(adapted from:Diamantopoulos & Winklhofer, 2001; Clark & Watson, 1995; Nunnally & Bernstein, 1994; Gerbing & Anderson, 1988)
SRI and sustainability ratings depend on the choice of the reference index one uses. Typically, SRI indices constitute a relevant proxy for the performance that is achievable through a sole focus on improving diversification within an SRI universe (Le Sourd, 2011). A large number of SR contractors, analysts and research firms are increasingly specialising in the collection of environmental, social and governance information as they perform ongoing analyses of corporate behaviours. Many of them maintain a CSR database and use it to provide their clients with a thorough ESG analysis (including proxy advice), benchmarks and engagement strategies of corporations. They publish directories of ethical and SRI funds, as they outline their investment strategies, screening criteria, and voting policies. In a sense, these data providers support investors in their selection of SRI funds.
- SRI Indices, Ratings and Information Providing Contractors
KLD / Jantzi Global Environmental Index, Jantzi Research, Ethical Investment Research Service (Vigeo EIRIS) and Innovest (among others) analyse the corporations’ socially responsible and environmentally-sound behaviours. Some of their indices (to name a few) emphasise on the impact of products (e.g. resource use, waste), the production process (e.g. logging, pesticides), or proactive corporate activity (e.g. clean energy, recycling). Similarly, social issues are also a common category for these contractors. In the main, the SRI indices benchmark different types of firms hailing from diverse industries and sectors. They adjust their weighting for specific screening criteria as they choose which firms to include (or exclude) from their indices. One of the oldest SRI indices for CSR and Sustainability ratings is the Dow Jones Sustainability Index. The companies that are featured in the Dow Jones Indices are analysed by the Sustainable Asset Management (SAM) Group (i.e. a Swiss asset management company). Another popular SRI index is FTSE Russell’s KLD’s Domini 400 Social Index (also known as the KLD400) which partners with the Financial Times on a range of issues. Similarly, the Financial Times partners with an ESG research firm (i.e. EIRES) to construct its FTSE4 Good Index series.
Smaller FTSE Responsible Investment Indices include the Catholic Values Index, the Calvert Social Index, the FTSE4Good indices, and the Dow Jones family of SRI Indices, among others. The KLD400 index screens the companies’ performance on a set of ESG criteria. It eliminates those companies that are involved in non-eligible industries. Impax, a specialist finance house (that focuses on the markets for cleaner or more efficient delivery of basic services of energy, water and waste) also maintain a group of FTSE Indices that are related to environmental technologies and business activities (FTSE Environment Technology and Environmental Opportunities). The Catholic Values Index uses the US Conference of Catholic Bishops’ Socially Responsible Investment Guidelines (i.e. positive screening approach) to scrutinise eligible companies (e.g., corporations with generous wage and benefit policies, or those who create environmentally beneficial technologies). This index could also exclude certain businesses trading in “irresponsible” activities. Calvert Group’s Calvert Social Index examines 1,000 of the largest US companies according to their social audit of four criteria: the company’s products, their impact on the environment, labour relations, and community relations. The latter “community relations” variable includes issues such as the treatment of indigenous people, provision of local credit, operations of overseas subsidiaries, and the like. The responsible companies are then featured in the Index when and if they meet Calvert’s criteria. This index also maintains a target economic sector weighting scheme.
Other smaller indices include; Ethibel Sustainability Index for Belgian (and other European) companies and OMX GES Ethical Index for Scandinavian companies, among others. Generally, these SRI indices are considered as investment benchmarks. In a nutshell, SRI Indices have spawned a range of products, including index mutual funds, ETFs, and structured products. A wide array of SRI mutual funds regularly evaluate target companies and manage their investment portfolios. Therefore, they are expected to consider other important criteria such as risk and return targets. For instance, iShares lists two ETFs based on the KLD Index funds, and the Domini itself offers a number of actively managed mutual funds based on both ESG and community development issues (such as impact investments). In addition, there are research and ratings vendors who also manage a series of mutual funds, including Calvert and Domini.
