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1.
Stewart Jones Sandra van der Laan Geoff Frost Janice Loftus 《Journal of Business Ethics》2008,80(2):181-203
Interest in the notion of the possible financial sacrifice suffered by socially responsible investment (SRI) fund investors
for considering ethical, social and environmental issues in their investment decisions has spawned considerable academic interest
in the performance of SRI funds. Both the Australian and international research literature have yielded largely mixed results.
However, several of these studies are hampered by methodological problems which can obscure the significance of reported results,
such as the use of small sample sizes, inconsistencies in the time frames selected to analyse performance and different modelling
frameworks used to estimate investment returns. This study attempts to redress some of these issues by investigating the returns
performance of 89 ethical funds in Australia over the period 1986–2005. Using a multi-factor CAPM model [Fama, E. F., and
K. R. French (1996) J. Finance
51(1), 55] (which controls for factors such as size, book-to-market value and momentum) we find that ethical funds significantly
under-perform the market in Australia, particularly in the most recent 5 years of our sample period (2000–2005). Risk adjusted
returns (using Jensen’s alpha) indicate that average annual underperformance is around 1.52% in the 2000–2005 period for our
sample and .88% over the whole sample period. Our results contrast with many previous studies (both Australian and international),
which have not found statistically significant differences in the performance of ethical funds relative to market benchmarks
and/or a matched sample of conventional funds.
Stewart Jones is a Professor of Accounting with the University of Sydney, appointed in 2001. His research interests embrace
credit risk modelling, capital markets research, standard setting and accounting theory.
Sandra van der Laan is a lecturer in the Discipline of Accounting at the University of Sydney. Her research focuses on accounting
as a social discourse and accounting as a mechanism to discharge a broad range of corporate accountabilities.
Geoff Frost is an Associate Professor of Accounting at the University of Sydney. His research interests include corporate
social responsibility and ethical investment.
Janice Loftus is a senior lecturer in accounting at the University of Sydney. Her current research interests include financial
accounting and corporate social responsibility reporting. 相似文献
2.
Morals or Economics? Institutional Investor Preferences for Corporate Social Responsibility 总被引:2,自引:1,他引:1
This article presents the results of a study that analysed whether social responsibility had any bearing on the decision making
of institutional investors. Being that institutional investors prefer socially aligned organizations, this study explored
to what extent the corporate actions and/or social/environmental investments influenced their decisions. Our results suggest
that there are specific variables that affect the perceived value of the organization, leading to decisions to not only invest,
but whether to hold or sell the shares, and therefore having a consequential impact on the capital market’s valuation. 相似文献
3.
In this article, we describe an assignment undertaken by our third-year students at a University Business School in the United
Arab Emirates. The assignment serves to introduce corporate social responsibility and ethics in the undergraduate curriculum
and to raise student awareness of how corporate activity together with corporate social responsibility can impact a country’s
social, political, and cultural landscapes. We outline the assignment, student response to it, and its contribution to student
intellectual development in terms of ethical perspective, philanthropy versus ethics, economic development, and cultural diversity.
We discuss the implications of this learning experience for our students and their greater understanding of items within the
United Arab Emirates government’s strategic directions, namely, creating a cohesive society and a sustainable environment. 相似文献
4.
Ethical corporate marketing—as an organisational-wide philosophy—transcends the domains of corporate social responsibility,
business ethics, stakeholder theory and corporate marketing. This being said, ethical corporate marketing represents a logical
development vis-a-vis the nascent domain of corporate marketing has an explicit ethical/CSR dimension and extends stakeholder
theory by taking account of an institution’s past, present and (prospective) future stakeholders. In our article, we discuss,
scrutinise and elaborate the notion of ethical corporate marketing. We argue that an ethical corporate marketing positioning
is a prerequisite for corporations which claim to have an authentic ethical corporate identity. Our article expands and integrates
extant scholarship vis-a-vis ethical corporate identities, the sustainable entrepreneur and corporate marketing. In delineating
the breadth, significance, and challenges of ethical corporate marketing we make reference to the BP Deepwater Horizon (Gulf
of Mexico) catastrophe of 2010. 相似文献
5.
