Socially Responsible Business

A Model for a Sustainable Future

image of Socially Responsible Business

The global business environment has undergone a major transformation that requires greater knowledge to address the social and environmental challenges of our time. Due to severe climate change and widening of gaps between socioeconomic groups, businesses are pressured to change normative management practices and operations towards development that is both inclusive and sustainable. While shareholders have a vested interest in financial economic returns, stakeholders are more broadly interested in business’ objectives, policies and operations which may impact the global sustainability. In this context, the notion of socially responsible business (SRB) is gaining relevance. SRB is an approach in which for-profit businesses are proactively operating and undertaking projects that are aligned to achieving the long-term economic, social and environmental objectives of society. This book aims to increase the knowledge of policymakers and corporate leaders on SRB practices.



The SRB model for a sustainable future

As society has become increasingly interconnected through globalization, the network of stakeholders in business has continued to expand. At the same time, disparities in various aspects of economic and social well-being within groups, among groups or between countries have increased, and environmental degradation has also intensified. Due to an expanding network of external and internal stakeholders, the intensified and growing inequality and the continued deterioration of the environment, corporate strategy needs to balance the interests of economic profit with the social and environmental welfare of a globalized society.


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