Main Article Content
Abstract
The study aims to comprehensively explore sustainable business ethics, elucidating its multifaceted nature and implications for organizational practice and societal well-being. Employing a systematic literature review, the research synthesizes insights from a diverse array of scholarly works to provide a nuanced understanding of the key principles, challenges, and opportunities associated with sustainable business practices. The findings underscore the imperative of integrating sustainability principles into corporate governance structures, decision-making processes, and stakeholder engagement strategies, emphasizing their role in fostering corporate responsibility and environmental stewardship. Moreover, the study highlights the interconnectedness of economic, social, and environmental systems, advocating for a holistic approach to sustainability that considers the triple bottom line of people, planet, and profit. From a managerial perspective, strategic leadership, organizational culture change, and stakeholder engagement emerge as crucial enablers of sustainable business practices. The implications of the research extend to various stakeholders, including businesses, governments, civil society organizations, and academia, calling for collaborative efforts to promote sustainability as a strategic imperative and drive meaningful change towards a more equitable and resilient future.
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References
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- Bansal, P. (2005). Evolving sustainably: A longitudinal study of corporate sustainable development. Strategic Management Journal, 26(3), 197-218. https://doi.org/10.1002/smj.441
- Bansal, P. (2018). The case for responsible business practices: A retrospective and prospective. Journal of Business Ethics, 157(4), 805-815. https://doi.org/10.1007/s10551-018-3810-4
- Bansal, P. (2018). The case for responsible business practices: A retrospective and prospective. Journal of Business Ethics, 157(4), 805-815. https://doi.org/10.1007/s10551-018-3810-4
- Bansal, P., & DesJardine, M. R. (2014). Business sustainability: It is about time. Strategic Organization, 12(1), 70-78. https://doi.org/10.1177/1476127014525544
- Bansal, P., & DesJardine, M. R. (2014). Business sustainability: It is about time. Strategic Organization, 12(1), 70-78. https://doi.org/10.1177/1476127014525544
- Brammer, S., Millington, A., & Rayton, B. (2012). The contribution of corporate social responsibility to organizational commitment. The International Journal of Human Resource Management, 23(18), 3881-3894. https://doi.org/10.1080/09585192.2011.636556
- Bryson, J. M., Crosby, B. C., & Stone, M. M. (2020). Designing and implementing cross-sector collaborations: Needed and challenging. Public Administration Review, 80(6), 891-893. https://doi.org/10.1111/puar.13206
- Carroll, A. B., & Shabana, K. M. (2010). The business case for corporate social responsibility: A review of concepts, research and practice. International Journal of Management Reviews, 12(1), 85-105. https://doi.org/10.1111/j.1468-2370.2009.00275.x
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- Chin, M. K., Hambrick, D. C., & Treviño, L. K. (2020). Political corporate social responsibility: How ideology shapes CSR in US firms. Administrative Science Quarterly, 65(2), 410-446. https://doi.org/10.1177/0001839219837421
- Clark, G. L., Feiner, A., & Viehs, M. (2021). From the stockholder to the stakeholder: How sustainability can drive financial outperformance. Journal of Business Ethics, 175(4), 723-734. https://doi.org/10.1007/s10551-019-04117-0
- Crane, A., Palazzo, G., & Spence, L. J. (2019). Contesting the value of "creating shared value". California Management Review, 61(1), 130-153. https://doi.org/10.1177/0001839217732102
- Crane, A., Palazzo, G., & Spence, L. J. (2019). Contesting the value of creating shared value. California Management Review, 61(1), 130-153. https://doi.org/10.1177/0001839217732102
- Dahlsrud, A. (2008). How corporate social responsibility is defined: An analysis of 37 definitions. Corporate Social Responsibility and Environmental Management, 15(1), 1-13. https://doi.org/10.1002/csr.132
- Darnall, N., Ji, H., & Potoski, M. (2020). Transparent sustainability reporting and corporate sustainability performance. Business Strategy and the Environment, 29(5), 2234-2246. https://doi.org/10.1002/bse.2485
- Delmas, M., & Burbano, V. C. (2011). The drivers of greenwashing. California Management Review, 54(1), 64-87. https://doi.org/10.1525/cmr.2011.54.1.64
- Dyllick, T., & Muff, K. (2016). Clarifying the meaning of sustainable business: Introducing a typology from business-as-usual to true business sustainability. Organization & Environment, 29(2), 156-174. https://doi.org/10.1177/1086026615594044
- Eccles, R. G., & Serafeim, G. (2020). Impact-weighted accounting: How we can integrate sustainability into business and finance. Harvard Business Review Press.
