Business Sustainability: A Theoretical and Integrated Perspective
Subject Areas : Ethics and accounting
1 - Professor, Department of Accounting, Faculty of Financial Sciences, Khwarazmi University, Tehran, Iran.
Keywords: Business Sustainability, Sustainability Performance, Sustainability Theories, Performance Indicators.,
Abstract :
Purpose: The purpose of this research is to review theoretical and integrated perspectives on business sustainability. Method: This research is a theoretical-analytical study conducted using the descriptive-analytical method. Findings: The dimensions of sustainability performance and related risks, the theoretical framework of sustainability, and operational sustainability standards, performance, and reporting presented in this research can be useful for global companies and their management, policymakers and regulators, investors, educators, and researchers. All theories (including agent/stakeholder, stakeholder, signaling, institutional, legitimacy, and monitoring) focus on key sustainability performance measures such as operational efficiency, customer satisfaction, talent management, and innovation. They should consider internal factors such as strategy, risk profile, strengths, weaknesses, and organizational culture, as well as external factors such as reputation, technology, globalization, and the exploitation of natural resources. These theories and standards help explain management strategies and practices in creating financial sustainability efficiency to create equity value and achieve non-profit economic sustainability performance in protecting the interests of all stakeholders. Conclusion: This research examined theories, standards, risk assessment, reporting, and best practices of business sustainability, including corporate governance measures and reforms to reduce information asymmetry between management and all stakeholders and create stakeholder value. The purpose of creating stakeholder value in business sustainability is to provide research opportunities to investigate information asymmetry between management and stakeholders, and even among shareholders.
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