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Introducing circular economy principles into a company's packaging management is one possible way to reduce the environmental impact of excessive use of packaging materials in industry, but also an opportunity to reduce the costs associated with packaging logistics. The aim of this paper is to identify the main opportunities and barriers for the management of industrial packaging according to the circular economy model based on qualitative research in a selected company in the chemical industry. The research was conducted through in-depth interviews with four managers of the company who are involved in the packaging management of the selected company. The research results provide examples of good practice while highlighting the main issues related to industrial packaging management in the areas of: sustainable material design, material savings, packaging reuse and packaging waste recycling., Zavádění principů cirkulární ekonomiky do obalového hospodářství podniku je jednou z možných cest ke snižování environmentálních dopadů nadměrného používání obalových materiálů v průmyslu, ale také příležitostí ke snížení nákladů spojených s obalovou logistikou. Cílem tohoto příspěvku je identifikovat hlavní příležitosti a bariéry pro nakládání s průmyslovými obaly podle modelu cirkulární ekonomiky na základě kvalitativního výzkumu ve vybraném podniku chemického průmyslu. Výzkum byl realizován formou hloubkových rozhovorů se čtyřmi manažery podniku, kteří jsou zainteresováni v obalovém hospodářství vybraného podniku. Výsledky výzkumu uvádějí příklady dobré praxe a současně upozorňují na hlavní problémy spojené s nakládáním s průmyslovými obaly v oblastech: návrh obalů z udržitelných materiálů, úspora materiálu, znovupoužití obalů a recyklace odpadu z obalů.

A structural model for the verification of the causal relationship between sustainability and economic value added is presented in this paper. The study has shown that there is no definite and unique relationship between corporate sustainability and economic value. Based on the results of the structural modelling, sustainable value model ESGVA is methodologically improved. The model expresses all four dimensions of corporate sustainability: environmental, social, corporate governance and economic. The case study demonstrates how different the results are if a purely economic concept of company value is used compared to value that takes into account environmental, social and corporate governance factors. The model is applicable to comparative analysis of socially responsible investments. Sustainable value provides extra information on corporate performance and can be used for decision-making of individual investors.

Sustainable investing is an investment approach in line with the values of sustainable development and compliance with environmental, social, and corporate governance (ESG) criteria. The aim of the article is to propose a sustainable investing model (SIM) to support the decision-making of responsible individual investors. The proposed model aggregates economic indicators of investment decision-making, positive and negative ESG criteria, the market value of the stock, a systematic and unsystematic risk (expressed by the capital asset pricing model (CAPM)), thus widening the investment triangle by another peak—and that is sustainability. The research methodology is based on four key areas (environmental, social, corporate governance, and economic) associated with sustainable investments, stock market value, and risk. The research methodology of structural equation models is applied for the construction of the SIM. Mathematical equations are used to apply the SIM, which expresses values, the so-called factor scores. For the classification of sustainable investments, a classification scale is created that divides investments into three groups: above-average, average, and below-average. The SIM comprehensively evaluates individual ESG criteria and economic areas of sustainable investments, thus assisting the investor in deciding on sustainable investments of Czech joint-stock companies in the manufacturing industry, including benchmarking with other sustainable investments.

Sustainability processes are complex and therefore ill-known, inconsistent, and subjective, and must be studied despite a shortage of information. It is prohibitively difficult to study them on quantitative levels using quantitative methods. The presented qualitative approach enables us to solve these issues. There are just three values used to describe the qualitative variables and their derivatives, plus/increasing, zero/constant, and negative/decreasing. An n-dimensional equation-less qualitative model is a set of pairwise relations. Such relations represent a shallow knowledge of the sustainability systems being studied. The solution of the qualitative model is a set of scenarios. The behaviour of this model is described by all of the possible transitions among these scenarios. A decision maker can easily compile a decision tree if he/she knows all of the possible transitions. The generated tree can be evaluated using traditional methods if all of the relevant probabilities are known. Otherwise, some heuristics are used to evaluate the best decision.

The Sustainable Value-Added Model is a new approach in value-oriented strategic management that focuses on maximizing the value created by non-financial sustainability indicators. The objective of this paper is to refine the calculation of sustainable added value by incorporating environmental, social, and corporate governance sustainability indicators, assigning weights to the indicators and, by alternative methods, assigning target values to the indicators. Ten alternative models of Sustainable Environmental, Social, and Corporate Governance Value Added were created. The models encompass 11 environmental, social, and corporate governance indicators of sustainability and 2 economic indicators (Earnings before Interest, Taxes, Depreciation and Amortization and Value Added). Indicator values are related to the target values that represent the opportunity costs. The quality of the models was assessed by statistical methods, i.e. the ROC curve, Gini index, and Kolmogorov-Smirnov statistic. The results of these statistics show sufficient quality of all the models proposed. The most accurate model is that with the economic indicator Value Added and target values based on the values of the company with the best economic results.

