The paper aims to address a difficult yet important issue of the modern world, which is related to a lack of consideration, from investors’ point of view, for the sustainable future of our socioeconomic system. Many investors think in terms of MSV (maximization of the shareholder value) and fail to consider other important stakeholders. Future generations will “inherit” the results of the actions of current generations. Investing money in some lucrative ideas is definitely a very important financial activity, but it must be done responsibly. The Sustainable Development Goals (SDGs) postulated by the UN; the Environmental, Social, and Governance (ESG) criteria; and the Equator Principles are some notions proposed to be considered to make investors’ actions more responsible. Future generations deserve a better, safer, and unwasted place to live in, so it is the right time to start thinking of them as major stakeholders. The paper reviews some of the important research related to this issue and brings its contribution to the stakeholder theory by proposing a new vision, one that is future oriented. The proposal to conceptualize future generations as stakeholders is an important contribution of the paper. Methodologically, we relied on relevant literature and recent initiatives and approaches. Further research is needed to identify the means to operationalize our proposal.

Background: While corporate social responsibility (CSR) is a field of study that has gained popularity in the last years, the approaches of small and medium enterprises’ (SME) contributions to social responsibility are under debate. Moreover, studies on Romanian CSR demonstrate the incremental development of such practices, while the social responsibility of Romanian small business is an understudied topic. In this paper we present data regarding the role of owner-managers in shaping the CSR actions of their SMEs in Romania, along with their opinions on what social responsibility is. Methods: We analyze two sources of data: quantitative research, based on 109 questionnaires collected from SMEs in the western part of Romania, and also a qualitative study, based on 17 interviews with owner-managers of small businesses. The quantitative data presents the reality of social responsibility actions and the relationship with manager’s attitudes, while the qualitative focuses on a better understanding of owner-managers opinions on social responsibility. Results: Our data confirms the high impact of owner-managers’ values and orientations in shaping the degree and forms of the CSR of their firms, and reveals definitions of CSR given by practitioners. Conclusions: Our data reveals that the way managers’ see the role of business in providing social welfare influences their decisions to participate in different types of CSR actions. Through interviews we show that managers, whether their firm has formal CSR actions or not, consider being fair and doing business at their best as part of CSR. Those that also displayed other forms of CSR are those who considered it their duty to give back to the community. The interest of stakeholders was displayed mostly by those who have incremental interest in CSR.

This paper examines the challenges surrounding sustainable human resources management (HRM), particularly in the context of budget constraints that often lead to the reduction of employee development investments. Our research focuses on developing a comprehensive model that integrates financial management tools into HRM strategies, ensuring the prioritization of sustainable practices. Through a systematic analysis of existing knowledge, we propose a solution-oriented approach that supports the financial substantiation of investments in employee development. This study addresses key research questions, emphasizing the adaptation of corporate finance tools to meet HR’s specific requirements. Our research not only identifies challenges but, more importantly, offers solutions by presenting a model that empowers organizations to align financial goals with HR development objectives. The results of our research aim to formulate a pragmatic and inventive model, offering a systematic framework for assessing the financial feasibility of initiatives in human resources development. Our model offers a practical framework for assessing the financial feasibility of HR development initiatives, facilitating informed decision-making and the promotion of sustainable HRM practices.

We argue that a new type of adaptive change management is needed in Romania, in which social and territorial cohesion are key elements of governance, in accordance with sustainable development requirements. Based on critical analysis and comparative study, the paper investigates, using several approaches, the possibility to select those elements that enable determining a viable managerial sustainable development “model” for communities in Maramures County, Romania. New trends worldwide, and the multidimensional aspects of sustainable development of communities, were the subject of examination, through a regional polycentric approach, which led to a new model proposed by the authors. The result is a conceptual integrated model which promotes a balance of interaction between systems—economic, human, environmental and technological—in a dynamic, flexible and functional process.

Den Sonderband eröffnet ein Beitrag von Kirchmayer, Remišová und Lašáková über ethische Führung in öffentlichen und privaten Organisationen in der Slowakei. Authentische Führung und zwischenmenschliche Konflikte in Polen werden von Sypniewska und Gigol weiter aufgegriffen. Die Wahrnehmung des ethischen Klimas in der serbischen Tourismusindustrie wird von Dragin, Jovanović, Mijatov, Majstorović und Dragin untersucht. Prus untersucht die Förderung einer nachhaltigen Landwirtschaft durch die gezielte Hochschulbildung zur Landwirtschaft in Polen. Saveanu, Abrudan, Saveanu und Matei fordern, die Prädiktoren für CSR in kleinen und mittleren Unternehmen in Rumänien zu erforschen. Potocan, Mulej und Nedelko versuchen, die Einstellungen der Mitarbeiter zu natürlichen, sozialen und wirtschaftlichen Aspekten von CSR in slowenischen Organisationen während zweier Perioden - Wirtschaftskrise und Erholung für einen Kontext nach dem Übergang - empirisch zu untersuchen. Rybnikova und Toleikienė wenden sich den formalen und informellen Elementen der Infrastruktur für das Ethikmanagement in der litauischen Selbstverwaltung zu. Diese Ausgabe schließt mit einem Forschungsbericht über die Entwicklung der Nachhaltigkeit (Moral und Verantwortung) in der estnischen Wirtschaft durch Kooskora und Cundiff. This Issue begins with a paper by Kirchmayer, Remišová and Lašáková on ethical leadership in public and private organisations in Slovakia. Authentic leadership and interpersonal conflicts in Poland are further taken up by Sypniewska and Gigol. Perceptions of the ethical climate in Serbian tourism industry are explored by Dragin, Jovanović, Mijatov, Majstorović and Dragin. Prus takes us to the promotion of sustainable agriculture through the focused higher education on agriculture in Poland. Saveanu, Abrudan, Saveanu and Matei call for finding out predictors of CSR in small and medium enterprises operating in Romania. Potocan, Mulej and Nedelko at-tempt empirical investigation of employees’ attitudes towards natural, social and economic aspects of CSR in Slovenian organisations during two periods – economic crisis and recovery for a post-transition context. Rybnikova and Toleikienė turn to formal and informal elements of ethics management infrastructure in Lithuanian local government. This Issue concludes with a research note on the development towards corporate sustainability (morality and responsibility) in Estonian business by Kooskora and Cundiff.