Given the growing importance of responsible investing, it could be surprising that there is still no consensus of what the SRI term means to the investors (Sparkes & Cowton, 2004). The roots of the SRI notion can be traced back to various religious movements. Back in 1758, the Religious Society of Friends (Quakers) prohibited members from participating in the slave trade. At the time, one of the founders of Methodism, John Wesley outlined his basic tenets of social investing. He preached about responsible business practices and to avoid certain industries that could harm the health and safety of workers. Hence, the best-known applications of socially responsible investing were initially motivated by religion (Sparkes, 2003). This may well reflect the fact that the first investors to set ethical parameters on investment portfolios were church investors in the U.K., U.S., and Australia (Sparkes & Cowton, 2004). The churches also played a prominent role in the development of ‘ethical’ investment products (Benijts, 2010; McCann, Solomon & Solomon, 2003; Lydenberg, 2002). Sparkes (2001) defined the ethical investments as the exercise of ethical and social criteria in the selection and management of investment portfolios, generally consisting of company shares. However, he argued that ethical investing could have been more appropriate to describe non-profitmaking bodies such as churches, charities, and environmental groups (rather than companies). The author went on to suggest that value-based organisations applied internal ethical principles to their investment strategies.
Very often the ‘ethical investment’ has been considered as perfectly synonymous with the ‘socially responsible investment’ term including in the dedicated academic journals where one might expect that the concepts are clearly defined (Capelle‐Blancard & Monjon, 2012). Schueth (2003: 189) also noted that ‘the terms social investing, socially responsible investing, ethical investing, socially aware investing, socially conscious investing, green investing, value-based investing, and mission-based or mission-related investing all refer to the same general process and are often used interchangeably’. Likewise, Hellsten & Mallin (2006: 393) have used the terms “ethical investments” and “socially responsible investments” interchangeably. However, it may appear that there seems to be a progressive decline in the use of the term ‘ethics’ within the SRI debate. In part, this may reflect the fact that many people felt uncomfortable about using the word ‘ethical’ to describe investment matters. “Any individual or group who truly care about ethical, moral, religious or political principles should in theory, at least want to invest their money in accordance with their principles” (Miller, 1992, p. 248). The original ‘ethical investors’ were church investment bodies. It is only in the past decades that such a perspective has been explicitly reflected in dedicated SRI retail funds (Sparkes & Cowton, 2004). Since their inception in the U.S. (1971) and in the U.K. (1984) the basic model that was used by SRI retail funds has been to base their ‘ethics’ upon an avoidance approach; whereby, responsible investors avoided having shares in unethical companies (Schepers & Sethi, 2003).
SRI has evolved during the political climate of the 1960s as socially concerned investors were increasingly addressing equality for women and minority groups (Schueth, 2003). This time was characterised by activism through boycotts and direct action that has targeted specific corporations (Rojas, M’zali, Turcotte & Merrigan, 2009; Carroll, 1999). Yet, there were also interesting developments, particularly when trade unions introduced their multi-employer pension fund monies to targeted investments. During the 70s, a series of themes ranging from the anti-Vietnam war movement to civil rights, to issues related to equality rights for women, have served to escalate the sensitivity to some issues of social responsibility and accountability. These movements broadened to include management, labour relations and anti-nuclear sentiment. Trade unions also sought to leverage pension stocks for shareholder activism on proxy fights and shareholder resolutions (Guay et al, 2004; Gillan & Starks, 2000; Smith, 1996).
