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A Strategic Model for Sustainable Business Policy Development

Author

Listed:
  • Tjaša Štrukelj

    (Faculty of Economics and Business, University of Maribor, 2000 Maribor, Slovenia)

  • Jelena Nikolić

    (Faculty of Economics, University of Kragujevac, 34000 Kragujevac, Serbia)

  • Dejana Zlatanović

    (Faculty of Economics, University of Kragujevac, 34000 Kragujevac, Serbia)

  • Simona Sternad Zabukovšek

    (Faculty of Economics and Business, University of Maribor, 2000 Maribor, Slovenia)

Abstract

Growing importance of sustainable development, corporate social responsibility and business ethics requires various types of contemporary organisations innovation. This research assesses the problem related to business policy innovation (BPI), which represents organisational governance determination. The main purpose of the paper is to qualitatively and quantitatively present a new, requisitely holistic strategic model of the soft factors influencing BPI, which interdependently incorporates changes in organisational values, culture and business ethics, as well as stakeholders’ interests reconciliation, thus determine soft possibilities for more sustainable business policy, management and practice. While the relevance of these factors for business policy is in the literature widely recognized, there is a small amount of empirical research on their influence on BPI. To mitigate this research gap, advanced structural equation modelling (SEM) based partial least squares (PLS) method was used for analysing data of 734 organisations in Slovenia, the EU state. The research results show that researched soft factors organisational values, culture and stakeholders’ interests reconciliation statistically confirmed influence BPI. Thus, these recognitions can be used as the basis for strategic managerial decision making towards social responsibility and sustainability of an organisation. Reasons why it has not been statistically confirmed that business ethics influence BPI needs to be investigated in future research.

Suggested Citation

  • Tjaša Štrukelj & Jelena Nikolić & Dejana Zlatanović & Simona Sternad Zabukovšek, 2020. "A Strategic Model for Sustainable Business Policy Development," Sustainability, MDPI, vol. 12(2), pages 1-28, January.
    • Handle: RePEc:gam:jsusta:v:12:y:2020:i:2:p:526-:d:307319
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    References listed on IDEAS

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    Cited by:

    1. Sabina Veršič & Polona Tominc & Tjaša Štrukelj, 2022. "SME Top Management Perception of Environmental Uncertainty and Gender Differences during COVID-19," Sustainability, MDPI, vol. 14(6), pages 1-34, March.
    2. Maja Rožman & Polona Tominc & Tjaša Štrukelj, 2023. "Competitiveness Through Development of Strategic Talent Management and Agile Management Ecosystems," Global Journal of Flexible Systems Management, Springer;Global Institute of Flexible Systems Management, vol. 24(3), pages 373-393, September.
    3. Shiruo Fei & Chanho Kwon & Changhyun Jin, 2021. "The Role of Corporate Ethical Management on Trade Relationship Trust and Commitment: B2B," Sustainability, MDPI, vol. 13(9), pages 1-18, May.

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