Redefining the strategy field in the age of sustainability

Ioannou, I and Hawn, O (2019) Redefining the strategy field in the age of sustainability. In: Oxford Handbook of Corporate Social Responsibility: Psychological and Organizational Perspectives. Oxford University Press, Oxford. ISBN 9780198802280

Abstract

We examine how the strategy field is defined in the literature and find that most conceptualizations focus on financial metrics as measures of performance and only provide guidance on the strategic management of a corporation’s economic context. We then review the externalities and corporate social responsibility literatures and find that environmental and social performance is examined either in isolation or by assuming a strong form of independence from financial performance. Therefore, we identify a clear gap within the strategy field with regards to our understanding of the fundamental strategic problem in the age of sustainability. Importantly, we suggest and discuss an extended definition (i.e. a reconceptualization) of the strategy field, thus expanding its boundaries. We conclude by discussing implications for future research and practice.