Sustainable corporate purpose and sustainable corporate governance: Integrative theoretical framework and reform recommendations
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In: Zeitschrift für Umweltpolitik & Umweltrecht, Vol. 44, No. 3, 3, 2021, p. 287-323.
Research output: Journal contributions › Journal articles › Research › peer-review
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TY - JOUR
T1 - Sustainable corporate purpose and sustainable corporate governance: Integrative theoretical framework and reform recommendations
AU - Velte, Patrick
AU - Weber, Stefan Christoph
PY - 2021
Y1 - 2021
N2 - In view of the grand challenges in business economy (e.g., climate change and the Covid-19 pandemic), several researchers have demanded corporate purpose and corporate governance reforms. As contributions to the literature, we develop an integrative theoretical framework for sustainable corporate purpose and corporate governance and deduce regulatory recommendations for sustainable boards and sustainable institutional investors to practically apply the theoretical implications. To achieve this, we combine political corporate social responsibility theory with agency and key management theories (stakeholder, stewardship, team production, and resource-based/dependence theories). This results in our definition of sustainable corporate purpose as long-term value creation for firms and society in accordance with the UN Sustainable Development Goals. Sustainable corporate governance is the sum of monitoring, stakeholder-mediating, incentive, and resource-activating functions to foster sustainable corporate purpose.
AB - In view of the grand challenges in business economy (e.g., climate change and the Covid-19 pandemic), several researchers have demanded corporate purpose and corporate governance reforms. As contributions to the literature, we develop an integrative theoretical framework for sustainable corporate purpose and corporate governance and deduce regulatory recommendations for sustainable boards and sustainable institutional investors to practically apply the theoretical implications. To achieve this, we combine political corporate social responsibility theory with agency and key management theories (stakeholder, stewardship, team production, and resource-based/dependence theories). This results in our definition of sustainable corporate purpose as long-term value creation for firms and society in accordance with the UN Sustainable Development Goals. Sustainable corporate governance is the sum of monitoring, stakeholder-mediating, incentive, and resource-activating functions to foster sustainable corporate purpose.
KW - Management studies
KW - Sustainability Science
UR - https://beck-online.beck.de/?vpath=bibdata%2fzeits%2fZFU%2f2021%2fcont%2fZFU%2e2021%2eH03%2eNAMEINHALTSVERZEICHNIS%2ehtm
M3 - Journal articles
VL - 44
SP - 287
EP - 323
JO - Zeitschrift für Umweltpolitik & Umweltrecht
JF - Zeitschrift für Umweltpolitik & Umweltrecht
SN - 0931-0983
IS - 3
M1 - 3
ER -