Sustainable Development Goals

Abstract/Objectives

This study explores how companies, within the ESG framework, adopt the adaptive reuse of historic buildings as a strategic option for social engagement, and analyzes their decision-making logic and behavioral patterns. By systematically collecting corporate social responsibility reports, sustainability reports, and publicly disclosed information of listed companies from 2001 to 2023, this research establishes a case database of corporate participation in historic building reuse, and applies thematic analysis to identify investment models and influencing factors. In addition, semi-structured interviews are conducted with corporate sustainability decision-makers and practitioners to examine motivations for participation, awareness of policy incentives, and considerations for non-participation. The study further compares differences in actions between B2B and B2C firms to clarify how institutional incentives, industry characteristics, and operational stability influence decision-making. Based on these findings, the study proposes feasible strategies for companies of different sizes and industries to engage in cultural heritage preservation and sustainable urban and rural development.

Results/Contributions

This study adopts Porter and Kramer’s Creating Shared Value (CSV) framework to examine the feasibility of domestic enterprises and foundations using the adaptive reuse of historic buildings as a social engagement strategy. By comparing companies that have participated with those that have not, it further analyzes differences in decision-making and key influencing factors. The findings are as follows:

From a theoretical perspective, this study responds to the imbalance among the three ESG dimensions by introducing the CSV framework and extending its applicability to the technology and manufacturing sectors. It highlights that in the absence of end products, companies tend to engage indirectly through employee participation and cultural activities related to historic buildings, thereby broadening the application of CSV across different industry contexts.

From a practical perspective, this study reviews 23 years of domestic listed companies’ involvement in historic building revitalization, clarifies the division of roles and goal orientations between internal corporate departments and foundations. Through interviews with both participating and non-participating companies, the study identifies key considerations in corporate decision-making. It finds that companies which have not participated often adopt a cautious stance due to the long-term investment required, uncertainties involved, and regulatory constraints related to building laws. Additionally, by analyzing sustainability disclosure standards such as GRI and SASB, the study extracts indicators related to community development to establish a basis for evaluating corporate engagement, providing sustainability decision-makers with references for incorporating historic building reuse into social strategies.

From an academic perspective, this study addresses a gap in the domestic literature regarding the integration of historic building revitalization with corporate ESG practices, and contributes empirical evidence on listed companies’ engagement in cultural heritage reuse, thereby laying a foundation for future interdisciplinary research.

Keywords

ESG, Old building revitalization, Community stakeholders, Creating shared value, Adaptive reuse.