Systematic review paper

Submitted to: Sir Usman Tariq Bhatti

Submitted by: Girls Group of BBA 7th Semester Morning (A)

Topic: Role of SDGs (sustainable development goals) to enhance and

sustained the Business Values and Society Welfares.
 Topic: Role of SDGs (sustainable development goals) to enhance the business values and society
welfare.

ABSTRACT

The study aims to develop a systematic review to analyse that to which extent SDGs make contribution into policies and procedures in
the past. Moreover, to determine how it effects operational efficiency of the organization. Research was performed to identify all
primary studies, indicating factors and business values that are being shaped by SDGs in organizations with the help of these
electronic database: Medline, web of science, Scopus. Data obtained from research studies over the period of last ten years (2012-
2022). Boolean strategy was used for data collection. A total of 27 articles were included, reporting 17 rules included in the UN
portfolio. According to this research, results show that SDGs contribute significantly in organization’s sustainability and development
with the help of innovation. However, firms can use powerful indicators to ensure sustainability. SDGs influence business values with
the help of wide spectrum of sustainable development. Moreover, Sustainable development led company to achieve competitive edge
over others and this is the stage where company gets success. Furthermore, implications also include in this study like social
implication which state the better standard of living by attracting the employees to their well repute organizations because the SDGs
provide such goals and plans that lead toward the business reputation, policy making implications through which the Government can
improve the business strategies and can take such steps which might result for society welfares and can bring effectiveness in newly
developed organization. And the originality of this study is that there are several goals (almost 17 goals) of SDGs given by different
researchers. But in this study, SDGs specifically focus on business context, business values (including multiple outcomes) and society
welfare.

Key Words: Sustainable, SDGs (Sustainable Development Goals), implementation, Business Values.

Paper Type: Systematic Review Paper.

1. Introduction:

Sustainable development goals (SDG’s) also known as “global goals” were adopted by United Nations in 2015 which provides
blueprint for dignity, peace and prosperity for individuals and the planet and assure that by 2030 all individuals enjoy peace and
prosperity (Ghosh & Rajan, 2019). Moreover, SDG’s represent a set of 17 sustainable development goals to transform the world
(Verboven & Vanherck, 2016). However, SDGs are a license and may act as catalysts for new progressive and innovative business
models, doing so makes business sense and will give them an edge over their competitors. In order to achieve SDGs, innovation and
sustainability are powerful indicators so by deployment of innovative strategies, firms can make significant improvements in products,
processes and services which ultimately lead to sustainable development. SDG’s are salient operators for laws, policies and
stakeholder predictions for next 15 years which result in sustainable growth of companies (Johnsson, Karlsson, Rootzén, Ahlbäck, &
Gustavsson, 2020). Furthermore, complying SDG’s is a benchmark to operate effectively and it provides wide spectrum of sustainable
development which is a great increment to business value. (Verboven & Vanherck, 2016) proclaimed that the objective of SDG’s is to
create a direct connection among global goals on one side and administration of human rights and CSR on other side. Additionally,
implementation of SDG’s will result in decrease of corruption and bribery in all their forms. The same has been said by (Verboven &
Vanherck, 2016) that SDG’s will substantially reduce legal, social and various business risks. In addition, SDG’s is creating potential
for optimization of raw materials, it allows demanding higher prices for products as consumers are willing to pay for environmentally
friendly products so by incorporating SDG’s companies can add value to their product. However, organizations considerably reduce
waste generation through prevention, reduction, recycling and reuse due to SDGs globally. Furthermore, Organizations are
incorporating SDGs to minimize environmental hazards arising due to elimination of poisonous chemicals to make world a better
place to live. SDGs provides comprehensive model for business to make them sustainable and have a significant impact on their
economic development to promote prosperity in developing countries. As it is ideal state for a country if there is no poverty, no
discrimination among gender, good environment, responsible production, zero hunger and no inequality. This can only be achieve by
applying rules of SDGs as said by (Agrawal, Majumdar, Majumdar, Raut, & Narkhede, 2022). Every country knows about theses rule
but most of the businesses in developing countries have not applied them yet. This is not a problem of one or two countries but almost
all Asia pacific country have goes through it (Sinha, Sengupta, & Saha, 2020). Unsustainability causes economic crises. Ignoring
SDGs will cause illegal trading that will increase market disturbance (Cisneros-Montemayor et al., 2020). Distortion will not limits
here, ignorance to this issue will also lead to environmental destruction (van Zanten & van Tulder, 2021). It is very important to pay
attention on SDGs to make this world better place to live especially in business sector to enhance economic growth. SDGs strongly
influence business strategies, goals, objectives and play an important role in development of businesses .Many studies have discussed
SDGs benefits in term of business as (Buhmann, Jonsson, & Fisker, 2018) but they have not thoroughly discussed business values.
This study has discussed in detailed about SDGs impact on following business values such as financial, social, environmental,
economic and different business strategies. Businesses knows the importance of SDGS, but they often face difficulty in implementing
them. Some studies have shown different ways to implement them such as (Allen, Metternicht, & Wiedmann, 2018) (Ali, Hussain,
Zhang, Nurunnabi, & Li, 2018) but this study specifically discuss which countries are implementing SDGS and what are different
tactics they have been adopted.

The main objective of this study is to provide a systematic review of research checking the role of SDG’s in creating business value.
Moreover, the aim of this research is:

1- To analyze the extent to which SDG’s makes significant contribution in business processes, policies and procedures in the past.
2- To determine implementation of sustainable practices into the company in order to obtain operational efficiency.
3- To make recommendation to businesses to incorporate SDGs in their business strategies which help them out to shape, grow,
communicate and provide healthy workplace.