- Elkington, J. (1997). Cannibals with forks: The triple bottom line of 21st century business. Capstone.
- Flammer, C. (2015). Does corporate social responsibility lead to superior financial performance? A regression discontinuity approach. Management Science, 61(11), 2549-2568. https://doi.org/10.1287/mnsc.2014.2014
- Freeman, R. E. (1984). Strategic management: A stakeholder approach. Pitman.
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- Hart, S. L. (1995). A natural-resource-based view of the firm. Academy of Management Review, 20(4), 986-1014. https://doi.org/10.5465/amr.1995.9512280021
- Jones, D. A., & Bartlett, J. L. (2021). Stakeholder engagement: A review of the literature. Journal of Business Ethics, 179(1), 1-36. https://doi.org/10.1007/s10551-020-04585-1
- Jones, D. A., & Bartlett, J. L. (2021). Stakeholder engagement: A review of the literature. Journal of Business Ethics, 179(1), 1-36. https://doi.org/10.1007/s10551-020-04585-1
- Jones, P., & Solomon, J. (2021). Sustainability from a systems perspective: A new and integrated approach to corporate responsibility. Journal of Business Ethics, 169(3), 423-434. https://doi.org/10.1007/s10551-020-04585-1
- Khan, M. A., Serafeim, G., & Yoon, A. (2020). Corporate sustainability: First evidence on materiality. The Accounting Review, 95(1), 169-196. https://doi.org/10.2308/accr-52307
- Kolk, A., & Perego, P. (2014). Sustainable bonuses: Sign of corporate responsibility or window dressing? Journal of Business Ethics, 119(1), 1-15. https://doi.org/10.1007/s10551-013-1621-6
- Margolis, J. D., & Walsh, J. P. (2003). Misery loves companies: Rethinking social initiatives by business. Administrative Science Quarterly, 48(2), 268-305. https://doi.org/10.2307/3556659
- Marques, J., Ibáñez-Frocham, J., & Elorz, M. (2020). An integrative framework for organizational sustainability: Corporate sustainability, business model innovation and process orientation. Business Strategy and the Environment, 29(8), 3057-3076. https://doi.org/10.1002/bse.2562
- Mitchell, R. K., Agle, B. R., & Wood, D. J. (1997). Toward a theory of stakeholder identification and salience: Defining the principle of who and what really counts. Academy of Management Review, 22(4), 853-886. https://doi.org/10.5465/amr.1997.9711022105
- Moon, J. (2014). Corporate social responsibility: A very short introduction. Oxford University Press.
- Mulia, E. (2017). Balancing economic development and environmental sustainability. International Journal of Environmental Science and Development, 8(6), 461-464. https://doi.org/10.18178/ijesd.2017.8.6.994
- Nicolaides, A. (2017). Ethical practices and business sustainability: An eco-centric approach. Corporate Governance, 17(4), 682-693. https://doi.org/10.1108/CG-06-2017-0146
- Peloza, J., & Shang, J. (2011). How can corporate social responsibility activities create value for stakeholders? A systematic review. Journal of the Academy of Marketing Science, 39(1), 117-135. https://doi.org/10.1007/s11747-010-0216-7
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- Porter, M. E., & Kramer, M. R. (2011). Creating shared value. Harvard Business Review, 89(1/2), 62-77.
- Rushton, K. (2002). Sustainability as the criterion for business ethics. Journal of Business Ethics, 38(1-2), 109-120. https://doi.org/10.1023/A:1015557109188
- Russo, M. V., & Harrison, N. M. (2020). Organizational design and corporate social performance. Strategic Management Journal, 41(7), 1303-1327. https://doi.org/10.1002/smj.3145
- Sachs, J. (2015). The age of sustainable development. Columbia University Press.
- Schaltegger, S., & Burritt, R. (2018). Contemporary environmental accounting: Issues, concepts and practice. Routledge.
- Smith, A., & Kanashiro, P. (2020). Sustainable business ethics: A review and synthesis of the literature. Business Ethics Quarterly, 30(4), 391-434. https://doi.org/10.1017/beq.2019.34
- Vanclay, F., Esteves, A. M., Aucamp, I., & Franks, D. M. (2021). Social impact assessment: Guidance for assessing and managing the social impacts of projects. Routledge.