The aim of the paper is to propose a model for measuring sustainable value which would complexly assess environmental, social, and corporate governance contribution to value creation. In the paper the concept of the Sustainable Environmental, Social and Corporate Governance Value Added is presented. The Sustainable Environmental, Social and Corporate Governance Value Added is based on the Sustainable Value Added model and combines weighted environmental, social, and corporate governance indicators with their benchmarks determined by Data Envelopment Analysis. Benchmark values of indicators were set for each company separately and determine the optimal combination of environmental, social, and corporate governance inputs to economic outcomes. The Sustainable Environmental, Social and Corporate Governance Value Added methodology is applied on real-life corporate data and presented through a case study. The value added of most of the selected companies was negative, even though economic indicators of all of them are positive. The Sustainable Environmental, Social and Corporate Governance Value Added is intended to help owners, investors, and other stakeholders in their decision-making and sustainability assessment. The use of environmental, social, and corporate governance factors helps identify the company’s strengths and weaknesses, and provides a more sophisticated insight into it than the one-dimensional methods based on economic performance alone.

This paper focuses on a comparison of the composite indicator Index Corporate Sustainability ICS, the predictive model Corporate Sustainability Index CSIMDA for measuring and evaluating sustainability, and the economic predictive model Index of Financial Standing IB for concerns in the manufacturing industry. The aim was to determine the informative ability of these models, to analyse their differing results, and to identify which model is the most suitable. The results produced by these models by means of a comparison of 10 Czech concerns in the manufacturing industry in the period 2011-2013 are depicted in graphic form, and conclusions derived as to whether the given concerns are headed towards sustainability. Models of sustainability are based on environmental, social, corporate governance and economic indicators of performance (IESGEi) which are expressed in various units. The economic model is based on economic indicators. The results produced by comparison of the models indicates the most suitable model to be the composite indicator ICS which shows a high percentage of correctly classified companies on the basis of the Gini index. The subsequent classification of concerns according to the composite indicator is essentially different to the classification of concerns according to predictive models, first and foremost as a result of the construction of this model and the inclusion of environmental, social and corporate governance indicators in contrast to the predictive model CSIMDA and the predictive model IB. The results of research into the measurement and evaluation of corporate sustainability clearly indicate that, in addition to financial indicators, it is also essential to incorporate non-financial indicators into these models. Models for the measurement and evaluation of sustainability can provide investors and owners with information as to whether the given concern is headed towards sustainability or not.

This article is focused on determination of the most significant economic indicators influencing corporate sustainability performance. Corporate sustainability performance is a multidimensional concept based on the original idea of sustainable development, replacing the traditional understanding of corporate performance only as capital appreciation for owners (shareholders). Compared to the original concept of sustainable development which consists of environmental, social and economic performance, the so-called triple-bottom-line, it is broaden to the responsibilities and the impact of Corporate Governance on the corporate performance. The basic set of economic indicators has been constructed from a synthesis of resources developed by international organizations (Global Reporting Initiative, International Federation of Accountants) and research among manufacturing companies in the Czech Republic. The basic set of twenty-five key indicators is divided into seven groups: Costs, Investments, Economic Results, Asset & financial resources utilization, Suppliers reliability, Penalties and R&D expenses. Basic set of indicators was presented to 23 top-managers who quantified the potential effect of each indicator to the success and sustainability of their companies. Through the methods of descriptive statistics knowledge of the particularities of each indicator was obtained. Correlation analysis and factor analysis were applied in order to eliminate information duplicity and dimensionality reduction. The result is a reduction in the number of economic indicators, so that the loss of information on the influence of the original indicators on the corporate sustainability is minimized. Corporate sustainability indicators are a tool for measuring and managing progress towards sustainability goals and environmental, social and economic impacts.

The purpose of this paper is to present a model for evaluation of effectiveness of manufacturing companies by financial and non-financial indicators in relation to corporate sustainability. Sustainability is a multidimensional concept based on a balance of environmental, social and economic pillars. It is difficult to evaluate it because it is expressed by many variables which most of them are non-financial ones. Data envelopment analysis is based on assessing the quantity of consumed inputs by the produced outputs and estimation of production possibility frontier; it computes a scalar measure of efficiency and determines potential improvements of inputs and outputs without requiring explicit specification of functional relations between inputs and outputs and setting weights of variables. Based on the computation of the CCR super efficiency DEA model the companies are divided into four groups: sustainable, pro-social, pro-environmental and unsustainable companies. The model outputs allow users to identify the position of a particular company and to reveal weaknesses in the effectiveness of a company, thus the model can serve its users as a basis for decision-making and performance management. The graphic presentation of the results makes the model outputs clear and easy to understand.