We analyze ethical policies of firms in industrialized countries and try to find out whether culture is a factor that plays
a significant role in explaining country differences. We look into the firm’s human rights policy, its governance of bribery
and corruption, and the comprehensiveness, implementation and communication of its codes of ethics. We use a dataset on ethical
policies of almost 2,700 firms in 24 countries. We find that there are significant differences among ethical policies of firms
headquartered in different countries. When we associate these ethical policies with Hofstede’s cultural indicators, we find
that individualism and uncertainty avoidance are positively associated with a firm’s ethical policies, whereas masculinity
and power distance are negatively related to these policies.
Bert Scholtens received his Ph.D. at the Universtiy of Amsterdam. Since 1999 he has been working at the Department of Finance
of the University of Groningen, the Netherlands. His research particularly looks into the interaction between financial institutions
and corporate social responsibility. He has published in, among others, Ecological Economics, Journal of Banking and Finance,
Finance Letters, Journal of Investing, Sustainable Development, and Journal of Business Ethics. Lammertjan Dam is a Ph.D.
student at the Universtiy of Groningen. He expects to defend his thesis about the integration of corporate social responsibility
in economic valuation in Summer 2007. 相似文献
6.
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
7.
This paper examines voluntary corporate social responsibility (CSR) reporting as a form of moral discourse. It explores how
alternative stakeholder perspectives lead to differing perceptions of the process and content of responsible reporting. We
contrast traditional stakeholder theory, which views stakeholders as external parties having a social contract with corporations,
with an emerging perspective, which views interaction among corporations and constituents as relational in nature. This moves
the stakeholder from an external entity to one that is integral to corporate activity. We explore how these alternative stakeholder
perspectives give rise to different normative demands for stakeholder engagement, managerial processes, and communication.
We discuss models of CSR reporting and accountability: EMAS, the ISO 14000 series, SA8000, AA1000, the Global Reporting Initiative,
and the Copenhagen Charter. We explore how these models relate to the stakeholder philosophies and find that they are largely
consistent with the traditional atomistic view but fall far short of the demands for moral engagement prescribed by a relational
stakeholder perspective. Adopting a relational view requires stakeholder engagement not only in prescribing reporting requirements,
but also in discourse relating to core aspects of the corporation such as mission, values, and management systems. Habermas’
theory of communicative action provides guidelines for engaging stakeholders in this moral discourse.
MaryAnn Reynolds is an Associate Professor of Accounting in the College of Business and Economics at Western Washington University.
Dr. Reynolds teaches intermediate financial accounting and is published in the areas of corporate social, environmental and
ethical reporting.
Kristi Yuthas is the Swigert Endowed Information Systems Professor in the School of Business Administration at Portland State
University. Dr. Yuthas teaches accounting and information systems and is published in the areas of social and ethical impacts
of management information systems. 相似文献
8.
In light of continuing corporate scandals, the study of ethical leadership remains an important area of research which helps
to understand the antecedents and consequences of ethical behavior in organizations. The present study investigates how social
distance influences ethical leadership evaluations, and how in turn ethical leadership evaluations affect leader–member exchange
(LMX) after a leader’s moral transgression. Based on construal level theory, we propose that higher social distance will lead
to more severe evaluations of immoral behavior and therefore entail lower ethical leadership ratings. More- over, we hypothesize
that ethical leadership will positively affect LMX. Participants read a scenario describing a moral situation in which a leader,
who was presented in either high or low social distance, behaves unethically toward an employee. We tested our predictions
using a structural equation modeling approach. As expected, participants in the high social distance condition judged leaders
more harshly (i.e., they gave lower ethical leadership ratings) than in the low social distance condition. Thus, social distance
moderated the extent to which leaders are perceived as ethical leaders after moral transgression. Moreover, in accordance
with our proposition, ethical leadership ratings had a positive influence on LMX. 相似文献
9.
《International Business Review》2023,32(5):102147
We investigate the impact of corporate social responsibility (CSR) committees on research and development (R&D) investments. Using a unique sample of European listed companies, we offer three key results to the current academic and policy debate. First, we document that firms with a CSR committee exhibit lower levels of R&D investments. Second, we find that the CSR committee membership of either the CEO or chairman is associated with an increase in R&D investments. Finally, we provide evidence that firms whose CSR committees are chaired by a female director exhibit higher R&D investments. These results are of importance for academics, investors, and policy makers, since they shed light on the effect of CSR board committees on corporate outcomes, beyond their impact on social performance and/or sustainability disclosure. 相似文献
10.
Why Wine is not Glue? The Unresolved Problem of Negative Screening in Socially Responsible Investing 总被引:1,自引:0,他引:1
The purpose of socially responsible investing (SRI) is to: (1) allow investors to reflect their personal values and ethics
in their choices, and (2) encourage companies to improve their ethical, social, and environmental performance. In order to
achieve these ends, the means SRI fund managers employ include the use of negative screening, or the exclusion of companies
involved in “sinful” industries. We argue that there are problems with this methodology, both at a theoretical and at a practical
level. As a consequence, current SRI offerings cannot accurately reflect the values and ethical beliefs they propose to represent.
Moreover, the use of a␣priori criteria is potentially misleading, as we show by discussing examples of glue and wine making. Applying this flawed approach
SRI funds fail to influence the direction of the firms they deem most in need of re-directing. Rather than engaging in the
simple a␣priori assumption that some industries are “saints” while others are “sinners” (Freeman, 2007) we suggest a new framework upon which
the SRI screening methodology could be grounded. Embracing the philosophical tradition of American pragmatism, we suggest
that SRI methodology could be improved by engaging in an analysis based on (1) the actual impacts of the company’s products
and services, (2) the company’s relationships with its specific, real stakeholders, and (3) the contingent environment (social,
economic, political, legal, and cultural) in which the business operates. 相似文献
11.
Socially Responsible Institutional Investment in Private Equity 总被引:1,自引:1,他引:1
This article studies institutional investor allocations to the socially responsible asset class. We propose two elements influence
socially responsible institutional investment in private equity: internal organizational structure, and internationalization.
We study socially responsible investments from Dutch institutional investments into private equity funds, and compare socially
responsible investment across different asset classes and different types of institutional investors (banks, insurance companies,
and pension funds). The data indicate socially responsible investment in private equity is 40–50% more common when the decision
to implement such an investment plan is centralised with a single chief investment officer. Socially responsible investment
in private equity is also more common among institutional investors with a greater international investment focus, and less
common among fund-of-fund private equity investments. 相似文献
12.
Robert W. Kolodinsky Timothy M. Madden Daniel S. Zisk Eric T. Henkel 《Journal of Business Ethics》2010,91(2):167-181
Four predictors were posited to affect business student attitudes about the social responsibilities of business, also known
as corporate social responsibility (CSR). Applying Forsyth’s (1980, Journal of Personality and Social Psychology
39, 175–184, 1992, Journal of Business Ethics
11, 461–470) personal moral philosophy model, we found that ethical idealism had a positive relationship with CSR attitudes,
and ethical relativism a negative relationship. We also found materialism to be negatively related to CSR attitudes. Spirituality
among business students did not significantly predict CSR attitudes. Understanding the relationship between CSR attitudes
and the significant predictors has important implications for researchers and teachers in particular. 相似文献
13.
Sustainable investment (SI), which integrates social, environmental and ethical issues, has grown from a niche market of individual
ethical investors to embrace institutional investors (e.g. pension funds) resulting in £764 billion in assets under management
in the UK alone [Eurosif, 2008: ‘European SRI Study 2008’ (Eurosif, Paris)]. Explaining this growth is complex, involving shifts in personal and collective
values, reactions to corporate scandals, scientific and media pronouncements about climate change, Government initiatives,
responses from financial markets and the influence of SI innovators in The City of London. The article examines the influence
of human agency through interviews with 14 SI champions who have variously been responsible for launching SI funds and changing
investment processes and organisational structures in order to enhance SI. Interviewees were asked about their motivations
and persuasive strategies, the obstacles they faced and how they overcame them as well as broader implications of SI for financial
markets. The following key categories inform the results and the discussion: Values; Conservatism, Antipathy and Incredulity;
Optimism and Sympathy from Insiders; The Social and Political Context; The Business Case; Organisational Constraints; Inappropriate
forms of Remuneration; Short-termism; The Nature of Capitalism. Three discourses were also identified. The first is the necessity
to make a business case for SI; the second is the benefits that SI can bring to the quest of overcoming short-termism; the
third is a belief that for SI to have a significant influence, greater government intervention is required. 相似文献
14.
