Business Ethics the Environment & Responsibility最新文献

This editorial of the special issue addresses the question of whether/how responses to the Covid-19 pandemic corresponded with authentic CSR. The literature on CSR has tended to endorse a business-centric perspective and its inherent focus on the search for alignments between CSR activities and the economic/financial interests of the firm. The Covid-19 pandemic has put this perspective to the test, pushing many companies to engage in distinctively more genuine and authentic CSR and/or demonstrating the importance of prior CSR engagement in facilitating crisis management. The papers included in the special issue appear to converge on the idea that firms combining evidence of both pre-crisis engagement in CSR and strong CSR performance during the crisis (demonstrated through the deployment of various CSR assets and resources, including certified reporting, social marketing, individual engagement, resilience, legitimacy, trust) have coped better. This provides interested researchers with an opportunity to appreciate the value of CSR during a crisis.

A growing body of research is exploring corporate communication in relation to corporate social responsibility (CSR) activities on social media (SM). Nonetheless, while these studies have shown that SM communication may be an effective tool for reaching and engaging various stakeholders, how the design of corporate CSR communication engenders trustworthiness has yet to be examined. To address this gap, we suggest that SM communication may include important signals related to trust; thus, we investigate whether companies use sources of trustworthiness (reputation, performance, and appearance) while communicating with stakeholders and the response of the latter to such communication. Our empirical analysis is based on a database containing over 66,000 CSR-related messages from eight companies focusing on communication extracted from Twitter. These data are coded according to three sources of trustworthiness and two dimensions of CSR communication (social and environmental). Our findings indicate that all three attributes of trustworthiness are used by companies in their CSR social media communication. We also document how corporate efforts to use CSR communication that engenders trustworthiness influence stakeholder engagement. Our study therefore contributes to the literature on trust in relation to CSR by illustrating the importance of signaling that includes different sources of trustworthiness or their combination in corporate communication. By analyzing how the various trust attributes included in CSR communication affect SM reactions, we also identify which attributes lead to greater stakeholder engagement overall, particularly for the two analyzed dimensions of CSR communication.

Socially responsible investments (SRI) suffer from a lack of investments from individual investors, despite their positive attitudes toward SRI. This attitude–behavior gap is a serious issue, as SRI is often perceived as a way to promote sustainable development. We investigate nudges, especially the default option, as a way to encourage SRI. In a pre-registered study conducted in October 2021 with 1050 US investors, we pit four nudges against one another to encourage individual investors to invest in SRI. All nudges significantly increased investment in SRI compared with the control group. Making SRI the default option with frictions to opt-out is the most efficient intervention. This is closely followed by a default option without friction to opt out and option partitioning, which are not significantly different from each other. Precommitment, although statistically significant, has a modest effect on investment in SRI and is inferior to the other nudges. Overall, the two types of default as well as option partitioning are significant and impactful solutions for increasing investment in SRI.

The Business Roundtable's “Purpose of a Corporation” letter announced a shift from stockholder primacy to stakeholder primacy. Interestingly, we contend the letter's language employed a technical efficiency emphasis, suggesting a firm's executives chose to make this shift because they believed doing so would improve the firm's financial performance, via improved corporate governance. We examine whether investors actually accepted the technical efficiency arguments at face value, or in contrast believed the announcements were merely a “rational myth,” what management thought investors would want to hear. We employ a 2-day cumulative abnormal return (CAR) event study for 140 publicly-held firms. Overall, we find investor support for the announcement. In addition, we found how returns to firms with prior similar announcements were negative at the time of the announcement. Also, the returns for firms having multiple signatories were positive and significant.

Social intrapreneurs can help corporations to address grand challenges and create hybrid value—that is simultaneous commercial and social value—by identifying and exploring entrepreneurial opportunities that address social or environmental issues. However, we still know little about how individuals assume social intrapreneurial roles in corporations. Based on a qualitative study of social intrapreneurs and their supporters, we identify variations in social intrapreneurial profiles along two dimensions: the role of the social intrapreneur in the entrepreneurial process (idea initiator versus idea explorer), and their position (within core business departments versus within sustainability departments). We contribute to the literature by identifying four different types of social intrapreneurs as corporate change agents—the Visionary Business Insurgent, the Visionary Sustainability Transformer, the Enabled Business Expert, and the Enabled Sustainability Expert—and by shedding light on four pathways to social intrapreneurship that vary in initial levels of agency and ethical expression.