Sustainable development goals SDGs helped the world by creating a healthy ecosystem and improving our biodiversity (Singh et al.,
2018). SDGs also modified urban areas by producing smart cities and an improved infrastructure.in business world SDGs produced
new and better opportunities for increased revenue and better market differentiation strategies, also advised new and enhanced
recruitment techniques (Lewandowski, 2016). According to Lacy, Long, and Spindler (2020) it is predicted that SDGs can produce a
revenue of $1.3 trillion and can make better resource distribution and increase productivity about 3 percent. The past studies (Bradley,
2016) on sustainable development goals are a great contribution to research by addressing this issue in different directions such as
environmental social and economic level. Moreover, these studies implemented sustainable development goals on different nations
including developing and also underdeveloped nations. By including its indicators stated a comprehensive representation of the
change observed during past years in sustainable development goals (Costanza et al., 2016).

2. Methodology:

2.1. SEARCH STRATEGY

Since it was anticipated that the majority of the key findings would be reported in English, the search was conducted to locate
appropriate publications published in English-language reviewed journals regardless of origin nation. The databases from where the
paper belongs is mostly Medline, Web of Science, and Scopus. The Boolean Search was used for searching papers using the search
terms:

1. (Global goals OR “Sustainable Development Goals”) AND

2. (“Business values” OR corporate values) AND
3. (“Outcomes” OR facets OR effects OR consequence).

The words used in the Boolean search were selected from literature review of different papers by different researchers after vigilant
consideration and agreement among all authors on words. Terms synonymous to each other were included in the first combination,
which have been used by many researchers including “Sustainable Development Goals”(Hák, Janoušková, & Moldan, 2016), “Global
Goals”(Franco, Chatterji, Derbyshire, & Tracey, 2019; Fukuda-Parr, 2014). The second combination includes the terms “Business
values” used by numerous researchers such as (Agle & Caldwell, 1999; Enholm, Papagiannidis, Mikalef, & Krogstie, 2022; Joyner &
Payne, 2002). The third combination includes the terms which represents the outcomes of SGD’s in creating business value. The
Boolean search operator “AND” was use to restrict the paper search to outcomes of SDG’s in creating business values, while the
operator “OR” was used to enhance the paper search with multiple synonymous terms. The papers searched were considered till 2012.

4. DATA EXCLUSION AND INCLUSION CRIETERIA

The stage of manual screening was applied to the data after reading and investigating numerous articles. At this point, articles from
certain electronic database, such as Web of Science, Scopus, Medline, etc., were taken into consideration. Following data filtering,
duplicates were identified and eliminated. Data screening was initially carried out by the first author, and it was determined through
data screening that some articles had to be eliminated because some of the same articles had been entered into separate databases with
minor variations. After duplications were removed, the title and abstract of each article were used to determine whether it was eligible.
The first and second authors each did this independently. Any primary research examining the business value of the SDGs among
organisations (Buhmann, Jonsson et al. 2018), their implementation (Rashed and Shah 2021), and their indicators (Hak, Janouková et
al. 2016) were analysed and then included. Here, the term “SDGs” (or “sustainable development goals,” or “global objectives,” as they
are frequently known) is defined as “goals approved by the United Nations to ensure development in diverse organisational sectors”
(Allen, Metternicht et al. 2018). Studies that don’t emphasise favourable results as a result of SDGs (business ideals) are not included
in the paper. Studies that didn’t focus on organisational values were also omitted. Studies done on subjects other than those mentioned
above, such as business value, execution, and indicators, were also excluded. Additionally, the studies that were included and
eliminated were chosen based on inclusion and exclusion standards, and the cross-validation was examined for any discrepancies.
Other than that, only full-text publications were taken into account. Quality assessment was taken into consideration in order to avoid
mistakes.

5. Data Extraction and Analysis:

For this study, we extract the data from different papers on the base of authors and years of publications, method of study, sample size
of the study, country or sector, study design and tools, implementation of SDGs, business values include multiple outcomes, study
objectives and study conclusion. Also, we extract the data from such papers, in which the SDGs was used as broader term like society
welfare, brand reputation, waste minimization, efficient use of resources, equal economic growth, generates finance/wealth without
affecting the environment, sustainable economic growth, increase in intellectual capital and cost reductions. Due to the heterogeneity
nature, we also explore such data related to SDGs definitions, study instruments and study variables were reported. Similarly, we
extract only such data which is related to SDGs in business terms that how the SDGs enhance the values of businesses. The data was
extracted by the first author and second author independently and method was qualitative due to the studies of heterogeneity in nature
include in systematic review paper.
6. FLOW CHART

Web Of
Medline PsycINFO Scopus Cohrane
Science

identification

Record identified
Total hits (n=230)
through database

screening

Records after duplicates

removed (n=80)

Records excluded(n=11)
Record screened Reasons: not latest even not
eligibility (n=80) from last decade and not
match with desired publishers.

