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Sustainability – Consultancy for your company

  • More profit, happier customers, more committed employees and much more – a sustainability strategy offers your company great advantages
  • But to achieve this, the organisation must be set up professionally, your strategy must be implemented consistently and legal framework conditions must be observed
  • Are you ready to turn sustainability into a strategic advantage?

We offer customised ESG consulting that helps you address the issue in a productive way. This will help you overcome the resistance associated with the topic, fulfil the legal requirements and turn sustainability into a strategic advantage.

3 Männer und 2 Frauen sind in einem Meeting, sie schauen auf einen Bildschirm

Your expert for questions about sustainability strategy
(Video is in german language)

All information for your sustainability strategy on one page

Everything you need to develop and implement your sustainability strategy. And all in one place. Find out more:
  1. What is sustainability?
  2. The five most important reasons for a sustainability strategy
  3. Challenges for managing directors
  4. How to develop a sustainable organisation: skills, success factors, best practice
  5. Developing and implementing a sustainability strategy – 8 simple steps
  6. Checklist, draft strategy and project roadmap

What is sustainability?

Sustainability means utilising resources in such a way that they are also available to future generations. This involves striking a balance between ecological, social and economic factors. Sustainability pioneer John Elkington coined the term ‘triple bottom line’ – the ‘three pillars of sustainability’ [i]. This means that companies that act sustainably take into account both their environmental impact and the social impact of their business activities. This understanding has developed in the international debate since the legendary Club of Rome report ‘The Limits to Growth’ from 1972. [ii] Further important steps in the development of the term were, for example, the ‘Brundtland Report’ of the United Nations from 1987, [iii] the study ‘Sustainable Germany’ by BUND, [iv] as well as the counter-study by the German Chemical Industry Association (VCI) ‘Responsible Action’. [v]

Eine Grafik, welche die drei Säulen der Nachhaltigkeit zeigt

The 3 pillars of sustainability

The modern concept of sustainability

The concept of sustainability was later further developed and operationalised on the basis of the latest scientific findings as part of a large-scale study by the KIT – Karlsruhe Research Centre. Three rules or goals were derived from this: (1) ‘securing human existence’, (2) ‘preserving society’s productive potential’ and (3) ‘preserving opportunities for development and action’. [vi] Modern sustainability approaches such as the Sustainable Development Goals (SDG)[vii] of the United Nations (UN), the Green Deal of the European Union (EU)[viii] and regulations based on them such as the EU Taxonomy [ix], Corporate Sustainability Reporting Directive [x] etc. are based on this and similar work. On this page you will learn about a system that you can use to counter all of this: The Flow Sustainability model – 8 steps to a sustainability strategy. (in german language)[xi]

Eine grafische Darstellung der 8 Schritte zur Nachhaltigkeitsstrategie

8 steps to a sustainability strategy

The 5 most important reasons for a sustainability strategy – why there is no way around sustainability

At first glance, a sustainability strategy can seem like a burden. Companies already have more than enough to do with managing their day-to-day business – and now they are also confronted with demands for a sustainable transformation. If entrepreneurs only look at CSRD and the like with anger, our experience shows that a certain change of perspective is helpful. They should not only consider the costs, but also the opportunities of transformation. If you succeed in changing your perspective, you will notice: The advantages of a sustainability strategy clearly outweigh the disadvantages. After all, almost all companies want to focus more on their customers and attract more and better employees. In addition, managers demand more responsibility and commitment, want to save costs, develop innovative solutions and optimise profits. Sustainability consulting has a demonstrably positive influence on all of these points. We explain the 5 most important reasons in detail:

Nachhaltiger Konsum: 1 Frau und 1 Mädchen regulieren die Raumtemperatur

The game changer – the megatrend of sustainable consumption

The topic of sustainability is an important consumer trend of our time. According to a study by Statista on sustainable consumption, more than half of Germans believe that their sustainable purchasing behaviour can contribute to solving environmental problems [xii]. The authors therefore emphasise: ‘Many consumers let their decisions be guided by their environmental awareness and opt for sustainable products.’

And it gets even better: according to a Capgemini study from 2020, 79% of consumers surveyed are changing their purchasing behaviour in favour of greater sustainability. A full 66% of the study participants stated that they even specifically choose products and services based on how sustainable they are. From a business perspective, the trend towards sustainable consumption is a game changer. This is also confirmed by the companies surveyed in the study. An overwhelming majority of 77% agreed with the statement that sustainability measures have improved their customer loyalty [xiii].