This two country study examines the effect of corporate ethical values and enforcement of a code of ethics on perceptions
of the role of ethics in the overall success of the firm. Additionally, the impact of organizational commitment and of individual
variables such as ethical idealism and relativism was examined. The rationale for examining the perceived importance of the
role of ethics in this manner is to determine the extent to which the organization itself can influence employee perceptions
regarding ethics and social responsibility. Results indicate that all of the variables tested, except relativism, impacted
upon one’s perceptions of the importance of ethics and social responsibility. Perceptions of the importance of ethics and
social responsibility also varied depending upon country of residence with the U.S. sample having somewhat higher perceptions
concerning the importance of ethics and social responsibility than their counterparts in Spain. Furthermore, when comparing
the two samples, the U.S. sample had significantly higher corporate ethical values, greater enforcement of ethical codes,
less organizational commitment and both lower idealism and relativism. 相似文献
15.
Recent corporate scandals across various industries have led to an increased focus on research in business ethics, particularly
on understanding ethical decision-making. This increased interest is due largely to managers’ desire to reduce the incidence
of unwanted behaviors in the workplace. This article examines one major moderator of the ethical decision-making process – moral
intensity. In particular, we explore the potential influence of a particular cognitive heuristic – the availability heuristic
– on perceptions of moral intensity. It is our contention that moral intensity is a perceptual construct, and that individuals’
use of the availability heuristic will influence perceptions of moral intensity which, in turn, will affect how moral issues
are viewed and ultimately resolved. In this article, we present propositions concerning possible relationships between the
availabilities of various phenomena and the components that moral intensity comprises, and report on two studies examining
the effects of availabilities on two␣of these components: magnitude of consequences and social consensus. Our findings indicated
that the availability of consequences associated with an act was positively related to perceptions of the magnitude of consequences
of that act. We also found that the availability of others who believe that a particular act is morally acceptable is positively
related to perceptions of social consensus that that act is morally acceptable. We posit that our results suggest the possibility
that perceptions of moral intensity can be actively influenced to reduce unethical behavior in organizations. 相似文献
16.
Recent discussions in the area of corporate social responsibility suggest that organizational size has complex meanings and
thus requires more scholarly attention. This article explores organizational size in the context of relative power in inter-organizational
networks. To shed light on the ways relative power interacts with size we studied social responsibility practices among cleaning
subcontractors in three firms of different sizes. Our focus on the network differentiates these firms on the basis of their
size and sector. Semi-structured interviews were used to trace cleaning subcontractors’ CSR-related practices. We analyzed
subjective reports and discursive practices involved in subcontractors’ self-presentations. While the economic and philanthropic
dimensions of social responsibility were presented by the cleaning subcontractors as independent of network constraints, the
findings show that the legal and ethical dimensions were subject to large client–firm pressures. What we learn from our data
is that the four dimensions of Carroll’s model, the economic, legal, ethical, and philanthropic, should all develop from and
be evaluated against a fifth root dimension of inter-personal commitment. 相似文献
17.
In this paper we open up the topic of ethical corporate identity: what we believe to be a new, as well as highly salient,
field of inquiry for scholarship in ethics and corporate social responsibility. Taking as our starting point Balmer’s (in
Balmer and Greyser, 2002) AC2ID test model of corporate identity – a pragmatic tool of identity management – we explore the specificities of an ethical
form of corporate identity. We draw key insights from conceptualizations of corporate social responsibility and stakeholder
theory. We argue ethical identity potentially takes us beyond the personification of the corporation. Instead, ethical identity
is seen to be formed relationally, between parties, within a community of business and social exchange. Extending the AC2ID test model, we suggest the management of ethical identity requires a more socially, dialogically embedded kind of corporate
practice and greater levels of critical reflexivity.