Full text articles excluded

full text article assessed for
eligibility (n=69) (n=42)

Reason of excluded are:

included Out of scope(n=13)

Incomplete details(n=6)
Total articles included
Not study variables (n=4)
(n=27)
Not business values (n=20)

27
25
23
21
19
17
15
13 Series1
11
9
7
5
3
1
2012 2014 2016 2018 2020 2022

The study of our systematic review consist of 27 articles. Our finding demonstrated how quickly academics began to pay more
attention to SDG between 2016 and 2022. In particular, the examination uncovers how every year starting around 2016 the quantity
of papers distributed by published about SDG has been high than the prior year. In our study two articles on the SDG were found
from 2016. And 3 articles were found from 2017 and 2018 .and 6 articles of SDG get from 2019. And 4 articles get from 2021.
 Since 2020 the number of articles has significant increased. These articles chosen for this study come from respected journal. A
total of 27 articles on the topic of sustainability development goal were selected for this study. The evidence suggests that these
papers are central to the SDG debate as a whole. In addition, the many papers are extremely multidisciplinary.

12

10

6
Series1

0
Em EL Wi Sp Sage T&F

The study of our systematic review consist of 27 articles. Out of 27 articles Elsevier published their 10 articles, Emerald, Sage pub and
Wiley online published their 3 articles, Springer and Taylor and Frances publish their 4 articles on sustainable development goals. We
choose these papers because data about sustainable development goals is totally relevant based to our study.

This graph shows five business values, i.e., Financial, Social, Economical, Environmental, Business and its implementations in 27
shortlisted research papers. The first business value mentioned is financial value and this graph shows it has implementations in 2
research papers. The second business value is social and it has seen in 10 research studies conducted on SGD’s. The thirst business
value is Economical value and according to graph it has seen and have implications in 4 research papers. The fourth value is
environmental value and its implementation 10 papers. The fifth business value is business orientation and its implementation is seen
in 10 papers. The graph shows all five business values and its implementation in achieving sustainable development goals.
Author, Country Study Sample Method Terminologies Implementati Business Conclusions
Year design Size ons values

Owusu- Myanma Cross- The The research Sustainable It becomes Awareness Government
Manu et r sectio sample adopted a Development important raising, include
al. nal size qualitative method. can be for comprehen sustainable
(2020) comprises The qualitative attaining by Governmen sive PPP model to
stakeholde method was used to the formation t that they corporate ensure SDGs
rs in the interpret the of partnership find more modeling impact in
energy findings to enhance and alliance funding with private
sector quality. between public resources corporate sectors.
across the and private for public social
governme organization projects for responsibil
nt, public, and it put a developmen ity (CSR)
private huge impact on t. Many and SDGs,
sector and people. reasons of exploration
civil Through delayed of SDGs
society. sustainable projects that business
development help in opportuniti
organization developmen es such as
now have a t, the carbon
clear priorities reasons are trading,
positioning lack of fund alignment
between civil improper of national
society and planning. policies
private sector with
SDGs,
establishm
ent of
sustainabili
ty units,
partnership
s with
relevant
institutions
is proposed
to achieve
the SDGs
in Ghana
Energy
sector.

Di Vaio Sri- Cross- Shipment The research SDG is defined Promote Not studied SDGs
et al. Lanka sectio companies methodology as the Culture framework
(2021) nal consist of two development diversity motivates
phases: which fulfills and a social companies to
the needs of inclusive reconsider
 The first
present environmen sustainability
Author, Country Study Sample Method Terminologies Implementati Business Conclusions
Year design Size ons values

phrase, a without t. To issues within

review of ignoring the promote the their
the relevant capabilities of developmen corporate
literature next t of waste model.
and generation to recovery
practices. meet their own and
 Second needs. recycling
phrase a projects.
qualitative
research
was
performed
Hörisch Pakistan Cross-
Not d Not Analysis method With the help Not studied The SDGs place
(2021) sectio
defined of sustainable COVID-19 strong
Analysis to identify
nal development, crisis is not emphasis on
patterns of how the
the pandemic only part the
COVID-19
has diverted of the interconnecte
pandemic has
the attention of SDGs, but dness of
impacted the SDGs
many initial also part of various
and emphasized the
challenges of the aspects of
interconnectedness
SG, research sustainable
of the SDG.
specifically field of development
climate change sustainable of business.
and global developme
“Fridays for nt. While
Future” the
movement. pandemic
seriously
threatens
the
achieveme
nt of the
SDGs,
there are
also
opportuniti
es related
to select
SDGs.

Christ Nepal Cross- Not Analysis method The purpose of Practitioner Not studied SDGs will
and sectio defined SDG in this s can be not be
The need for
Burritt nal era is to viewed as attaining
academics to work
(2019) remove all those who without
together towards
kinds of are directly business
holistic solutions to
poverty while involved in engagement.
SDG problem.
protecting the managemen
planet and t, policy
developing developmen
economic t and
Author, Country Study Sample Method Terminologies Implementati Business Conclusions
Year design Size ons values

growth government
implementa
tion, but the
focus here
is on
practices in
big
business.

Tsolakis Myanma Cross- Fish The research SDG can be Promote The Block chain
et al. r sectio Industry methodology use as accountabili benefits of promotes
(2021) nal applied to gather opportunity by ty of block chain SDGs and
and analyses industries to decision in an end- improves
evidence on the change their makers and to-end sustainability
application of block supply chain. help in distribution performance
chain technology in Digital promoting network of business.
the fish industry. technologies circular can be
like block economy. operational
chain helps in Promotes ized by
achieving SDG appropriate establishin
which link it to distribution g a
food of surplus trustworthy
protection, supplies. traceability
environment system that
and also helps allows
in identifying critical
issues. data to be
shared
among all
collaborati
ng parties.

