Risk Management,Real Options,Corporate Social Responsibility

The relationship of corporate social responsibility to risk management has been treated sporadically in the business society literature. Using real options theory, I develop the notion of corporate social responsibility as a real option its implications for risk management. Real options theory allows for a strategic view of corporate social responsibility. Specifically, real options theory suggests that corporate social responsibility should be negatively related to the firm’s ex ante downside business risk.     

社会责任活动、社会责任沟通与企业价值

企业履行适当的社会责任是大势所趋,但目前理论与实务界对社会责任经济后果的认识存在困惑,难以指导企业的社会责任实践。企业社会责任对企业价值的影响因不同社会责任类型的收益、成本特征而异,并且社会责任价值实现受制于社会责任沟通的影响,企业应该在整体战略规划的视野里树立社会责任管理理念,对企业社会责任进行事前决策和实时的过程管理。     

Ethics,Power and Communities: Corporate Social Responsibility Revisited

Ally-building can be an ethical pursuit in developing sources of power for the business manager. The commitment to social responsibility is a source of power, as well as an ethical practice for corporate endeavors. Pfeffer promotes a business manager’s ability to develop effectiveness with ties to powerful others in an intra-organizational environment. This paper advances an analysis about how individuals in corporations may use an inter-organizational approach to developing sources of power through a notion of corporate social responsibility. As such, a more meaningful qualitative reciprocity between corporations and the communities in which they operate can be developed. And, this relationship develops a source of power for the individual involved in this effort. In other words, relationships with powerful others in the community could develop by revisiting CSR based on reciprocity and exchange of sustainability in a community, rather than on a notion of paternal responsibility to some particular construct in society. Denise Kleinrichert has published papers on the areas of business ethics, corporate social responsibility, and applied ethics, as well as a book and a forthcoming chapter in socio-economic history. She has a Master in Liberal Arts degree in Humanities with an emphasis in Social and Political Thought from the University of South Florida, as well as her Bachelors degree in Economics with minors in Political Science and Sociology from Indiana University. She also has extensive corporate experience in human resources and risk management. Currently, she teaches Ethics and Business and Honors Applied Ethics at University of South Florida and is finishing her Ph.D. in Philosophy at this University.     

Evolution and Implementation: A Study of Values, Business Ethics and Corporate Social Responsibility

There is growing recognition that good ethics can have a positive economic impact on the performance of firms. Many statistics support the premise that ethics, values, integrity and responsibility are required in the modern workplace. For consumer groups and society at large, research has shown that good ethics is good business. This study defines and traces the emergence and evolution within the business literature of the concepts of values, business ethics and corporate social responsibility to illustrate the increased emphasis that has been placed on these issues over time. Two organizations that have successfully dealt with these issues were analyzed to identify the links among values, ethics, and corporate social responsibility as they are incorporated into the culture and management of a firm. This study identified the presence and implementation of values, business ethics, and CSR actions within the two organizations studied.     

Public relations and corporate social responsibility: Some issues arising

The paper questions current assumptions about the benefits of corporate social responsibility and the claims that corporations make on behalf of their corporate social responsibility programmes. In particular, the paper suggests that the use of corporate social responsibility for public relations ends raises moral problems over the motivation of corporations. The paper cautions that the justifications which corporations employ may either be immoral or inaccurate with regard to the empirical evidence gained from a small-scale qualitative study carried out in the UK at a time when the practice of corporate social responsibility was expanding quickly (1989). It is noticeable, in retrospect, that great emphasis is placed upon environmental rather than social responsibility. This implies that organisations are primarily reactive in their development of corporate social responsibility programmes and that they respond to external pressures rather than working out the nature of their corporate responsibilities. It might suggest that corporations only take such actions when they feel compelled to do so by consumerist and environmentalist lobbies. The paper argues that corporations do need to find moral justifications for their moral activities and to ensure that corporate social responsibility practice lives up to the claims made by public relations practitioners. The paper explores the nature of public relations and illustrates how its responsibility for corporate social responsibility extends beyond truthfulness in publicity.Jacquie L'Etang has postgraduate degrees in history, public relations, and social justice. She is a lecturer in public relations at the University of Stirling, Scotland, teaching on the M.Sc. in Public Relations full-time and distance learning courses. She teaches design and editorial management, communications, and business ethics. Her research interests are in corporate social responsibility and the history of public relations.     

