New Imperative of Corporate Value Creation in Face of the Challenges of Sustainable Development


Objective: The aim of the article is to present and exemplify the mechanisms of changes in defining and influencing the new imperative of corporate value creation. It is implied by the impact of the sustainable development concept.

Research Design & Methods: The research focused on the concept of corporate value creation in the context of the challenges connected to sustainable development. In the article, both inductive and deductive ways of reasoning were adopted, which makes it possible to combine the results of the detailed research.

Findings: The publication indicates the emerging need for a change in the manner of perceiving and thinking about values – ‘from grasping value for today – towards the value of the future.’ This is related to the need to formulate the new imperative of corporate value creation.

Implications & Recommendations: The reasonable profit concept can also be the basis for the formulation of the postulate of ‘reasonable speed of corporate value creation.’ Therefore, there is a need to redefine the existing imperative of corporate value creation and implement a new imperative based on the idea of the responsibility for the existence and long-term development of the enterprise.

Contribution & Value Added: The result is the disclosure of the emergence of a hybrid concept of sustainable value-based management. The added value of this article is the proposal to create a new imperative of corporate value creation based on the foundation of the restitution of the idea of responsibility.


theory of development; sustainable development; corporate value creation; value-based management; sustainable value-based management

Bauman, Z. (2000). Liquid Modernity. Cambridge: Polity Press.

Bettencourt, L.M.A., & Kaur, J. (2011). Evolution and structure of sustainability science. Proceedings of the National Academy of Sciences of the United States of America, 108(49), 19,540-19,545.

Biddle, C., & Schafft, K.A. (2015). Axiology and Anomaly in the Practice of Mixed Methods Work Pragmatism, Valuation, and the Transformative Paradigm. Journal of Mixed Methods Research, 9(4), 320-334.

Biedenbach, T. (2016). The open secret of values: the roles of values in axiology in project research. Project Management Journal, 47(3), 139-155.

Black, A.P., Wright, P., & Bachman, J.E. (1998). In Search of Shareholder Value: Managing the Drives of Performance. London: Pitman Publishing.

Borowiecki, R., & Siuta-Tokarska, B. (2018). Nauki o zarządzaniu w świetle paradygmatów. Przegląd Organizacji, 4, 7-15.

Borys, T. (2011). Zrównoważony rozwój – jak rozpoznać ład zintegrowany?. Problemy Ekorozwoju

(2), 75-81.

Cairns, R.D., & Martinet, V. (2014). An environmental-economic measure of sustainable development. European Economic Review, 69, 4-17.

Copeland, T., Koller, T., & Murrin, J. (1990). Valuation: Measuring and Managing the Value of Companies. 1st Edition, New York: John Wiley & Sons Inc.

Cornelius, P., & Kogut, B.M. (2003). Corporate Governance and Capital Flows in a Global Economy. New York: Oxford University Press.

Dahl, A.L. (2012). Achievements and gaps in indicators for sustainability. Ecological Indicators, 17, 14-19.

Dobrescu, M., Hristache, D., & Iacob, S. (2012). Recent theoretical progress in economics and its impact on economic policy. Procedia – Social and Behavioral Sciences, 62, 562-565.

Dhahri, S., & Omri, A. (2018). Entrepreneurship contribution to the three pillars of sustainable development: What does the evidence really say?. World Development, 106, 64-77.

Egelston, A.E. (2013). Sustainable Development. A History. New York-London: Springer.

Ehrbar, A. (1998). EVA – The Real Key to Creating Wealth. New York: John Wiley & Sons Inc.

Ellerman, D. (2004). Revisiting Hirschman on Development Assistance and Unbalanced Growth. Eastern Economic Journal, 30(2), 311-331.

Gabrusewicz, T., & Przybylska-Kapuścińska, W. (2013). Wartość w zrównoważonym rozwoju. Nauki o Finansach, 4(17), 55-62.

Gray, R.H. (2006). Social, environmental and sustainability reporting and organisational value creation: Whose value? Whose creation?. Accounting, Auditing & Accountability Journal, 19(6), 793-819.

