Stakeholder integration in sustainable business models to enhance value delivery for a broader range of stakeholders

Abstract

Sustainable business models (SBMs) represent a contemporary approach seeking to deliver value to businesses and a wide range of stakeholders. This paper addresses the existing gap in practical guidance for businesses aiming to incorporate a wider range of stakeholders into their SBMs. To address the gap, a systematic review of academic literature and a review of mining company reports were conducted. The findings demonstrate that it is imperative to integrate stakeholders to achieve sustainability objectives, gain societal acceptance and foster legitimacy while maintaining alignment with stakeholders' concerns. To this end, the theoretical implication of this study lies in introducing a stakeholder integration model (SIM) that underscores the roles of identification, communication, knowledge sharing and continual improvement in achieving sustainability objectives and societal acceptance within SBMs. Practically, it addresses a gap by providing practical guidance for businesses to integrate stakeholders to manage risk, uncover value‐creation opportunities and gain social acceptance.