Corporate citizenship, stakeholder management and Sustainable Development Goals (SDGs) in financial institutions and capital markets

Abstract

Purpose – The aim of this theoretical and conceptual research paper is to give a definition of the concept of corporate citizenship, which together with business ethics and stakeholder management function as foundation of a vision of the UN Sustainable Development Goals (SDGs) for financial institutions and capital markets. Design/methodology/approach – This paper is based on a conceptual methodology which analyzes the main aspects of corporate citizenship with regard stakeholder management and the UN SDGs. In particular there is focus on stakeholder justice, integrity and fairness with regard to stakeholder responsibility at capital markets. Findings – This paper suggests that concepts of corporate citizenship, business ethics, stakeholder justice, integrity and fairness, as well as stakeholder responsibility must be conceived as the basis for an acceptable vision of sustainable development at capital markets. Research limitations/implications – This paper is a theoretical paper so the paper is limited to the presentation of major concepts from the point of view of business ethics, stakeholder management and SDGs. This is a framework that needs to be developed in specific research and investment practice at capital markets. Practical implications – This paper provides the basis for developing a good vision of SDGs in financial institutions and capital markets and it demonstrates that the SDGs must be developed as the foundation of ethics of investments and capital markets. Social implications – With suggestions of visions of corporate citizenship, business ethics and stakeholder management this paper situates the firm in a social context as a social actor in the context of sustainable development. The business firm is therefore integrated in society and there is a close connection between business and society which needs to be developed in codes and values of ethics of financial institutions capital markets. Originality/value – The originality and value of this paper is a conceptual formulation of the relation between the concepts of corporate citizenship, business ethics, stakeholder management and SDGs in financial markets. With this the paper refers to earlier research and summarizes concepts from this in a short synthesis.

Keywords

• corporate governance
• stakeholder management
• corporate social responsibility
• business ethics
• corporate citizenship
• sustainable development goals (sdgs)