Small firm, big waves
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2025-06-27
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en
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This thesis investigates how small and medium-sized enterprises (SMEs) transition from informal Corporate Social Responsibility (CSR) practices to structured Environmental, Social, and Governance (ESG) engagement. Using Liburnia Maritime Agency (LMA), a Croatian logistics SME, as a case study, the research employs qualitative methods - including document analysis, stakeholder questionnaires, and interviews - to explore this evolution.
Findings reveal that LMA’s deeply embedded CSR culture, driven by values-led leadership and community engagement, forms a strong foundation for emerging ESG practices. Increasing stakeholder expectations from clients, financial institutions, and regulators are prompting the company to formalize its sustainability efforts, guided by intangible resources such as organizational culture, trust, and legitimacy. Dynamic capabilities like learning and adaptability further enable LMA to align internal routines with evolving ESG demands.
The study challenges the view of ESG as solely an external regulatory imposition. Instead, it presents ESG integration as a relational and adaptive process, grounded in existing CSR and internal strengths. Drawing on the Resource-Based View and Stakeholder Theory, it proposes a conceptual model illustrating how SMEs can leverage their unique capacities to become proactive contributors to sustainability transitions. This research highlights the strategic potential of ESG for SMEs, even in contexts where formal mandates are absent.
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Faculteit der Managementwetenschappen