John M. T. Balmer is Professor of Corporate Brand/Identity Management at Bradford University School of Management. His research
focuses on a range of corporate-level marketing issues and has a particular interest in the management of corporate brands
and identities. His work has been published in leading journals such as California Management Review and Long Range Planning. With Stephen Greyser he co-authored Revealing the Corporation (Routledge, 2003).
Kyoko Fukukawa is a lecturer in marketing at Bradford University School of Management and holds a Ph.D. from University of
Nottingham, UK. Her research interests include ethical decision-making in consumption and business practices; corporate social
responsibility (CSR) of MNCs concerning their policies and strategic communication; and CSR and corporate branding. Her publications
appear in Journal of Business Ethics, Journal of Corporate Citizenship and others.
Edmund R. Gray is Professor and Chair in the Department of Management at Loyola Marymount University. He is author or co-author
of five textbooks and numerous scholarly articles. He holds a Ph.D. from UCLA. His research interests centre around issues
of corporate identity, corporate social responsibility and environmental sustainability. Currently, he is conducting research
on entrepreneurial firms with environmental/social goals that are an integral part of their mission. 相似文献
18.
A Survey of Managers’ Perceptions of Corporate Ethics and Social Responsibility and Actions that may Affect Companies’ Success 总被引:2,自引:1,他引:1
This exploratory study examines how managers and professionals regard the ethical and social responsibility reputations of
60 well-known Australian and International companies, and how this in turn influences their attitudes and behaviour towards
these organisations. More than 350 MBA, other postgraduate business students, and participants in Australian Institute of
Management (Western Australia) management education programmes were surveyed to evaluate how ethical and socially responsible
they believed the 60 organisations to be. The survey sought to determine what these participants considered ‘ethical’ and
‘socially responsible’ behaviour in organisations to be. The survey also examined how the participants’ beliefs influenced
their attitudes and intended behaviours towards these organisations. The results of this survey indicate that many managers
and professionals have clear views about the ethical and social responsibility reputations of companies. This affects their
attitudes towards these organisations which in turn has an impact on their intended behaviour towards them. These findings
support the view in other research studies that well-educated managers and professionals are, to some extent, taking into
account the ethical and social responsibility reputations of companies when deciding whether to work for them, use their services
or buy shares in their companies. 相似文献
19.
Mark S. Schwartz 《Journal of Business Ethics》2003,43(3):195-213
There appears to be an implicit assumption by those connected with the ethical investment movement (e.g., ethical investment firms, individual investors, social investment organizations, academia, and the media), that ethical investment is in fact ethical. This paper will attempt to challenge the notion that the ethical mutual fund industry, as currently taking place, is acting in an ethical manner. Ethical issues such as the transparency of the funds and advertising are discussed. Ethical mutual fund screens such as tobacco, alcohol, gambling, and the military are preliminarily examined to better determine whether they can actually be defined as "ethical" screens as opposed to merely social, political, or religious screens. A code of ethics for ethical investment is constructed by which ethical mutual fund firms can be audited for ethical compliance. 相似文献
20.
Scott John Vitell Encarnación Ramos Ceri M. Nishihara 《Journal of Business Ethics》2010,91(4):467-483
Ethics has assumed a dominant position in the current economic debate, and this study focuses on ethics as a legitimate underpinning
to good business decision making. Using a self-response survey of marketing managers in Spain, the current theory on ethical
decision making is extended. Results support the mediating influence of the PRESOR construct (an individual’s perception of
the importance of ethics and social responsibility for the effectiveness of the organization) on relativistic and idealistic
moral thinking when one is considering the moral intensity of a situation. In addition, the study found support for the relationship
between relativism (negative), idealism (positive), corporate ethical values, and job satisfaction, thereby providing additional
support for the prior theory. Finally, a thorough review of the extant literature and suggestions for future ethics research
in the marketing field are included. 相似文献