Proposed paradigm shift from shareholders and stakeholders to future successors

Abstract When the stakeholder theory challenged the neoclassical shareholder theory, it was a step forward in the theoretical and practical debate about the role and responsibility of businesses in society and how wide the responsibility is. Today, neither of these theories go far enough to explain the responsibilities of businesses in society and neither do corporate social responsibility nor corporate sustainability given the complexity of the business environment in which companies operate and how far they are going, or how far they are pushed, to respond to grand challenges or the opportunities they may entail. The aim of this paper is to provide a theoretical exploration and a critical appraisal of the need for a paradigm shift from shareholders and stakeholders to future successors. This is grounded in a discussion about corporate social responsibility/corporate sustainability, and the relevance of environmental constraints, multilateral sustainability policies and pathways, and needs and requirements of corporate future successors that are important for businesses that want to prosper in the long-term. The findings suggest that forward-looking supranational political and economic unions, intergovernmental organizations, regional and local governments, and leading businesses have moved ahead of theory towards including intra- and intergenerational interests and the natural environment into their policies, regulations, and strategies. In doing so, they even go so far as to grant personhood to the natural environment, thereby recognizing the importance of the natural environment for their own and the prosperity of present and future generations who will be future successors of businesses. Consequently, the implication of the paper is to suggest a new theoretical lens which has a much wider scope than shareholder and stakeholder theories currently do, and a strategic roadmap, emphasizing the importance of future successors for corporate responsibility and successful business operations in the long-term and pinpoint ways forward in doing so. Ausführliche Beschreibung

Gespeichert in:

Autor*in:	Johannsdottir, Lara [verfasserIn] Davidsdottir, Brynhildur [verfasserIn]

Format:	E-Artikel
Sprache:	Englisch

Erschienen:	2024

Schlagwörter:	Corporate social responsibility Generation Shareholder Stakeholder Successor Sustainable development

Anmerkung:	© The Author(s) 2024

Übergeordnetes Werk:	Enthalten in: Discover sustainability - Springer International Publishing, 2020, 5(2024), 1 vom: 16. Aug.
Übergeordnetes Werk:	volume:5 ; year:2024 ; number:1 ; day:16 ; month:08