Mining, Corporate Social Responsibility and the "Community": The Case of Rio Tinto, Richards Bay Minerals and the Mbonambi

Mining companies have long had a questionable reputation for social responsibility, especially in developing countries. In recent years, mining companies operating in developing countries have come under increased pressure as opponents have placed them under greater public scrutiny. Mining companies have responded by developing global corporate social responsibility strategies as part of their larger global business strategies. In these strategies, a prominent place is given to their relationship with local communities. For business ethics, one basic issue is whether such an approach to corporate responsibility is likely to effectively address the development concerns of local communities in developing countries. This paper addresses this question by investigating how the corporate social responsibility agenda of a major minor company has been implemented by one of its subsidiaries in South Africa.     

The Nature and Management of Ethical Corporate Identity: A Commentary on Corporate Identity,Corporate Social Responsibility and Ethics

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.     

Individual Executive Characteristics: Explaining the Divergence Between Perceptual and Financial Measures in Nonprofit Organizations

Significant research has found that corporations have a social responsibility beyond maximizing shareholders' value. This study examines the effect of high-profile corporate bankruptcies on perception of corporate social responsibility. Undergraduate and graduate business students rated the importance of corporate social responsibility on profitability, long-term success and short-term success, before and after high-profile bankruptcies. The results indicated that students in general perceived corporate social responsibility to be more important to profitability and long-term success of the firm and less important to short-term success after media publicity of corporate scandals. Several demographic factors such as gender, age and college major played a role in this perception. These findings have important implications for business education, especially as it relates to corporate social responsibility.     

Professional Ethical Standards,Corporate Social Responsibility,and the Perceived Role of Ethics and Social Responsibility

This study explored several proposed relationships among professional ethical standards, corporate social responsibility, and the perceived role of ethics and social responsibility. Data were collected from 313 business managers registered with a large professional research association with a mailed self-report questionnaire. Mediated regression analysis indicated that perceptions of corporate social responsibility partially mediated the positive relationship between perceived professional ethical standards and the believed importance of ethics and social responsibility. Perceptions of corporate social responsibility also fully mediated the negative relationship between perceived professional ethical standards and the subordination of ethics and social responsibility. The results suggested that professions should develop ethical standards to encourage social responsibility, since these actions are associated with enhanced employee ethical attitudes. Sean Valentine (D.B.A., Louisiana Tech University) is an Associate Professor of Management in the College of Business at the University of Wyoming. His research interests include ethical decision making, organizational culture, and job attitudes. His research has appeared in journals such as Human Relations, Behavioral Research in Accounting, Journal of Personal Selling & Sales Management, and Journal of Business Research. Gary Fleischman (Ph.D., Texas Tech University) is an Associate Professor of Accounting and the McGee Hearne and Paiz Faculty Scholar in Accounting at the University of Wyoming. His teaching expertise is in accounting and entrepreneurship, and his research interests are in business ethics and behavioral business research. He has published in journals such as Behavioral Research in Accounting, The International Journal of Accounting, and Journal of Business Ethics.     

Beyond Wages and Working Conditions: A Conceptualization of Labor Union Social Responsibility

This article integrates theory and concepts from the business and society, business ethics, and labor relations literatures to offer a conceptualization of labor union social responsibility that includes activities geared toward three primary objectives: economic equity, workplace democracy, and social justice. Economic, workplace, and social labor union stakeholders are identified, likely issues are highlighted, and the implications of labor union social responsibility for labor union strategy are discussed. It is noted that, given the breadth of labor unions in a global work environment, labor union social responsibility also has implications for NGOs, corporations, and how corporate social responsibility is viewed going forward. This article concludes by noting that the nexus of labor relations and corporate social responsibility warrants more attention in management and labor relations literatures.     

