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The stakeholder route to maximizing business  

“Do well by doing good” is now a mantra for many leading companies. Consumers and other stakeholders demand that companies conduct themselves in a socially responsible way to improve society and the environment. Meanwhile, successful business like Ben & Jerry’s and leading academic researchers like Michael Porter and Mark Kramer have shown this makes good financial sense. In Leveraging Corporate Responsibility: The Stakeholder Route to Maximizing Business and Social Value, coauthors C. B. Bhattacharya, Sankar Sen and Daniel Korschun draw on research to show that very few stakeholders — including consumers, investors and employees — are aware of what companies are doing to be socially and environmentally responsible. In their book, they lay out a framework for understanding how stakeholders think and feel about social or corporate responsibility initiatives. The authors also discuss how to build a communications strategy that raises awareness and a corporate strategy that maximizes the triple bottom line.

Corporate responsibility has gone global. It has secured the attention of business leaders, governments and NGOs to an unprecedented extent. Increasingly, it is argued that business must play a constructive role in addressing massive global challenges. Business is not responsible for causing most of the problems associated with, for example, extreme poverty and hunger, child mortality and HIV/AIDS. However, it is often claimed that business has a responsibility to help ameliorate many of these problems and, indeed, it may be the only institution capable of effectively addressing some of them. Global Challenges in Responsible Business addresses the implications for business of corporate responsibility in the context of globalization and the social and environmental problems we face today. Featuring research from Europe, North America, Asia and Africa, it focuses on three major themes: embedding corporate responsibility, corporate responsibility and marketing, and corporate responsibility in developing countries.

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ABOUT SMALL ACTIONS BIG DIFFERENCE

Based on interviews spanning 25 global multinational corporations and 100+ employees, middle managers, and senior leaders across multiple sectors, this is the first book to connect sustainability to the theory and principles of psychological ownership and to propose a succinct, easy-to-digest model of managerial use. Buy the book here.

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This knowledge byte series is an effort to simplify the understanding of sustainability and share insights that help everyone be part of building a future that is just, equitable and sustainable for all.

 

Volume 2, Number 3. Copyright © CB Bhattacharya, 2022. All rights reserved. Research assistance for this blog was provided by Nathan Dobb.