Editorial: Social impact of business management research

Citation

Mishra, A.S. (2024), "Editorial: Social impact of business management research", IIM Ranchi Journal of Management Studies, Vol. 3 No. 2, pp. 73-75. https://doi.org/10.1108/IRJMS-07-2024-187

Research on business management has long been acknowledged as having a positive impact on the profitability, competitiveness and efficiency of organizations. Although it is just as important, its social influence is frequently ignored. The growing impact of businesses on society means that research in this area can influence not just economic results but also social and environmental welfare.

The potential of business management research to close the gap between theoretical ideas and real-world implementations is among its most significant effects. Scholars offer valuable insights that support organizations in making well-informed decisions by examining various business models, approaches and leadership philosophies. This can, therefore, result in more ethical company practices that put sustainability before profits in the long run. For instance, studies on corporate social responsibility (CSR) have pushed companies to uphold moral standards and contribute constructively to their local communities. Research has demonstrated that organizations with robust CSR practices frequently have enhanced financial success, more customer loyalty and better reputations (Saeidi, Sofian, Saeidi, Saeidi, & Saaeidi, 2015; Islam et al., 2021). These results spur other companies to adopt similar strategies that benefit society.

Research on business management is equally essential to the cause of workplace equity and inclusivity. Through an analysis of topics including salary disparity, racial inequality and gender diversity, studies (such as, Blau & Kahn, 2017; Herring, 2009; Darity & Mason, 1998) suggest fact-based recommendations for fostering more welcoming workplaces. In addition to assisting companies in luring and keeping a diverse staff, this research promotes equality and respect inside the workplace. Additionally, research on corporate culture and leadership philosophies aids in creating management techniques that respect inclusiveness and diversity. These kinds of actions boost worker happiness and output and represent more significant social norms of justice and fairness. Businesses that place a higher priority on diversity and inclusion create an example that affects other industries and advances society. Businesses are becoming increasingly recognized as essential actors in tackling global issues like poverty, injustice and climate change in an interconnected world (Pinkse & Kolk, 2012). The frameworks and instruments required to address these problems are provided by business management research. For example, the development of eco-friendly supply chains and green technologies has resulted in a reduction in the environmental footprint of industries through research on sustainable business practices. Furthermore, research on impact investing and social entrepreneurship has demonstrated how companies can promote social change and remain successful. Researcher-identified models and techniques enable investors and entrepreneurs to pursue socially beneficial initiatives. This shows that social responsibility and profitability are not mutually exclusive while also helping to solve urgent global concerns.

Research on corporate management frequently yields insights that influence legislation and public policy. Policymakers rely on research to comprehend different business practices' economic and social ramifications. For instance, talks on fair pay and benefits for gig workers have been impacted by research on the gig economy and labor rights (De Stefano, 2016). In a similar vein, research on financial regulation and corporate governance has influenced laws meant to stop wrongdoing by corporations and maintain market stability. Business management research contributes to developing laws that safeguard consumers, workers and the environment by offering solid evidence. This, in turn, promotes a corporate climate that is ethical and responsible in addition to being competitive. Innovation and entrepreneurship are essential for both social and economic advancement, and business management research plays a significant role in promoting these traits. Scholars offer priceless insights into the entrepreneurial process by examining the conception, financing and expansion of new businesses. To help start-ups establish themselves involves defining best practices for market entry, finance strategies and business incubation. Additionally, studies on innovation management assist companies in developing a culture that encourages experimenting and creativity. This is especially crucial given the quickly evolving technology landscape of today when businesses need to innovate in order to remain competitive constantly. Businesses can create cutting-edge goods and services that address new societal demands, like inexpensive healthcare technology, educational resources and renewable energy sources, by promoting experimentation and learning from mistakes.

Business management research identifies methods in which firms can positively impact their local communities, thereby supporting the role that businesses can play as potent agents of community development. This covers studies on community involvement, business generosity and regional economic development. For instance, studies have demonstrated that companies can contribute to developing a competent workforce that benefits both the community and the business by funding local education and training initiatives. Similarly, research on small company support and development has shed light on how companies can boost regional economies, generate employment and lessen poverty. Business management research will change further as the globe deals with more complex issues now. New questions and research opportunities arise from emerging fields, including artificial intelligence, digital transformation and the gig economy. Furthermore, the necessity of conducting multidisciplinary research incorporating knowledge from disciplines like environmental science, psychology and sociology is becoming more widely acknowledged. Prioritizing inclusion and diversity in its techniques and emphasis areas is crucial for business management research to optimize its social impact. This entails researching the particular difficulties that underrepresented groups encounter in the corporate sector and creating plans to deal with these problems. By accomplishing this, research can help create a more inclusive and equitable corporate climate.

Overall, business management research has a significant social impact beyond academic institutions and corporate boardrooms. It influences public policy, commercial practices and the resolution of international issues. Research addressing social concerns and promoting positive change should be given priority to fully realize a business’s potential as a force for good in the world. On this line, the present issue of IRJMS deals with similar questions in business and society. The first paper investigated the influence of entrepreneurs' social competence on small and medium-sized enterprises’ (SMEs) performance. The second study deals with the effect of servant leadership on supervisor commitment and citizenship behaviors. The next paper is about exploring the mediating role of employee performance between organizational success and human resource management practices. The fourth paper has performed a bibliometric analysis of the body of extant literature on organizational deviance. In the end, the case explains the inorganic development strategy of a multinational pharmaceutical and biotechnology firm during an ambitious phase of expansion.