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Rethinking Sustainability, Innovation, and Financial Performance

In: Cross-Sector Leadership for the Green Economy

Author

Listed:
  • Timo Busch

    (Swiss Federal Institute of Technology in Zurich)

  • Bryan T. T. Stinchfield

    (Franklin & Marshall College in Lancaster)

  • Matthew S. S. Wood

    (University of North Carolina)

Abstract

In light of the recent financial crises, many economists and politicians claim that a paradigm change in modern capitalism is needed, from short-term profit maximization to a long-term value value-creating and value-maintaining strategy. In this context, scholars have emphasized stakeholder claims, institutional change, corporate responsibilities, and the role of ecological conditions on the competitive environment (Buysse & Verbeke, 2003; Delmas & Toffel, 2004; Henriques & Sadorsky, 1999; Hoffman, 1999; Kassinis & Vafeas, 2006; Aragon-Correa & Sharma, 2003; Darnall & Edwards, 2006; Sharma & Vredenburg, 1998; Husted & Allen, 2007; Matten & Crane, 2005; Scherer & Palazzo, 2007). For managers this entails investing in resources that enhance the firm’s environmental and social performance while continuing to pursue economic growth. The goals are to minimize the firm’s negative effects on the natural environment and society without compromising profits. Are these goals mutually exclusive? We find that they are compatible in the long run. They are different sides of the same coin, with innovation being the missing link between them.

Suggested Citation

  • Timo Busch & Bryan T. T. Stinchfield & Matthew S. S. Wood, 2011. "Rethinking Sustainability, Innovation, and Financial Performance," Palgrave Macmillan Books, in: Alfred Marcus & Paul Shrivastava & Sanjay Sharma & Stefano Pogutz (ed.), Cross-Sector Leadership for the Green Economy, chapter 0, pages 81-105, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-01589-1_5
    DOI: 10.1057/9781137015891_5
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    Cited by:

    1. Will, Matthias Georg & Hielscher, Stefan, 2013. "How do companies invest in corporate social responsibility? An ordonomic contribution for empirical CSR research," Discussion Papers 2013-3, Martin Luther University of Halle-Wittenberg, Chair of Economic Ethics.
    2. Will, Matthias Georg & Hielscher, Stefan, 2012. "How do companies invest in corporate social responsibility? An ordonomic contribution for empirical CSR research," Discussion Papers 2012-2, Martin Luther University of Halle-Wittenberg, Chair of Economic Ethics.

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