5 Frauen und 6 Männer lachen und applaudieren

The best way to increase employee engagement and motivation

According to a Gartner survey from 2023, a practised sustainability culture can increase employee engagement by up to 43% [xiv]. Further evidence is provided by the aforementioned Capgemini study. In it, 67% of the companies surveyed stated that their sustainability efforts had led to increased employee motivation. You should bear this in mind: a sustainability strategy therefore not only has a positive effect on customer loyalty, but also on employee loyalty.

2 Männer und 3 Frauen erarbeiten an einem Stehtisch eine Nachhaltigkeitsstrategie

Applicants love sustainable employers

An EIB survey conducted in 2023 found that 56% of employees surveyed attach importance to an employer that thinks and acts sustainably. In the group of young potentials, the proportion is as high as 81% [xv]. And it is not only scientific studies that come to this conclusion. We can also confirm this from our consulting practice: When companies focus on the topic of sustainability, they no longer have any problems attracting new employees.

Nachhaltigkeitsberatung: 2 Frauen und 2 Männer betrachten ein Flipchart zur Nachhaltigkeitsstrategie

Sustainability leads to higher profits

With the help of a sustainability strategy, you can combine your corporate purpose with a higher meaning. This is very important, because such a ‘purpose’ is more than just an end in itself – it helps you to join the league of the most profitable companies. And that would be something, wouldn’t it? The financial impact of successful sustainability strategies has been scientifically proven. [xvi] For example, a DDI study shows that the financial results of purpose-driven organisations are 42% better than the market average. [xvii] This is why the demand for sustainable management consulting is so high: sustainability strategies lead to increased efficiency, brand reputation and innovation. This saves costs and increases profits. You need to remember this for the next conversation with your CFO: Every profit and loss statement benefits from sustainability consulting. The majority of managers share this view. In the Capgemini Investment Report of 2024, 61% of respondents agree with the statement that a lack of a sustainability strategy poses an existential risk for companies. The bottom line is that we need to make a clear statement: Sustainable is the new profitable. What’s more, studies around the world are coming to the conclusion that the link between sustainability and the financial success of companies will become even stronger in the future. [xvi]

3 Männer und 2 Frauen sind in einem Meeting, sie schauen auf einen Bildschirm

Banks and investors favour sustainable companies


Nachhaltige Unternehmen sind profitabler und haben langfristig bessere Überlebenschancen. Kein Wunder also, dass Banken und Investoren nachhaltige Unternehmen bevorzugen. Larry Fink, CEO der weltgrößten Investmentfirma Blackrock, begründet das in einem Brief an CEOs: „Wir konzentrieren uns auf Nachhaltigkeit, nicht weil wir Umweltschützer sind, sondern weil wir Kapitalisten und Treuhänder für unsere Kunden sind. Das setzt voraus, dass wir verstehen, wie Unternehmen ihr Geschäft an die massiven Veränderungen in der Wirtschaft anpassen. Im Rahmen dieses Schwerpunkts fordern wir die Unternehmen auf, kurz-, mittel- und langfristige Ziele für die Reduzierung von Treibhausgasen festzulegen. Diese Ziele und die Qualität der Pläne, um sie zu erreichen, sind entscheidend für die langfristigen wirtschaftlichen Interessen ihrer Aktionäre. [xviii]

Avoiding existential risks and utilising trillion-dollar opportunities – that’s why the pressure on companies is so great

Many companies today are under immense pressure to make their business practices more sustainable. This is due to the fact that we are increasingly destroying our livelihoods with our way of doing business. This is impressively demonstrated by studies such as the Global Risks Report. For this, 11,000 CEOs from around the world answered the question: ‘Please estimate the likely impact (severity) of the following risks over a period of […] 10 years.’ The result: sustainability issues came out on top. The biggest risks are: Extreme weather events, critical changes to vital earth systems, ecosystem collapse, species extinction and shortages of natural resources… [xix] In other words, CEOs see life-threatening trends that are directly attributable to the way we live and do business. The logical consequence of this: We need a transformation of the economy. But don’t worry, the whole thing is taking a positive turn. This is the conclusion reached by analysts from management consultants McKinsey. They calculated that the sustainable transformation is not only associated with negative consequences. On the contrary, it also offers companies great opportunities: through a sustainable economic transformation, the EU alone can create annual benefits worth 1.8 billion euros. [xx] This mixture of catastrophic risks and huge growth opportunities is leading to immense political pressure to act. This is reflected in ambitious goals such as the Sustainable Development Goals (SDG) and strict regulations such as the Corporate Social Responsibility Directive (CSRD) and the Corporate Sustainability Due Diligence Directive (CSDD) [x, xxi] . This has the following consequences for sustainability consulting for managing directors:

  • They know that the demand for environmentally friendly products and services is increasing and that the transformation towards sustainability is right and important. But they often lack a clear path to implementing these changes efficiently and profitably.
  • Instead, some companies feel overwhelmed and uncertain because sustainability is a complex issue. In particular, companies that are legally obliged to act sustainably are often faced with the major challenge of professionalising their entire organisation.
  • A frequent pain point is the fear of suffering competitive disadvantages or even failing to fulfil legal requirements due to a lack of sustainability.

This is where we come in: Our ESG consulting not only shows you how to overcome these challenges, but also how you can make sustainability a central part of your corporate strategy. Through clear, realisable measures, we help you to achieve above-average success in the future.

Obstacles for companies on the way to a sustainability strategy

The obstacles that you may encounter on the way to introducing sustainable business models have been sufficiently analysed [xxii]. The obstacles can be divided into three categories [xxiii]. These occur again and again in the context of ESG consulting.

  • Regulatory obstacles

    The obstacles that are most frequently observed are of a regulatory nature. This means that the industry in question lacks regulations and laws to support sustainability aspects or the existing structures hinder the introduction of sustainable strategies [xxiv, xxiii]. However, this should not discourage you, because with the help of a sustainability consultancy you will find more than enough starting points to turn sustainability into a strategic advantage. If you have any questions in this regard, we are happy to integrate lawyers who specialise in sustainability into your ESG consultancy.

  • Market and financial barriers

    Discussions with CFOs in particular often centre on market and financial barriers. Here you need to understand that the argument is an emotional one, not a rational one. Rationally, the move towards sustainability is easy to understand, as almost 80 per cent of all sustainability initiatives have a positive return on investment [xvi]. Emotionally, however, there is often a feeling that the risks associated with a sustainability strategy are particularly high and the rewards too low. Such a feeling can arise, for example, from the perception that customers do not value sustainable products and services [xxiv, xxv]. In order to allay fears of this kind, you should place particular emphasis on stakeholder analysis as part of a sustainability consultation and integrate key people from marketing and sales into the project.

  • Behavioural and social barriers

    Finally, we need to talk about behavioural and social barriers. This refers to the realisation that some values and attitudes of different interest groups can prevent sustainable innovation. This can be internal (e.g. top management or executives) or external (e.g. customers). In other words, the culture of the company or society hinders sustainability. Just like digital transformation, sustainable transformation also goes hand in hand with cultural change [xxv].

In the context of sustainability consulting, we observe that companies change their business model far more often in response to threats than to seize opportunities [xxvi]. As already mentioned, it is therefore essential that organisations identify changes in the competitive environment and learn from them [xxvii]. This is the only way to develop innovative and lucrative business models in the face of competitive pressure within the industry [xxvii]. This is particularly true if the cost structure or the technology used in sustainable business models is initially more expensive in your industry than in traditional business models.

How to develop a sustainably successful organisation

You have now understood that sustainability is the most important development for your organisation and you are wondering what you can do now? Let’s take a look at our maturity model for sustainable organisations. It is scientifically based, has proven itself in sustainability consulting and is ideally suited for the description [xxviii]. By ‘maturity level’ we mean two things, the
  • professionalisation of the organisation and the
  • the organisation’s sustainability management skills.
With the help of the maturity model, five levels of sustainable organisations can be distinguished [xxix]. Where do you place your company?
  1. Awareness: The organisation becomes aware of the relevance of ESG criteria.
  2. Efficiency: The first sustainability initiatives usually focus on resource efficiency and process optimisation.
  3. Transparency: At this stage, the focus shifts. Reporting systems are professionalised in order to fulfil reporting obligations and acquire certificates with a high public profile.
  4. Ecosystem: The ‘quick wins’ within the organisation have been achieved. The next step is to optimise the entire value chain.
  5. Innovation: At the highest level, ESG opportunities are systematically utilised
Eine grafische Darstellung der fünf Reifegrader nachhaltiger Organisationen

Figure: Sustainability strategy – The five maturity levels of sustainable organisations

Sustainability Skills – How to develop the competences to implement your sustainability strategy

In addition to the general challenges, there are also implementation problems that can be attributed to a limited level of expertise [xxx, xxxi]. These key competences must be developed by managers and employees. Important: Sustainability skills cannot be developed in isolation. The organisation must be professionalised as a whole. Sounds complicated? Use our white paper: flow sustainability – 8 steps to a sustainability strategy (in german language). This will make your sustainability management profitable, simple and legally compliant.
Here is an overview of the most important sustainability skills. The graphic shows you which skills you need to develop for which level of maturity.

