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AbstractWe propose that firms that engage in morally imaginative sensemaking will manage society's changing ethical expectations more effectively than those engaging in habituated sensemaking. Specifically, we argue that managers engaging in habituated sensemaking will tend to view changes in expectations as threats and respond to them defensively. In contrast, morally imaginative managers will tend to see these same changes as opportunities and address them by proactively or interactively engaging stakeholders in learning processes. We contribute to the literature on moral imagination by highlighting the value of moral imagination relative to conventional sensemaking, and by positioning moral imagination as an ongoing mode of sensemaking. While we recognize that managers' capacity to continuously address changing ethical expectations using moral imagination is constrained by cognitive limitations, we posit that morally imaginative sensemaking may economize on cognitive resources over time by enabling managers to avoid managing ethical issues unproductively based on habit. We also contribute to the issues management literature by calling attention to two underlying factors, managerial sensemaking mode and firm enterprise strategy, that drive companies' approaches to issues management.

AbstractAn ongoing argument often made by business ethicists is that a singular preoccupation on profitability, will lead, in the long run, to disvalue for all the stakeholders and the communities it affects, and often (but alas not always), economic challenges for the company. On the other hand, we argue, a preoccupation with ethics and CSR as the primary aims of a for‐profit company, it is, on its own, like a preoccupation with profitability, unsustainable. Indeed, without economic viability, a company will fail. Both of these contentions point to our conclusion that one must take care in changing habits and rethinking business models. We illustrate through case examples, that merely being ethical and socially responsible is insufficient for the long‐term well‐being of business just as a preoccupation with profits for their own sake also is insufficient. What is realistic, practical, pragmatic, sustainable and profitable for corporations, and what also serves the interests of multiple stakeholders including those in the communities they serve, is a true balance of ethics, CSR, and economic value‐added. Expanding on the recent work of Husted and Allen (2011), we call this a strategic global strategy approach.