Effective Corporate Governance is a key element in achieving long-term success of the company. Codes of conduct that Corporate Governance adopts, directly determine the sustainability of business activities. In this context, this paper aims to demonstrate the results of a research that identifies a set of key indicators of Corporate Governance performance. Presented research is quantitative. In order to identify key performance indicators factor analysis was employed. It was found that Corporate Governance performance is influenced by two factors. First factor, Relationship of Corporate Governance and stakeholders is measured by key indicators: Percentage of women within CG, Contributions to political parties, politicians and related institutions and Number of complaints received from stakeholders. The second factor, Strategy & Compliance is formed by Percentage of strategic objectives met and Total number of sanctions for breaching the law. This research results aim to contribute to both academy and corporate practitioners, who want to improve Corporate Governance performance and through the use of key performance indicators to support transparency and sustainability of their business.

The article describes the construction of a predictive model of corporate sustainability, the DACSI Index, for measuring sustainability. The aim of the paper is to propose a predictive model DACSI Index based on economic IEcoi and non-financial indicators IESGi and appropriately selected predictive models DAEco and DAESG for manufacturing companies according to CZ-NACE classification. Predictive models were developed with the use of Multiple Discriminant Analysis (MDA). MDA results showed that the inclusion of non-financial indicators did not result in any significant changes in the classification of companies into individual groups compared to classification on the basis of economic indicators only. From MDA results it also follows that the statistical significance of non-financial indicators is low, but they signal a causal relationship between individual economic and non-financial indicators of sustainability. The results also showed that the predictive model DACSI Index, composed of economic indicators, environmental indicators, social indicators and corporate governance indicators has a much higher accuracy than the predictive model composed of economic indicators only. The essential conclusion of our research into corporate sustainability measurement is that the traditional performance assessment using economic indicators no longer suffices and does not reflect current performance of the company from the long-term perspective, and it is therefore necessary to include both economic and non-financial indicators into the predictive model DACSI Index. And the predictive model DACSI Index is just the type of model that will provide relevant information about the company’s sustainability status to both the owners and investors., Článek je zaměřen na konstrukci predikčního modelu Corporate sustainability index DACSI pro měření udržitelnosti společností zpracovatelského průmyslu. Výzkumem měření udržitelnosti pro odvětví zpracovatelského průmyslu v České republice se zabývá řešitel projektu Faculty of Business and Management of Brno University Technology (FBM BUT) v rámci řešení projektu the grant No. 14-23079S Measuring Corporate Sustainability in Selected Sectors funded by the Grant Agency of the Czech Republic (GA CR). Cílem článku je navrhnout predikční model DACSI na základě finančních a nefinančních ukazatelů a vhodně zvolených predikčních modelů DAEco a DAESG u průmyslových společností dle CZ-NACE. Teoretický rozbor finančních ukazatelů vychází z tuzemských i zahraničních výzkumů predikčních modelů, a u nefinančních environmentálních, sociálních a corporate governance ukazatelů ze studií mezinárodních zdrojů. Konstrukce predikčního modelu DACSI je postavena na metodickém postupu návrhu predikčního modelu DAEco z ekonomomických ukazatelů IEcoi a predikčního modelu DAESG z environmentálních, sociálních a corporate governance ukazatelů IESGi. Pro tvorbu predikčních modelů byla použita metoda Multiple Disciminant Analysis (MDA), které předcházelo využití jednorozměrných statistických metod. Výsledky MDA ukázaly, že při zařazení nefinačních ukazatelů výsledné zatřídění společností do jednotlivých skupin nedoznalo výrazných změn proti zatřídění společností pouze z ekonomických ukazatelů. Dále z výsledků MDA vyplývá, že statistická významnost nefinančních ukazatelů je nízká, ale ukazuje na příčinný vztah mezi jednotlivými finančními a nefinančními ukazateli k udržitelnosti. Nic méně výsledky dále prokázaly, že predikční model DACSI, který je zkonstruován z ekonomických ukazatelů IEcoi: EAT / VK; EBIT / A; EBIT / T; CF / A, environmentálních ukazatelů: Náklady na environmentální investice / Přidaná hodnota; Celková roční produkce nebezpečného odpadu / Přidaná hodnota, sociálních ukazatelů: Při

