Abstract
April 12, 2023, Working Paper: "Our understanding of the firm’s role in society has evolved greatly over the past 70 years, with more recent years seeing a sharp rise in interest for how firms can contribute more than profits to society – that is, have a purpose beyond profits. Businesses engaged in the pursuit of “purposeful” activities often engage with complex societal challenges, many of which have the characteristics of wicked problems, which are characterized by high conflict among stakeholders, high complexity as a result of multiple and interconnected variables, and high uncertainty where the information required for problem solving is missing or unknown (e.g., climate change, food insecurity, poverty). This literature review aims to lay the foundation for further research into the nature of purpose-driven firms and into the impact of wicked problem engagement on organizational and operational behaviors. We provide an understanding of how business leaders and firms come to engage in purpose-driven activities and the nature of such engagement. Further, we offer insight into the potential benefits of firm engagement with wicked problems."