This bachelor thesis evaluates the very purpose of the existence of business in society. Starting with the conventional motives of profit maximisation and shareholder value for its destined owners, the argument expands towards a broad perspective of business arguing that profit maximisation is not the (sole) purpose of business existence.
The argument is made by looking in conjunction at stakeholder theory and sustainable operations of the firm, stressing that business operations not only out of instrumental, but also normative reasons should incorporate a broad perspective. Evaluating the two different perspectives it is argued that they can be integrated into a concept not compromising each other, but complementing one another and generating shared value for business and society at large.
Taking recent scandals aside, it is fairly surprising that business is seen overly negative in public opinion. Businesses have communicated strongly that profit maximisation is not their sole purpose of operations. Nevertheless, the negative notion towards business persists, stressing the concern that there might be a deeper alienation between business and society at play. This is the starting point for the following analysis. The thesis puts the corporation at its very centre of argumentation intending to shift away from reactionary behaviour created by external pressure, but focusing on the core of business operations, evaluating, how business can deliver superior value for society without compromising the bottom line.
Table of contents
List of figures
List of abbreviations
1. Introduction
1.1 Perception of business in society
1.2 Methodology and structure of the thesis
2. Reflections on the purpose of business
2.1 Assessments about the purpose of business
2.2 Narrow and broad perspective of business
2.3 Arguments for a narrow perspective of business
2.3.1 Relevance of profit maximisation for business
2.3.2 Relationship between business and shareholders
2.4 Arguments for a broad perspective of business
2.4.1 Responsibility of business towards stakeholders
2.4.2 Sustainable operations of business and triple-bottom line
2.5 Discussion of both perspectives and their synergic relationship
3. Concepts for a broad perspective of business
3.1 Overview of concepts
3.2 Focus on the concept of Creating Shared Value
3.3 Evaluation of Creating Shared Value
3.3.1 Evaluation criteria
3.3.2 Business examples for evaluation of Creating Shared Value
3.3.3 Competitive advantage on the basis of Creating Shared Value
4. Conclusion
4.1 Summary
4.2 Recommendations for future research
References
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