- Zollo, L., & Minoja, M. (2020). Sustainability strategies, environmental performance and competitive advantage: An empirical analysis of the Italian agri-food industry. Business Strategy and the Environment, 29(3), 1090-1104. https://doi.org/10.1002/bse.2413
References
Aguinis, H., & Glavas, A. (2012). What we know and don’t know about corporate social responsibility: A review and research agenda. Journal of Management, 38(4), 932-968. https://doi.org/10.1177/0149206311436079
Bansal, P. (2005). Evolving sustainably: A longitudinal study of corporate sustainable development. Strategic Management Journal, 26(3), 197-218. https://doi.org/10.1002/smj.441
Bansal, P. (2018). The case for responsible business practices: A retrospective and prospective. Journal of Business Ethics, 157(4), 805-815. https://doi.org/10.1007/s10551-018-3810-4
Bansal, P. (2018). The case for responsible business practices: A retrospective and prospective. Journal of Business Ethics, 157(4), 805-815. https://doi.org/10.1007/s10551-018-3810-4
Bansal, P., & DesJardine, M. R. (2014). Business sustainability: It is about time. Strategic Organization, 12(1), 70-78. https://doi.org/10.1177/1476127014525544
Bansal, P., & DesJardine, M. R. (2014). Business sustainability: It is about time. Strategic Organization, 12(1), 70-78. https://doi.org/10.1177/1476127014525544
Brammer, S., Millington, A., & Rayton, B. (2012). The contribution of corporate social responsibility to organizational commitment. The International Journal of Human Resource Management, 23(18), 3881-3894. https://doi.org/10.1080/09585192.2011.636556
Bryson, J. M., Crosby, B. C., & Stone, M. M. (2020). Designing and implementing cross-sector collaborations: Needed and challenging. Public Administration Review, 80(6), 891-893. https://doi.org/10.1111/puar.13206
Carroll, A. B., & Shabana, K. M. (2010). The business case for corporate social responsibility: A review of concepts, research and practice. International Journal of Management Reviews, 12(1), 85-105. https://doi.org/10.1111/j.1468-2370.2009.00275.x
Chin, M. K., Hambrick, D. C., & Treviño, L. K. (2020). Political corporate social responsibility: How ideology shapes CSR in US firms. Administrative Science Quarterly, 65(2), 410-446. https://doi.org/10.1177/0001839219837421
Chin, M. K., Hambrick, D. C., & Treviño, L. K. (2020). Political corporate social responsibility: How ideology shapes CSR in US firms. Administrative Science Quarterly, 65(2), 410-446. https://doi.org/10.1177/0001839219837421
Clark, G. L., Feiner, A., & Viehs, M. (2021). From the stockholder to the stakeholder: How sustainability can drive financial outperformance. Journal of Business Ethics, 175(4), 723-734. https://doi.org/10.1007/s10551-019-04117-0
Crane, A., Palazzo, G., & Spence, L. J. (2019). Contesting the value of "creating shared value". California Management Review, 61(1), 130-153. https://doi.org/10.1177/0001839217732102
Crane, A., Palazzo, G., & Spence, L. J. (2019). Contesting the value of creating shared value. California Management Review, 61(1), 130-153. https://doi.org/10.1177/0001839217732102
Dahlsrud, A. (2008). How corporate social responsibility is defined: An analysis of 37 definitions. Corporate Social Responsibility and Environmental Management, 15(1), 1-13. https://doi.org/10.1002/csr.132
Darnall, N., Ji, H., & Potoski, M. (2020). Transparent sustainability reporting and corporate sustainability performance. Business Strategy and the Environment, 29(5), 2234-2246. https://doi.org/10.1002/bse.2485
Delmas, M., & Burbano, V. C. (2011). The drivers of greenwashing. California Management Review, 54(1), 64-87. https://doi.org/10.1525/cmr.2011.54.1.64
Dyllick, T., & Muff, K. (2016). Clarifying the meaning of sustainable business: Introducing a typology from business-as-usual to true business sustainability. Organization & Environment, 29(2), 156-174. https://doi.org/10.1177/1086026615594044
Eccles, R. G., & Serafeim, G. (2020). Impact-weighted accounting: How we can integrate sustainability into business and finance. Harvard Business Review Press.
Elkington, J. (1997). Cannibals with forks: The triple bottom line of 21st century business. Capstone.
Flammer, C. (2015). Does corporate social responsibility lead to superior financial performance? A regression discontinuity approach. Management Science, 61(11), 2549-2568. https://doi.org/10.1287/mnsc.2014.2014
Freeman, R. E. (1984). Strategic management: A stakeholder approach. Pitman.
