Long-established major U.S. corporations such as McDonalds, Walmart, and Proctor and Gamble continue to derive a majority of revenues from foreign operations. In addition, a number of relatively new U.S. technology companies such as: Airbnb (2008); Facebook (2004); Snap (2011); Twitter (2006); and Uber (2009), find themselves deep into international markets, often within just a few years of creation, and certainly by the end of their first decade of operation. Increased international commerce results in the potential for greater exposure to global demands for bribery. Bribery and corruption remains a cancer eating away at the ability of nation states to provide for their citizens. Corrupt payments siphons off funds that might otherwise be used to: provide housing; feed the hungry; fight poverty, illness and disease; and educate the masses. The Committee of Sponsoring Organizations of the Treadway Commission (COSO) Enterprise Risk Management (ERM) Framework offers a valuable tool in the anti-fraud struggle and in FCPA and UK Bribery Act compliance. COSO’s 2017 update to the Enterprise Risk Management Integrated Framework addresses developments during recent years in integrating risk with strategy into the ERM process. Our paper proceeds in eight parts. First, we discuss the bribery and corruption problem. Second, a discussion of the Foreign Corrupt Practices Act (FCPA) is presented. Third, we describe the U.K. Bribery Act. Fourth, we discuss the development and evolution of the COSO ERM Framework. Fifth, we apply the COSO ERM Framework as an anti-fraud strategy to assist in compliance with the FCPA and UK Bribery Act. Sixth, we discuss the application of Deferred Prosecution Agreements to the FCPA and their relevance to COSO ERM. Next, we explore the likely changes in FCPA enforcement under the Trump Administration. We believe this paper contributes to the bribery and corruption literature by exploring the potential benefits of the COSO framework.
{"title":"Bribery and Corruption: The COSO Framework, FCPA, and U.K. Bribery Act","authors":"L. Trautman, Joanna Kimbell","doi":"10.2139/SSRN.3239193","DOIUrl":"https://doi.org/10.2139/SSRN.3239193","url":null,"abstract":"Long-established major U.S. corporations such as McDonalds, Walmart, and Proctor and Gamble continue to derive a majority of revenues from foreign operations. In addition, a number of relatively new U.S. technology companies such as: Airbnb (2008); Facebook (2004); Snap (2011); Twitter (2006); and Uber (2009), find themselves deep into international markets, often within just a few years of creation, and certainly by the end of their first decade of operation. Increased international commerce results in the potential for greater exposure to global demands for bribery. Bribery and corruption remains a cancer eating away at the ability of nation states to provide for their citizens. Corrupt payments siphons off funds that might otherwise be used to: provide housing; feed the hungry; fight poverty, illness and disease; and educate the masses. \u0000 \u0000The Committee of Sponsoring Organizations of the Treadway Commission (COSO) Enterprise Risk Management (ERM) Framework offers a valuable tool in the anti-fraud struggle and in FCPA and UK Bribery Act compliance. COSO’s 2017 update to the Enterprise Risk Management Integrated Framework addresses developments during recent years in integrating risk with strategy into the ERM process. Our paper proceeds in eight parts. First, we discuss the bribery and corruption problem. Second, a discussion of the Foreign Corrupt Practices Act (FCPA) is presented. Third, we describe the U.K. Bribery Act. Fourth, we discuss the development and evolution of the COSO ERM Framework. Fifth, we apply the COSO ERM Framework as an anti-fraud strategy to assist in compliance with the FCPA and UK Bribery Act. Sixth, we discuss the application of Deferred Prosecution Agreements to the FCPA and their relevance to COSO ERM. Next, we explore the likely changes in FCPA enforcement under the Trump Administration. We believe this paper contributes to the bribery and corruption literature by exploring the potential benefits of the COSO framework.","PeriodicalId":210981,"journal":{"name":"Corporate Governance: Social Responsibility & Social Impact eJournal","volume":"35 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-09-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123792714","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We study how parent liability for subsidiaries' environmental cleanup costs affects industrial pollution and production. Our empirical setting exploits a Supreme Court decision that strengthened parent limited liability protection for some subsidiaries. Using a difference-in-differences framework, we find that stronger liability protection for parents leads to a 5-9% increase in toxic emissions by subsidiaries. Evidence suggests the increase in pollution is driven by lower investment in abatement technologies rather than increased production. Cross-sectional tests suggest convexities associated with insolvency and executive compensation drive heterogeneous effects. Overall, our findings highlight the moral hazard problem associated with limited liability.