Hak, T., Janoušková, S., & Moldan, B. (2016). Sustainable development goals: a need for relevant indicators. Ecological Indicators, 60, 565-573.

Hartman, R.S. (2011). The structure of value: Foundations of Scientific axiology. Eugene: Wipf and Stock Publishers.

Hopwood, B., Mellor, M., & O’Brien, G. (2005). Sustainable development: mapping different approaches. Sustainable Development, 13, 38-52.

Igwe, P.A., Icha-Ituma, A., & Madichie, N.O. (2018). An Evaluation of CSR and Social Value Practices Among UK Commercial and Social Enterprises. Entrepreneurial Business and Economics Review, 6(1), 37-52,

Ikemefuna, A. (2016). International Entrepreneurship Theory: Past, Present and Way

Forward, Entrepreneurial Business and Economics Review 4(4), 93-103,

Kattel, R., Kregel, J.A., & Reinert, E.S. (2009). The Relevance of Ragnar Nurkse and Classical Development Economics. Working Papers in Technology Governance and Economic Dynamics, 21, 1-34.

Knight, J.A. (1998). Value Based Management: Developing a Systematic Approach to Creating Shareholder Value. New York: McGraw-Hill.

Kolodko, G.W. (2017). New Pragmatism: In the Quest for Economics and Development Policy in the 21th Century. Journal of Management and Business Administration. Central Europe, 25(2),


Kreickemeier, U., & Wrona, J. (2017). Industrialisation and the Big Push in a Global Economy. Dϋsseldorf Institute for Competition Economics. Discussion Paper, 249, 1-25.

Lortie, M., Nadeau, S., & Vezeau, S. (2016). Holistic sustainable development: Floor-layers and micro-enterprises. Applied Ergonomics, 57, 8-16.

Martin, J.D., & Petty, J.W. (2000). Value Based Management: The Corporate Response to the Shareholder Revolution. Boston: Harvard Business School Press.

Martin, J.D., Petty, J.W., & Wallace, J.S. (2009). Value Based Management with Corporate Social Responsibility. New York: Oxford University Press.

Mayfield, J. (1997). Economic Value Management. The Route to Shareholder Value. Management Accounting, 75(8), 32-33.

McTaggart, J.M., Kontes, P.W., & Mankins, M.C. (1994). The Value Imperative. Managing for Superior Shareholder Returns. New York: The Free Press.

Miller, J.H., Greaney, M.D., & Brohawn, D.K. (Eds.) (1994). Curing World Poverty: The Role of Property. New York: Social Justice Review.

Moldavska, A., & Welo, T. (2019). A Holistic approach to corporate sustainability assessment: Incorporating sustainable development goals into sustainable manufacturing performance evaluation. Journal of Manufacturing Systems, 50, 53-68.

Moratis, L., & Melissen, F. (2019). How do the sustainable development goals question rather than inform corporate sustainability?. Resources, Conservation and Recycling, 141, 253-254.

Narmania, D. (2018). Economic Policy Uncertainty and Risk Management in Regulated Sectors. International Journal of Business and General Management, 7(4), 19-28.

Nilsson, M., Griggs, D., & Visbeck, M. (2016). Policy: map the interactions between Sustainable Development Goals. Nature, 534, 320-322.

Olawumi, T.O., & Chan, D.W.M. (2018). A scientrometric review of global research on sustainability and sustainable development. Journal of Cleaner Production, 183, 231-250.

Ostrom, E. (2015). Governing the commons. The evolution of institutions for collective action. Cambridge: Cambridge University Press.

Palea, V. (2018). Financial reporting for sustainable development: Critical insights into IFRS implementation in the European Union. Accounting Forum, 42(3), 248-260.

Piątek, Z. (2007). Przyrodnicze i społeczno-historyczne warunki równoważenia ładu ludzkiego świata. Problemy Ekorozwoju, 2(2), 5-18.

Porter, M.E., & Kramer, M.R. (2001). The Big Idea: Creating Shared Value. Harvard Business Review, 1, 62-77.