The Reasons Behind Non-Ethical Behaviour in Business and Entrepreneurship

Despite the recent increase in interest in corporate social responsibility and the propagation of corporate governance in both business and academic literature, from observations of actual practice, the author has seen at all company levels, in everyday operations, instances of non-ethical behaviour vis-à-vis the whole gamut of stakeholders. This state of affairs is linked with: pressure from stakeholders, short-term tactics, hegemony of financial considerations, ‘juridisation’ of business, the tyranny of communications and the media and the difficulties in translating strategy into practical implementation. The paper scrutinises the motivation and the psychology of entrepreneurs and business people, and their behaviour is compared to other professional groups and confronted with the decline in ethics in society as described by some important observers. The conclusion drawn is that the recent positive evolutions do not provide sufficient ethical guidelines for the day-to-day activities of middle managers and entrepreneurs in the present competitive environment. Managers will always be confronted by difficult choices with ethical dilemmas. There will always be a tension between theory and pragmatism, but progress can be made with the effective implementation of the ethical discourse in companies. To achieve this, ethical management should not be confined to the large strategic issues but also applied to the small practical matters of everyday business life. Ethics in business and entrepreneurship requires more than corporate governance and corporate social responsibility (CSR).     

基于企业社会责任理论的危机管理策略研究

面对日益复杂的市场竞争态势,有效的危机管理对于企业的生存和发展至关重要。实践与研究表明,企业社会责任是有效危机管理的核心。本文从企业社会责任的理论角度出发,探讨企业社会责任和危机管理之间的关系,并结合企业社会责任管理和危机管理,给出基于社会责任的危机管理策略。     

Human rights strategies for corporations

This paper presents BP's approach to ethical corporate governance. The author suggests that corporate social responsibility is in the interests of both business and the people at large. In this context co-operation between business, NGOs and activity is the best way to proceed, with each party focusing on their own field of engagement; doing business in a way that respects human rights for the companies, and campaigning and advocacy for the NGOs. Increasing transparency and risks to reputation require business to take social responsibility seriously. It is also crucial, however, to examine the boundaries of business responsibility. The challenge is to address these issues and to co-operate with other parties such as NGOs to provide clear guidelines within specific time frames. This requires bold leadership on all sides.     

Are Organisation Researchers too Obsessed with the Economic Responsibility of the Firm?

The original intent of business education in America focused on the development of professional managers who would look after the interests of society. As economic and shareholder theories influenced business education, firm performance became the manager’s top – if not only – priority. The economic responsibility of the firm also appears to be dominating scholarly interest in organisations as well. However, business firms constitute part of the fabric of society and closer attention should be paid by organisation researchers to the social responsibilities of the firm. In doing so, a more balanced research approach can be achieved. In this article, we give evidence that research within the study of the organisation, specifically in the field of management, has predominately turned its attention to the economic responsibility of the firm. We close by demonstrating that other fields within organisation research also appear to be favouring the study of performance and we offer suggestions as to how scholars might better address the firm’s role in society beyond its economic responsibility. Jeremy Galbreath is a Postdoctoral Fellow at Curtin University of Technology where he is studying corporate social responsibility (CSR). He has published extensively, with over 50 articles in print and 3 book chapters. Dr. Galbreath's research and teaching focuses on strategic management, the resource-based view of the firm, corporate social responsibility, stakeholder management, the ethicality of profit making strategies, intellectual capital and information technology.     

In defense of social responsibility

Recent journalistic criticism of the concept of corporate social responsibility rests on the assertion that social responsibility adds nothing to corporate profits. Hence, inclusion of the motion in the business vocabulary amounts to nothing more than “double talk.”The author of an influential 1953 book on the topic took another look at social responsibility twenty-five years later and found “few gains in the quality of business stewardship over that time.” The idea “remains peripheral to the mainstream of economic thought.”Corporate social responsibility involves more than simply being a law-abiding corporate citizen. It reaches into these decision-making areas where perfectly legal choices may have harmful social consequences. As evidence of social harm amounts, society has to define and defend the ground on which it requires an appropriate response from the business corporation. Society will get the response it demands.     