Schrama Maldive Cross- Different  Research The Not studied The SDGs SDGs
de (2017) s sectio companies method Sustainable provide provide path
nal  Analysis Development society and to societal
Observe
method Goals (SDGs) shareholde and
their
are rs with a shareholders
positive
combination of superior value
and
17 non-binding pathway to creation with
negative
or desire goals value framework of
impact per
which have creation. size of risks
SDG.
been and
determined by opportunities.
United Nations
(UN) and their
aim is to
achieve a
sustainable
globe in 2030

Fioramo India Cross- Not Analyses that a new Sustainable GDP is not As with all SDGs
nti et al. sectio post-gross domestic Development fit for environme through
Author, Country Study Sample Method Terminologies Implementati Business Conclusions
Year design Size ons values

(2019) nal defined product economy Goals create a measuring ntal wellbeing
focusing on “roadmap’’ for the impacts, indicator
wellbeing rather growth and it economic the second- reflect the
than material output relies on the contribution hand country’s
is already emerging social, of activity scenario GDP and
in the economic that are reduces the gives
Anthropocene dynamics and redefining economic attributes to
works for the the rules of profit for policymakers
betterment of producer T-shirt for
ecosystem and and sellers. In collaborative
human well- consumers. particular, economy.
being. water
consumpti
on is
reduced by
50% in all
second-
hand
scenarios
and CO2
emissions
are reduced
by 25% to
50%.

Kolb et Bhutan Cross- One Case study In business The market At the SDGs are
al. sectio private education requirement policy beneficial for
(2017) nal business sector , marketing level, the educational
school in sustainable advantages proposed institutions
Cologne, development and impact of (business
Germany also play a economic business schools) and
vital role in benefits schools on companies,
keeping the increasing the SDGs organizations
academic the risk of will benefit and political
system to green educational circles.
remain legal. washing. institutions
SDG can be like
present as an PRME.
effective
framework to
address a core
challenges of
21st century

Emma Banglad Cross- The initial  Data Sustainable The lacking Disclosure SDG
and esh sectio sample method Development experience of the reporting has
Jennifer nal consisted  Sample adopted by to evaluate SDGs may impact on
(2021) of 3446 method united nations the benefits still be firm’s
firms in 2015 and its of CSR can driven performance
years purpose is to cause primarily and addresses
observatio develop a inefficiency by legitimacy
Author, Country Study Sample Method Terminologies Implementati Business Conclusions
Year design Size ons values

n sustainable of corporate issues and

planet. The corporate's legitimacy responds the
(1723
action plan is efforts to concerns stakeholder’s
European
based on 17 meet SDG. and is done pressure.
firms)
SDGs and 169 to provide
targets to relevant
improve health informatio
of community, n about
create smart corporate
cities and values.
provide clean
and reasonable
energy.

Lu et al. Nepal Cross- Not  Literature The concept of It is The target SDGs
(2021) sectio mentioned review “sustainability difficult to group for involve
nal method ” was first distinguish CSR variety of
 Analysis introduce in between implement environmenta
method 18th century, companies ation is l, social and
however it doing well current and economic
becomes financially future issues that
popular when because stakeholder reflect CSR
UN World they do well s who assessments.
Commission socially and expect
on companies appropriate
Environment doing good business
and socially behavior
Development because and results.
introduce a they do well
vision to fulfil financially.
the basic
necessities of
current and
future
generation.
However the
sustainable
development is
a complicated
concept, but
SDGs
implementatio
ns is necessary
to evaluate.

Leal Thailand Cross- Not This book gathers Sustainable Not studied We COVID-19
Filho sectio mentioned and disseminates Development analyze impacted
(2021) nal Goals can be successful sustainable
 Options
measured by internation development
 Viewpoint
different angle al dimensions
 Studies
and also how initiatives aggressively
Author, Country Study Sample Method Terminologies Implementati Business Conclusions
Year design Size ons values

they can promoting that effect

achieve by environme social,
introducing a ntal environmenta
new pathway education, l and
of transition by such as the economical
changing United sustainability.
global Nations
economy. The Earth
UN has School,
continuously UNESCO's
identifying World
further SDGs Education
that helps in Federation,
time of covid the
crisis to Brazilian
recover planet initiative,
Sustainable Amen-o-
Development Tucunduba
require a .
system that
must focus on
environmental,
economic, and
social norms to
achieve long
term solutions.

Heras‐ Afghani Cross- Sample of An exploratory The 17 The SDGs The SDGs Global
Saizarbit stan sectio large, empirical study was sustainable set a global set a global institutional
oria et al. nal stock- performed, based goals, more action agenda for entrepreneurs
(2022) listed on a qualitative in than 230 agenda with action reflect public
firms depth analysis of indicator and the purpose aimed at policy
worldwide sustainability 169 targets of improving makers to
. reports published aimed towards improving the well- rethink due to
by organizations 2030 Agenda. the welfare being of successful
that claim to be Organization of present current and SDGs
committed to the makes an and future future launches.
SDGs. commitment generations. generations
with SDGs in .
order to
promote
Corporate
Social
Responsibility(
CSR) and
sustainable
development
which works to
end poverty
and prosperity
Author, Country Study Sample Method Terminologies Implementati Business Conclusions
Year design Size ons values

of planet

Muff et Sri- Cross- Grey list This study shows Sustainable It has been The global SDGs
al. Lanka sectio countries Experimental Development developed nature and compass
(2017) nal method. Goal is in parallel focus of support Gape
accepted by with the the SDGs frame for
worldwide SDG and make it business
countries and it provides a difficult to schools to
helps in framework serve as an support as
increasing with ideal adequate business tools
business objectives source for and
awareness. The for the measuring educational
SDGs was different national tools.
accepted in goals where progress.
September all citizens
2015 after a can live
huge political well on one
process among planet.
stakeholders
including
NGOs and
worldwide
business.