{"title":"The Limits of Limited Liability: Evidence from Industrial Pollution","authors":"Pat Akey, Ian Appel","doi":"10.2139/ssrn.3083013","DOIUrl":"https://doi.org/10.2139/ssrn.3083013","url":null,"abstract":"We study how parent liability for subsidiaries' environmental cleanup costs affects industrial pollution and production. Our empirical setting exploits a Supreme Court decision that strengthened parent limited liability protection for some subsidiaries. Using a difference-in-differences framework, we find that stronger liability protection for parents leads to a 5-9% increase in toxic emissions by subsidiaries. Evidence suggests the increase in pollution is driven by lower investment in abatement technologies rather than increased production. Cross-sectional tests suggest convexities associated with insolvency and executive compensation drive heterogeneous effects. Overall, our findings highlight the moral hazard problem associated with limited liability.","PeriodicalId":210981,"journal":{"name":"Corporate Governance: Social Responsibility & Social Impact eJournal","volume":"60 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-09-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114015904","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
I find evidence that shareholders prefer political connectedness to corporate social responsibility (CSR). Choosing political connectedness with President Trump over CSR causes shareholder value to increase by $345 million per firm, on average. However, choosing CSR over political connectedness with Trump causes shareholders to lose $570 million on average, and as much as $1.8 billion, per firm. These results reveal an asymmetric response to the choice between political connectedness and CSR and support the view that CSR is an agency problem. Spillover also exists, as rival firms typically incur wealth gains (losses) when main firms choose political connectedness (CSR).
{"title":"Do Shareholders Prefer Political Connectedness or Corporate Social Responsibility?: Evidence from Letting Trump Be Trump","authors":"Kelly E. Carter","doi":"10.2139/ssrn.3202561","DOIUrl":"https://doi.org/10.2139/ssrn.3202561","url":null,"abstract":"I find evidence that shareholders prefer political connectedness to corporate social responsibility (CSR). Choosing political connectedness with President Trump over CSR causes shareholder value to increase by $345 million per firm, on average. However, choosing CSR over political connectedness with Trump causes shareholders to lose $570 million on average, and as much as $1.8 billion, per firm. These results reveal an asymmetric response to the choice between political connectedness and CSR and support the view that CSR is an agency problem. Spillover also exists, as rival firms typically incur wealth gains (losses) when main firms choose political connectedness (CSR).","PeriodicalId":210981,"journal":{"name":"Corporate Governance: Social Responsibility & Social Impact eJournal","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-06-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130298669","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Karen J. De Meyst, E. Cardinaels, Alexandra G. H. L. Van den Abbeele
This study examines the behaviors of preparers and users of corporate social responsibility (CSR) disclosures in experimental markets. In addition to making price offers, sellers, as preparers of the disclosures, indicate their levels of corporate giving (our proxy for CSR investments). These disclosures can deviate from actual corporate giving. Buyers, as users of disclosures, select their sellers using this information. We manipulate whether assurance of CSR disclosures is present or absent and whether preparers receive incentives for their CSR investments. We predict that the assurance of CSR disclosures affects economic outcomes in markets, particularly when markets offer incentives for preparers, which can create social expectations among market participants to invest in CSR. Consistent with our theory, results show that when assurance is combined with incentives, preparers invest more in CSR and users tend to pay higher prices. By examining the economic impact of CSR disclosures, we add to recent debates about market effects of CSR disclosures.
