities, and evaluation of environmental impacts. These factors make a significant contribution towards improving environmental sustainability while ensuring competitive business. The ability to move quickly and successfully to these business models is an important source of sustainable competitive advantage.