Corporate Social Responsibility, Sustainability and Accountability: The Need for a Relational View of the Firm [4]

This presentation will be made by Professor Antonio Tencati, from Bocconi University in Milan, Italy.

The inter-related concepts of corporate social responsibility, sustainability and accountability call for a new view of the firm. In more detail, a firm cannot ignore the context in which it operates. In fact, a network of relationships connects the company to a great number of interrelated individuals and constituencies, that is, the stakeholders (e.g., employees, shareholders and the financial community, customers, suppliers, financial partners, public authorities, the community, and the natural environment). These linkages influence the way a company is governed and, at the same time, are influenced by the company’s behavior.

Thus, a firm can develop over time if it is able to build and maintain sustainable and durable relationships with the members of its stakeholder network. In this perspective, the entire set of stakeholder linkages becomes strategic for the long-term success and survival of a company. Therefore, the relationships with stakeholders are the crucial assets for a firm and its management.

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