  1. Basic knowledge of sustainability

    The key people in your organisation must be fully aware of the business relevance of sustainability and ESG. In particular, this includes recognising that sustainability is not a passing trend. Consequently, sustainability must be at the centre of a company’s business activities and not an isolated secondary function [xxxii, xxxiii]. To achieve this, the key people in your organisation must acquire at least a basic knowledge of sustainability and sustainability management [xxxiv, xxx].

  2. Process and procedure optimisation

    In order to reach level 2 of the maturity model, efficiency is at the centre of management’s attention: Your company should have sufficient expertise to optimise established procedures and processes for this. It is about the gradual improvement of existing business activities [xxxv, xxxv2]. This also includes the more efficient use of resources, with a focus on optimisation and increasing efficiency. This almost always leads to cost savings, such as lower energy costs [xxxvi, xxxvi2].

  3. Monitoring, compliance and communication

    Once you have made some progress in sustainability management, you should professionalise your reporting [xxxvii, xxxviii]. The aim now is to establish the transparency of your sustainability and ESG activities (maturity level 3). The focus is on two things: 1) fulfilling compliance regulations and 2) acquiring high-profile certificates. Effective marketing communication in particular requires specific competences that you need to buy in from outside or build up internally [xxxix, xxxx].

  4. Systemic leadership competences

    The fourth maturity level is about optimising the entire value chain. However, this broader perspective requires competences that are not readily available in a company’s sustainability management. In particular, it requires the expertise to involve all players in the ecosystem. This requires more interaction, negotiation and cross-border coordination [xxxxi, xxxxii]. At this level, your organisation begins to leverage the most important advantage of the sustainability strategy: The high complexity of multiple stakeholders and their interests. You should utilise this and develop resilience [xxxxiii, xxxxiv]. The commitment of top management is particularly helpful here. This makes a significant contribution to reducing internal and external barriers to implementation [xxxii, xxxiii].

  5. Recognising strategic opportunities and leveraging sustainable purpose

    Sustainability and ESG initiatives can offer new opportunities for sustainable business practices that go beyond limiting the potential negative impacts of your own business activities [xxxxvii, xxxi]. At this level of maturity, your organisation will naturally realise the benefits of sustainable purpose: higher monetary profits, more/more committed employees, better opportunities with banks and investors and much more (see section ‘The 5 most important reasons for a sustainability strategy’). In addition to knowledge about innovation, this phase requires a detailed understanding of the opportunities for positive sustainability in terms of a ‘positive net impact’ [xxxiv].

  6. Cultural development: adaptability and continuous learning

    If established companies want to go beyond the innovation stage of the maturity model in the future, they must ensure continuous learning and adaptation. This will enable them to continuously improve their sustainability management [xxxiiv, xxxxix]. A discussion about the implementation of a sustainability strategy and its impact on profit – especially on short-term results – is typical for sustainability consulting. It may therefore be necessary to fundamentally rethink the strategic direction, priorities and purpose of the organisation [xxxxx, xxxxxi].

Overall, the key competencies at the various levels of the maturity model emphasise the need to regularly adapt a company’s sustainability management throughout the organisation, e.g. through a sustainability consultant, additional training for the relevant people and the possible involvement of experts with other skills for a particular maturity level [xxix]. In order to cope with all the complex requirements, we at flow consulting work with you to develop customised approaches for workshops and training for managers and employees – free of charge and without obligation. Get in touch with us. Please use our contact form.

