Relation Between Information from Economic-Financial Analysis and Sustainable Development

• Published in: International Conference Globalization, Innovation and Development. Trends and Prospects (G.I.D.T.P.) 2022 pp. 206 - 217
• Main Author: Stanciu, Mihail Alin
• Format: Book Chapter
• Language: English
• Published: Romania Editura Lumen, Asociatia Lumen 2022; Lumen Publishing House, Lumen Association
• Subjects: Accounting - Business Administration; Business Economy; Economy; Management; Socio-Economic Research; sustainable business; performance; economic-financial analysis; social responsibility of the entity
• ISBN: 9781910129333; 191012933X

Establishing and implementing the most appropriate strategies for sustainable development is an increasingly common goal, which plays a vital role in achieving global performance in sustainable business. Some economic entities are looking for more than achieving results in accounting profit, focusing on sustainable development through a responsible approach to economic activities. The role of economic and financial analysis in the strategies for sustainable development in order to conduct sustainable business is a decisive one, this being the one that should direct the non-financial activities. Entities must look at the concept of performance from a global point of view because the sustainability of the performance will be achieved only by establishing as the entity's goals social responsibility and environmental protection in addition to the financial ones reflected by the economic-financial analysis. The social responsibility manifested by the economic entities implies a balance of the profit with the social and environmental implications. Changes in the economic environment of the last period have affected the way of approaching the performance. Social responsibility joins the purpose of each profit maximization entity, which further leads to synergistic effects.The most well-known form of social involvement is the sponsorship by which an entity offers a certain amount of money to another entity that does not carry out activities from which to make a profit. In the second part of the paper we presented the involvement of a prestigious economic entity in sponsorship and social responsibility actions, paying particular attention to the social cause, and we analyzed the correlation between the trend set by these social actions and the financial performance. The participation of several categories in the profit of the economic entity is possible through the development of a social responsibility manifested within the community.