In 1971, Reverend Leon Sullivan (at the time he was board member for General Motors) had drafted a code of conduct for the practicing business in South Africa; which became known as the Sullivan Principles (Wright & Ferris, 1997; Arnold & Hammond, 1994; Sullivan, 1983). However, relevant reports that documented the application of the Sullivan Principles revealed that the US companies did not lessen their discrimination toward the native South African people. Thus, there were US investors as well as large corporations who have decided to divest from these ‘irresponsible’ companies. In 1976, the United Nations has also imposed a mandatory arms embargo against South Africa (Nayar, 1978). The ranks of the socially concerned investors had grown dramatically through the 1980s as millions of people, churches, universities, cities and states were increasingly focusing their pressures on the white minority government (of South Africa) to dismantle the racist system. The subsequent negative flow of investment eventually forced a group of businesses, representing 75% of South African employers, to draft a charter calling for an end to the apartheid. While the SRI efforts alone did not bring an end to discrimination, it has mounted persuasive international pressure on the South African business community.
Advances in the SRI agenda were being made in other contexts. By 1980 presidential candidates; Jimmy Carter, Ronald Reagan and Jerry Brown advocated some type of social orientation toward investments in pension funds (Gray, 1983; Barber, 1982). Afterwards in the mid to late 1990s there were health awareness campaigns that effected the tobacco stocks in the US (Krumsiek, 1997). For instance, the California State Teachers’ Retirement System (CalSTRS) removed more than $237 million in tobacco holdings from its investment portfolio after 6 months of financial analysis and deliberations (Reynolds, Goldberg & Hurley, 2004). Arguably, such a divestment strategy may have satisfied the ethical principal of non-harming, but did not necessarily create a positive social impact (Lane, 2015).
During the late 1990s, SRI had also focused on the sustainable development of the environment (Richardson, 2008; Brundtland, 1989). Many investors started to consider their environmental responsibility following the Bhopal, Chernobyl and Exxon Valdez incidents. The international media began to raise awareness on the global warming and on the ozone depletion (Pienitz & Vincent, 2000). It may appear that the environmental protection and climate change issues were becoming important issues for many responsible investors. However, it may appear that businesses have failed to become more sustainable in their ecological dimension as the human ecological footprint exceeds the Earth’s capacity to sustain life by 60% (Global Footprint Network, 2016). At the same time, global resource consumption and land degradation is constantly impacting on the natural environment; as arable land continues to disappear. Evidently, the world’s growing populations and their increased wealth is inevitably leading to greater demands for limited and scarce resources. These are some of the issues that have become somewhat important rallying points for many institutional investors.
Springer’s latest book on Strategic Management; Corporate Sustainability, Social Responsibility and Environmental Management
This book provides a concise and authoritative guide to corporate social responsibility (CSR) and its related paradigms, including environmental responsibility, corporate sustainability and responsibility, creating shared value, strategic CSR, stakeholder engagement, corporate citizenship, business ethics and corporate governance, among others. It is primarily intended for advanced undergraduate and / or graduate students. Moreover, this publication is highly relevant for future entrepreneurs, small business owners, non-profit organisations and charitable foundations, as it addresses the core aspects of contemporary strategies, public policies and practices. It also features case studies on international policies and principles, exploring corporate businesses’ environmental, social and governance reporting.
Corporate Sustainability, Social Responsibility and Environmental Management: An Introduction to Theory and Practice with Case Studies – by Mark Anthony Camilleri,PhD (Edinburgh)
The book includes a foreword by Professor Emeritus Archie B. Carroll, who is one of the pioneers of the CSR paradigm. It also features numerous endorsements from accomplished academic researchers:
“There’s a revolution taking place, one that’s percolating from the uncoordinated efforts of activist consumers/NGOs, regulators/moralists, and corporate/institutional investors. Mark Camilleri’s new book provides an excellent overview of the eclectic academic literature in this area, and presents a lucid description of how savvy companies can embed themselves in circular systems that reduce system-wide externalities, increase economic value, and build reputation. A valuable contribution.”
Charles J. Fombrun, Founder of Reputation Institute and a former Professor of Management at New York University and The Wharton School, University of Pennsylvania, USA.
“I am pleased to recommend Dr. Camilleri’s latest book, Corporate Sustainability, Social Responsibility, and Environmental Management. The book is a rich source of thought for everyone who wants to get deeper insights into this important topic. The accompanying five detailed case studies on a wide array of corporate sustainable and responsible initiatives are helpful in demonstrating how theoretical frameworks have been implemented into practical initiatives. This book is a critical companion for academics, students, and practitioners.”
