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Companies’ Profitable Way of Fulfilling Duties towards Humanity and Environment by Sustainable Innovation

47 citations0/0 files storedProcedia - Social and Behavioral Sciences

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Sustainability and Innovation in Business Environmental Sustainability in Business Corporate Social Responsibility and Sustainability

Abstract

Today, conscious consumers express that companies are responsible for environment and society, and they prefer “responsive and responsible” companies striving to make the world a better place. However, the world has too many environmental and social problems that a company cannot overcome. Moreover, managers would face the risk of dismissal if they failed to increase shareholder profits. Therefore, executives should embrace ‘sustainability’ that protects the interests of shareholders when they fulfill their responsibilities towards environment and society. Corporate sustainability means that companies grow in a profitable manner while they provide added value, or do the right things, to environment and society. Sustainability is one of the biggest trends that will shape the future. Therefore, ensuring environmental and social solutions should be one of the important factors leading to the innovation activities of companies. The reason is that innovation includes all kinds of novelties enhancing company's competitiveness. Moreover, sustainability is seen as one of the most important tools that lead to innovation. In this context, considered in conjunction with innovation sustainability will create great opportunities for companies. The aim of this study is to identify sustainable innovation that can provide competitive advantages while turning social and environmental challenges of today's world into opportunities. In the study, it was pointed that companies can grow in a profitable way while providing added value to society and the environment. Also, study introduced applicable strategies for companies; and, showed best examples of companies that have successfully used these strategies.

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References

2007Strategy and society: the link between competitive advantage and corporate social responsibility 2002Beyond the business case for corporate sustainability 2018Creating Shared Value 1995Tightening Environmental Standards: The Benefit-Cost or the No-Cost Paradigm?2002Serving the world's poor, profitably.1994It's not Easy Being Green 2001The boundaries of strategic corporate social responsibility 2003Green and competitive

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