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Here's what we argue: The social responsibility of business is to create value for stakeholders.
They are blazing trails for how business can create value for stakeholders and shareholders … and doing so with boldness, visionary thinking, passion, and courage".
For the purpose of this article, we define sustainable practices as those that: 1) at minimum do not harm people or the planet and at best create value for stakeholders and 2) focus on improving environmental, social, and governance (ESG) performance in the areas in which the company or brand has a material environmental or social impact (such as in their operations, value chain, or customers).
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Expanding databases and innovative use of Big Data will allow the emergence of business opportunities and new business models, creating value for stakeholders.
Traditional business models aim to create value for shareholders, often at the expense of other stakeholders.
Is there just one agenda: the future well-being of the corporation and its stakeholders, always with an eye to how that will create value for shareholders?
Organizations increasingly use collaborative teams in order to create value for their stakeholders.
Facilitating lifelong learning helps companies find employees who can create value for their stakeholders and improve the economy and society.
Sustainable businesses are redefining the corporate ecosystem by designing models that create value for all stakeholders, including employees, shareholders, supply chains, civil society, and the planet.
Companies that fail to create value for key stakeholders in the broader system will eventually be marginalized (similarly, business ecosystems that do not provide benefits to their members will experience defections).
Mackey's noble purpose also shaped his holistic perspective: he believes that businesses should strive to create value for all stakeholders, have a moral obligation to give back to society, and be environmentally responsible.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com