{"title":"CSR disclosures in Buyer-Seller Markets: The Impact of Assurance of CSR Disclosures and Incentives for CSR Investments","authors":"Karen J. De Meyst, E. Cardinaels, Alexandra G. H. L. Van den Abbeele","doi":"10.2139/ssrn.2645965","DOIUrl":"https://doi.org/10.2139/ssrn.2645965","url":null,"abstract":"This study examines the behaviors of preparers and users of corporate social responsibility (CSR) disclosures in experimental markets. In addition to making price offers, sellers, as preparers of the disclosures, indicate their levels of corporate giving (our proxy for CSR investments). These disclosures can deviate from actual corporate giving. Buyers, as users of disclosures, select their sellers using this information. We manipulate whether assurance of CSR disclosures is present or absent and whether preparers receive incentives for their CSR investments. We predict that the assurance of CSR disclosures affects economic outcomes in markets, particularly when markets offer incentives for preparers, which can create social expectations among market participants to invest in CSR. Consistent with our theory, results show that when assurance is combined with incentives, preparers invest more in CSR and users tend to pay higher prices. By examining the economic impact of CSR disclosures, we add to recent debates about market effects of CSR disclosures.","PeriodicalId":210981,"journal":{"name":"Corporate Governance: Social Responsibility & Social Impact eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129148662","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract Despite scads research on the relationship between corporate social responsibility and financial performance, literature is still inconclusive. This study attempts to examine the relationship between corporate social responsibility and financial performance in the Indian context. Secondary data has been collected for 28 Indian commercial banks listed in Bombay stock exchange (BSE), for the period of 10 years (2007–16). The results indicate that CSR exerts positive impact on financial performance of the Indian banks. The finding of this study provides great insights for management, to integrate the CSR with strategic intent of the business, and renovate their business philosophy from traditional profit-oriented to socially responsible approach.
{"title":"Corporate Social Responsibility and Financial Performance: An Empirical Analysis of Indian Banks","authors":"Shaft Maqbool, Haroon Rasool, Shabir Ahmad","doi":"10.2139/ssrn.3743755","DOIUrl":"https://doi.org/10.2139/ssrn.3743755","url":null,"abstract":"Abstract Despite scads research on the relationship between corporate social responsibility and financial performance, literature is still inconclusive. This study attempts to examine the relationship between corporate social responsibility and financial performance in the Indian context. Secondary data has been collected for 28 Indian commercial banks listed in Bombay stock exchange (BSE), for the period of 10 years (2007–16). The results indicate that CSR exerts positive impact on financial performance of the Indian banks. The finding of this study provides great insights for management, to integrate the CSR with strategic intent of the business, and renovate their business philosophy from traditional profit-oriented to socially responsible approach.","PeriodicalId":210981,"journal":{"name":"Corporate Governance: Social Responsibility & Social Impact eJournal","volume":"42 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128181452","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The research on Identifying and Analyzing Risk in the Construction of High Rise Buildings Along the Sky Train Rails in Bangkok has the objective of studying the risk factors, guidelines for the prevention and rectification of the risks in the construction of high rise buildings along the Sky train rails in Bangkok. The sample group consisted of those involved in the 6 developing projects of high rise building construction along the Sky train rails in Bangkok. Information collected from in-depth interviews, Analyzed results with risk assessment techniques and content analysis techniques. It is found from the study that the risk factors arose are both from internally and externally. That the highest risks occurred in every phrase of the construction, from the designing phrase to the post construction phrase. It is also found that the guidelines in preventing and rectification of risks, especially in the high risks, are by using the result-oriented management and proactive financial management. Apart from this, real estate developers must periodically follow-up and evaluate the risks continuously during every phrase of the construction.
