Sustainable Value Creation Within Planetary Boundaries—Reforming Corporate Purpose and Duties of the Corporate Board

Sjåfjell, Beate

doi:10.3390/su12156245

Cited by 19 publications

(13 citation statements)

References 54 publications

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“…Together with managed pollinators, these wild pollinators enhance global crop production by USD 235 billion to 577 billion each year [66]. Transitioning to more sustainable corporate responsibility and investment may be challenging for TNCs, and require support and a suitable framework for reporting and assessment [41][42][43][44][45].…”

Section: Discussionmentioning

confidence: 99%

“…Cumulative emissions by twenty major companies in these markets accounted for nearly 30% of industrial carbon emissions worldwide from 1751 to 2010, and 90 major emitters contributed 63% of total emissions [40]. Such large corporations need to be involved in the transition to sustainability if we are to protect critical Earth systems and the future for humanity [41][42][43][44][45]. However, transitioning to more sustainable corporate responsibility may be challenging for TNCs, and require further research and policy action on incentives for sustainable management, framework for reporting and assessment, and options for sustainable investment [41][42][43][44][45].…”

Section: Key Definitions and Conceptsmentioning

confidence: 99%

“…On the one hand, by utilizing its market power a monopoly can capture excessive rents from depleting the asset as compared to a firm in a competitive market situation. On the other hand, under certain market conditions, the monopoly can extract the natural resource or exploit the environment at a slower rate initially and thus extend the lifetime of the asset well into the future [41][42][43][44]. If it is in the interest of a large corporation with market power to conserve more initially, it can have important spillover effects.…”

Section: Seafoodmentioning

confidence: 99%

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Sustainable Use of the Environment, Planetary Boundaries and Market Power

Barbier

Burgess

2021

Sustainability

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Many of the environment and natural resources that constitute key “safe operating spaces”, as designated by planetary boundaries, are being exploited by a handful of large firms with considerable market share. In this paper, we discuss how the environment and natural resources that occur within a safe operating space can be treated as an exploitable finite stock. We use an optimal depletion model to show how the extraction of these exhaustible assets can be managed optimally, and allow for adjustment in price paths due to technological innovation and environmental externalities. Given the growing market concentration and monopoly power in the key economic sectors that exploit the environment and resources that constitute many safe operating spaces, we then explore how monopoly conditions can alter the extraction and price path of the environmental assets over time compared to that under competitive market conditions. We show that the monopoly may be compatible with more sustainable use, by extending the life of the exploitable, depletable stock, at the expense of firms capturing excessive resource rents from exploitation. This tradeoff means that any policies implemented to tax the excessive monopoly rents need to be designed without compromising the sustainable use of the environment. The tax revenue raised can be channeled into protecting or regenerating natural assets that are essential for global environmental sustainability. If investment in regeneration efforts is sufficiently substantial, or if the wider social and environmental values associated with the exhaustible assets are taken into account, then the safe operating space may be conserved indefinitely. Such policy challenges will become increasingly important as dominant firms exert market power over the planet’s remaining environment and resources that constitute key “safe operating spaces”, as designated by planetary boundaries.

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Section: Discussionmentioning

confidence: 99%

Section: Key Definitions and Conceptsmentioning

confidence: 99%

Section: Seafoodmentioning

confidence: 99%

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Sustainable Use of the Environment, Planetary Boundaries and Market Power

Barbier

Burgess

2021

Sustainability

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“…They responded to a present and/or met a future need of the project/host country stakeholders [34,46,[52][53][54]].…”

Section: Characteristics Of Project Icv and Implicationsmentioning

confidence: 99%

Modeling and Estimating Host Country Values in International Projects to Facilitate In-Country Value Creation

2021

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International companies are more and more seeking to act proactively by proposing In-Country Value (ICV) strategies to create sustainable local values in the host countries in which they carry out projects. Still, such sustainable local values are complex to identify because they are often indirectly related to their own value chains, project activities, and outcomes. There are, therefore, both theoretical and industrial needs to model and estimate sustainable values brought by complex projects in host countries, considering direct and indirect effects. In this paper, a systems thinking-based approach combined with a frequency analysis first permitted to build up a model of the sustainable values created by the project in a host country. Then, after underlining the complexity of such a model, a Domain Mapping Matrix (DMM) approach was proposed to help build a process to estimate project impacts in terms of ICV creation. An application to a case study built up with an industrial practitioner (an oil and gas company) permitted to test and validate the overall model and approach. It notably showed how such a model permitted to facilitate discussions among stakeholders and laid the foundations of ICV creation-oriented decision-making processes.

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“…Similarly, studies show that purpose has become one of the fastest-growing strategic trends in businesses and businesses with a clear Corporate Purpose outperform in the market [5,18]. Corporate Purpose creates value by removing incentives for unsustainable business practices [19]. However, while a Corporate Purpose led strategy is becoming increasingly popular, there is currently limited academic literature about this topic [3][4][5]17,20,21].…”

Section: Introductionmentioning

confidence: 99%

A Review of Corporate Purpose: An Approach to Actioning the Sustainable Development Goals (SDGs)

2021

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This journal article explores Corporate Purpose as an approach to action the Sustainable Development Goals (SDGs). It achieves this objective by presenting a review of existing literature on Corporate Purpose and SDGs from the disciplines of business ethics, management studies, economics and psychology. The review showcases contributions exploring whether and how Corporate Purpose-led strategy facilitates the operationalization of the SDGs and proposes an emerging research agenda. This article employed an inductive approach methodology through grounded theory to develop a critical analysis of scientific evidence-based work for theory construction on Corporate Purpose. One of the major findings of this review is that to achieve the SDGs companies need to shift found from the “business as usual” approach, which perceives sustainability as an externality, to incorporating sustainability factors in the company’s underlying purpose. The article also (1) identifies trends in research outputs and reveals five major antecedents of the phenomenon (drivers to purpose), (2) identifies key gaps within the existing literature, (3) distinguishes three current approaches to Corporate Purpose and (4) elaborates on current theories of Corporate Purpose and SDGs linkages to identify opportunities and aid future research. In summary, this article unpacks Corporate Purpose mechanisms to action the SDGs and stimulates academic discussion of business transformational approaches to long-standing sustainability challenges.

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Sustainable Value Creation Within Planetary Boundaries—Reforming Corporate Purpose and Duties of the Corporate Board

Cited by 19 publications

References 54 publications

Sustainable Use of the Environment, Planetary Boundaries and Market Power

Sustainable Use of the Environment, Planetary Boundaries and Market Power

Modeling and Estimating Host Country Values in International Projects to Facilitate In-Country Value Creation

A Review of Corporate Purpose: An Approach to Actioning the Sustainable Development Goals (SDGs)

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