The Business Model of companies concerning Sustainability and Technology: the case study of Credit Cooperative Bank Magna Grecia

The topic of sustainability is emerging as a universal challenge in which everyone is called upon to participate. This concept is often associated with and used as a synonym for sustainable development (SD), generating a long and open debate in the academic literature (Mebratu, 1998; Harris, 2003; Olawumi & Chan, 2018). Nowadays, the issue of sustainability and sustainable development represents a broad and complex area of research, with many applications in different disciplines and sectors (Olawumi & Chan, 2018). This issue is one of the key pillars for every kind of organisation and its implementation remains a major challenge (Farrell & Hart 1998). In this context, there is increasing pressure from worldwide organisations, to act in a responsible way by aligning companies' business models (BMs) in order to preserve the social and environmental aspects of their operations (Lodhia, 2015; Manes-Rossi et al., 2018; Wachira et al., 2019). Companies have a central role in managing environmental and social issues, as assigned by the adoption of the 2030 Agenda by the UN in 2015, which underlines the urgency of adopting specific strategies to achieve the Sustainable Development Goals (UN, 2015). In line with these objectives, the European Union also launched the European Green Deal, which aims to combat climate change by reducing greenhouse gas emissions and promoting sustainable practices among all economic sectors. All organizations are now aware that one of the key factors for long-term success is to implement sustainability (Yang et al. 2016) in their strategy, planning, and organizational culture trying to adopt a holistic attitude (Broccardo et al., 2023). Several tools are necessary to support the effective implementation of sustainability initiatives. These include advanced monitoring systems, the development of sustainable product designs and specialised digital technologies (Broccardo et al., 2023). Digitalization plays a fundamental role as an enabling tool, accelerating the transformation towards more sustainable and efficient business models and supporting the monitoring and transparency of ESG (Environmental, Social, Governance) performance. It enables the implementation of sustainable strategies and offers potential benefits related to rethinking the concept of sustainability in the digital age. In light of these premises, the PhD Thesis aims to study and analyse the process towards sustainability of organizations belonging to different economic sectors, taking into account the many dimensions and tools through which sustainability can be analysed. First and foremost, the tool of digitalization, which is considered to be one of the main drivers of sustainability. The first study, focusing on the public sector, highlights the environmental sustainability initiatives of local governments, starting with the voluntary adherence to the Covenant of Mayors (CoM). The study aims to understand how the adhesion of municipalities to the CoM initiative, promoted by the European Union, has affected their expenditure on the development of public investments in energy efficiency, focusing on the analysis of the Sustainable Energy Action Plan (SEAP). Firstly, by analysing the SEAPs submitted by the municipalities, the research examines which sectors (public lighting, education and public buildings) were most involved in energy efficiency works. Secondly, the municipal budgets were examined to verify the impact of joining the CoM in terms of expenditure dedicated to energy efficiency investments in the selected sectors. The sample consists of 81 SEAPs prepared by Italian municipalities in the Basilicata region for the period 2008-2021 and assessed and approved by the Joint Research Centre of the European Commission. The results show that the education sector, with a significant increase in expenditure related to energy investments, has benefited most from adherence to the Covenant, suggesting that this initiative has indeed contributed to incentivising energy efficiency actions by municipalities. The second research, focusing on private sector companies, aims to investigate the impact of corporate governance mechanisms (gender diversity on the board, independent directors and the presence of a CSR/sustainability committee) on the level of digitalization disclosure, and also to assess whether CEO duality moderates this relationship. Using an international sample of 323 companies, the study shows that the selected CG variables positively influence the level of voluntary disclosure produced by companies on the topic of digitalization. However, CEO duality seems to limit the effectiveness of gender diversity whilst also reinforcing the positive impact of the presence of a CSR committee on the relationship between digital disclosure and these governance variables. The third study focuses on the banking sector, analysing the evolution of the business model of cooperative credit banks (CCBs) in the light of the pursuit of8 sustainability objectives and internal and external digitalization processes. Through the analysis of a case study, the case of CCB Magna Grecia, the research examines how these particular categories of banks, balance the integration of digitalization with the maintenance of their social and territorial function. The results show that digitalization is widely recognised and embraced within the institution, although there are uncertainties about its contribution to social sustainability, which is why, according to company managers, physical branches will continue to play a central role. The study not only fills an existing gap in the academic literature on the subject but also provides an analysis of the ways and strategies of cooperative banks' transition towards a more sustainable and digital business model. In conclusion, the process of achieving full sustainability is still ongoing and evolving, facing significant challenges and critical issues. These studies highlight how sustainability and digitalization are key issues for all sectors involved and underline how these elements need to be integrated into business models to promote more sustainable and innovative growth. It is imperative that these phenomena are no longer considered as separate entities, but in a systemic and interconnected approach, where their synergy is essential to address today's challenges.