The article is focused on the use of multivariate methods for creating the Corporate Sustainability Index (CSI) predictive model for measuring sustainability of industrial companies according to CZ-NACE, and on comparing these methods. The goal of this article is to propose a suitable CSI predictive model and to determine which financial and non-financial indicators can most influence a company tending to sustainability. To determine the CSILA predictive model, the Logistic Regression is used, and to determine the CSIMDA model, the method of Multiple Discriminant Analysis. However, based on the theoretical analysis of each method it is necessary to state that the methods cannot be unequivocally compared, even though each of these methods identified similar significant financial and non-financial indicators, coefficients and tests, which are interpreted analogically in the methods and are created in different ways. The results of the comparison of the methods for determining the predictive model CSI show that the logistic regression seems to be the best, which has a high percentage of correctly classified companies based on the calculated probability; in this case, the Gini index is also highest. The resulting classification of companies into different groups in comparing these two methods underwent significant changes as opposed to the classification of the companies according to the Data Envelopment Analysis method. The conclusions of the research of measuring the sustainability of the company show that currently-in addition to financial indicators-also non-financial indicators must be included in predictive models, namely the environmental indicator, the social indicator and the corporate governance indicator. It means that for the companies it has become a necessity to build a unified system for measuring sustainability of a company; this requirement has been confirmed also by managers of companies.

The article presents a methodological approach consisting in the application of a discriminant analysis in evaluations using financial and non-financial ESG and economic indicators, including the establishment of the sustainable corporate performance index of Czech companies from the manufacturing industry. The proposed methodology for comprehensive performance evaluation is adjusted to allow for an assessment of financial and non-financial indicators and their weights. It is particularly necessary to focus on such financial and non-financial indicators that provide to some extent information about the potential risk to companies' sustainability. This will not only allow for an ex post evaluation of companies, but also of their sustainable development. The aim of this paper is to establish sustainable corporate performance index for Czech companies from the manufacturing industry based on defined financial and non-financial ESG and economic performance indicators. Environmental, social, corporate governance and economic indicators are often characterized by a large number of variables that are partly qualitative in nature and can only be evaluated on the basis of a subjective assessment, which inevitably includes various types of knowledge. The sustainable corporate performance index was determined by means of a discriminant analysis. The use of discriminant analysis to measure the comprehensive performance of the company can also improve the accuracy of qualitative aspects captured in a non-deterministic manner. Indicators selected for discriminatory analysis included those relevant financial indicators that relate to sustainability and non-financial indicators that also meet these conditions for Czech company from the manufacturing industry. The result of discriminant analysis is the sustainable corporate performance index, which should reflect the sustainability of companies from the manufacturing industry.

The paper looks into various models of corporate environmental. social, corporate governance and economic indicators and their mutual relations in companies of the Czech manufacturing industry. Mutual linkage of ESG performance indicators was serified in 79 companies from processing industries in the Czech Republic. Data was acquired by empirical research in the Czech Republic which was completed in 2011-2012. The aim of the paper is to model environmental, social, corporate governance and economic indicators for the measurement of a company's performance on the basis of regression analyses and definition of mutual links between them as well as the potential link with Sntainable C. o porac Pertbrrnance. Regressh 'n arwly sis indicates that mdcpcndent ariable en'. ironrncntal and social indicators do not ha'. e any important effect on economic pcrthnnancc Similar results '.sere achieved in modelling the impact 01 corporate goveinance perharmance on en'. nonmental, social ,iiid economic pci lormance.

The report is targeted at key environmental, social and corporate governance (ESG) indicators of performance. The performance indicators ESG are becoming more and more important for complex assessment of a company and of unified Sustainable Reporting. The development of key performance indicators is under development in many international institutions, e.g. UNEP, EFFAS, DVFA, CFA etc]. ESG stands for Environmental, Social and Governance. There is growing evidence that suggests that ESG factors, when integrated into investment analysis and decision making, may offer investors potential long-term performance advantages. The aim of this paper is to introduce and give theoretical possibilities of establishing ESG key performance indicators at the corporate level to support investors' decisions and to be a part of Sustainable Reporting. On the basis of theoretical knowledge was made an empirical analysis in small and medium enterprises at the Czech Republic in selected sectors with a focus on the ESG performance indicators and Sustainable Reporting.

