Abstract:

The study sought to contribute to the general body of knowledge and research work in business value system (BVS). The research work also aimed to establish the most prominent types of values from the literature and ascertain how BVS elements are interconnected and influence business performance toward success. The concept of business values as a system is relatively new.  However, this paper’s purpose is to bridge the various pieces of BVS knowledge in literature by systematically reviewing a collection of articles on the subject and drawing valuable conclusions relating to the various paradigms or schools of thought. The researcher, for this study, identified and critically reviewed a minimum of forty (40) old and recent articles on BVS that were gathered from highly recognized and profiled research databases, including Google Scholar, Research Gate and Elsevier (database), Persistent themes on the prevalent forms of BVS; their interconnectedness and their influence on business performance were observed. It became clear that defining BVS exists because of the systematic connectedness of the values. There is enough evidence from the literature that when implemented well, BVS yields successfulness to the companies and consequently, development of the respective local and national communities in a mutual manner.

References:

[1] TAU (2021a) Business Environment -Module for PhD. in Management. Guyana, TAU. Retrieved from https://dblplms.tauedu.org/course/view.php?

[2] Nworgu B. G. (2006). Educational research: Basic issues and methodology. Nsukka: University Trust Publishers, 2006.

[3] Sekeran, U. (2003). Research Methods for Business A Skill Building Approach, 4th Edition. New York: John Wiley & Sons.

[4] Koi-Akrofi Joyce (2023). CSR Paradigms, Consumer Behaviour, and Business Performance: A Literature-Based Analysis, Texila International Journal of Management, (ISSN 2520-310X) DOI: 10.21522/TIJMG.2015.09.01. Art003.

[5] Cherunilam F.  (2018). Business Environment 1st Ed. Himalaya Publishing House Pvt ltd.

[6] TAU (2021b) Business, and Industrial Market Structure - Module for PhD. in Management. Guyana, TAU. Retrieved from https://dblplms.tauedu.org/course/view.php?

[7] Freeman, R. (1994), “The politics of stakeholder theory: Some future directions”, Business Ethics Quarterly, Vol. 4 No. 4, pp. 409-421. https://doi.org/10.2307/3857340.

[8] O'Donovan, K. (2017, April 16). 20 Inspiring Vision Statement Examples (2017 Updated). Retrieved August 01, 2022 from http://www.lifehack.org/articles/work/20-sample-vision-statement-for-the-new-startup.html.

[9] TAU (2021c) Research Methodology - Module for PhD. in Management. Guyana, TAU. Retrieved from https://dblplms.tauedu.org/course/view.php?

[10] TAU (2021d) Strategic Management - Module for PhD. in Management. Guyana, TAU. Retrieved from https://dblplms.tauedu.org/course/view.php?

[11] Ssegawa, J (2013) ‘Developing a strategic perspective for construction industry of Botswana’, Australasian Journal of Construction Economics and Building, 13 (3) 157-172

[12] Barney, J. and Hesterly, W. (2015). Strategic Management and Competitive Advantage Concepts and Cases. 5th ed. Essex, England Pearson Education.

[13] Moroka, K. (2009). Innovative corporate social responsibility in Botswana: The Debswana mining company study case. Wuhan University of Technology, Hubei, China.

[14] Daft, R. (2010). Management. 9th ed. Mason, Ohio: South-Western Cengage Learning.

[15] David, F. (2011). Strategic management. Upper Saddle River, New Jersey: Prentice Hall.

[16] Ashforth, B.E., Gibbs, B.W. (1990). The double-edge of organizational legitimation. Organization Science. 1(2), 177-194.

[17] Pratama I., Adam N.C., Kamardi H. (2019), Corporate Social Responsibility Disclosure (CSRD) Quality in Indonesian Public Listed Companies, Polish Journal of Management Studies, Vol.20 No.1, DOI: 10.17512/pjms.2019.20.1.31

[18] Carroll, A. B. (1999). Corporate social responsibility: Evolution of a definitional construct. Business & society, 38(3), 268-295.

[19] Paul, J. (2010). BUSINESS ENVIRONMENT: Text and cases, McGraw-Hill Education, 3rd Edition.

[20] Rochlin, S., & Googins, B. (2005). The value proposition for corporate citizenship. Boston: Center for Corporate Citizenship at Boston College.