Eine Grafik, welche die fünf Reifegrade nachhaltiger Organisationen mit dazu gehörenden Nachhaltigkeitskompetenzen zeigt

Figure: Sustainability competences in the context of maturity levels

State of the art – what you can learn from the best

Let’s be honest: professionalising an organisation along the entire value chain is challenging, even with ESG consulting. The requirements and standards are high and complexity is increasing. At the same time, there are great opportunities that need to be utilised. How do the most successful organisations go about securing and expanding the benefits of a sustainability strategy? And what can you learn from them? A scientific article from the journal Führung und Organisation summarises current developments in sustainability consulting and management in ten subject areas. [xxxxxiii] These can be categorised along the following dimensions:

  1. Vision: Exceptionally successful organisations pursue a sustainable purpose. It is geared towards making a ‘net gain’ for the environment and society.
  2. Strategy: The need for sustainable products and services is utilised for innovations and new sources of revenue.
  3. Process: Sustainability is digitalised. Data is analysed and artificial intelligence is used for this purpose.
  4. Organisation: All employees along the entire value chain are empowered to think and act sustainably.
  5. Culture: Sustainability becomes the lived reality of the organisation.
Tabelle: Aktuelle Themen in Nachhaltigkeitsberatung, -strategie und -management

Table: Current developments in sustainability consulting and management

What you should focus on now: These success factors will help you realise the benefits of your sustainability strategy as quickly as possible

A sustainability strategy should create advantages for your company. That is why the sustainability strategy that you develop as part of sustainability consulting must be implemented consistently. But what characterises companies that consistently implement their sustainability strategy and reap the benefits as a result? A study by Augsburg University of Applied Sciences analysed the success factors. [xxxxxiv] In summary, these three factors proved to be particularly important:

  1. Corporate Social Responsibility

    Your goal should be to have a positive impact on the environment and society and, if necessary, to go beyond legal requirements. It may sound paradoxical – but it is scientifically proven that this is the best way to realise the benefits of a sustainability strategy. Start with ESG consulting, training and workshops for key personnel. This is particularly worthwhile if your organisation is at one of the early maturity levels 1 to 4.

  2. Organizational Green Culture

    From the perspective of a sustainable management consultancy, the following finding is very interesting: a formal integration of sustainability into structures such as organisational and operational structures has no significant influence on sustainability behaviour. And: Incentives (e.g. competitions and rewards) also have only a minor influence. What really counts is the development of a sustainability culture. This means that the value of resources is truly understood and that this understanding leads to responsible behaviour in everyday life.

  3. Trainings

    Managers and employees are usually unaware of the far-reaching positive consequences associated with sustainable behaviour. In addition, the necessary sustainability skills are generally not sufficiently available. For these reasons, training for managers and teams has a particularly high impact on the success of your sustainability strategy.

Eine Grafik, die das Nachhaltigkeitsverhalten in Organisationen in Abhängigkeit vom Reifegrad abbildet, mit und ohne Trainings

Figure: The impact of training on the success of sustainability strategies

Sustainability management – 8 steps to a sustainability strategy

As you can see: Effective sustainability management is not a trivial matter. Rather, ESG consulting requires a systematic approach. At best, this begins with analysing the context-related impacts, opportunities and risks for your company, followed by the definition of objectives and measures. Building on this, continuous monitoring and adaptation of strategies and measures are crucial to ensure long-term success. With the help of reputable certificates, such as the European Eco-Management and Audit Scheme (EMAS), you can make your successes transparent, [xxxxxv] just as we have done with our EMAS environmental management system. [xxxxxvi]

Eine grafische Darstellung der 8 Schritte zur Nachhaltigkeitsstrategie

8 steps to a sustainability strategy

Free whitepaper for your ESG strategy

Do you want to develop your sustainability strategy with the help of a sustainable management consultancy? Then use our white paper: 8 steps to a sustainability strategy. [xi] Regardless of the maturity level of your organisation: Our system of sustainability consulting ensures that you are doing the right thing at all times. The right thing to maximise your benefits, minimise costs and meet legal requirements such as the CSRD and CSDDD, as well as certificates such as EMAS. With flow sustainability, you are working at the cutting edge of science and practice.

Download: Ein Whitepaper, das die Expertise einer nachhaltigen Unternehmensberatung beinhaltet

Click on the image to open the PDF in a new tab

Checklist, draft strategy and project roadmap for your sustainability strategy (Video is in german language)

Create your individual ‘sustainability strategy checklist’ together with us

We support you in developing and implementing a sustainable strategy for your company in a profitable, simple and legally compliant manner. Take advantage of our free and non-binding initial ESG consultation. We will work with you to develop your personalised ‘sustainability strategy checklist’. This serves as the basis for implementing your sustainability goals effectively and efficiently. The consultation will provide you with
  • Initial resource planning for the project in order to be able to better estimate expenditure and requirements.
  • A well-founded assessment of the opportunities and risks that will arise from your strategy.
  • An initial draft strategy and a project roadmap to give you orientation.
  • Tips and tricks: do’s and don’ts to help you avoid common mistakes and implement your strategy successfully.

