Responsible Business – A Timely Introspection and Future Prospects
Hiram Ting1,2; Aaron Tham3* and Jiankun Gong4
1 Center for Tourism Research, Wakayama University, Japan
2 Faculty of Hospitality and Tourism Management, UCSI University, Malaysia
3 School of Business and Creative Industries, University of the Sunshine Coast, Australia
4 Faculty of Arts and Social Science, University of Malaya, Malaysia
*Corresponding author: mtham@usc.edu.au
Abstract
The concept of responsible business is well-known, but not necessarily known well. In this editorial, we seek to conduct a timely introspection of the term, clarifying its definition and characteristics, and launching future research prospects for scholars. Within this vein, it is evident that there is overall consensus as to the principles of responsible business, though there are ongoing debates as to how the term is manifested across different contexts comprising stakeholders with various priorities. For this reason, we argue that a contextual approach is needed, and that businesses need to align their organizational goals with wider expectations on environmental, social and corporate governance outcomes as informed by their ecosystems. Future studies should then be directed towards unpacking some of these cultural influences, and the effectiveness of the quadruple helix (business, academia, industry and society) in delivering responsible business outcomes. These can likewise be undertaken through cross-comparative and longitudinal studies to elucidate global best practices.
Keywords: Responsible business; Corporate social responsibility; Environmental, social and corporate governance; Business ethics.