Jones et Indonesi Cross- Not  Analysis The The The SDGs The SDGs
al. a sectio mentioned method Sustainable implementa have the offer a bold
(2018) nal  Reporting Development tion of potential to and
method Goal was marketing provide an comprehensiv
defined as an and ambitious e global
action plan for communicat and wide- vision for a
people, planet ions ranging sustainable
and prosperity. strategies global future
These goals for vision for a
are very advertisers sustainable
important and as well as future.
carry huge media and
social, content
economic companies
issues like in the
poverty, food global
security, market.
climate
changes,
energy and
many more
other factors.

Eisenme Bhutan Cross- Social Analyze method Sustainable Not studied The Achieving
nger et sectio ecology Development transformat the SGDs is
al. nal asses to Goals were ive one of the
(2020) which adopted in potential of major
extent the 2015, the 17 the SDGs problems for
Author, Country Study Sample Method Terminologies Implementati Business Conclusions
Year design Size ons values

SDGs are SDGs focuses with a governments

suited to on all countries focus on due to the
monitor, and its aim is the pressure
support, to improve stakeholder being put by
and bring social and s and international
about a economic with institutions stakeholders.
transforma ecological working to
tion goals, these bring
towards goals helps transformat
sustainabil SDGs potential ive change.
ity. for bringing
change
towards
sustainability.

Jin Maldive Cross- Not This method is The Implementa Not Contribution
(2018) s sectio defined analyze information Sustainable tion the studied of companies
nal Development SDGs have to SDGs is
Goal, gone far difficult to
successors of beyond aid measure due
Millennium by to the lack of
Development, emphasizin common
its aim is to g the role of framework.
remove trade,
poverty from finance,
all over the technology
world. The 17 and
goals of SDGs capacity
define all root building.
causes of
poverty and
work for
betterment of
people

Verbove Banglad Cross- Not They have used old SDGs concept The SDGs can SDGs can be
n and esh sectio mentioned method surveys is related with integration serve as the basis for
Vanherc nal more climate into thematic corporate
k (2016) and prosperity. company clusters for sustainability
SDGs related strategies sustainabili management
with people, and ty or CSR and new
planet, profit, implementa initiatives. progressive
peace, and tion and business
partnership. managemen models,
The SDGs use t tools. whether for
to assess the private
government business,
efforts towards NGOs, or
environment. public
organizations
and
Author, Country Study Sample Method Terminologies Implementati Business Conclusions
Year design Size ons values

institutions.

Moldavs Thailand Cross- Not Case studies SD can be The Not studied Post-SDG
ka and sectio defined achieve sustainabilit adoption
Welo nal through y period is
(2019) manufacturing assessment evidenced by
sector, because tools can be more positive
it links with placed relationship
providing job within City, between
opportunities Country, sustainability
and works for and practices and
betterment of Company financial
social welfare. that helped performance.
SD is very to
critical concept developed
without any SDG.
valid
interpretation

Muhmad Pakistan Cross- The A systematic Sustainable The SDG Not studied In order to
and sectio sample are review focuses on Development adoption accelerate
Muhama nal from the methods to is defined as a has caused actions in
d (2021) developin identify, select, process to some issues support of
g organize, and fulfil the to specific
economics critically analyses present companies SDGs whose
. data from the generation because of values do not
studies included in need without the cost seem to be
the review. ignoring the involved in clear to some
needs of future implementi universities,
 Literature
generation. ng it is necessary
search
Through SDGs environmen to better
 Data
companies tally understand
collection
now have friendly the varied
 Search
starting operations, degrees of
output
focusing and the attention.
 Data
towards reaction
extraction
environment, from people
planet for the and
better financial industries.
performance.

Johnsson Nepal Cross- Not A multi method The 17 The The SDG To bridge the
et al. sectio Defined approach was used Sustainable departure Compass BRI and
(2020) nal that comprised: goals with169 from a focus on SDGs,
targets have common large emphasis on
 A
been measured setting in multination the
systematic
to take action which a al ownership
review of
for humanity business is corporation principle is
the
and planet for seeking s to the basis and
literature to
next 15 year strategies to support for synergies
identify
while limit the sustainabili to exist
readily
balancing an carbon ty as a key infrastructure
Author, Country Study Sample Method Terminologies Implementati Business Conclusions
Year design Size ons values

accessible economic and footprint of business connectivity

SDG impact social their strategy between
 A critical dimensions of business outcome. partners is the
analysis of development activities in area of
the selected line with special
SDG impact the importance.
 Contextuali agreement.
zing the
available
tools with
respect to
their
interpretatio
ns
 A case
study from
the
construction
industry.
Pizzi et Maldive Cross- The Survey was Policymakers The policy A lack of SDGs are
al. s sectio survey prepared based on are one who maker research on necessary but
(2020) nal was pre- mixed method. widely analyze skepticism other areas insufficient to
tested by a the concept of regarding that can lead
 Qualitative
panel of SDGs, it helps the strategicall humanity
method
academics in involvemen y advance towards long
 Quantitativ
within implementing t of the term
e method
sustainabil new strategies business achieveme sustainable
ity areas at in order to and nt of the development.
different attain managemen SDGs.
universitie worldwide t scholars in
s in profitability regulation’s
various and activities of
countries. sustainability. policy
makers for
SDG.

