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Using panel data of 4,244 company years, we examine whether and how corporate social performance (CSP) affects a firm’s capacity
to achieve profitable sales in foreign markets. Based on our extension of instrumental stakeholder theory into the international
arena, we hypothesized a U-shaped relationship between CSP and multinationality. Results supported our contention that multinational
enterprises (MNEs) need to be substantially committed to social performance objectives if they are to recoup the cost of their
CSP investments, and improve their capacity to compete in foreign markets. MNEs engaged in intermediate levels of CSP achieve
lower levels of multinationality than firms operating at either anchor of the social performance continuum. In addition, this
study demonstrates that CSP moderates a well-established relationship in international business literature – the relationship
between R&D investment and a firm’s multinationality. Implications for research and practice are discussed. 相似文献
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The pharmaceutical sector, an industry already facing stiff challenges in the form of intensified competition and strategic
consolidation, has increasingly become subject to a range of pressures. Crucially, in common with other large-scale businesses,
pharmaceutical firms find themselves ‹invited’ to respond positively to the corporate ‹social’ responsibility (CSR) expectations
of their stakeholders. Consequently, individual managers will almost certainly be obliged to engage in some form of stakeholder
dialogue and this, in turn, means that they will have to make difficult choices about which practices to adopt. This real-world
management predicament runs parallel to an academic interest in CSR stakeholder dialogue theory and models. Accordingly, the
approach of this paper is to focus primarily on the academic debate surrounding stakeholder dialogue, by reviewing past attempts
to research and theorise the subject, by identifying gaps and weaknesses in the literature, and by proposing a new analytical
model. The central aim of the proposed new model is to offer a unified, structured, systematic, and comprehensive approach
to CSR decision making whilst simultaneously providing a practical framework for CSR executives who face the challenge of
responding in an effective manner to stakeholders. The model outlined here is currently being employed to conduct international
comparative empirical research into stakeholder dialogue practices amongst UK and German pharmaceutical firms. In the longer
term the intention is to use the model to undertake international comparative research encompassing a broader range of countries
and industries. 相似文献
4.
Corporate governance guidelines are a mechanism that a firm can enact which should reduce agency costs and better align the
interests of boards and the suppliers of capital. This study examines stock price reactions primarily attributable to institutional
investors occurring when corporations announce the enactment of corporate governance guidelines. A final sample of 77 firms
was derived from the first announcement of corporate governance guidelines exclusive to the SEC-EDGAR database. The results
indicate that good governance does matter. Firms that announced the enactment of corporate governance guidelines experienced
increased stock prices following the announcements. There was an immediate (days 1–4) reaction for firms that provided all
or part of the guidelines’ substance; a delayed (days 8–10) reaction occurred for those firms that only referenced the guidelines’
enactment. Additionally, firms with either a potentially greater following or that had a previous history of acrimonious relations
with stakeholders were rewarded by the announcement of the enactment of guidelines. 相似文献
5.
Assessing the Prerequisite of Successful CSR Implementation: Are Consumers Aware of CSR Initiatives?
As a reflection of the values and ethics of firms, corporate social responsibility (CSR) has received a large amount of research
attention over the last decade. A growing area of this research is the CSR–consumer relationship. Results of experimental
studies indicate that consumer attitudes and purchase intentions are influenced by CSR initiatives – if consumers are aware
of them. In order to create this awareness, business is increasingly turning to ‹pro-social’ marketing communications, but
such campaigns is met with scepticism and their effectiveness are therefore uncertain. Consequently, researchers in the field
(for example, Maignan, 2001; Mohr et al., 2001) have called for empirical studies to determine the level of actual consumer
awareness of CSR initiatives. This study examines the Australian banking sector, which engages in and promotes its CSR activities,
to help fill this gap. Results from our qualitative study with bank managers, and our quantitative study with consumers, indicate
low consumer CSR awareness levels. Consumer understanding of many of the social issues banks engage with is also low. While
CSR is effective in eliciting favourable consumer attitudes and behaviour in theory, CSR has not proven its general effectiveness
in the marketplace. The low consumer awareness of the various social issues in which firms engage with their CSR programs
suggests that firms may need to educate consumers, so they may better contextualise CSR initiatives communicated. However,
better context may amount to little if claimed CSR initiatives are perceived as inconsistent with other facets of the business
that reflect its values and ethics. 相似文献
6.
