Sustainable Evolution for Global Business: A Synthetic Review of the Literature

Abstract

This paper reviews the recent literature on business sustainability. While it is almost impossible to give a universally agreeable definition of "sustainability" due to its scope, depth, and inclusive nature, this paper reviews a fairly large set of research efforts, both empirical and normative, that examine the sustainability issue in regards to the theoretical development, the interface between business and society, the interrelationships among firms, markets, and the public interest, sustainability measurement and assessment, as well as the changes, developments, and evolution in recent years along those lines. The uniqueness of the study is to review the literature by following the developmental and evolutionary sequences in business sustainability in order to shed light on how the concept of corporate sustainability has evolved from the traditional shareholders-focused neoclassical view and how it is advanced from the ideas of environmentalism, stakeholder theory, and CSR.

The Influence of Innovation on Corporate Sustainability in the International Banking Industry

“…Service innovation is not only considered a priority to attain competitive advantages [63] or to face the consequences of disruption [24]. It also represents an effective means to better meet growing stakeholder demands [63], improve social welfare and achieve better recognition for corporate sustainability [64] which encompasses stakeholder well-being [65]. Thus, the adoption of innovation includes instrumental and non-instrumental factors [66].…”

Multinationals and sustainable development: Does internationalization develop corporate sustainability of emerging market multinationals?

“…In 1994, the English author and activist John Elkington proposed the concept of triple bottom line (TBL), which integrates the considerations of the planet (environment) and the people (society) into the traditional bottom line of a firm (profit) (Elkington, , ; Elkington, Emerson, & Beloe, , p. 27). The term sustainability was first used in the 1970s by the Sierra Club, the oldest environmental organization in the USA, founded in the late 19th century (Chang, ). However, the TBL concept serves as a cornerstone framework of today's sustainability agenda.…”

“…The term sustainability was first used in the 1970s by the Sierra Club, the oldest environmental organization in the USA, founded in the late 19th century (Chang, 2016). However, the TBL concept serves as a cornerstone framework of today's sustainability agenda.…”

“…Can the high‐level internationalization of emerging market multinational enterprises (EMNEs) lead to superior corporate sustainability (CS), which encompasses various social issues such as stakeholder well‐being and environmental protection (Chang, )? Prior research has focused primarily on companies in developed economies (e.g.…”

“…To the best of knowledge, the relationship between internationalization and corporate responsibility or sustainability has only been discussed in the context of the most developed economy in the world, namely the USA (Kang, ; Strike et al, ). However, despite showing certain overlaps, CS differs from corporate social responsibility (CSR) (Bansal & Song, ; Chandler, ; Chang, ). Thus, this phenomenon must be explored in an independent research study with renewed focus on sustainability and its drivers.…”