Pulgarín, A., Eklund, P., Garrote, R., & Escalona-Fernández, M.I. (2015). Evolution and Structure of Sustainable Development: A Bibliometric Study. Brazilian Journal of Information Scienc, 9(1).

Rappaport, A. (1986). Creating Shareholder Value. The New Standard for Business Performance. New York: The Free Press.

Reichmann, M. (2016). Creative Accounting and Electoral Motives: Evidence from OECD Countries. Journal of Comparative Economics, 44(2), 243-257.

Ricardo, D. (2001). On The Principles of Political Economy and Taxation. Ontario: Batoche Books, Kitchner.

Say, J.B. (2001). A Treatise on Political Economy; or the Production, Distribution, and Consumption of Wealth. Ontario: Batoche Books, Kitchner.

Sinakou, E., Boeve-de Pauw, J., Goossens, M., & Van Petegem, P. (2018). Academics in the Field of Education for Sustainable Development: Their Conceptions of Sustainable Development. Journal of Cleaner Production, 184, 321-332.

Siva, V., Gremyr, I., Bergquist, B., Garvare, R., Zobel, T., & Isaksson, R. (2016). The support of Quality Management to sustainable development: a literature review. Journal of Cleaner Production, 138(2), 148-157.

Smith, A. (2007). An Inquiry into the Nature and Causes of the Wealth of Nations. Amsterdam – Lausanne – Melbourne – Milan – New York – Sao Paulo: MetaLibri.

Smith, P. (2009). Shareholder Value Implementation: Turning Promise into Reality, L.E.K. Consulting Executive Insights, IV(1), 1-7.

Solivetti, L.M. (2005). W.W. Rostow and His Contribution to Development Studies: A Note. The Journal of Development Studies, 41(4), 719-724.

Starovic, D., Cooper, S., & Davis, M. (2004). Maximising Shareholder Value. Achieving clarity in decision-making. London: CIMA.

Steward, III, G.B. (1991). The Quest for Value. A Guide for Senior Managers. New York: Harper Business.

Stockhammer, E. (2013). Financialization and the Global Economy. In M.H. Wolfson & G.H. Epstein, (Eds.), The Political Economy of Financial Crises. New York: Oxford University Press.

Szejnwald-Brown, H., de Jong, M., & Levy, D.L. (2008). Building institutions based on information disclosure: lessons from GRI’s sustainability reporting. Journal of Cleaner Production, 17, 571-580.

Tarquinio, S., Raucci, D., & Benedetti, R. (2018). An Investigation of Global Reporting Initiative Performance Indicators in Corporate Sustainability Reports: Greek, Italian and Spanish Evidence. Sustanaibility, 10, 1-19.

Tischner, J. (2002). Thinking in Value., Cracow: Polish Publishing House ‘Znak.’

Walker, P.A. (2009). From ‘tragedy’ to commons: How Hardin’s mistake might save the world. Journal of Natural Resources Policy Research, 1(3), 283-286.

Wang, X., & Piesse, J. (2009). Economic Development and Surplus Labour: A Critical Review of the Lewis Model. BWPI Working Paper, 89, 1-32.

Young, S.D., & O’Byrne, S.F. (2001). EVA and Value-Based Management. A Practical Guide to Implementation. New York: McGraw-Hill.


Published : 2019-06-28

Jaki, A., & Siuta-Tokarska, B. (2019). New Imperative of Corporate Value Creation in Face of the Challenges of Sustainable Development. Entrepreneurial Business and Economics Review, 7(2).

Andrzej Jaki 
Cracow University of Economics  Poland
Department of Economics and Organization of Enterprises in Cracow Univeristy of Economics, prof. UEK dr hab.
Barbara Siuta-Tokarska
Cracow Univeristy of Economics  Poland
Department of Economics and Organization of Enterprises Cracow Univeristy of Economics, prof. UEK dr hab.

Creative Commons License

This work is licensed under a Creative Commons Attribution-NoDerivatives 4.0 International License.

Authors who publish with this journal agree to the following terms:

  1. Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a CC BY-ND licence that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal.
  2. Authors are asked to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.

 Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) only the final version of the article, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See The Effect of Open Access). We advise using any of the following research society portals: