We are pleased to announce the launch of our latest research on Business for Good: Understanding the Motivations for Business to Create Shared Value. Businesses today have to do more than traditional Corporate Social Responsibility (“CSR”) practices if they want to identify new growth areas, stay competitive, attract customers and talents. There has been a global movement towards “Business for Good”, with the World Economic Forum leading a Davos Manifesto to call for stakeholder capitalism instead of shareholder capitalism.
In this study, we looked into the motivations and push and pull factors for local, regional and international companies to adopt a stakeholder-centric approach in doing business through 18 case studies. We also sought to understand whether the younger population will play an increasingly important role in influencing business behaviour. We conclude the study with concrete recommendations on how different stakeholder groups – particularly government, business, educators and the media – can help promote the wider applications of business for good in Hong Kong.
This is a collaborative study commissioned in 2019 by the Hong Kong Social Entrepreneurship Forum, Ernst & Young, InnoFoco Limited and the global Social Innovation Exchange, with support of the Social Innovation and Entrepreneurship Development Fund (SIE Fund).