Stakeholder Theory, Corporate Governance and Public Management: What can the History of State-Run Enterprises Teach us in the Post-Enron era?

This paper raises a challenge for those who assume that corporate social responsibility and good corporate governance naturally go hand-in-hand. The recent spate of corporate scandals in the United States and elsewhere has dramatized, once again, the severity of the agency problems that may arise between managers and shareholders. These scandals remind us that even if we adopt an extremely narrow concept of managerial responsibility – such that we recognize no social responsibility beyond the obligation to maximize shareholder value – there may still be very serious difficulties associated with the effective institutionalization of this obligation. It also suggests that if we broaden managerial responsibility, in order to include extensive responsibilities to various other stakeholder groups, we may seriously exacerbate these agency problems, making it even more difficult to impose effective discipline upon managers. Hence, our central question: is a strong commitment to corporate social responsibility institutionally feasible? In searching for an answer, we revisit the history of public management, and in particular, the experience of social-democratic governments during the 1960s and 1970s, and their attempts to impose social responsibility upon the managers of nationalized industries. The results of this inquiry are less than encouraging for proponents of corporate social responsibility. In fact, the history of public-sector management presents a number of stark warnings, which we would do well to heed if we wish to reconcile robust social responsibility with effective corporate governance.     

Corporate Identity of a Socially Responsible University – A Case from the Turkish Higher Education Sector

Facing increased competition, universities are driven to project a positive image to their internal and external stakeholders. Therefore some of these institutions have begun to develop and implement corporate identity programs as part of their corporate strategies. This study describes a Turkish higher education institution’s social responsibility initiatives. Along with this example, the study also analyzes a specific case using concepts from the Corporate Identity and Corporate Social Responsibility literature. The motives leading the university to manage its corporate identity, the social responsibility initiatives in the local and national communities, and the possible benefits of these initiatives for the parties involved are all identified. The major finding is that philanthropy is one of the main elements of Istanbul Bilgi University’s corporate identity program and that the university has altruistic motives for its social responsibility initiatives. M.G. Serap Atakan is an assistant professor at the Department of Business Administration of Istanbul Bilgi University, Turkey. She is teaching and conducting researches on business ethics, corporate social responsibility and retailing. She has a co-authored article published in the Journal of Business Ethics. Tutku Eker is a doctorate student at the Department of Management of Bogazici University, Istanbul, Turkey. Her research interests include business ethics, corporate social responsibility and branding. She is also a teaching assistant at the Department of Business Administration of Istanbul Bilgi University.     

Measuring Corporate Social and Environmental Performance: The Extended Life-Cycle Assessment

This papers attempts to bridge business ethics to corporate social responsibility including the social and environmental dimensions. The objective of the paper is to suggest an improvement of the most commonly used corporate environmental management tool, the Life Cycle Assessment (LCA). The method includes two stages. First, more phases are added to the life-cycle of a product. Second, social criteria that measure the social performance of a product are introduced. An application of this “extended” LCA tool is given.     

Reconstructing the corporate social responsibility construct in Utlish

The charged debate on the 'C-S-R-ization' of organizational practices seems to have produced two opposing and seemingly incompatible explanations for why organizations should engage in corporate social responsibility (CSR): one, the normative rationale based on an appeal to ethics; and the other, the instrumental rationale, based on an appeal to business pragmatism. This paper argues that a missing link in this debate is the failure to recognize that the normative and instrumental approaches to corporate social responsibility are underpinned by substantively, differentiating, relative logics of emotional rationalism on the one hand, and instrumental rationalism on the other. The paper makes a case that for CSR as a management practice to be practicable and actionable within a sustainable business agenda, it will need to be stripped of its current normative undertone and reconstructed in the instrumentally, pragmatic ( utlish ) language of business. Otherwise, the whole concept of CSR may continue to dwell in the realm of abstract theorizing without yielding many beneficial and practicable outcomes. The paper concludes that such an approach that situates CSR within a pragmatic business lingua, rather than a non-business lingua, will help in legitimizing CSR as a 'neutral' management practice.