literature review-RESERVED FOR HIFSA

· Introduction

· What is sustainable business development?

· The three pillars of sustainability

· Why sustainable business development is important? Why it is important for the Multinational companies?

· Introduce two schools of thoughts in dealing the sustainable development

· The big idea of the first schools of thoughts and examples

People think that such type of development should be seen as an expense and a company should only spend to the extent which they have used from the environment and there should be nothing added because it is not in the direct interest of the shareholders and it is against the directors fiduciary duty of acting the shareholders best interest, as it is in the best interest of the society or public, not the shareholders. (Gifford, 2004)

· The big idea of the second schools of thoughts and examples

Expenditure should be seen as marketing and goodwill enhancing expenditure which is soon going to be converted to be an asset as such expenditure will direct more customers to the organization and this will add up to the goodwill and brand of the company as people nowadays are willing to spend more on a product that has been produced by a company pursuing greener ways and sustainable development. This source is also of the opinion that companies should not only spend on environment what they consumed but they should act as the responsible citizens of the society and should add value to the society in every possible way. (Stokke, 1991)

· The relationship of the two schools of thoughts

· Why it is significant to debate

· Judgment

· Future for the sustainable business development

· Conclusion

References:

· Stokke, O. (1991). Sustainable development. London: F. Cass in association with the European Association of Development Research and Training Institutes (EADI), Geneva.

· Baker, S. (2006). Sustainable development. London: Routledge.

· Gifford, C. (2004). Sustainable development. Oxford: Heinemann Library.

· Bebbington, J. (2001). Sustainable development: a review of the international development, business and accounting literature. Accounting Forum, 128-157.

· Gladwin, T. N., Kennely, J. J., & Krause, T.-S. (1995). Shifting Paradigms for Sustainable Development: Implications for Management Theory and Research. Academy of Management Review, 874-907.

· Hopwood, B., Mellor, M., & O'Brien, G. (2005). Sustainable Development: Mapping Different Approaches. Sustainable Development, 38-52.

· Kolk, A., & Tulder, R. V. (2010). International business, corporate social responsibility and sustainable development. International business review, 119-125.

· Schoenherr, T. (2012). The Role of Environmental Management in Sustainable Business Development: A Multi-Country Investigation. International Journal of Production Economics, 116-128.