{"title":"Identifying and Analyzing Risks in the Construction of High Rise Buildings Along the Sky Train Rails in Bangkok","authors":"Vichian Puncreobutr, Vipa Pengsa-ium, Yongyut Khamkhong, Tanit Kriengsantikul","doi":"10.2139/ssrn.3179360","DOIUrl":"https://doi.org/10.2139/ssrn.3179360","url":null,"abstract":"The research on Identifying and Analyzing Risk in the Construction of High Rise Buildings Along the Sky Train Rails in Bangkok has the objective of studying the risk factors, guidelines for the prevention and rectification of the risks in the construction of high rise buildings along the Sky train rails in Bangkok. The sample group consisted of those involved in the 6 developing projects of high rise building construction along the Sky train rails in Bangkok. Information collected from in-depth interviews, Analyzed results with risk assessment techniques and content analysis techniques. It is found from the study that the risk factors arose are both from internally and externally. That the highest risks occurred in every phrase of the construction, from the designing phrase to the post construction phrase. It is also found that the guidelines in preventing and rectification of risks, especially in the high risks, are by using the result-oriented management and proactive financial management. Apart from this, real estate developers must periodically follow-up and evaluate the risks continuously during every phrase of the construction.","PeriodicalId":210981,"journal":{"name":"Corporate Governance: Social Responsibility & Social Impact eJournal","volume":"43 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-05-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126963070","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The following paper promotes the idea of intergenerational equity in the corporate world as Corporate Social Responsibility (CSR) means to coordinating the common goods and imbuing economic stability beyond a purely governmental approach. The outlined intergenerational equity constraints herald a call for intergenerational equity – the fairness to provide an at least as favorable standard of living as enjoyed today. As an implicit contract and transfer in between living and future generations, intergenerational equity avoids discriminating against future generations and ensures future infrastructure, equal opportunities over time and constant access to social welfare for the youth. Intergenerational equity grants a favorable climate between generations and alleviates frictions arising from the negative impacts of intergenerational inequity. Outlining some of the causes of the current intergenerational imbalances regarding climate stability and overindebtedness prepares for recommendations on how to implement intergenerational transfers. The impact of intergenerational transfers on societal well-being is discussed. Future research avenues comprise of investigating situational factors influencing intergenerational leadership in the international arena in order to advance the idea of the private sector aiding on intergenerational imbalances and tackling the most pressing contemporary challenges of mankind.
{"title":"Intergenerational Leadership: An Extension of Contemporary Corporate Social Responsibility (CSR) Models","authors":"Julia M. Puaschunder","doi":"10.2139/ssrn.3175656","DOIUrl":"https://doi.org/10.2139/ssrn.3175656","url":null,"abstract":"The following paper promotes the idea of intergenerational equity in the corporate world as Corporate Social Responsibility (CSR) means to coordinating the common goods and imbuing economic stability beyond a purely governmental approach. The outlined intergenerational equity constraints herald a call for intergenerational equity – the fairness to provide an at least as favorable standard of living as enjoyed today. As an implicit contract and transfer in between living and future generations, intergenerational equity avoids discriminating against future generations and ensures future infrastructure, equal opportunities over time and constant access to social welfare for the youth. Intergenerational equity grants a favorable climate between generations and alleviates frictions arising from the negative impacts of intergenerational inequity. Outlining some of the causes of the current intergenerational imbalances regarding climate stability and overindebtedness prepares for recommendations on how to implement intergenerational transfers. The impact of intergenerational transfers on societal well-being is discussed. Future research avenues comprise of investigating situational factors influencing intergenerational leadership in the international arena in order to advance the idea of the private sector aiding on intergenerational imbalances and tackling the most pressing contemporary challenges of mankind.","PeriodicalId":210981,"journal":{"name":"Corporate Governance: Social Responsibility & Social Impact eJournal","volume":"59 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-05-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132260312","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-04-01DOI: 10.17576/AJAG-2018-09-04
Clarence Goh
In the past fifteen years, ethics has come under the spotlight in the accounting profession. In this study, I examine ethics research in accounting by looking at publications in the Journal of Accountancy, a leading professional journal in accounting, over the period from 2002 to 2016. I found that 32 out of 4,851 (0.66%) articles published in the journal were ethics-focused. Further, I observed spikes in the percentage of ethics-focused articles in the years 2003 and 2009/2010, following key events such as the passing of SOX and the global financial crisis. I also perform content analysis of the ethics-focused articles by categorizing them to one of four research areas: (1) code of conduct, (2) corporate culture, (3) ethical decision making, and (4) reputation management. Given that the majority of ethics-focused articles published relate to encouraging ethical behaviour among accounting professionals, my results suggest that such articles present a good source of information that accounting professionals can turn to when making decisions which have ethical implications. My study makes important contributions by providing insights into the overall proportion of ethics-focused articles that is published in the journal, and assesses the progress/evolution of ethics research over the time period. From a broader perspective, the findings in my study also add to the overall literature on business ethics by highlighting significant themes that accounting researchers have focused on. In addition, it provides insights into how ethics research has been incorporated into the area of accounting, particularly from a practice perspective. It also highlights four key areas of ethics research in accounting, and helps identify areas of future research.
