BUSINESS MODEL INNOVATION AND REPORTING FOR THE SDGS: A QUALITATIVE STUDY OF AN IRAQ PETROLEUM FIRM

Abstract

Sustainable development has emerged as a crucial strategic priority for companies worldwide. This study aims to guide an Iraqi firm in reconfiguring its business model and corporate reporting tools to align with the United Nations' Sustainable Development Goals (SDGs). By employing a qualitative approach, the research collects primary and secondary data through in-depth interviews, semi-structured questionnaires, and analysis of corporate documents, drawing on stakeholder and legitimacy theories. The study reveals the need for improved sustainability and climate change integration within the firm's business model and reporting practices. Stakeholder participation and awareness regarding climate change mitigation efforts can be enhanced through these improvements. However, it is important to note that the study's results are limited to the Italian context and cannot be generalized statistically or capture regulatory variations across countries.

The study provides practical implications for managers, offering guidance on experimenting, orienting, testing, and implementing business model transformations to enhance organizational sustainability. Furthermore, the study emphasizes the urgency of disclosing climate change risks and opportunities, including their financial impacts, to support the SDGs and facilitate stakeholders' decision-making processes. This recognition of climate change disclosure as a key component of corporate social responsibility contributes to the existing literature by addressing necessary developments in governance and strategy. The research findings offer valuable insights for investors and other stakeholders, aiding their decision-making processes regarding corporate social responsibility. By embracing sustainable practices, disclosing climate change risks, and enhancing reporting, companies can contribute to sustainable development and align with the United Nations' SDGs.