Corporate Nirvana: The Buddhist way to social sustainability and business innovation

Abstract

Prevailing consumption‐based business models and capitalist practices place significant strain on the environment and society. Buddhism, as a practicing religion, may provide insights on practicing models as a solution to sustain society, the environment, and businesses. The present investigation adopts a structured literature review methodology to take stock of such prior studies and articulate its representation of Buddhism‐based business models, practices, ethical frameworks, and economic views. Based on the findings, it is clear that the prior studies have discussed the practitioner context of Buddhism religion in order to promote ethical and mindful business practices at the consumer, managerial, and business levels; to reduce the negative effects of identity politics in the workplace through spirituality; to introduce the idea of considering factors other than purely financial profitability; and to encourage the long‐term viability and genuine happiness of individuals, communities, and organizations. In relation to these topics, research avenues are proposed.