Project management for sustainability in times of uncertainty: A systematic review of economic policy uncertainty and corporate strategic responses

Project management and corporate strategic responses can play active roles in Corporate Environmental and Sustainability Performance (CESP) in times of Economic Policy Uncertainty (EPU) as per Sustainable Development Goals (SDGs). The current literature is missing a review of such linkages. Thus, this review article contributes to the literature by critically evaluating the literature on the complex connection between EPU and CESP, focusing on the concepts of green innovation, Environmental, Social, and Governance (ESG) outcomes, and project management strategies. Following a comprehensive systematic review approach, this article selects 76 empirical studies across developed, underdeveloped, and emerging markets. The findings disclose that EPU was carrying a mixed effect with both a barrier and a potential driver of sustainability initiatives at the firm level. Thus, the increasing EPU reduces long-term green investments, disrupts energy transitions, increases emissions, and increases environmental risk exposure on the one hand. On the other hand, it also promotes project management, strategic adaptation, innovation, and Corporate Social Responsibility (CSR) among firms with strong governance structures and digital capabilities. Moreover, board diversity, CSR disclosure quality, institutional strength, media attention, and technological transformation played their moderating role in determining the effect of EPU on CESP. Furthermore, sectoral heterogeneity and regional asymmetries were also found to be responsible for determining the relationship between EPU and CESP. These findings would guide the policy implications for investors and corporate leaders aiming to enhance CESP under the volatile EPU.