Essay on Factors Affecting Modern Business Values

The collection of private, commercially oriented organizations, ranging in size from sole proprietorships to large corporations is referred to as

Sustainable Development is a term, which is defined as the development that caters sustainability of the present environment in order to meet its needs and at the same time, ensures that the present development would not in any way harm the future environment for the future generations (Bartelmus, 2011). In the year 1987, the World Commission on Environment and Development published a report that concentrated on dealing with the issues related to

Companies are introducing and/or paying more attention to corporate values since, they will create an atmosphere that will help design new products and services that are social, environmental friendly while maintaining a financial return. Additionally, corporate values lead to better resources and partners will also improve productivity and capabilities (skills, knowledge, productivity) of suppliers. Furthermore, if an organization possesses a strong corporate values system it will generate local clusters to strengthen, capture economic, and social benefits at the community level. Finally, corporations are paying more attention to corporate values since they can deploy corporate assets to achieve scale and spur investments (p. 05).

Sustainable development, when applied to the development of a system, creates complexity for the stakeholders involved in and affected by that development. To delve this complexity, solid definitions must be proposed for development and sustainable development in order for a framework to be established through which these complexities can be understood. Furthermore, these definitions are necessary evils for explorations of the intricacies of sustainable development due to the various paradigms used to define “development” and “sustainable development.” One definition of development, and the one that will be utilized within this report, is the, “utilizing resources to advance the complexity of a whole society.” From this, a definition of

Sustainability and business are not always looked as a good functioning pair. Businesses often struggle to implement sustainability measures, as they think that it is costing money to shareholders/investors. However, due to increasing pressure from the public, businesses are being forced to reconsidering at adopting sustainability and good business practice. In today's interconnected global economy, the long-term goals and success of business are inevitably connected by embedding the environmental, social and governance issues into corporate management, operations and supply chain. While corporate sustainability recognizes that, though the corporate growth and profitability are vital, it also requires the corporation to pursue societal goals, particularly those relating to sustainable development like; safeguarding environmental, social equality and economic development.

Sustainable development encompasses many various meanings, however the most frequently used definition originates from the Brundtland report (WCED, 1987, p.43) defining it as ‘’a development that meets the needs of the present without compromising the ability of future generations to meet their own needs’’. The Kyoto protocols and European trading systems are seen as mediums to ensure resource management, helping in preserving for future use. However the definition is ever evolving as according to the United Nations Economic Commission for Europe (UNECE) (2004) it didn’t include a time horizon for future generations, provides no manifestation of the part played by the environment as it’s solely economical, and cites to the hazy concept of human needs. Subsequently an array of definitions of sustainable, in its most basic it’s defined as conserving development over time.

Apart from operating ethically the company also has a social responsibility to act in the best interest of their environment and society as a whole (Anon n.d.). This paper aims to firstly define business ethics and social responsibility. Subsequently, an unethical issue encountered in The National

Sustainable development can be defined as the “development that meets the needs of the present without compromising the ability of future generations to meet their own needs” (World Commission on Environment and Development, 1987). As the vast majority of resources on the earth are exhaustible, this idea comes up as a solution to the problem of preserving the planet for future generations. Different countries have different plans for creating sustainable development, but there is also a global consensus on what each country expect from such kind of development. According to United Nations,“On September 25th 2015, countries adopted a set of goals to end poverty, protect the planet, and ensure prosperity for all as part of a new sustainable development agenda. Each goal has specific targets to be achieved over the next 15 years.” Overall there are seventeen goals that the world leaders from 193 countries are hoping to achieve. While the goals are ambitious, they also seem somewhat unrealistic in the current situation.

This development in interest in sustainability in business practices and its growing awareness creates a both side happy for business and humanity. (Hopwood, Mellor, & O 'Brien, 2005). Traditionally, most businesses had strong focus on factors that are directly effecting their economic performance. This was often examined by their overheads such as material costs, amount of sale and profit margin, which most Businesses did not consider the long term impacts. In fact, it is some sense true for short term aspect, however in contemporary society, companies play a vital role and should approach as it is also their responsibility to contribute to society and the environment also referred to as a planet, people and profit the triple bottom line. (Elkington 1997) and at the end every single investment business contributed will return in value to the business. (Kuehn, K. 2014). The Economic impact is not solely internally about local wage, jobs opportunities, investment in the economy but also looks at externally at suppliers to ensure they are involved in company’s similar practices and value. This will eventually lead to a healthier future for business while boosting its economy and local economy likewise economic component is the driver behind a company’s activity aimed at supporting business sustainability. (Svensson, Göran; Wagner,

Sustainable development refers to the development that meets the needs of the present without compromising with the demands of our future generations. The developed nations are taking stringent actions on sustainable development are promoting sustainability in all the areas. The use of fossil fuels and other resources that limited in nature is being reduced and alternative sources of energy are being introduced and are being promoted and practiced on a large scale. The government of many developed and developing nations are helping in attaining sustainability.

Sustainable development was first defined in a report by the World Commission on Environment and Development in 1987 and accepted by the UN General Assembly in 1992. It is defined as development that ‘meets the needs of the present without compromising the ability of future generations to meet their own needs.’ (Our Common Future: Report of the World Commission on Environment and Development 1987). There are three important elements of sustainable development, social development, environmental protection and economic development. All three elements are necessary in ensuring that development is long term and meets the needs of the people in all parts of life.

Great change is necessary in our society and in business organisations if we and the natural world are to live sustainably. We have started to change but it is slow and intermittent. Some sections of business are started to embrace sustainable development with its three pillers : economic social and environmental. I think we are in danger of loosing the original emphasis on the ecological part on ecologically sustainable development by refering to the phenomenon as sustainable development. One of the justifications for sustainable development appears to be that we can sustain growth in sales and profits and not significantly impinge on the natural environment.

Then, I will evaluate various perspectives on attaining sustainable development.  Lastly, I will argue in support of two paradigm shifts necessary for serious implementation of public policy initiatives aimed at its promotion.

The concept of sustainable development has become a major topic among intellectuals from various fields. Sustainable development has gone through various changes in its definitions and at present does not have a commonly accepted definition. The origination of the concept of sustainable development is debatable. In 1974 at a conference on Science and Technology for Human Development by the World Council of Churches the concept of a “sustainable society” is believed to have been first noted. This early concept focused on equitable distribution of scarce resources and the need for democratic decision making. In 1980 the currently used term of sustainable development emerged in the

Sustainable development is to maintain a balance between the human needs to improve lifestyles and feeling of well-being on one hand, and preserving natural resources and ecosystems, on which we and future generations depend. Sustainable development implies economic growth together with the protection of