GREEN ENTERPRISES AND THEIR DEFINING ELEMENTS, STANDARDS & MANAGEMENT CONTEXT. HOW DO SUSTAINABLE COMPANIES RELATE TO THE 3Es OF THE GREEN ECONOMY?

Teodora Nacu and Emilia Jercan
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Teodora Nacu: Bucharest University of Economic Studies
Emilia Jercan: Bucharest University of Economic Studies

Revista Economica, 2023, vol. 75, issue 3, 70-79

Abstract: Understanding how businesses can improve in a sustainable environment has an increasingly significant role in the economic context and its growth. Nowadays, sustainable companies are constantly reducing the pressure of law, diminishing the costs of utilities, and cultivating a culture inside the working context. More than 90% of CEOs of environmental companies acknowledge that sustainability represents essential business market growth. Green businesses prioritize sustainability and social responsibility in their operations and environmental business practices, as they aim to conserve the natural environment and promote green practices while ensuring high levels of profitability and reducing the carbon footprint. Unfortunately, over time companies have faced significant barriers such as affording green investments and the costs implied or analysing the market demand, due to not all the systems and governments aligning with the emergent models of a green economy. The public sector should however play an important role when considering sustainability by promoting green operations and policies, applying regulatory alternatives, and providing more concrete incentives for green businesses. Nowadays, green enterprises have grown in importance in the economic environment cultivating more shared green values. Therefore, promoting green entrepreneurship among all segments of society is a focus both at the policy level and inside the business culture. This paper aims to define concepts of economic growth and sustainable development around the business context and to understand how sustainable companies relate to the 3 E s of the green economy, as these appear to determine business longevity and help maintain a positive business reputation among other businesses.

Keywords: Green Enterprises; Sustainability; Green Economy; Business Culture (search for similar items in EconPapers)
JEL-codes: F43 M10 Q01 Q56 (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:blg:reveco:v:75:y:2023:i:3:p:70-79

DOI: 10.56043/reveco-2023-0028

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