This paper argues that memes form the basis of our cultural narratives, and that today’s dominant memes need to dramatically shift to contend with the realities of growing inequality and climate change, which could pose existential threats to humanity. The paper offers a potential set of memes that could be used to develop a business and economic narrative that allows for inclusiveness, wellbeing and dignity for all, while still emphasizing a prosperous business community but not allowing it to dominant societal (...) thinking. New memes proposed focus at the societal level arguing that societies are deeply intertwined with nature, that goals should emphasize wellbeing and dignity for all, defining ‘wealth’ as collective value and dignity as reverence for humans, living beings, and Nature itself. Relevant capitals are multiple, including economic/financial, human/intellectual, social/relational, natural/ecological, and spiritual/reverence. Core values include freedom and democracy within constraints of dignity and an ecologically sustainability social contract, creating ‘fair’ markets, ‘glocal-ism,’ both private and public goods, and collaboration combined with competition. Governments play important roles in setting fair laws and regulations and business’ purpose becomes maximizing aggregate wellbeing within ecological constraints without dignity violations. (shrink)

Corporate sustainability performance measurement systems (SPMS) have been the subject of a growing amount of research. However, there are many challenges and opportunities associated with the design, implementation, use, and evolution of these systems that have yet to be addressed. The purpose of this article is to identify future directions for research in the design, implementation, use, and evolution of corporate SPMS. A concise review of key literature published between 2000 and 2010 is presented. The literature review focuses on research (...) conducted at the both the individual corporation- and sector-levels. The review of published literature provides a basis for the identification of a structured set of 65 key research questions to guide future work. The research questions will be of interest to both practitioners and researchers in corporate sustainability performance measurement. (shrink)

Previous research has underlined the significance of practical wisdom pertaining to corporate sustainability. Recent studies, however, have identified managing opposing but interlocked tensions related to environmental, social, and economic aspects as one of the most crucial future challenges in CS. Therefore, we apply the established link between wisdom and sustainability to the pressing topic of managing tensions in CS. We commence with a literature overview of tensions in sustainability management, which manifests our basic work assumption concerning the need for practical (...) wisdom in CS. We then discuss the threefold, mutual interconnectedness between practical wisdom and tension management in CS, which we illustrate in a conceptual model. Thereafter, we develop a set of propositions on how a practical wisdom approach influences CS in practice and how it differs from a business-case approach. In recognition of the conceptual character of our paper, we conclude by outlining potential practical applications and theoretical implications of the model and of the propositions. Limitations and avenues for further research are discussed. (shrink)

This article echoes those voices that demand new approaches and ‹senses’ for management education and business programs. Much of the article is focused on showing that the polemic about the educative model of business schools has moral and epistemological foundations and opens up the debate over the type of knowledge that practitioners need to possess in order to manage organizations, and how this knowledge can be taught in management programs. The article attempts to highlight the moral dimension of management through (...) a reinterpretation of the Aristotelian concept of practical wisdom. I defend the ideas that management is never morally neutral and that Aristotelian practical wisdom allows the recovery of moral considerations in management practice. I analyze the impact and implications that the introduction of practical wisdom in business schools entails for the conception and objectives of management education. This view reconfigures management education in terms of attention to values, virtues and context. Therefore, management programmes should prepare students to critically evaluate what they hear and to make decisions coherent with their values and virtues. In the final section, I reflect on the pedagogical implications of this approach. I point out that an integrated model of ethics and practical wisdom promotes education of cognition and education of affect as well. I provide an example to illustrate my perspective and to support my conclusions. (shrink)

In this article we explore how multinational corporations (MNCs) adopt assurance practices to develop and sustain organizational accountability for sustainability. Using a panel of Fortune Global 250 firms over a period of 10 years, we document the diffusion patterns of third-party assurance of sustainability reports. We specifically investigate how evolving auditing practices, namely diversity of assurance standards and type of assurance providers, shape the quality of sustainability assurance statements. The results illustrate great variability in the adoption of assurance practices in (...) the formative stages of this novel market. Our descriptive analysis indicates the relevance of external institutional pressure as well as internal resources and capabilities as underlying factors driving the adoption of assurance. Our evidence also suggests that several MNCs project a decoupled or symbolic image of accountability through assurance, thereby undermining the credibility of these verification practices. The paper contributes to the emerging literature on international accountability standards and emphasizes the need to enhance theory-based, cross-disciplinary knowledge related to auditing and accountability processes for sustainability. (shrink)

