Abstract
The present study aims at exploring processual relationships between corporate sustainability predictors and sustainability performance, as informed by the Thai philosophy of Sufficiency Economy, and accordingly proposes a theory of corporate sustainability to fill in the fundamental gap in the literature. Based on a framework derived from the literature, multi-data collection methods and the framework approach to qualitative data analysis are adopted to explore the relationships at a sustainable enterprise in Thailand. Findings reveal six processual relationships leading to improving corporate sustainability performance directly and indirectly. Grounded upon seven established theories, the existing empirical literature and the findings of the present study, a coherent theory of corporate sustainability is developed to inform future theory building and guide future corporate sustainability research. Managerial implications and future research directions are discussed.
Highlights
Since the 1980s, numerous researchers around the globe [1] have been seeking for an alternative approach to the prevailing capitalism which promotes short-term maximization of shareholder-value and takes advantage of the rest of the society
The sustainable corporation concept has been a subject of interest among scholars around the globe for some time [2,3,4,5,6,7], very little is known about a holistic approach, as opposed to a one-dimensional concept such as sustainable supply chain, green operation or the triple bottom line
This section reviews a holistic approach to sustainable business recognized in Thailand as the philosophy of Sufficiency Economy, derived from remarks made by His late Majesty King Bhumibol Adulyadej throughout his 58 years of the throne [26]
Summary
Since the 1980s, numerous researchers around the globe [1] have been seeking for an alternative approach to the prevailing capitalism which promotes short-term maximization of shareholder-value and takes advantage of the rest of the society. This section reviews a holistic approach to sustainable business recognized in Thailand as the philosophy of Sufficiency Economy, derived from remarks made by His late Majesty King Bhumibol Adulyadej throughout his 58 years of the throne [26]. The introduction of the philosophy in Thailand coincidently responds to a call among scholars for the development of a new theory of the firm by focusing on stakeholder relationships. This new theory is expected to describe firm behavior more accurately, and to replace the dominant theory of the firm—the profit-centered model [28,29,30,31,32,33]. We further respond to this call by proposing a new theory for corporate sustainability in the present study
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