Maximizing the firm's value to society through ethical business decisions: Incorporating ‘moral debt’ claims

We argue that all three forms of justice (economic, legal, distributive) require to be incorporated into the firm's business decisions in order to protect stakeholders’ alienable and inalienable rights. In addition, the firm has ‘moral debt’ obligations which require to be distributed fairly amongst all stakeholders. We develop a model that demonstrates that just distribution of stakeholders’ ‘moral debt’ and residual claims leads to the maximization of the firm's value to society in the long-run.     

Modeling a green supply chain in the hotel industry: An evolutionary game theory approach

Despite extensive discussion of environmental management for hotels, little research has been done on the hotel industry’s green supply chain management. This study uses the evolutionary game approach to examine the generation of green behaviors and a green supply chain by hotels. Results show that most hotels do have an incentive mechanism for green growth; hotels with green behaviors are more profitable than those that are not. Furthermore, governments and hotel customers are critical in the “greening” of traditional hotel supply chains. The findings can assist governments in formulating effective environmental policies, provide a theoretical avenue in governing green practice, and guide stakeholders to understand the formation and evolution of green development in the hotel industry.     

金融企业社会责任与财务绩效关系的实证研究

从企业社会责任的概念出发,根据利益相关者的理论框架,提出以股东、员工、消费者、政府为利益相关者的金融企业社会责任指标体系,运用极值标准化处理原始数据和层次分析法设置权重.并通过对我国上市的14家银行2003～2007年的面板数据进行相关分析和回归分析,验证了金融企业社会责任与财务绩效之间的关系,结果基本上证实了金融企业履行社会责任可以提高财务绩效等理论假设.     

财务业绩、CEO薪酬与商业银行社会责任——基于我国上市商业银行的实证分析

以沪深两市上市银行2006~2009年数据为样本,分析财务业绩、CEO薪酬与商业银行社会责任之间的关系,揭示商业银行社会责任的影响因素。研究发现:上市银行财务业绩显著影响其社会责任,但对社会责任的不同衡量指标影响方向相异;CEO薪酬对社会责任具有显著的正向激励作用,但对财务业绩好的银行的激励作用显著小于财务业绩差的银行;资产规模与社会责任之间具有显著的负向相关性;控股股东性质显著影响上市银行社会责任。     

Representing the common goods – Stakeholders vs. citizens

Whereas participatory processes have been advised as decision support to environmental management worldwide, the way different ways of organizing them influence outcomes of such processes have not been sufficiently addressed. In this study we reflect on two specific types of framings for participatory processes by examining one case dominated by stakeholders and another facilitating deliberation among citizens. Both processes concern coastal zone management in Norway. Whilst the main aim of the paper is to address how the framing of a participatory process influences its form and content, we also emphasize the distinct differences in outcomes from the two processes. Our analyses show that people are clearly acknowledging that there is a difference between acting as a citizen and as a stakeholder, and finding it unproblematic to identify themselves with such roles. Based on the findings, we reflect on their significance because fostering such logic throughout participatory processes may enhance our capacity to think both more long term and more principally about which values to protect.     

CEO Compensation and Stakeholders' Claims*

The traditional view that a corporation exists solely to serve the interests of the firm's shareholders has given way to a changing view that recognizes the importance of corporate constituents in addition to shareholders. Prior studies demonstrate a significant association between the sensitivity of CEO compensation and a firm's stock prices. However, the association between CEO compensation and the claim of other primary stakeholders (customers, employees, suppliers) has not been examined. The purpose of this study is to investigate whether the adoption of long‐term incentive plans aligns the interest of the CEO with the interest of the primary stakeholders in the firm. Using the fixed‐effect regression, our results indicate a significant association between the change in CEO compensation and the claims of the customers, shareholders, and employees. We contribute to the literature by demonstrating that the managers are accountable not only to the shareholders but also to primary stakeholders.     

Performance measurement in the networked context of convention and visitors bureaus (CVBs)

The management of Convention Bureau offices (CBs) requires coordination of several tourism-related operators and that the CB private/public members’ demand for accountability be met. Building on the argument that CB managers could employ a multi-dimensional performance measurement system (PMS) to face the challenge of managing different stakeholders’ expectations, this study aimed to understand which performance metrics CBs monitor, the group of stakeholders the metrics refer to, and if they are integrated into a formalized PMS. The research is based on multiple case study analyses. The findings indicate that the management function and number of CB partners affect the presence of a multi-dimensional analysis. Managers dedicate their attention to salient stakeholders, whose legitimacy is strongly related to their contribution to the CB (i.e. shareholders and partners providing financial support). The salience perceived by CB managers is resource-dependent and affects the dimensions on which the process of performance measurement focuses. Thus, a single performance measurement model for all CBs that would be useful for dialogue with stakeholders is not feasible.     

‘From the Flames to the Light’: 100 years of the commodification of the dark tourist site around the Verdun battlefield

In order to contribute to research on dark tourism, this article details the process of commodification of a dark site by adopting a supply approach. We empirically apply the dark tourism spectrum (Stone, 2006) to the battlefield of Verdun in France from 1916 to 2016. In doing so, we shed light on the relationship between the temporal distance from the tragic event and potential economic exploitation. Our findings reveal that commodification is possible from the very creation of the site and becomes more complex as temporal distance increases, notably due to the multiplicity of stakeholders and their incompatible interests. Our results contribute to the improvement of the dark spectrum; we add the stakeholders' structure as a new and dynamic attribute.     

Sustainable development and stakeholder relations management: Exploring sustainability reporting in the hospitality industry from a SD-SRM approach

This paper explores the sustainability reporting of 170 hospitality companies from a SD-SRM approach. The purpose of the study is to ascertain the information that companies disclose in accordance with the sustainable development (SD) and the stakeholder relations management (SRM) theories and to identify the areas for improvement in the management and reporting practices of sustainability in the hospitality industry. The authors use the content analysis method to identify and describe the sustainability reporting of hotel chains and independently managed hotels in Spain. The findings show that the sustainability information reported by hospitality companies currently meets the basic principles of a SD-SRM approach. Nonetheless, the authors also identify areas for improvement, such as the orientation of the reporting to suppliers or the more equilibrated distribution of information among all corporate stakeholders. Based on these findings, the authors consider that the integration of information following the SD-SRM approach described in this paper could facilitate a better compliance of hospitality companies with the principles of the SD and SRM theories.     

Ecosystem services provision,tourism and climate variability in shallow lakes: The case of La Salada,Buenos Aires,Argentina

Water ecosystem services have been widely explored within the context of climate change studies, becoming a key piece in addressing local water challenges and designing possible strategies for diminishing climate risks. This paper explores how ecosystem services provision in La Salada shallow lake, Argentina, including maintenance of the landscape for touristic and recreational activities, have been affected by changes in climate conditions according to the local stakeholders´ perception. After mapping and prioritizing ecosystem services using participatory research activities, it analyzes how this provision has evolved in response to the different precipitation scenarios already observed in the area. The results for the case of La Salada shallow lake indicate that there is not a clear relationship between precipitations and the key ecosystem services provided by the lake and their surrounding ecosystem, mainly due to the anthropogenic lake management, and that tourism does not seem to directly depend on climate conditions.