Buhman Cambod Cross- This The systematic The purpose of The Organizati Companies
n et al. ia sectio search search through the sustainable services, or ons can benefit from
(2018) nal retrieved Scopus database development rights-in- benefit the impact
an initial during October holds an work such from assessment
sample of 2019. important part as salary resources approach
415 in rest leisure already used in
documents development and invested in human right
, a size and it helps in occupationa due due diligence,
consistent recognition of l health and diligence, allowing
with other role of safety that identify them to
bibliometr businesses to assume adverse discover
ic studies contribute active human SDG-relevant
in the towards implementa rights contextual
sustainable tion on the impacts, requirements.
Author, Country Study Sample Method Terminologies Implementati Business Conclusions
Year design Size ons values

manageme development part of a and use

nt field. along with powerful insights
government actor for gained
their about
implementa broader
tion of needs,
SDG. including
human
rights, to
which they
contribute.
This helps
design
appropriate
interventio
ns to
address
local needs
and
promote
moral
legitimacy
by
supporting
the
realization
of SDG-
related
human
rights.

Van der India Cross- Not Data from previous In 2015, the, Not studied The overall SDGs are
Waal and sectio Defined works. United Nations corporate regarded by
Thijssens nal introduce a engagemen the
Combining PCSR,
(2020) global plan of t with the companies in
SDGs and business
action for SDGs is the same way
and human rights
Sustainability still limited they're done
(BHR) literature,
Development. (23% of in the Global
the paper develops
Its main aim is the sample) Compact: as
extensions of the
to end poverty, and more a non-binding
risks-based due
provide better intentional plan that
diligence process
living than real. facilitates
described by the
standard, impression
BHR literature.
promote management
gender while also
equality, works promoting
for human learning.
rights and so
on
Author, Country Study Sample Method Terminologies Implementati Business Conclusions
Year design Size ons values

Rendtorf Sri- Cross- Companie  Quantitative The aim of The focus Not studied The
f (2019) Lanka sectio s from the Analysis SDGs is to on new application of
nal Forbes  Qualitative promote progressive SDG
global Analysis economic business assessments
Quantitative development, models for in business
2000
research deals with contribute the SDGs has the
universe,
the numbers and towards involves potential to
containing
statistics, while economic reflecting clarify those
2000
qualitative research empowerment on the facets of
largest
deals with words and works for possibility sustainable
stock
and meanings. political and of new development
listed
societal models for that are
companies
change. For measuring crucial for the
in the
management sustainabilit business in
world.
of business and y question.
economic performanc
development e of global
SDGs play a reporting in
vital role relation to
the SDGs.

Ghosh Bhutan Cross- Not  Analysis The All these Not studied The key
and sectio mentioned method sustainable things to phases of the
Rajan nal This paper analyses development better SDG process
(2019) the sustainable growth which better outlined in
development goals is also named education the SDG
of the United as for children Compass are
Nations in 2030 “Transforming reduce sufficient for
our World”. It poverty, use in SMEs,
is a set of 17 encourage but they lack
goals set by entrepreneu the essential
UN and rship level of detail
adopted by 193 sustainable for SMEs.
members. The and
purpose of responsible
SDGs is to end agricultural
poverty, production.
protect planet
and works for
human rights

Leal Afghani 189  Analysis of In universities An effective Not studied With the help
Filho et stan companies case studies it is need of the framework of SDG
al. of which Due to e-lack of hour to to promote interlinkage
(2021) 27% are availability of data introduce the analysis,
multinatio on how IB models sustainable implementa countries can
nals, and are implemented development tion of the do integrated
13% are and their impact goals in SDG to planning for
nationals scaled up and research and have a COVID-19
and 60% linked to SDGs. further precise measures that
small and teaching as the alignment can be used
Author, Country Study Sample Method Terminologies Implementati Business Conclusions
Year design Size ons values

medium- part of their of each across the

sized programs in SDG to countries.
enterprises order to fulfil external
. the gap and drivers and
educate institutional
students about policies.
SDGs. It must
focuses on
topics like
transitional
partnership
between
universities in
framework of
research and
many other
teaching
activities

Zhou and Maldive Cross- Banglades  Identify The SDGs are Most of the The report A new CSA
Moinudd s sectio h and the  Quantify the global Asian found that method with
in (2021) nal Republic  Visualize parameters set countries given its
of Korea Identification of the by worldwide have current characteristic

inter linkages leaders aiming typically trends, the s is presented

between relevant for introducing focused on Asia- to help the

SDG targets based a target short-term Pacific companies

on causalities. foundation in responses to region as a report their

Quantification of 2030 and counter the whole is contribution

the inter linkage achieving pandemic, unlikely to to SDGs and

identifies from worldwide to revive achieve tackle other

identification using sustainability the any of the related issues.

statistical method development. economy 17 SDGs.

