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Seeing Beyond the Here and Now: How Corporate Purpose Combats Corporate Myopia

Author

Listed:
  • Ju Young Lee

    (Ivey Business School, Western University, London, Ontario N6G 0N1, Canada)

  • Pratima Bansal

    (Ivey Business School, Western University, London, Ontario N6G 0N1, Canada)

  • Alice Mascena Barbosa

    (Ivey Business School, Western University, London, Ontario N6G 0N1, Canada)

Abstract

Corporations are currently confronting major, interlocking crises, including climate change, biodiversity loss, inequalities, and social isolation. When under threat, executives tend to focus inward and on the short term. This is particularly unfortunate because it is in such crises that executives need to see beyond the here and now in order to ride the storms. In this paper, we argue that corporate purpose helps organizations fight such myopia and offer four mechanisms through which this works: exposing new insights, seeing issues holistically, helping to sustain focus, and bringing unity and direction.

Suggested Citation

  • Ju Young Lee & Pratima Bansal & Alice Mascena Barbosa, 2023. "Seeing Beyond the Here and Now: How Corporate Purpose Combats Corporate Myopia," Strategy Science, INFORMS, vol. 8(2), pages 302-310, June.
    • Handle: RePEc:inm:orstsc:v:8:y:2023:i:2:p:302-310
    DOI: 10.1287/stsc.2023.0183
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