Ideas with Impact
UNB Faculty of Management

A new study by UNB faculty of management professors Dr. Alireza Tajbakhsh and Dr. Azam Shamsi introduces a new approach to sustainability in the business world. Their work is published in The Annals of Operations Research and expands the traditional triple bottom line of people, planet, profit by adding a crucial fourth dimension: policy.

The study, titled "Migration to the Quadruple Bottom Line Framework for Achieving Sustainable Development Goals: The 4Ps of Sustainability (2024), shows how integrating policy-making into sustainability strategies can help businesses better achieve the United Nations' Sustainable Development Goals (SDGs). By analyzing various case studies, the researchers demonstrate that companies adopting this new framework can align their operations more effectively with the SDGs.

Dr. Tajbakhsh explains, “The insights from this study are helpful for managers and business leaders looking to enhance their sustainability strategies. By incorporating the proposed framework, businesses can achieve a more comprehensive and balanced approach to sustainability.

This involves integrating sustainability-driven policies and regulations into their core values and decision-making processes, which can lead to improved stakeholder engagement, brand loyalty, and long-term success.”

This new framework encourages businesses to redefine their mission statements, set policy-driven goals, and measure success not just by financial metrics, but also by social and environmental impact.

Companies can use these insights to create more robust sustainability reports, enhance transparency, and communicate their commitment to the SDGs more effectively to investors, customers, and employees.

By adopting this approach, businesses can contribute to more equitable and inclusive growth, addressing social issues like inequality, poverty, and community development. It also promotes environmental responsibility, encouraging practices that reduce carbon emissions, conserve resources, and protect biodiversity.

“From a societal perspective,” adds Tajbakhsh, “companies that prioritize purpose can play a crucial role in fostering sustainable development and improving quality of life. This can lead to stronger communities, better living conditions, and increased social cohesion.”

Dr. Tajbakhsh is a professor of quantitative methods with UNB’s faculty of management and Dr. Shamsi is a professor of finance. Their research offers a comprehensive roadmap for businesses to integrate sustainability into their core values and decision-making processes, paving the way for a more sustainable and prosperous future.

Photo: Research by Dr. Alireza Tajbakhsh introduces a new approach to sustainability in the business world

Learn more about UNB’s faculty of management.

Media contact: Liz Lemon-Mitchell email: llemonmi@unb.ca