Bridging Political, Managerial and Legislative Components of Sustainability Strategy with Business Demands

Abstract

The present study explores features of policy, management and legislation (PML) that may facilitate country's sustainable development with the account of business demands in national governance. The paper discusses former attempts to measure PML related aspects from the perspective of sustainability at different levels. In order to get business strategies function in harmony with sector and national strategies in a sustainable manner, a framework interconnecting PML and business is required. There are numbers of methodologies, including sophisticated criteria systems, elaborated to measure PML in terms of sustainability. However, none of these methodologies correspond to linkages among PML sustainability and business demands. Therefore, the paper aims to construct conceptual framework requirements for sustainable governance and explain effects of such requirements on business. Results of research indicate the hierarchy of measurable and aggregated overlapping criteria for evaluation of PML domains of sustainable strategy of a country. Among the most significant parameters are political, managerial and legitimate inclusion, level of corruption, balance of evidence based policy practice, process transparency, balance of interests, open process monitoring system, etc. These criteria represent principles of public in general and business in particular inclusion, rule of law and integrated solidarity based management that should be achieved for strategically driven sustainable development. Business motivation and engagement, stable and favorable political, procedural and legal environment, long-term strategy support via regulation, and other features of PML could secure sustainability of business strategy.

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