Lay the foundation for a sustainable and future-proof corporate strategy. Make an appointment now. You decide how to proceed after the free and non-binding sustainability consultation. You can implement the checklist on your own. Or you can contact us if you would like more support.

Literature

[i] Elkington, J. (1997): Cannibals with Forks: the Triple Bottom Line of 21st Century Business, in The triple bottom line of 21st century business – SDG Services

[ii] Meadows, Donella H; Meadows, Dennis L; Randers, Jørgen; Behrens III, William W (1972). The Limits to Growth; A Report for the Club of Rome’s Project on the Predicament of Mankind. New York: Universe Books.

[iii] World Commission on Environment and Development (1987). Our Common Future. Oxford: Oxford University Press.

[iv] BUND & Misereor (Hrsg.) (1996): Zukunftsfähiges Deutschland. Ein Beitrag zu einer global nachhaltigen Entwicklung. Studie des Wuppertal-Instituts für Klima, Umwelt, Energie GmbH. Birkhäuser Verlag, Basel/Boston/Berlin. 4. überarbeitete und erweiterte Auflag

[v] VCI (Verband der Chemischen Industrie e. V.) (1996): Verantwortliches Handeln. Daten zur Sicherheit, Gesundheit, Umweltschutz. Ein deutscher Beitrag zum weltweiten Responsible Care-Programm der chemischen Industrie. Frankfurt/Main. zitiert nach Brand, K.-W. & Jochum, G. (2000)

[vi] J. Jörissen, J. Kopfmüller, V. Brandl, M. Paetau (1999): Ein integratives Konzept nachhaltiger Entwicklung Karlsruhe: Forschungszentrum Karlsruhe GmbH. Technik und Umwelt, Wissenschaftliche Berichte FZKA 6393.

[vii] United Nations (2015): Transforming our World. The 2030 Agenda für Sustainable Development. A/RES/70/1. sustainabledevelopment.un.org

[viii] The European Green Deal. Striving to be the first climate-neutral continent. 2019. commission.europa.eu

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[xi] flow sustainability. In 8 Schritten zur Nachhaltigkeitsstrategie. Whitepaper zum kostenlosen Download. flow consulting gmbh. flow.de

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[xxxi] Lampikoski, T., Westerlund, M., Rajala, R., & Möller, K. 2014. Green innovation games: Value-creation strategies for corporate sustainability. California Management Review, 57(1): 88–116.

[xxxii] Eccles, R. G., Johnstone-Louis, M., Mayer, C., & Stroehle, J. C. 2020. The board’s role in sustainability. Harvard Business Review, 98(5): 48–51.

[xxxiii] Whelan, T., & Douglas, E. 2021. How to Talk to Your CFO About Sustainability. Harvard Business Review, 99(1): 86–93.

[xxxiv] Hallinger, P. 2020. Analyzing the intellectual structure of the knowledge base on managing for sustainability, 1982–2019: A meta-analysis. Sustainable Development, 28(5): 1493–1506.

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[xxxvi] Gaganis, C., Galariotis, E., Pasiouras, F., & Tasiou, M. 2023. Managerial ability and corporate greenhouse gas emissions. Journal of Economic Behavior & Organization, 212: 438–453.

[xxxvi2] Vrbsky, S. V., Galloway, M., Carr, R., Nori, R., & Grubic, D. 2013. Decreasing power consumption with energy efficient data aware strategies. Future Generation Computer Systems, 29(5): 1152–1163.

[xxxvii] Hahn, R., & Kühnen, M. 2013. Determinants of sustainability reporting: a review of results, trends, theory, and opportunities in an expanding field of research. Journal of Cleaner Production, 59: 5–21.

[xxxviii] Kolk, A. 2004. A decade of sustainability reporting: developments and significance. International Journal of Environment and Sustainable Development, 3(1): 51–64.

[xxxix] Clausen, J., Göll, E., & Tappeser, V. 2017. Sticky Transformation: How path dependencies in socio-technical regimes are impeding the transformation to a Green Economy. Journal of Innovation Management, 5(2): 111–138.

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