Hart_Milstein-创造可持续价值.pdfVIP

Academy of Management Executive, 2003, Vol. 17, No. 2 Creating sustainable value Stuart L. Hart and Mark B. Milstein Executive Overview Just as the creation of shareholder value requires performance on multiple dimensions, the global challenges associated with sustainable development are also multifaceted, involving economic, social, and environmental concerns. Indeed, these challenges have implications for virtually every aspect of a firm’s strategy and business model. Yet, most managers frame sustainable development not as a multidimensional opportunity, but rather as a one-dimensional nuisance, involving regulations, added cost, and liability. This approach leaves firms ill-equipped to deal with the issue in a strategic manner. Accordingly, we develop a sustainable-value framework that links the challenges of global sustainability to the creation of shareholder value by the firm. Specifically, we show how the global challenges associated with sustainable development, viewed through the appropriate set of business lenses, can help to identify strategies and practices that contribute to a more sustainable world while simultaneously driving shareholder value; this we define as the creation of sustainable value by the firm. “Sustainability is as foreign a concept to the present without compromising the ability of managers in capitalist societies as profits are future generations to meet their needs.”5 Similarly, to managers in the former Soviet Union.” sustainable development “is a process of achiev- ing human development . . . in an inclusive, con- —William Ruc