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Integrating Sustainability into Strategic Management: a Path Towards Long-Term Business Success
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Integrating Sustainability into Strategic Management: a Path Towards Long-Term Business Success
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Journal Article
Integrating Sustainability into Strategic Management: a Path Towards Long-Term Business Success
2023
Overview
Purpose: This study aims to examine the integration of sustainability into the strategic management practices of banks in Jordan, identifying both challenges and opportunities. Theoretical framework: The study's conceptual framework outlines the independent variable as strategic management, including formulation, implementation, monitoring and evaluating, and leadership, while the dependent variable is sustainability, focusing on both social and environmental goals. Existing models and frameworks for sustainability-oriented strategic management are reviewed and a customized model for Jordanian banks is developed. Design/methodology/approach: The research employs a qualitative research design, using semi-structured interviews with senior managers from ten Jordanian banks. Data is analyzed using content analysis and thematic analysis. Findings: The study finds that implementing strategic management processes can have a positive impact on sustainability, particularly with regards to environmental sustainability goals. The study recommends that Jordanian banks prioritize sustainability in their strategic management practices, establish sustainability targets, evaluate risks and opportunities, and adopt sustainable practices. Research, Practical & Social implications: The study has implications for both research and practice. It highlights the importance of incorporating sustainability into strategic management practices for banks in Jordan and identifies the challenges and opportunities for doing so. The study also has social implications, as incorporating sustainability into strategic management practices can enhance the reputation of banks, decrease costs, and generate positive societal and environmental outcomes. Originality/value: This study contributes to the literature on sustainability-oriented strategic management by developing a customized model for Jordanian banks. The study also provides insights into the challenges and opportunities for banks in Jordan in integrating sustainability into their strategic management practices.
