Can Benefit Corporations Contribute to Reshaping Capitalism? State of the Art and a Research Agenda

ABSTRACT Benefit corporation is a hybrid business form that simultaneously pursues profit and common benefit objectives. By adopting the systematic literature review methodology, the study analyses and systematises knowledge on the peculiarities of benefit corporation (purpose, accountability, and transparency), its strengths and weaknesses, the motivations behind its adoption and diffusion, its position with respect to corporate theories, the sustainability practices adopted to achieve the dual purpose, and the impact assessment. Drawing on knowledge gained from the review, the paper proposes a conceptual framework on the benefit corporation model that can be a useful resource for companies, managers, and practitioners interested in understanding and implementing such a hybrid business form. The paper contributes to developing a comprehensive knowledge base on the benefit corporation model and outlines a research agenda to guide future studies in the field. Policymakers can use the considerations of the paper to enhance the benefit corporations model's normative aspects.