## 2 Literature Review
\begin{table}
\begin{tabular}{c c c c} \hline
**Code** & **Challenges** & **Description** & **References** \\ \hline C 08 & Lack of interest/motivation from stakeholders & Challenge stemming from stakeholders’ lack of enthusiasm or motivation to adopt and promote ESG practices, compromising engagement and effective implementation. & [6,32,33] \\ \hline C 09 & Organizational resistance & Difficulty arising from the organizational culture to accept and incorporate necessary changes to adopt ESG practices, often due to fears or traditions. & [23,33,34,35,36,40,51,53, 55,74,78,95,96] \\ \hline C 10 & Lack of support for scientific research in the context of ESG & Challenge related to the scarcity of support and investment in scientific research to develop and enhance ESG practices, limiting progress in knowledge and innovation. & [37,38] \\ \hline C 11 & Investor uncertainty about investment returns & Challenge associated with investor uncertainty about financial returns related to ESG investments, impacting the attractiveness of these initiatives. & [6,12,29,35,39,40,69,74,78,80,97] \\ \hline C 12 & Lack of alignment between long-term corporate strategies and planning & Challenge in aligning long-term corporate strategies and planning with ESG-related goals and objectives, compromising consistency and effectiveness. & [4,41,42,69,74] \\ \hline C 13 & Lack of standard definitions and metrics & Challenge related to the absence of clear definitions and standardized metrics to assess ESG performance, hindering communication and uniform understanding. & [4,6,14,16,19-21,24-29,31,38,39,42,43,45-49,53,57,71,74,76,80,89,102-104] \\ \hline C 14 & Lack of transparency, reliability, consistency, auditability, control, and internal assurance of non-financial indicators, comprising the integrity of ESG practices. & Challenge linked to the lack of transparency, reliability, and effective internal control over & [20,24,26-29,31,38,39,42,43,45-49,53,57,71,74,76,80,89,102-104] \\ \hline C 15 & Limited ESG data/information & Obstacle stemming from the limitation of available data and information on ESG practices, impeding informed decision-making and proper analysis. & [4,6,12,16,19,20,25-27,29,35,38,40,43,47-49,54,57,70,74,76,80,105] \\ \hline C 16 & Lack of encouragement for innovation/incentives/investment/reward/support/government investment in ESG practices/tax incentives or subsidies for investments & Challenge associated with the scarcity of stimuli, incentives, and governmental support to promote innovation and investment in ESG practices, hindering widespread adoption. & [4,6,12,13,18,22,31,33,35,40,46,50-43,57,60,76,83,84,95,106] \\ \hline C 17 & Lack of internal organizational integration & Obstacle related to the lack of effective integration of ESG practices across all areas of the organization, undermining cohesion and consistent implementation. ESG reports are not integrated with financial outcomes. & [20,44,51,53-55,69,78,80,82,94,102,107-109] \\ \hline C 18 & Lack of partnerships in the supply chain regarding ESG initiatives & Challenge related to the absence of collaborative partnerships in the supply chain to promote ESG practices, hindering comprehensive implementation. & [23,55] \\ \hline \end{tabular}
\end{table} 
Table 1: Cont. The literature on ESG (environmental, social, and governance) criteria highlights the importance of such practices for sustainable corporate performance and market reputation. However, various challenges hinder the full adoption of these principles. Notable obstacles include the lack of an effective educational system for ESG, the absence of standardized indicators, and the limited familiarity of stakeholders with the ESG concept. The lack of harmonized guidelines and regulations complicates classification and comparison, while the scarcity of a standardized reporting model reduces transparency. Additionally, restricted access to green financing, especially for SMEs, and the high costs associated with ESG practices represent significant financial barriers.