| Title | The role of Industry 4.0 technologies in driving the financial importance of sustainability risk management |
|---|---|
| ID_Doc | 19234 |
| Authors | Turek, J; Ocicka, B; Rogowski, W; Jefmanski, B |
| Title | The role of Industry 4.0 technologies in driving the financial importance of sustainability risk management |
| Year | 2023 |
| Published | Equilibrium-Quarterly Journal Of Economics And Economic Policy, 18.0, 4 |
| 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. |
| https://journals.economic-research.pl/eq/article/download/2130/2167 |
Similar Articles
| ID | Score | Article |
|---|---|---|
18329
|
Choudhary, DY; Nandy, I A study of sustainability risks from industry 4.0 perspective: taxonomy and future research avenues(2024) | |
| 76233
|
Oláh, J; Aburumman, N; Popp, J; Khan, MA; Haddad, H; Kitukutha, N Impact of Industry 4.0 on Environmental Sustainability(2020)Sustainability, 12, 11 | |
| 19581
|
Shabur, MA A comprehensive review on the impact of Industry 4.0 on the development of a sustainable environment(2024)Discover Sustainability, 5.0, 1 | |
| 18219
|
Ferreira, JJ; Lopes, JM; Gomes, S; Rammal, HG Industry 4.0 implementation: Environmental and social sustainability in manufacturing multinational enterprises(2023) | |
| 19558
|
Nara, EOB; da Costa, MB; Baierle, IC; Schaefer, JL; Benitez, GB; do Santos, LMAL; Benitez, LB Expected impact of industry 4.0 technologies on sustainable development: A study in the context of Brazil's plastic industry(2021) | |
| 4112
|
Neto, GCD; Silva, AD; Filho, MG How can Industry 4.0 technologies and circular economy help companies and researchers collaborate and accelerate the transition to strong sustainability? A bibliometric review and a systematic literature review(2023)International Journal Of Environmental Science And Technology, 20, 3 | |
| 6682
|
Kopeinig, J; Woschank, M; Olipp, N Industry 4.0 Technologies and their Implications for Environmental Sustainability in the Manufacturing Industry(2024) | |
| 71288
|
Dicuonzo, G; Donofrio, F; Ranaldo, S; Dell'Atti, V Process of Digitalization and Sustainability. Evidence from Utility Industry in Europe and USA(2020) | |
| 17733
|
Lardo, A; Mancini, D; Paoloni, N; Russo, G The perspective of capability providers in creating a sustainable I4.0 environment(2020)Management Decision, 58, 8 | |
| 10394
|
Pachouri, V; Singh, R; Gehlot, A; Pandey, S; Akram, SV; Abbas, M Empowering sustainability in the built environment: A technological Lens on industry 4.0 Enablers(2024) |