The Stakeholders’ Perspective within the B Corp Certification for a Circular Approach

Abstract

A circular economy has been gaining momentum as the most innovative approach in business. Its proposed model, based on sustainability and new product-driven differentiated strategies of production and organizational exchange, has brought to light the need to better understand the relevance of stakeholders as a critical factor in the creation of new added value in business management. The primary purpose of this paper is to investigate how the B-Corp Certification System could contribute to a process of awareness raising in business organizations. It also focuses on the stakeholders’ commitment, within the framework of circular economy principles, and demonstrates that those companies who are adopting the certification concerning “recycling service and waste management” strongly contribute to the development in the direction of the circular economy. The analysis of the case studies shows two possible scenarios describing the circular approach in business and the different roles of stakeholders in the activation of such a virtuous path. “Social recycling” considers the key role of social participation and contribution in circular-economy related activities of primary and secondary stakeholders, and “highly regenerative recycling” aims to involve qualified stakeholders to start inter-organizational symbioses within the circular process of waste recycling. Key factors, such as industrial symbiosis, tax benefits, financial incentives, legislative harmonization, and the consumers’ behavior, represent the tenets of the circular economy model An awareness-raising perspective and the capacity on the part of companies to understand the relevance of stakeholders and the way to transform their role into the most effective lever to reinforce competitiveness is therefore necessary. Accordingly, the whole system of Benefit Corporation certification could boost business towards new business models involving stakeholders in several directions.

Main Factors for Understanding High Impacts on CSR Dimensions in the Finance Industry

“…This research also can be useful for professionals interested in identifying the main dimensions and their combinations, as well as possible paths to obtain high impact at the CSR level [11]. The results show how companies can balance their business activities to pursue positive financial, social and environmental contributions [8]. Furthermore, as firms can create impact in several ways, it is useful for academics and practitioners to analyze different routes followed by companies in the finance sector certified as high impact firms, and show which dimensions are relevant for firms.…”

“…For these companies, markets are the best way to contribute to social and environmental changes, and benefits become a tool to reach their goals. Thanks to a voluntary certification process, these companies balance their mission and business activities, resulting in parallel social and environmental goals and financial benefits [8].…”

“…Consequently, diverse combinations of CSR dimensions characterize financial sector contributions to impact generation and sustainable development.Sustainability 2020, 12, 2395 2 of 17 particular, the finance industry, related to their corporate sustainability strategies [7]. Thereby, as B Corp firms gain recognition for their high impact on their CSR dimensions, this also represents an opportunity to balance their business activities in order to pursue financial, social and environmental positive contributions [8]. Furthermore, as companies can create an impact in several ways, it is useful for academics and practitioners to analyze the different routes followed by companies in the finance sector certified as high-impact firms, showing which dimensions are relevant for firms.…”

Sustainable Development Model for the Automotive Industry

“…This reporting of sustainability is not required by law, but many times, the OS practices approach is imposed by stakeholders (mainly business partners and customers) [18][19][20][21][22][23]. Organizational practices differ from one domain to another, from one organization to another, depending on the ability to transfer knowledge [23][24][25][26][27][28][29][30].…”

“…Poponi et al, 2019 [29] Stakeholders reinforce their ability to engage in sustainable development based on incentives and financial opportunities.…”