Jeff Hearn Marjut Jyrkinen Rebecca Piekkari Eeva Oinonen 《Journal of Business Ethics》2008,83(1):41-54
This article addresses the intersections, even blurrings, of two “homes” and two “aways” – the personal, ‹private’ home and
the corporate ‹public’ ‹away’, and the national home country and corporate base and the transnational work away. Drawing on
40 semi-structured interviews with women and men top and middle managers in seven multinational corporations located in Finland,
we examine the complex relations among transnational managerial work, corporate careers and personal, marriage and family-type
relations, and their differences for women and men managers. This shows the very different personal and social worlds inhabited
by senior women and men managers, and how transnational processes can make those differences even greater.
相似文献
Eeva OinonenEmail: |
7.
Causality Between Corporate Social Performance and Financial Performance: Evidence from Canadian Firms 总被引:1,自引:0,他引:1
This study assesses the causal relationship between corporate social performance (CSP) and financial performance (FP). We
perform our empirical analyses on a sample of 179 publicly held Canadian firms and use the measures of CSP provided by Canadian
Social Investment Database for the years 2004 and 2005. Using the “Granger causality” approach, we find no significant relationship
between a composite measure of a firm’s CSP and FP, except for market returns. However, using individual measures of CSP,
we find a robust significant negative impact of the environmental dimension of CSP and three measures of FP, namely return
on assets, return on equity, and market returns. This latter finding is consistent, at least in the short run, with the trade-off
hypothesis and, in part, with the negative synergy hypothesis which states that socially responsible firms experience lower
profits and reduced shareholder wealth, which in turn limits the socially responsible investments. 相似文献
8.
This study was designed to examine the prevalence of a code of ethics and to analyze its content among public relations agencies
in the United States. Of the 1,562 public relations agencies reviewed, 605 (38.7%) provided an ethical statement. Among the
ethical statements provided by these public relations agencies, ‹respect to clients,’ ‹service,’ ‹strategic,’ and ‹results’
were the values most frequently emphasized. On the other hand, ‹balance,’ ‹fairness,’ ‹honor,’ ‹social responsibility,’ and
‹independence’ were the least frequently mentioned in the ethical codes. Also, none of the sampled agencies included any sanctions
regarding enforcement of their particular codes of ethics. 相似文献
9.
A Global Analysis of Corporate Social Performance: The Effects of Cultural and Geographic Environments 总被引:1,自引:0,他引:1
As more and more multi-national companies expand their operations globally, their responsibilities extend beyond not only
the economic motive of profitability but also other social and environmental factors. The objective of this article is to
examine the impact of national culture and geographic environment on firms’ corporate social performance (CSP). Empirical
tests are based on a global CSP database of companies from 49 countries. Results show that the Hofstede’s cultural dimensions
are significantly associated with CSP. In addition, European companies are found to out-perform other regions and countries
in CSP. 相似文献
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The findings of this article increase our understanding of corporate social responsibility from the consumers’ perspective
in a Chinese setting. Based on primary data collected via a self-administered survey in Shanghai and Hong Kong and results
of similar studies conducted in Europe and the United States, we provide evidence to show that Chinese consumers are more
supportive of CSR. We also show that Carroll’s pyramid of responsibilities can be applied in China. We evaluated the importance
placed by Chinese consumers on the four responsibilities of firms – economic, legal, ethical and philanthropic – and find
that economic responsibilities are most important while philanthropic responsibilities are of least importance. The nature
of these differences is important for firms intending to use corporate social responsibility for strategic purposes. 相似文献
12.
