| Abstract |
At the beginning of the twenty first century, there was an ongoing debate concerning the role of economy of communion (EoC) in achieving corporate sustainable development (CSD). A traditional approach to build CSD has been concentrated on the strengthen management material goods in order to increase the added value for the shareholders. Based on the limited focus of the traditional approach towards CSD and the pressure of the global business practices, enterprises are taking defensive position and reactive approach for solving business problems. Such approach is not sustainable and as a result, enterprises in general and family business in particular must shift their paradigm from materialistic management to new post-materialistic value management. Therefore, the purpose of this study is to achieve a deeper understanding on how the EoC can contribute to sustainable development (SD) of family businesses in Croatia. The main objective of this study is to investigate new values of post-materialistic management (i.e., culture of giving, profit distribution, ecology and the responsibility for future generations) and their influence on SD of family businesses in Croatia. In the context of new values of post-materialistic management, the profit and growth are not the final objectives of the business activity but elements of the wider circle of the corporate values. Common good of all stakeholders is put in the forefront. This qualitative study is based on a comparative analysis of the research results from the review of relevant literature and empirical research conducted by Zivkovic (2012) on the EoC. The research results indicate that there is an alternative to business models of market economy. Principles of EoC, the business model that puts humans and their spiritual and material needs and development in the forefront, contribute to sustainable economic, social and environmental development. Practical application of the "culture of giving" develops relationships that promote the development and distribution of profits to internal and external stakeholders, thus contributing to SD of family businesses. |
