Measuring the impact of corporate social responsibility in the energy sector

Abstract

Energy companies are in the spotlight regarding the environmental pressure to address the current environmental issues by initiating the sets of social responsibilities. Energy sector companies are actively adopting Corporate Social Responsibility (CSR) practices to address the increased pressure and enablement to manage and prevent the risks of environmental impact at the same time concentrating on the economic growth. The current study provides a systematic literature review identifying CSR initiative measures towards sustainability and proposes a framework of CSR measurements in the energy sector. The framework combines the Search, Appraisal, Synthesis, and Analysis (SALSA) method together with Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) and PSALSAR (Protocol, Search, Appraisal, Synthesis, Analysis and Report). Moreover, for setting the research scope, PICOC (Population, Intervention, Comparison, Outcome, and Context) is applied. As a result, eleven CSR measures for the energy sector were identified. The measurements were classified into 4 pillars: environmental pillar, stakeholder communication and external image, financial pillar, and organizational pillar. The environmental impact and GHG reduction align with the ecological modernization theories. Green energy innovations find theoretical resonance in the diffusion of innovation theories. Stakeholder engagement and branding link to the stakeholder theory, while financial performance, to the shareholder value theories. Occupational health and safety theory support the employee safety and corporate culture considerations. These measures, selected through theoretical lenses and systematic review, contribute to shaping a sustainable energy landscape. Furthermore, the research results were discussed, and the future research agenda together with policy recommendations were provided.

Keywords: CSR; Energy sector; PRISMA; SALSA; Sustainability; Sustainable energy.