Humanistic management is a people-oriented management that seeks profits for human ends. It contrasts with other types of management that are essentially oriented toward profits, with people seen as mere resources to serve this goal. This article reviews the historical development of humanistic management and the ever-increasing body of literature on the concept as well as the different meanings that scholars attribute to it. It then explores what form a genuine humanism might have by presenting seven propositions labeled as: 1) (...) wholeness, 2) comprehensive knowledge, 3) human dignity, 4) development, 5) common good, 6) transcendence, and 7) stewardship-sustainability. Next, it looks at four characteristics of a humanistic ethos for managing business: the view of the individual and human work, the role of the individual in the society and in interacting with nature, the business firm, and the purpose of business in society. Finally, it presents some insights for the practice of humanistic management. (shrink)

This paper addresses the question, how does wisdom contribute to management in circumstances of extreme unpredictability? We first discuss three key factors that fundamentally affect the conduct of business—human, knowledge, and the environment—as well as their characteristics and interactions. We then argue that managing the interaction between these factors to effectively deal with the complexity and unpredictability of a rapidly changing business world requires the appropriate application of wisdom, in particular ethics in the form of practical, moral, and epistemic virtues. (...) We propose that these three virtues are the link between the three factors and more effective decision-making and action taking in an unpredictable business world. A model is developed that conceptualizes the interconnection among the three factors and three virtues. This model has important academic and practical implications. For practice, the model points the way for both individuals and organizations to improve decision-making skills through the systematic expansion of perspectives gained through consideration of the three virtues. For academics, the model is an incremental, but important step in understanding the role of wisdom in management. (shrink)

The increasing strategic importance of environmental, social and ethical issues as well as related performance measures has spurred interest in corporate sustainability performance measurement and management systems. This paper focuses on the balanced scorecard, a performance measurement and management system aiming at balancing financial and non-financial as well as short and long-term measures. Modifications to the original BSC which explicitly consider environmental, social or ethical issues are often referred to as sustainability balanced scorecards. There is much scholarly discussion about SBSC (...) architecture and how it can be designed to relate performance dimensions, strategic objectives and the logical links among these elements. To synthesise the widely scattered research findings and publications on the SBSC, we conducted a thematic analysis based on a systematic literature review containing 69 relevant articles spanning a period of two decades. We found that sustainability-oriented modifications of the BSC architecture are motivated by instrumental, social/political or normative theoretical perspectives. Moreover, these modifications can be mapped with a typology of generic SBSC architectures. The first dimension of the typology describes the hierarchy between performance perspectives and strategic objectives and how it is related to the organisational value system. The second dimension describes how sustainability-related strategic objectives are integrated into SBSC performance perspectives and how this is related to corporate sustainability strategy. This study contributes to the development of the emerging SBSC literature and practice and, more generally, to research on corporate sustainability performance measurement and management. We conclude with a research agenda and implications for management. (shrink)

In this article, I argue that if we challenge some tacit assumptions of narrow rationality that endure in much of entrepreneurial studies, we can elevate entrepreneurial ethics beyond mere external constraints on rational action, and move toward fuller integration of ethics as an intrinsic part of the process of value creation itself. To this end, I propose the concept of practical wisdom as a framework for exploring entrepreneurial decision making and action that can broaden the scope of our research to (...) recognize entrepreneurship as an inherendy normative enterprise. Specifically, I suggest that a framework built upon a concept of practical wisdom enables us to adopt a richer and more complex view of entrepreneurial decision making that is well suited to the dynamic and uncertain context of entrepreneurship. Further, this framework enriches our view of entrepreneurial ethics to include consideration of the personal character, values, and purpose of the entrepreneur. By examining entrepreneurship through a lens of practical wisdom, we can open up new avenues of fruitful inquiry for scholars of entrepreneurship. (shrink)

Happiness, then, is the best, noblest, and most pleasant thing in the world.'In the Nicomachean Ethics Aristotle's guiding question is: what is the best thing for a human being? His answer is happiness, but he means, not something we feel, but rather a specially good kind of life. Happiness is made up of activities in which we use the best human capacities, both ones that contribute to our flourishing as members of a community, and ones that allow us to engage (...) in god-like contemplation. Contemporary ethical writings on the role and importance of the moral virtues such as courage and justice have drawn inspiration from this work, which also contains important discussions on responsibility for actions, on the nature of practical reasoning, and on friendship and its role in the best life. This new edition retains David Ross's justly admired translation while updating certain key terms. It also includes a valuable introduction to this seminal work, and notes designed to elucidate Aristotle's arguments. (shrink)