Assessment of relationships between smart technologies, corporate sustainability, and economic behavior of companies

Abstract

The object of this study is the economic behavior of companies. The study solved the problem of conceptualizing the economic behavior of companies, taking into account the need to adhere to the goals of sustainable development and the use of smart technologies. It has been established that to assess the level of sustainable development of companies, economic, environmental, social, and managerial criteria based on corporate social responsibility are used. It is determined that smart technologies are associated with the introduction into production of cyber-physical systems integrating information and communication technologies into physical processes. To expand the possibilities of assessing the use of smart technologies, it is proposed to collect data on the expenditure of companies for a particular technology and the amount of revenue generated using this technology. The structural model for measuring the relationships between the use of smart technologies, sustainable development, and the economic behavior of companies was calculated using the PLS-SEM method. It has been established that currently, in fact, an increase in the burden on the environment, extensive use of resources for the countries of the European Union and Ukraine activates the economic behavior of companies because the coefficient of the path for load indicators is 0.916. At the same time, increasing the use of smart technologies by 1 will increase economic development indicators by only 0.104. This indicates a lesser power of the link between economic behavior and the use of smart technologies. However, the statistical significance and positive direction of the relationship between economic behavior and the use of smart technologies gives reason to recommend that the management of industrial companies pay special attention to the development of the integration of smart technologies into business processes.