A state of the art review of conscious capitalism – Defining conscious capitalism to enable a new paradigm and management system

The expectations of society are changing, with stakeholders increasingly calling for businesses to act more responsibly. Values-based businesses operate with a purpose other than profit; this can lead to improved stakeholder relations, stronger brands, higher profits and greater longevity. Conscious Capitalism (CC) promises the ability to achieve a values-based approach, however its downfall is its ambiguity and lack of scientific investigation.

This study addresses these issues. A literature review explores CC and evaluates the concept’s attributes alongside the antecedent theories of Corporate Social Responsibility, Creating Shared Value, Stakeholder Theory and Triple Bottom Line. The dimensions of CC are extrapolated, and primary data is collected from CC practitioners through a survey and interviews. 

This study provides contributions to knowledge and practice. A gap in knowledge has been identified and in response, a novel model is offered with the Conscious Capitalism Balanced Scorecard (CC BSC), along with a nuanced approach to instigate and develop CC cultures, values, and interests. Ultimately the study’s contribution to knowledge is to create a management system for business leaders. The CC BSC distils the secondary and primary data into a succinct and practical means of defining CC.