Social Legitimacy and Sustainability: The Public’s Mandate for Business Going Forward
Ernest H. Hall, Jr. & Jooh Lee
The foundation principles of business are changing or so it appears. Traditional business ways and practices are being called into question. No longer is the age-old adage of efficiency leads to profitability a certainty; in fact, it just might be a recipe for disaster, given the social justice barometer currently facing business. So, what new concoction holds the secret recipe for success in today’s new business world? The answer, in just a few words: Social legitimacy and sustainability. The value of sustainability as a strategic asset and its impact on a firm’s survival is the subject of this research treatise. Results suggest that sustainability has become a crucial strategic factor that can no longer be ignored.