Abstract
Given that corporate leaders seek to ensure the long-term sustainability of their organization, this study explores how a business adopting a Thai Sufficiency Economy philosophy improves its sustainability performance. Adopting the Sufficiency Thinking model as the research framework, this study uses a qualitative research approach with a set of different data collection techniques to explore a sample Small–Medium-sized Enterprise (SME) called Plan Creation. Collected data are identified as themes, according to the Sufficiency Thinking model. Our findings reveal that there is a close fit between the collected data and the Sufficiency Thinking model. Virtuous attributes, individual and shared knowledge and the decision-making framework of Sufficiency Mindset are observed through the sustainable leadership actions, leading to, among other things, social and environmental innovation. Implications for practicing managers and directions for future research are also discussed.
Highlights
A great number of social scientists globally [1,2,3,4,5,6,7,8,9] have been on their search since the 1980s for an alternative to the mainstream U.S business model that opts for maximizing short-term shareholder value, arguably leading to corporate bankruptcy
A recent bibliometric review [11] has indicated that the Sufficiency Economy philosophy is a school of thought in Asia on sustainable organization management
The 23 sustainable leadership practice lead to cultural, social, environmental and economic outputs and, theoretically, the four outputs lead to outcomes of well-being sustainability are not explained in the Sufficiency Thinking model, we explore the theorized relationships in the present study, significantly contributing to the corporate sustainability discipline
Summary
A great number of social scientists globally [1,2,3,4,5,6,7,8,9] have been on their search since the 1980s for an alternative to the mainstream U.S business model that opts for maximizing short-term shareholder value, arguably leading to corporate bankruptcy. In Thailand, the Sufficiency Economy Philosophy (SEP) is recognized as a philosophical approach to sustainable development [3]. We present the Sufficiency Economy Philosophy (SEP) formulated by His Majesty King Rama IX of Thailand as a whole approach to corporate sustainability. “Sufficiency Economy is a philosophy that stresses the middle path as an overriding principle for appropriate conduct by the populace at all levels. This applies to conduct starting from the level of families to communities and to the nation in terms of development and administration, so as to modernize in line with the forces of globalization. A way of life based on patience, perseverance, diligence, wisdom and prudence is indispensable in creating balance and in coping appropriately with critical challenges arising from extensive and rapid socioeconomic, environmental, and cultural changes in the world.”
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