在过去的15年里，会计职业道德成为人们关注的焦点。在本研究中，我通过查看2002年至2016年期间会计领域领先的专业期刊《会计杂志》(Journal of accounting)上的出版物来研究会计领域的伦理研究。我发现，在该杂志发表的4851篇文章中，有32篇(0.66%)是以伦理为中心的。此外，我观察到，在2003年和2009/2010年，在SOX法案通过和全球金融危机等关键事件之后，关注伦理的文章比例出现了飙升。我还对以伦理为重点的文章进行内容分析，将它们分类为四个研究领域之一:(1)行为准则，(2)企业文化，(3)道德决策，(4)声誉管理。鉴于发表的大多数以道德为重点的文章都与鼓励会计专业人员的道德行为有关，我的研究结果表明，这些文章提供了一个很好的信息来源，会计专业人员在做出具有道德影响的决策时可以求助。我的研究做出了重要贡献，提供了对发表在期刊上的以伦理学为重点的文章的总体比例的见解，并评估了一段时间内伦理学研究的进展/演变。从更广泛的角度来看，我的研究结果还通过突出会计研究人员关注的重要主题，增加了有关商业道德的整体文献。此外，它还提供了关于伦理研究如何被纳入会计领域的见解，特别是从实践的角度来看。它还强调了会计伦理研究的四个关键领域，并有助于确定未来研究的领域。
{"title":"Examining Fifteen Years of Ethics Research in the Journal of Accountancy: 2002 to 2016","authors":"Clarence Goh","doi":"10.17576/AJAG-2018-09-04","DOIUrl":"https://doi.org/10.17576/AJAG-2018-09-04","url":null,"abstract":"In the past fifteen years, ethics has come under the spotlight in the accounting profession. In this study, I examine ethics research in accounting by looking at publications in the Journal of Accountancy, a leading professional journal in accounting, over the period from 2002 to 2016. I found that 32 out of 4,851 (0.66%) articles published in the journal were ethics-focused. Further, I observed spikes in the percentage of ethics-focused articles in the years 2003 and 2009/2010, following key events such as the passing of SOX and the global financial crisis. I also perform content analysis of the ethics-focused articles by categorizing them to one of four research areas: (1) code of conduct, (2) corporate culture, (3) ethical decision making, and (4) reputation management. Given that the majority of ethics-focused articles published relate to encouraging ethical behaviour among accounting professionals, my results suggest that such articles present a good source of information that accounting professionals can turn to when making decisions which have ethical implications. My study makes important contributions by providing insights into the overall proportion of ethics-focused articles that is published in the journal, and assesses the progress/evolution of ethics research over the time period. From a broader perspective, the findings in my study also add to the overall literature on business ethics by highlighting significant themes that accounting researchers have focused on. In addition, it provides insights into how ethics research has been incorporated into the area of accounting, particularly from a practice perspective. It also highlights four key areas of ethics research in accounting, and helps identify areas of future research.","PeriodicalId":210981,"journal":{"name":"Corporate Governance: Social Responsibility & Social Impact eJournal","volume":"54 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122843577","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-03-11DOI: 10.1093/OXFORDHB/9780190659837.013.24
Brandon L. Garrett
This chapter deals with corporate prosecutions around the world, focusing on the approach adopted by federal prosecutors in the United States in which settlement negotiations with companies are resolved, either through a plea agreement or agreements entered largely out of court and without judicial oversight. These agreements, called deferred and non-prosecution agreements, have added new flexibility but also some additional uncertainty to the practice of corporate prosecutions. Before discussing how this U.S. approach has altered the international corporate prosecution landscape, the article considers varying standards for corporate criminal liability. It then examines underlying corporate crimes and how standards and enforcement approaches may vary depending on the type of crime, settlement approaches toward corporate criminal cases, criticisms of corporate crime settlement approaches, and international approaches and cooperation in corporate crime cases. It also explains how corporate or entity-based criminal liability is limited and unavailable for many types of crimes in most countries.
