A fundamental principle of business states that the primary purpose of a corporation is to generate a profit for its stakeholders. Historical belief posited that this profit must come at the expense of the environment and that environmental health and corporate profitability are mutually exclusive principles. More recently however, the ideas of corporate citizenship and sustainable development have demonstrated that corporations have a larger role than simply generating a profit. Some corporations have begun to evolve by including the principles of sustainable development and the triple bottom line into their growth and development plans. Promoting social well-being, minimizing environmental degradation, as well as maximizing economic profitability, is quickly becoming common practice.
ASJC Scopus subject areas
- Strategy and Management
- Electrical and Electronic Engineering