with the time series However many and to

data collected from researches on ensure the

selected countries. SDGs urgent

programs in needs of the
Asian poor and
countries find vulnerable.
out that many
countries will
not able to
achieve the
2030 target of
SDGs
Owusu-Manu et al. (2020) stated in his cross sectional study conducted in Myanmar that hindrance in implementing and achieving
sustainable development goals includes shortage of fund and proper planning to achieve the desired goals of sustainable development
and the need of hour is that government should find ways to generate resources for public development projects. Di Vaio et al. (2021)
in his research conducted in Sri Lanka emphasizes that government should Promote cultural diversity and a socially inclusive
environment to promote the development of waste recovery and recycling projects that in return influence key performance indicators
like profit margin, revenue growth and customer satisfaction. Christ and Burritt (2019) research included physical operational
indicators like business performance, production and sales calls and came to the pint that practitioners can be viewed as those who are
directly involved in management, policy development and government implementation, but the main focus is to implement practices
in large scale businesses. Tsolakis et al. (2021) stated that Significant performance indicators (Revenue growth, revenue per client,
profit margin, client retention rate, customer satisfaction encourage the decision-makers to take responsibility for their actions and
support the circular economy. encourages the proper distribution of leftover materials. Fioramonti et al. (2019) sated in his research
that Capital, both natural and social well-being metrics are not appropriate for quantifying the economic contribution of activities that
are changing the laws governing producers and consumers, and neither is GDP. The ineffectiveness of business attempts to achieve
SDGs may be caused by a lack of experience measuring the benefits of CSR. It can be challenging to tell the difference between
businesses that are successful financially because they are also successful socially. Li et al. (2021) in his research conducted in
Thailand added Key Performance indicators like revenue growth, revenue per client, profit margin, client retention rate, customer
satisfaction as well as added environmental indicators and climate indicators but unable to study the implementations of sustainable
development goals. A study in Asian developing countries implemented that to improve the wellbeing of current and future
generations; the SDGs establish a worldwide action agenda. It was created concurrently with the SDG and offers a framework with
ideal targets for the various goals where everyone can live happily on one planet. The implementation of SDGS is in marketing and
communication plans for brands, media firms, and content producers on a worldwide scale including Indonesia (Johnsson et al., 2020).
A cross sectional study with no added indicator conducted in Maldives Implemented due to their emphasis on the importance of
commerce, money, technology, and capacity building, the SDGs go well beyond traditional aid programs. Moldavska and Welo
(2019) in his study conducted in Thailand stated that with key performance indictors implemented that the city, country, and company
that contributed to the creation of the SDGs can use the sustainability assessment tools. Muhmad and Muhamad (2021) in his study
conducted in Pakistan stated that Companies have had certain difficulties as a result of the SDG adoption due to the expense of
implementing environmentally friendly operations as well as the response from the public and other industry. Services or rights at
work, such compensation, recreational day offs, and workplace health and safety, depend on active implementation on the side of a
significant operator for SDG implementation. Buhmann et al. (2018) stated in impact indicators will influence and improve the SDGs
through enhancing children's education, lowering poverty, and promoting sustainable and ethical agriculture production. Zhou and
Moinuddin (2021) elaborated in his research that the majority of Asian nations have traditionally concentrated on quick fixes to stop
the pandemic, stimulate the economy, and meet the immediate needs of the poor and vulnerable. The author (Owusu-Manu et al.,
2020) has clearly descibed that to achieve the SDGs in Ghana's energy sector, awareness raising, comprehensive corporate modelling
with CSR and SDGs, exploration of SDGs business opportunities such as carbon trading, alignment of national policies with SDGs,
establishment of sustainability units, and partnerships with relevant institutions are proposed. The authors (Hörisch, 2021) and
(Tsolakis et al., 2021) has described that COVID-19 dilemma is not just part of the SDGs, but also part of the sustainable
development study field. While the pandemic poses a major threat to SDG fulfilment, there are also opportunities associated with
specific SDGs. The advantages of block chain in an end-to-end distribution network can be realised by developing a reliable
traceability system that allows vital data to be exchanged among all parties involved. Schramade (2017) and Fioramonti et al. (2019)
mentioned as SDGs offer a better path to value creation for society and shareholders. The second-hand scenario, like all environmental
externalities, diminishes economic profit for T-shirt vendors. Emma and Jennifer (2021) and (Lu et al., 2021) and (Kolb et al., 2017)
have mentioned that proposed influence of business schools on the SDGs will benefit educational institutions like PRME at the policy
level. The disclosure of the SDGs may still be motivated primarily by concerns about business legitimacy and is done to give relevant
information about corporate principles. Current and prospective stakeholders who demand appropriate corporate behaviour and results
are the target audience for CSR implementation. More than five authors have already clearified that SDG Compass supports
sustainability as a key business strategy outcome by focusing on large multinational corporations. a dearth of research into other areas
that can strategically help the SDGs be achieved. Insights gained about broader needs, including human rights, to which they
contribute can be used by organizations to benefit from resources already invested in due diligence, identify adverse human rights
impacts, and by supporting the realization of SDG-related human rights, this aids in the design of appropriate interventions to address
local needs and promote moral legitimacy. Insights gained about broader needs, including human rights, to which they contribute can
be used by organizations to benefit from resources already invested in due diligence, identify adverse human rights impacts, and By
supporting the realization of SDG-related human rights, this aids in the design of appropriate interventions to address local needs and
promote moral legitimacy. Some authors (Johnsson et al., 2020; Kolb et al., 2017; Lu et al., 2021; Owusu-Manu et al., 2020; Pizzi et
al., 2020) have also identified that SDG Compass is aimed at large multinational organisations in order to promote sustainability as a
fundamental business strategy outcome. A paucity of study on other topics that can help to strategically enhance the SDGs'
achievement. Two of authors (Verboven & Vanherck, 2016) and (Johnsson et al., 2020) observerd that the SDGs' transformative
potential, with an emphasis on the people and institutions working to bring about transformational change and SDGs can be used as
thematic clusters for CSR or sustainability projects. Zhou and Moinuddin (2021) stated that according to the analysis, based on present
trends, the Asia-Pacific region as a whole is unlikely to meet any of the 17 SDGs.