Links:	Volltext

DOI / URN:	10.1007/s43621-024-00402-3

Katalog-ID:	SPR05699804X

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author	Johannsdottir, Lara
spellingShingle	Johannsdottir, Lara ddc 333.7 misc Corporate social responsibility misc Generation misc Shareholder misc Stakeholder misc Successor misc Sustainable development Proposed paradigm shift from shareholders and stakeholders to future successors
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topic_title	333.7 VZ Proposed paradigm shift from shareholders and stakeholders to future successors Corporate social responsibility (dpeaa)DE-He213 Generation (dpeaa)DE-He213 Shareholder (dpeaa)DE-He213 Stakeholder (dpeaa)DE-He213 Successor (dpeaa)DE-He213 Sustainable development (dpeaa)DE-He213
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title_sort	proposed paradigm shift from shareholders and stakeholders to future successors
title_auth	Proposed paradigm shift from shareholders and stakeholders to future successors
abstract	Abstract When the stakeholder theory challenged the neoclassical shareholder theory, it was a step forward in the theoretical and practical debate about the role and responsibility of businesses in society and how wide the responsibility is. Today, neither of these theories go far enough to explain the responsibilities of businesses in society and neither do corporate social responsibility nor corporate sustainability given the complexity of the business environment in which companies operate and how far they are going, or how far they are pushed, to respond to grand challenges or the opportunities they may entail. The aim of this paper is to provide a theoretical exploration and a critical appraisal of the need for a paradigm shift from shareholders and stakeholders to future successors. This is grounded in a discussion about corporate social responsibility/corporate sustainability, and the relevance of environmental constraints, multilateral sustainability policies and pathways, and needs and requirements of corporate future successors that are important for businesses that want to prosper in the long-term. The findings suggest that forward-looking supranational political and economic unions, intergovernmental organizations, regional and local governments, and leading businesses have moved ahead of theory towards including intra- and intergenerational interests and the natural environment into their policies, regulations, and strategies. In doing so, they even go so far as to grant personhood to the natural environment, thereby recognizing the importance of the natural environment for their own and the prosperity of present and future generations who will be future successors of businesses. Consequently, the implication of the paper is to suggest a new theoretical lens which has a much wider scope than shareholder and stakeholder theories currently do, and a strategic roadmap, emphasizing the importance of future successors for corporate responsibility and successful business operations in the long-term and pinpoint ways forward in doing so. © The Author(s) 2024
abstractGer	Abstract When the stakeholder theory challenged the neoclassical shareholder theory, it was a step forward in the theoretical and practical debate about the role and responsibility of businesses in society and how wide the responsibility is. Today, neither of these theories go far enough to explain the responsibilities of businesses in society and neither do corporate social responsibility nor corporate sustainability given the complexity of the business environment in which companies operate and how far they are going, or how far they are pushed, to respond to grand challenges or the opportunities they may entail. The aim of this paper is to provide a theoretical exploration and a critical appraisal of the need for a paradigm shift from shareholders and stakeholders to future successors. This is grounded in a discussion about corporate social responsibility/corporate sustainability, and the relevance of environmental constraints, multilateral sustainability policies and pathways, and needs and requirements of corporate future successors that are important for businesses that want to prosper in the long-term. The findings suggest that forward-looking supranational political and economic unions, intergovernmental organizations, regional and local governments, and leading businesses have moved ahead of theory towards including intra- and intergenerational interests and the natural environment into their policies, regulations, and strategies. In doing so, they even go so far as to grant personhood to the natural environment, thereby recognizing the importance of the natural environment for their own and the prosperity of present and future generations who will be future successors of businesses. Consequently, the implication of the paper is to suggest a new theoretical lens which has a much wider scope than shareholder and stakeholder theories currently do, and a strategic roadmap, emphasizing the importance of future successors for corporate responsibility and successful business operations in the long-term and pinpoint ways forward in doing so. © The Author(s) 2024
abstract_unstemmed	Abstract When the stakeholder theory challenged the neoclassical shareholder theory, it was a step forward in the theoretical and practical debate about the role and responsibility of businesses in society and how wide the responsibility is. Today, neither of these theories go far enough to explain the responsibilities of businesses in society and neither do corporate social responsibility nor corporate sustainability given the complexity of the business environment in which companies operate and how far they are going, or how far they are pushed, to respond to grand challenges or the opportunities they may entail. The aim of this paper is to provide a theoretical exploration and a critical appraisal of the need for a paradigm shift from shareholders and stakeholders to future successors. This is grounded in a discussion about corporate social responsibility/corporate sustainability, and the relevance of environmental constraints, multilateral sustainability policies and pathways, and needs and requirements of corporate future successors that are important for businesses that want to prosper in the long-term. The findings suggest that forward-looking supranational political and economic unions, intergovernmental organizations, regional and local governments, and leading businesses have moved ahead of theory towards including intra- and intergenerational interests and the natural environment into their policies, regulations, and strategies. In doing so, they even go so far as to grant personhood to the natural environment, thereby recognizing the importance of the natural environment for their own and the prosperity of present and future generations who will be future successors of businesses. Consequently, the implication of the paper is to suggest a new theoretical lens which has a much wider scope than shareholder and stakeholder theories currently do, and a strategic roadmap, emphasizing the importance of future successors for corporate responsibility and successful business operations in the long-term and pinpoint ways forward in doing so. © The Author(s) 2024
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title_short	Proposed paradigm shift from shareholders and stakeholders to future successors
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Proposed paradigm shift from shareholders and stakeholders to future successors

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