{"title":"International Corporate Prosecutions","authors":"Brandon L. Garrett","doi":"10.1093/OXFORDHB/9780190659837.013.24","DOIUrl":"https://doi.org/10.1093/OXFORDHB/9780190659837.013.24","url":null,"abstract":"This chapter deals with corporate prosecutions around the world, focusing on the approach adopted by federal prosecutors in the United States in which settlement negotiations with companies are resolved, either through a plea agreement or agreements entered largely out of court and without judicial oversight. These agreements, called deferred and non-prosecution agreements, have added new flexibility but also some additional uncertainty to the practice of corporate prosecutions. Before discussing how this U.S. approach has altered the international corporate prosecution landscape, the article considers varying standards for corporate criminal liability. It then examines underlying corporate crimes and how standards and enforcement approaches may vary depending on the type of crime, settlement approaches toward corporate criminal cases, criticisms of corporate crime settlement approaches, and international approaches and cooperation in corporate crime cases. It also explains how corporate or entity-based criminal liability is limited and unavailable for many types of crimes in most countries.","PeriodicalId":210981,"journal":{"name":"Corporate Governance: Social Responsibility & Social Impact eJournal","volume":"50 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-03-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122456036","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Most investors have a single goal: to earn the highest financial return. These socially-neutral investors maximize their risk-adjusted returns and would not accept a lower financial return from an investment that also produced social benefits. An increasing number of socially-motivated investors have goals beyond maximizing profits. Some seek investments that are aligned with their social values (value alignment), for example by only owning stock in companies whose activities are consistent with the investor’s moral or social values. Others may also want their investment to make portfolio companies create more social value (social value creation). The thrust of this essay is that while it is relatively easy to achieve value alignment, creating social value is far more difficult. The literature published by asset managers, foundations, and trade associations voices considerable optimism that socially-motivated investors can create social value, particularly through non-concessionary investments. We are skeptical about many of these assertions; their language is often too loose to support a disciplined assessment whether social value was created, and the absence of fees keyed to social, rather than financial, value creation fuels that skepticism. To address this problem, we first offer a taxonomy of socially-motivated investments so that investors can clearly articulate their goals, and asset managers can clearly articulate what they offer and how their performance should be measured. We then address three big questions. First, can investments in public companies create social value whether or not with concessions on return? Second, can investments in private companies create social value, again whether or not with return concessions? Third, can investors, working with socially motivated stakeholders, cause public companies to create social value?
{"title":"How Investors Can (and Can't) Create Social Value","authors":"P. Brest, R. Gilson, Mark A. Wolfson","doi":"10.2139/SSRN.3150347","DOIUrl":"https://doi.org/10.2139/SSRN.3150347","url":null,"abstract":"Most investors have a single goal: to earn the highest financial return. These socially-neutral investors maximize their risk-adjusted returns and would not accept a lower financial return from an investment that also produced social benefits. An increasing number of socially-motivated investors have goals beyond maximizing profits. Some seek investments that are aligned with their social values (value alignment), for example by only owning stock in companies whose activities are consistent with the investor’s moral or social values. Others may also want their investment to make portfolio companies create more social value (social value creation). The thrust of this essay is that while it is relatively easy to achieve value alignment, creating social value is far more difficult. The literature published by asset managers, foundations, and trade associations voices considerable optimism that socially-motivated investors can create social value, particularly through non-concessionary investments. We are skeptical about many of these assertions; their language is often too loose to support a disciplined assessment whether social value was created, and the absence of fees keyed to social, rather than financial, value creation fuels that skepticism. To address this problem, we first offer a taxonomy of socially-motivated investments so that investors can clearly articulate their goals, and asset managers can clearly articulate what they offer and how their performance should be measured. We then address three big questions. First, can investments in public companies create social value whether or not with concessions on return? Second, can investments in private companies create social value, again whether or not with return concessions? Third, can investors, working with socially motivated stakeholders, cause public companies to create social value?","PeriodicalId":210981,"journal":{"name":"Corporate Governance: Social Responsibility & Social Impact eJournal","volume":"44 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-03-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123368893","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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