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A sustainable business, or a green business, is an enterprise which has (or aims to have) a minimal negative impact or potentially a positive effect on the global or local environment, community, society, or economy—a business that attempts to meet the triple bottom line.
Corporate environmental responsibility is used by multinational corporations as well as small, local organizations. It is highlighted and more institutionalized because of stakeholders' awareness of the huge impacts of business activities on the environment. To understand CER, its relations with CSR strategies need to be recognized.
Sustainable development thus tries to find a balance between economic development, environmental protection, and social well-being. However, scholars have pointed out that there are manifold understandings of sustainable development. Also there are incoherencies in the dominant market-based socio-economic-political organisation.
Social responsibility is an individual responsibility that involves a balance between the economy and the ecosystem one lives within, [3] and possible trade-offs between economic development, and the welfare of society and the environment. [4]
According to Townsend, business ecology is the study of the reciprocal relationship between business and organisms and their environments. The goal of this "business ecology" is sustainability through the complete ecological synchronization and integration of a business with the sites that it inhabits, uses, and affects. [18]
Trade-offs between different dimensions of sustainability are a common topic for debate. Balancing the environmental, social, and economic dimensions of sustainability is difficult. This is because there is often disagreement about the relative importance of each. To resolve this, there is a need to integrate, balance, and reconcile the ...
For example, complying with environmental standards avoids certain sanctions that would affect the financial side. [114] Another study points in the same direction, claiming that publishing sustainability reports improves financial performance, [ 115 ] and reputation, and it leads to the creation of a significant competitive advantage for the ...
A social enterprises can be structured as a business, a partnership for profit or non-profit, and may take the form (depending on in which country the entity exists and the legal forms available) of a co-operative, mutual organisation, a disregarded entity (a form of business classification for income tax purposes in the United States), [5] a social business, a benefit corporation, a community ...