STAKEHOLDER ECOSYSTEMS AND CORPORATE SUSTAINABILITY: A NEXUS FOR VALUE CREATION IN THE AGE OF SUSTAINABILITY

Andra-Teodora Gorski and Dănuț Dumitru Dumitrașcu
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Andra-Teodora Gorski: Lucian Blaga University of Sibiu, Romania
Dănuț Dumitru Dumitrașcu: Lucian Blaga University of Sibiu, Romania

Studies in Business and Economics, 2023, vol. 18, issue 2, 158-177

Abstract: The present-day interconnected global society has seen a diminished significance of borders and a growing interdependence between companies and their stakeholders. For every organization the influence wielded by these key stakeholders plays a pivotal role. The interdependence between stakeholders and corporate sustainability forms the foundation for generating economic, social, and environmental performance, as well as long-term sustainable value for the stakeholder ecosystem. The aim of the paper is to examine significant aspects related to the stakeholder dimension of corporate sustainability. This research employs a methodology that draws upon both literature review and bibliometric analysis, performed using VOSviewer. The research has identified stakeholder engagement as a critical and emerging theme. Moreover, a modern stakeholder approach is essential for understanding stakeholder dynamics holistically. Amid current challenges, a growing discourse advocates a multi-stakeholder approach, recognizing wider society and the natural environment as important stakeholders. In the context of sustainability, key trends include: promoting a pro-sustainability mindset among all stakeholders, fostering shared interests in sustainability, and empowering stakeholders to advocate for nature and sustainable development. The paper concludes with recommendations derived from the research results, providing insights for academics, researchers, and managers in formulating and implementing corporate strategies aligned with sustainability opportunities and challenges.

Keywords: corporate social responsibility; corporate sustainability; performance; stakeholder engagement; sustainable value (search for similar items in EconPapers)
Date: 2023
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