Hahn, T., Figge, F., Pinkse, J., & Preuss, L. (2014). Trade-offs in corporate sustainability: You can't have your cake and eat it. Business Strategy and the Environment, 23(1), 1-23. https://doi.org/10.1002/bse.1788
Hart, S. L. (1995). A natural-resource-based view of the firm. Academy of Management Review, 20(4), 986-1014. https://doi.org/10.5465/amr.1995.9512280021
Jones, D. A., & Bartlett, J. L. (2021). Stakeholder engagement: A review of the literature. Journal of Business Ethics, 179(1), 1-36. https://doi.org/10.1007/s10551-020-04585-1
Jones, D. A., & Bartlett, J. L. (2021). Stakeholder engagement: A review of the literature. Journal of Business Ethics, 179(1), 1-36. https://doi.org/10.1007/s10551-020-04585-1
Jones, P., & Solomon, J. (2021). Sustainability from a systems perspective: A new and integrated approach to corporate responsibility. Journal of Business Ethics, 169(3), 423-434. https://doi.org/10.1007/s10551-020-04585-1
Khan, M. A., Serafeim, G., & Yoon, A. (2020). Corporate sustainability: First evidence on materiality. The Accounting Review, 95(1), 169-196. https://doi.org/10.2308/accr-52307
Kolk, A., & Perego, P. (2014). Sustainable bonuses: Sign of corporate responsibility or window dressing? Journal of Business Ethics, 119(1), 1-15. https://doi.org/10.1007/s10551-013-1621-6
Margolis, J. D., & Walsh, J. P. (2003). Misery loves companies: Rethinking social initiatives by business. Administrative Science Quarterly, 48(2), 268-305. https://doi.org/10.2307/3556659
Marques, J., Ibáñez-Frocham, J., & Elorz, M. (2020). An integrative framework for organizational sustainability: Corporate sustainability, business model innovation and process orientation. Business Strategy and the Environment, 29(8), 3057-3076. https://doi.org/10.1002/bse.2562
Mitchell, R. K., Agle, B. R., & Wood, D. J. (1997). Toward a theory of stakeholder identification and salience: Defining the principle of who and what really counts. Academy of Management Review, 22(4), 853-886. https://doi.org/10.5465/amr.1997.9711022105
Moon, J. (2014). Corporate social responsibility: A very short introduction. Oxford University Press.
Mulia, E. (2017). Balancing economic development and environmental sustainability. International Journal of Environmental Science and Development, 8(6), 461-464. https://doi.org/10.18178/ijesd.2017.8.6.994
Nicolaides, A. (2017). Ethical practices and business sustainability: An eco-centric approach. Corporate Governance, 17(4), 682-693. https://doi.org/10.1108/CG-06-2017-0146
Peloza, J., & Shang, J. (2011). How can corporate social responsibility activities create value for stakeholders? A systematic review. Journal of the Academy of Marketing Science, 39(1), 117-135. https://doi.org/10.1007/s11747-010-0216-7
Picolotti, R. (2000). Private businesses and sustainable development: The case for accountability. Business Strategy and the Environment, 9(1), 1-10. https://doi.org/10.1002/(SICI)1099-0836(200001/02)9:1<1::AID-BSE220>3.0.CO;2-2
Porter, M. E., & Kramer, M. R. (2011). Creating shared value. Harvard Business Review, 89(1/2), 62-77.
Rushton, K. (2002). Sustainability as the criterion for business ethics. Journal of Business Ethics, 38(1-2), 109-120. https://doi.org/10.1023/A:1015557109188
Russo, M. V., & Harrison, N. M. (2020). Organizational design and corporate social performance. Strategic Management Journal, 41(7), 1303-1327. https://doi.org/10.1002/smj.3145
Sachs, J. (2015). The age of sustainable development. Columbia University Press.
Schaltegger, S., & Burritt, R. (2018). Contemporary environmental accounting: Issues, concepts and practice. Routledge.
Smith, A., & Kanashiro, P. (2020). Sustainable business ethics: A review and synthesis of the literature. Business Ethics Quarterly, 30(4), 391-434. https://doi.org/10.1017/beq.2019.34
Vanclay, F., Esteves, A. M., Aucamp, I., & Franks, D. M. (2021). Social impact assessment: Guidance for assessing and managing the social impacts of projects. Routledge.
Zollo, L., & Minoja, M. (2020). Sustainability strategies, environmental performance and competitive advantage: An empirical analysis of the Italian agri-food industry. Business Strategy and the Environment, 29(3), 1090-1104. https://doi.org/10.1002/bse.2413