This study examines whether corporate social responsibility (CSR) towards primary stakeholders influences the financial and
the non-financial performance (NFP) of Indian firms. Perceptual data on CSR and NFP were collected from 150 senior-level Indian
managers including CEOs through questionnaire survey. Hard data on financial performance (FP) of the companies were obtained
from secondary sources. A questionnaire for assessing CSR was developed with respect to six stakeholder groups – employees,
customers, investors, community, natural environment, and suppliers. A composite measure of CSR was obtained by aggregating
the six dimensions. Findings indicate that stock-listed firms show responsible business practices and better FP than the non-stock-listed
firms. Controlling confounding effects of stock-listing, ownership, and firm size, a favorable perception of managers towards
CSR is found to be associated with increase in FP and NFP of firms. Such findings hold good when CSR is assessed for the six
stakeholder groups in aggregate and for each stakeholder group in segregate. Findings suggest that responsible business practices
towards primary stakeholders can be profitable and beneficial to Indian firms. 相似文献
13.
David A. Waldman 《Journal of Business Ethics》2011,101(1):75-92
Integrating corporate social responsibility (CSR) initiatives in business is one of the great challenges facing firms today.
Societal stakeholders require much more from the firm than pursuing profitability and growth. But these societal stakeholders
often simply assume that increased societal expectations can easily be accommodated within efficiently run business operations,
without much attention devoted to process issues. We build upon the core–periphery thesis to explore potential avenues for
firms to add recurring CSR initiatives to their existing business practices. Based on Siggelkow’s (Admin Sci Quart 47:125–159,
2002) analysis of organizational change, we conceptualize seven major patterns of CSR initiative adoption. We develop a new organizing
framework showing how a firm can integrate CSR initiatives in business. Within the new framework, each of the seven patterns
represents an idiosyncratic path through which recurring CSR initiatives can be included as practices into conventional operations.
We also explore the nature of the resulting internal fit between recurring CSR initiatives and business practices. 相似文献
14.
As corporate managers interact with non-shareholder stakeholders, potential tradeoffs emerge and questions arise as to how
these interactions impact shareholder value. We argue that this shareholder–stakeholder debate is an important issue within
the overall corporate governance and corporate policy domain and examine one such stakeholder group – employees – by studying
labor-friendly corporate practices. We find that announcements of labor-friendly policies are associated with positive abnormal
stock returns. Labor-friendly firms also outperform otherwise similar firms, both in terms of long-run stock market returns
and operating results. In addition, we find that the probability and benefits of labor-friendliness increase with the demand
for highly skilled labor. Our analysis of excess executive compensation suggests that top management derives no pecuniary
benefits from labor-friendly practices. We interpret our results as consistent with a genuine concern for employees translating
into higher productivity and profitability, which in turn facilitate value creation. It appears that the benefits of labor-friendly
practices significantly outweigh the costs and that what is good for employees is good for shareholders. 相似文献
15.
Many transnational corporations and international organizations have embraced corporate social responsibility (CSR) to address
criticisms of working and environmental conditions at subcontractors’ factories. While CSR ‹codes of conduct’ are easy to
draft, supplier compliance has been elusive. Even third-party monitoring has proven an incomplete solution. This article proposes
that an alteration in the supply chain’s governance, from an arms-length market model to a collaborative partnership, often
will be necessary to effectuate CSR. The market model forces contractors to focus on price and delivery as they compete for
the lead firm’s business, rendering CSR observance secondary, at best. A collaborative partnership where the lead firm gives
select suppliers secure product orders and other benefits removes disincentives and adds incentives for CSR compliance. In
time, the suppliers’ CSR habit should shift their business philosophy toward pursuing CSR as an end in itself, regardless
of buyer incentives and monitoring. This article examines these hypotheses in the context of the athletic footwear sector
with Nike, Inc. and its suppliers as the specific case study. The data collected and conclusions reached offer strategies
for advancing CSR beyond the superficial and often ineffectual ‹code of conduct’ stage. 相似文献
16.
