Sustainable Development in Management Thinking: Past Contributions, Present Challenges and Future Directions

Abstract

The aim of this paper is to present the main arguments around the concept of sustainable development as a business perspective and the influence that this concept has brought to firms and their operations. It explains relevant literature on sustainable development describing its foundations, their current challenges and some of the future directions along which the concept can achieve its intended purpose. The arguments suggest that before calling for a massive green campaign in business, there are unresolved issues around the concept of sustainable development, there is a particular need to understand the real motivation of firms for sustainable. For example, at the industry level, a firm’s behavior is a complex issue to control – either through pre-established legal parameters or through a voluntary approach. The interest in sustainable practices has created important implications for managers in almost every industry looking to better understand the arguments around the concept of sustainable development and the commitment that firms should make to address these environmental challenges. Research centered only on economic benefits or only on environmental issues can lead to an incomplete vision of the opportunities for firms that both approaches can generate if they are correctly combined.

Keywords

• Sustainable Development
• Natural Resource-Based View
• Green Supply Chain Management
• Industry Self Regulation