[21] Gray, R., Kouhy, R., and Lavers, S. (1995), “Corporate social and environmental reporting: a review of the literature and a longitudinal study of UK disclosure”, Accounting, Auditing & Accountability Journal, Vol. 8 No. 2, pp. 47-77. https://doi.org/10.1108/09513579510146996

[22] Jamali, D., Safieddine, A., and Rabbath, M. (2008), “Corporate governance and corporate social responsibility synergies and interrelationships”, Corporate Governance: An International Review, Vol. 16 No. 5, pp. 443-459. https://doi.org/10.1111/j.1467-8683.2008.00702.x

[23] Haniffa, R. and Hudaib, M. (2006), “Corporate governance structure and performance of Malaysian listed companies”, Journal of Business Finance & Accounting, Vol. 33 No. 7‐8, pp. 1034-1062. https://doi.org/10.1111/j.1468-5957.2006.00594.x

[24] Michelon, G., and Parbonetti, A. (2012), “The effect of corporate governance on sustainability disclosure”, Journal of Management and Governance, Vol. 16 No. 3, pp. 477-509.  https://doi.org/10.1007/s10997-010-9160-3

[25] Shleifer, A. and Vishny, R. (1997), “A survey of corporate governance”, Journal of Finance, Vol. 52 No. 2, pp. 737-783. https://doi.org/10.1111/j.1540-6261.1997.tb04820.x

[26] Mitton, T. (2002), “A cross-firm analysis of the impact of corporate governance on the East Asian financial crisis”, Journal of Financial Economics, 64 No. 2, pp. 215-241.  https://doi.org/10.1016/S0304-405X(02)00076-4

[27] OECD (2004), Principles of corporate governance, OECD, Paris.

[28] Solomon, J. (2007), Corporate Governance and Accountability, Wiley, Chichester, UK. Vo, T. (2010), “To be or not to be both CEO and Board Chair”, Brooklyn Law Review, Vol. 76, pp. 65-129.

[29] Dias, António; Rodrigues, Lúcia Lima; and Craig, Russell, (2017). Corporate Governance Effects on Social Responsibility Disclosures, Australasian Accounting, Business and Finance Journal, 11(2), 2017, 3-22.doi:10.14453/aabfj.v11i2.2

[30] USA (2023). U.S BUREAU OF LABOUR STATISTICS; https://www.bls.gov/

[31] Waters Shonna (2023). What is productivity? Definition and ways to improve. https://www.betterup.com/blog/what-is-productivity.

[32] Simplilearn (2023). What is Productivity: Defining and Measuring Efficiency. https://www.simplilearn.com/what-is-productivity-and-how-to-define-and-measure-it-article.

[33] Johanns Ann M. & Hofstrand Don (2019). Iowa State University, Understanding Profitability. https://www.extension.iastate.edu/agdm/wholefarm/html/c3-24.html.

[34] Anlesinya Alex, Eshun Patrick & Ali Bonuedi Amy (2015). Entrepreneurial Orientation Dimensions and Profitability Nexus: Evidence from Micro Enterprises in The Retail Sector in A Developing Country. International Journal of Small Business and Entrepreneurship Research Vol.3, No.7, pp.79-87, December 2015

[35] Lowe, A., Nama, Y., Bryer, A., Chabrak, N., Dambrin, C., Jeacle, I., Lind, J., Lorino, P., Robson, K., Bottausci, C., Spence, C., Carter, C. and Svetlova, E. (2020), "Problematizing profit and profitability: discussions", Accounting, Auditing & Accountability Journal, Vol. 1233 No. 4, pp. 753-793. https://doi.org/10.1108/AAAJ-10-2019-4223.

[36] Pestonji, C. and Wichitsathian, S. (2019), "The Impacts of Working Capital Policy on Firms’ Performances: An Empirical Study on Thai Listed Companies in Production Sector", Asia-Pacific Contemporary Finance and Development (International Symposia in Economic Theory and Econometrics, Vol. 26), Emerald Publishing Limited, Leeds, pp. 39-51. https://doi.org/10.1108/S1571-038620190000026003

[37] Landrum, N., Boje, D., & Gardner, C. (2005). Applying an integral vision to strategic management: A model for integral strategy. Manuscript submitted for publication.

[38] Schmitz Andy (2012). An Introduction to Sustainable Business (v. 1.0) https://2012books.lardbucket.org/pdfs/an-introduction-to-sustainable-business.pdf.

[39] Chungyalpa, Wangchuk. (2021). Understanding Business Sustainability: The What, the Why, and the How of Sustainable Business Practices. Indian Journal of Sustainable Development. 5. 24-37. https://www.researchgate.net/publication/352837459/.

[40] IBM (2023). What is sustainability in business?  IBM. https://www.ibm.com/topics/business-sustainability.

[41] Google Reference (2023). What does very successful mean? https://www.google.com/search?client=firefox-b-d&q=what+is+the+definition+of+successfulness. Accessed 15 Dec. 2023.

[42] Google.com Search, (2023). https://www.google.com/search?client=firefox-b-d&q=what+is+the+definition+of+successfulness. Accessed 15 Dec. 2023.

[43] Vocabulary.com Dictionary, (2023). Vocabulary.com, https://www.vocabulary.com/dictionary/successfulness. Accessed 15 Dec. 2023.

[44] Oxford Reference (2023). Success in The Oxford Dictionary of Sports Science & Medicine. https://www.oxfordreference.com/display/10.1093/oi/authority.20110803100540491 Accessed 15 Dec. 2023.

[45] Pilat, Dirk. (2007). Productivity in Business ervices. 10.1057/9780230228795_4. https://www.researchgate.net/publication/25654149_Productivity_in_Business_Services.