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The business case for regulation of corporate social responsibility and accountability
Authors:Jeffrey Unerman  Brendan O&#x;Dwyer
Institution:

aSchool of Management, Royal Holloway, University of London, Egham, Surrey TW20 0EX, UK

bUniversity of Amsterdam Business School, University of Amsterdam, Roetersstraat 11, 1018 WB Amsterdam, The Netherlands

Abstract:This paper develops an alternative (or supplementary) theoretical justification for the regulation of corporate social responsibility (CSR) and social and environmental accounting and reporting (SEAR) to the justification contained in the extant academic literature. It does this by demonstrating how, contrary to the dominant business discourse, increased regulation designed to protect the social and environmental interests of a range of stakeholders can also serve to enhance corporate economic performance and shareholder value.

The theoretical perspectives developed in this paper are drawn from Beck's and Giddens’ theories on reflexive modernity, and indicate that reflexively appropriated knowledge can be a key factor in developing socially constructed understandings of the social and environmental risks to a range of stakeholders inherent in business operations.

In situations where voluntary self-regulation of CSR and SEAR has been ineffective in preventing corporate actions and decisions that have resulted in damaging social and environmental consequences, processes of reflexivity can substantially increase public awareness of the level of risk they face from corporate operations. Such increased perceptions of risk can lead to a loss of trust in an individual corporation or a whole industrial sector, and this can be exacerbated where stakeholders begin to actively seek out alternative risk discourses to inform themselves about possible risks of which they were previously unaware. We argue that effective statutory regulation could avoid these outcomes, and the loss of shareholder economic value that can flow from these outcomes.

Keywords:Business case for CSR  Shareholder value  Regulation  Trust  Risk  Reflexive modernity  Beck  Giddens
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