The contribution is focused on the interrelationships between environmental, social and corporate governance (ESG) performance indicators. ESG-indicators are increasingly used by investors to understand the processes in society with focusing on the key factors. The aim of the contribution is the proposal of ESG-indicators for measuring the performance and determination of the qualitative relations between them, under influence of multiple factors that can be considered as a prerequisite for success not only in the decision-making process but also for the possibility to determine the Sustainable Value. Different statistical methods were applied in the process of the development of environmental, social and corporate governance indicators. On the basis of analysis of the ESG performance indicators of international organisations (GRI, UNCTAD, UN Global Compact, IFAC, OECD, 1FRS, EFFAS-DVFA, CFA, WBCSD, Green Paper, etc.) was carried out an empirical analysis of environmental, social and corporate governance indicators for the companies in the manufacturing sector according to CZ-NACE. The expected result of the research is the proposal of ESG-performance which should help to the investors to decide on their investment activities and simultaneously to be part of the Sustainability Reporting.

The paper focuses on environmental, social and corporate governance performance in relation to business sustainability in small and medium enterprises in the Czech Republic. Corporate Governance is understood as a key element when achieving economic performance as well as growth enhancing the investors' trust. It also makes it possible to create structures supporting the determination, checking and achievement of the objectives of the enterprise. It creates suitable initiatives for the members of the administrative bodies and the management. In the integration with sustainability, featured as the business strategy, the long-term corporate objectives, efficiency, performance, competitiveness are pursued through the inclusion of economic, environmental and social aspects to the corporate management. The sustainability of small and medium enterprises in the Czech Republic may bring about its effects in practice through the analyses of environmental, social and corporate governance performance, increased interests of uninvolved groups in the issues, competitiveness, increased market share etc. The inclusion of sustainability in the corporate management of an enterprise calls for a change in business. The target of the paper is the empirical analysis of the environmental, social and corporate governance performance in small and medium enterprises in the Czech Republic.

Článek je zaměřen na současný stav managementu, který je poznamenán jevy působícího tržního hospodářství, kdy je od managementu požadováno dosahovat vysoké výkonnosti, dlouhodobé prosperity a plného uspokojování požadavků všech zúčastněných (vlastníků, zaměstnanců, dodavatelů, apod.) a také uspokojování potřeb a požadavků zákazníků. Cílem současného managementu je nalézt sjednocující přístup, který vrátí management k jeho výlučnému postavení jednotného a vrcholového vedení podniku ve všech jejích součástech a procesech. Výsledkem sjednocujícího přístupu managementu je integrovaný management, který by také zahrnoval užívat osvědčené a úspěšné postupy, tzv.CHYTRÉ PRAKTIKY.

The contribution is focused on the interrelationships between environmental, social and corporate governance (ESG) performance indicators. ESG-indicators are increasingly used by investors to understand the processes in society with focusing on the key factors. The aim of the contribution is the proposal of ESG-indicators for measuring the performance and determination of the qualitative relations between them, under influence of multiple factors that can be considered as a prerequisite for success not only in the decision-making process but also for the possibility to determine the Sustainable Value. Different statistical methods were applied in the process of the development of environmental, social and corporate governance indicators. On the basis of analysis of the ESG performance indicators of international organisations (GRI, UNCTAD, UN Global Compact, IFAC, OECD, IFRS, EFFAS-DVFA, CFA, WBCSD, Green Paper, etc.) was carried out an empirical analysis of environmental, social and corporate governance indicators for the companies in the manufacturing sector according to CZ-NACE. The expected result of the research is the proposal of ESG-performance which should help to the investors to decide on their investment activities and simultaneously to be part of the Sustainability Reporting.

Consideration of the environmental protection requests a number of changes from each individual company which must concern not only specific corrective actions of usually technical and technological character, but particularly the whole corporate management system. The trends of waste and rejected product disposal are changed in the Czech Republic, which trends bring extension of preventive actions and minimization of waste generation. Incorporation of the environmental protection into the company practice requests implementation of the environmental approach to the whole company management system, incl. the strategic environmental management. Important point of applying active environmental strategy is to move from final actions to preventive actions. This application is necessary in the whole live cycle of the product. Incorporation of the environmental protection into the company practice requests implementation of the environmental approach to the whole company management system, incl. the strategic environmental management. Nowadays care of the environment and interest in the sustainable development are considered the characteristic features of the prudent management. There is no escape from serious problems of the future development in the environmental field; the problems will have to be resolved at all company levels. The strategic environmental management defines long-time objectives and spheres of business, where the company intends to be active, the competence to be obtained and the necessary resources for launching the market and for successful competing; in order to reach its environmental objective the company values up and utilizes its potential, thus being able to cope with the continuing changes in the conditions of the environment and also determines the methods how to reach these environmental objectives.The life cycle is an important factor affecting content of the strategic environmental management. The strategic environmental management should