Corporate Charitable Contributions: A Corporate Social Performance or Legitimacy Strategy? 总被引:2,自引:0,他引:2
This study examines the relation between firms’ corporate philanthropic giving and their performance in three other social
domains – employee relations, environmental issues, and product safety. Based on a sample of 384 U.S. companies and using
data pooled from 1998 through 2000, we find that worse performers in the other social areas are both more likely to make charitable
contributions and that the extent of their giving is larger than for better performers. Analyses of each separate area of
social performance, however, indicate that the relation between giving and negative social performance (cited concerns) only
holds for the environmental issues and product safety areas. We find no significant association between corporate philanthropy
and employee relations concerns. In general, these findings suggest that corporate philanthropy may be more a tool of legitimization
than a measure of corporate social responsibility. 相似文献
17.
An Empirical Examination of Institutional Investor Preferences for Corporate Social Performance 总被引:2,自引:0,他引:2
This study investigates the pattern of institutional shareholding in the U.K. and its relationship with socially responsible
behavior by companies within a sample of over 500 UK companies. We estimate a set of ownership models that distinguish between
long- and short-term investors and their largest components and which incorporate both aggregated and disaggregated measures
of corporate social performance (CSP). The results suggest that long-term institutional investment is positively related to
CSP providing further support for earlier studies by Johnson and Greening (1999, Academy of Management Journal 42, 564–576) and Graves and Waddock (1994, Academy of Management Journal 37, 1034–1046). Disaggregation of CSP into its constituent components suggests that the pattern of institutional investment
is also related to the form which CSP takes. Investigation of the impact of investment screens on the selection of stocks
suggests that long-term institutional investors select primarily through exclusion, rejecting those firms which have the worst
CSP. 相似文献
18.
Research suggests that international assignment experience enhances awareness of societal stakeholders, influences personal
values, and provides rare and valuable resources. Based on these arguments, we hypothesize that CEO international assignment
experience will lead to increased corporate social performance (CSP) and will be moderated by the CEO’s functional background.
Using a sample of 393 CEOs of S&P 500 companies and three independent data sources, we find that CEO international assignment
experience is positively related to CSP and is significantly moderated by the CEO’s functional background. Specifically, CEOs
with international assignment experience and an output functional background (e.g., marketing and sales) are positively associated
with greater CSP. 相似文献
19.
Determinants of Managerial Values on Corporate Social Responsibility: Evidence from China 总被引:1,自引:0,他引:1
This article empirically investigates how Chinese executives and managers perceive and interpret corporate social responsibility
(CSR), to what extent firms’ productive characteristics influence managers’ attitudes towards their CSR rating, and whether
their values in favour of CSR are positively correlated to firms’ economic performance. Although a large proportion of respondents
express a favourable view of CSR and a willingness to participate in socially responsible activities, we find that the true
nature of their assertion is linked to entrepreneurs’ instincts of gaining economic benefits. It is the poorly performing
firms, or rather, firms with vulnerable indicators – smaller in size, State-owned, producing traditional goods and located
in poorer regions that are more likely to have managers who opt for a higher CSR rating. Managers’ personal characteristics
per se are not significant in determining their CSR choice. Moreover, controlling for other observed variables, we find that managers’
CSR orientation is positively correlated with their firms’ performance. The better-off a firm is, the more likely its manager
is to get involve in CSR activities. Firms with better economic performance before their restructuring would sustain higher
post-restructuring performance. 相似文献
20.
The aim of the paper is to investigate the effects of the corporate governance model on social and environmental disclosure (SED). We analyze the disclosures of the 100 U.S. Best Corporate Citizens in the period 2005–2007, and we posit a series of simultaneous relationships between different attributes of the governance system and a multidimensional construct of corporate social performance (CSP). We consider both the extent and the quality of SED, with the purpose of identifying increasing levels of corporate commitment to stakeholders and shedding some light on whether SED is used as a signal or rather as a legitimacy tool. Our empirical evidence shows that the stakeholders’ orientation of corporate governance is positively associated with CSP and SED. On the other hand, we do not find support for the monitoring intensity of corporate governance being negatively associated with social performance. We also find that CSP in the “product” dimension is positively associated with the extent and quality of SED whilst CSP in the “people” dimension is negatively associated with the extent and quality of SED. At a time when shareholders and stakeholders share more common aspects in their relationships with firms, this is a significant area to explore and this research fills an important lacuna in this respect. 相似文献