Innovations in aligning investment with sustainability led to impact investing, enabling investors to achieve conventional financial returns and measurable social and environmental returns. Since its inception in 2007, it has grown manifolds, with significant efforts being made to create a global ecosystem. However, due to limited academic literature, the theme is yet to garner the scholarly interest it deserves. In this study, we analyse and visualise a knowledge map of the impact investment research field through a comprehensive bibliometric analysis by employing a research corpus of 421 studies sourced from Web of Science and Scopus. We identify the growth trajectory, geographical concentration, productive and influential authors, journals and significant articles and examine the inter-disciplinarity of the field. The major research themes interlinked with impact investing included; social entrepreneurship, social innovation, social finance, impact investment market, innovative financial instruments, financialisation of essential services and impact reporting. To drive the field forward, future research needs to develop an impact investment ecosystem, address behavioural issues, stakeholder management and institutional context in impact investment theme, develop and diffuse innovative financial instruments, develop a framework for standardised accounting and reporting practices to measure financial and non-financial dimensions, tackle impact washing by fund managers, address lack of financial access to the third sector and develop the legal and regulatory framework for third sector organisations.

Despite the significant attention gained by the concept of creating shared value (CSV) over the past decade, there is a lack of empirical research on corporate practices that achieve social and environmental benefits through CSV dynamics. Through an in-depth single case study, this research explores open innovation (OI) practices contributing to the grand challenge of climate change and their role as microfoundations in the three CSV dynamics proposed by Porter and Kramer: (1) reconceiving products and markets; (2) redefining productivity in the value chain; and (3) enabling local cluster development. Building on a 3-year (October 2019–October 2022) interaction with Enel—a very large company in the renewable energy sector—we collected qualitative data on the OI practices implemented in the construction, operating, and repurposing phases of three of its industrial sites. Employing a three-step data analysis process, the study identified 29 OI practices across the sites, which have been grouped into 11 CSV microfoundations. Our findings contribute to understanding the organizational factors in sustainable value creation by bridging the gap between CSV and OI literature and confirm the effectiveness of OI models for addressing societal challenges like climate change.

The widespread critical evidence surrounding executive compensation of listed corporations has boosted shareholder activism in recent decades. The say-on-pay (SOP) mechanism—a vote in which shareholders express their (dis)agreement with executive pay designs—is one of the corporate governance mechanisms that has led to this activism among listed firms. Merging agency and socioemotional wealth (SEW) arguments, this paper analyzes how effective SOP voting results are among listed family firms in terms of CEO compensation efficiency and equity. Using a sample of UK listed firms from 2011 to 2018, our results show that SOP effectiveness is positively influenced by family ownership and is strongly moderated by family involvement in management and in governance as well as by family generation. Our findings stress the strong family effect and the ethical perceptions of family shareholders on SOP voting, showing how family participation in the firm encourages fairer and more aligned CEO compensation packages. SOP institutional and practical implications oriented to preserve shareholder value and family wealth are finally outlined.

This article aims to improve the understanding of corporate governance and environmental reporting literature by analyzing the impact of board gender diversity (BGD) on environmental performance, environmental disclosure, and greenwashing behavior. The panel regression estimation technique with fixed effects was applied to Chinese firm data. As a result, it was found that more women who served on corporate boards enhanced the company's environmental performance and disclosures while limiting greenwashing behavior. The result indicated that women in top management play a constructive role in establishing firms' active environmental initiatives. Furthermore, this relationship was nonlinear and exponentially increased when women's representation reached the threshold of 33.5% representation on board or higher. Based on the findings, no internal bias was found even after other governance and firm-level control factors and probable endogenies were considered and variable biases were omitted. Notably, the results present important implications for regulators and policymakers by highlighting the influential role of BGD in promoting environmentally responsible practices and reducing greenwashing.

We explore the impact of board resources arising from diverse board members on the achievement of environmental, social, and governance (ESG) goals. Employing resource dependence theory as our frame and drawing on qualitative data from 41 interviews with board directors of publicly traded and privately held companies in the United Arab Emirates (UAE), we identify three key mechanisms underpinning the achievement of ESG goals, namely, the leveraging of particular connections, the deployment of different resources, and the harnessing of a range of diversity types. We find that the use of social resources is often related to environmental concerns and occasionally social goals, but rarely governance issues. We also find that financial motivations often drive environmental issues, while many of the social resources that added value occurred in the public sector. Importantly, the combining of both skill and social resources, rather than relying on each alone, was seen to increase the likelihood of achieving ESG goals. Our findings also point to the importance of board diversity in accomplishing the board's ESG goals, most especially functional diversity. We propose that such functional diversity, along with resources in the form of social resources and skills, needs to feature more prominently in order to improve ESG performance and outcomes. We highlight the implications of our work, especially regarding the establishment of board diversity policies beyond gender alone.