7. Implications and Future Research Indications:

Sustainable development goals increases business values which help in analyzing strength and weakness of a business and also
support while doing planning for future growth. Businesses who follow SDGs their brand reputation and intellectual property
increases. With the help of SDGs countries develop CSR strategies which provide solutions to the problems that businesses face.
Moreover, when countries improve their production manner and minimize wastages or recycle those wastages their business values or
worth become expand. Sustainable Development Goals provide perspective to make better decisions on the problems that affect our
lives. SDGs helps to eliminate hunger and poverty, reduce discriminations, tackle climate change, promote healthy life or better
education system, increases employment, job satisfaction and business ethics. According to Campagnolo and Davide (2019) people
become less productive and also suffer from different diseases because of starvation. SDGs focuses on food and farming industries
because they help to get rid of poverty and hunger. Furthermore, they also provide support in raising income which improves standard
of living and fulfill employees or customer’s needs. Rules and policies are implemented by SDGs to avoid gender-based
discrimination around the workplace and provide help to make societies safer and healthier. SDGs also eliminates brutality i-e; sexual
harassment against girls and women in the workplace. For sustainable development of human being education is necessary
(Agbedahin, 2019). Education enhance technical and vocational skills or provide employment opportunities and help to achieve
business goals. SDGs helps to advance educational or training facilities to provide safe, practical and inculsive learning environment
for all the employees. SDGs raise awareness about recycling of wastages or plastics and water management which help businesses to
increase their values by making their surroundings clean, safe and healthy. Ocean ecosystems are greatly affected by business and
supply chain activities, that’s why SDGs implement some policies to protect ocean i-e; businesses should use non-toxic chemicals,
conserve water or reduce the carbon dioxide emission. According to SDGs, by examining finance and promoting entrepreneurship,
innovation systems occur which helps in creating sustainable development of society (Nhamo et al., 2021). SDGs promotes
diversification, technological innovation and higher production by educating and training the labor force which helps in the progress
of economic growth.
Following are some limitations and recommendations which will be helpful for future researchers. The research was limited in sample
size, it is recommended that future researchers can increase the sample size. Moreover, this study focuses only on Asian countries so
future scholars can conduct this study on other countries, in this way results will be more precise or accurate and better understanding
can be develop about SDG’s which will help in controlling poverty to increase business values and also ensure that all people are
enjoying peaceful life. In addition, different sectors of any country can also be taken for further research. Furthermore, Boolean search
strategy was used for the selection or finding of papers and data was collected through different databases i.e. (Scopus, web of science,
Medline, psycINFO). Besides this, future researchers can analyze data through PRISMA or MOOSE method. Moreover, New Castle
Ottawa Scale (NOS) can also be used as it is very reliable for examining the validity and excellency of papers (Tariq & Mohiuddin,
2022).
8. CONCLUSION:
This systematic review explains the importance of SDGs in Asian countries from last 10 years. These countries follow sustainable
development goals to increase brand reputation, innovation, employment and safe or healthier environment which than leads to
enhance business values. CSR strategies were developed by businesses with the help of SDGs which provide solutions to the problems
that affect the whole world. Bangladesh is one of the Asian country who hopefully follows SDGs to end poverty and bring prosperity
in the country. As their market is stable because of SDGs, it brings opportunity to create more jobs and increase economic growth.
However, countries like Maldives and Bhutan are on the right path to achieve SDGs like clean water, justice, peace and sustainable
institutions. Maldives attain profitability and sustainability by making strategies according to SDGs which is necessary to increase
their business worth. By following SDGs, the population of Bhutan become educated which reduces unemployment but it is still
facing the issues of poverty and income inequality. On the other hand, Sri-lanka adopt new progressive business models to measure
the performance of businesses. It also works on educational policies but are fighting with economic crisis. Cambodia implement rights
for employees to work freely at job or provide occupational health services which motivate employees to remain loyal to their
organization and also reduce unemployment in Cambodia. However, Cambodia needs to be customer focused to increase their
standard of living. Each year 7 million tons of plastic waste was generated by Indonesia but it is not recycled, as it is thrown in the
rivers, seas or oceans. Indonesia needs to build strategies to recycle wastage and to make the environment clean and healthy. It is also
unable to provide justice and give equal rights in the workplace, which need to be change as these are the core values of businesses.
By following SDGs, India works on doubling the shares of natural gas which leads to the maximization of energy production. But
there is gender discrimination in the workplace which causes conflict between employees. India has to work on gender equality for
achieving business goals. The country Pakistan shows adequate improvement in poverty, peace, health and well-being but it is still
facing problems related to skill development and innovation which are essential for businesses to survive and also for the progress of
economic growth. Thailand and Nepal focuses on promoting their joint business venture to increase their business worth by following
SDGs. It is difficult to maintain business worth in Myanmar as it has weak infrastructure. There is also inadequate justice system
which become a cause of conflict and chaos. Myanmar needs to follow SDGs to develop peace and to achieve the basic business
goals. Loyalty, hospitality and modesty are the main business values in Afghanistan. Gender inequality and restrictions in employment
are some issues which work as a barrier in maintaining the values of business in Afghanistan. Every country needs to follow SDGs to
increase their business values by sustaining, enhancing and protecting the natural and human resources for future.
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