Adam Lindgreen, Professor and Head of Department of Marketing, Copenhagen Business School, Denmark.
“This book is an essential resource for students, practitioners, and scholars. Dr. Mark Camilleri skillfully delivers a robust summary of research on the business and society relationship and insightfully points to new understandings of and opportunities for responsible business conduct. I highly recommend Corporate Sustainability, Social Responsibility, and Environmental Management: An Introduction to Theory and Practice with Case Studies.”
Diane L. Swanson, Professor and Chair of Distinction in Business Administration and Ethics Education at Kansas State University, KS, USA.
“Mark’s latest book is lucid, insightful, and highly useful in the classroom. I strongly recommend it.”
Donald Siegel, Dean of the School of Business and Professor of Management at the University at Albany, State University of New York, NY, USA.
“The theory and practice of corporate sustainability, social responsibility and environmental management is complex and dynamic. This book will help scholars to navigate through the maze. Dr Camilleri builds on the foundations of leading academics, and shows how the subject continues to evolve. The book also acknowledges the importance of CSR 2.0 – or transformative corporate sustainability and responsibility – as a necessary vision of the future.”
Wayne Visser, Senior Associate at Cambridge University, UK. He is the author of CSR 2.0: Transforming Corporate Sustainability & Responsibility and Sustainable Frontiers: Unlocking Change Through Business, Leadership and Innovation.
“Corporate Sustainability, Social Responsibility and Environmental Management: An Introduction to Theory and Practice with Case Studies” provides a useful theoretical and practical overview of CSR and the importance of practicing corporate sustainability.”
Geoffrey P. Lantos, Professor of Business Administration, Stonehill College. Easton, Massachusetts, USA.
“This book offers a truly comprehensive guide to current concepts and debates in the area of corporate responsibility and sustainability. It gives helpful guidance to all those committed to mainstreaming responsible business practices in an academically reflected, yet practically relevant, way.”
Andreas Rasche, Professor of Business in Society, Copenhagen Business School, Denmark.
“A very useful resource with helpful insights and supported by an enriching set of case studies”
Albert Caruana, Professor of Marketing at the University of Malta, Malta and at the University of Bologna, Italy.
“A good overview of the latest thinking about Corporate Social Responsibility and Sustainable Management based on a sound literature review as well as useful case studies. Another step forward in establishing a new business paradigm.”
René Schmidpeter, Professor of International Business Ethics and CSR at Cologne Business School (CBS), Germany.
“Dr. Camilleri’s book is a testimony to the continuous need around the inquiry and advocacy of the kind of responsibility that firms have towards societal tenets. Understanding how CSR can become a modern manifestation of deep engagement into socio-economic undercurrents of our firms, is the book’s leading contribution to an important debate, that is more relevant today than ever before”
Mark Esposito, Professor of Business and Economics at Harvard University, MA, USA.
“Mark’s book is a great addition to the literature on CSR and EM; it will fill one of the gaps that have continued to exist in business and management schools, since there are insufficient cases for teaching and learning in CSR and Environmental Management in Business Schools around the globe.”
Samuel O. Idowu, Senior Lecturer in Accounting at London Metropolitan University, UK; a Professor of CSR at Nanjing University of Finance and Economics, China and a Deputy CEO, Global Corporate Governance Institute, US
“Corporate Social Responsibility has grown from ‘nice to have’ for big companies to a necessity for all companies. Dr Mark Camilleri sketches with this excellent book the current debate in CSR and CSR communication and with his cases adds valuable insights in the ongoing development and institutionalization of CSR in nowadays business”.
Wim J.L. Elving, A/Professor at the University of Amsterdam, Netherlands.
Impact investing is one of the fastest growing and promising areas of innovative development finance (Thornley, Wood, Grace & Sullivant, 2011; Freireich & Fulton, 2009). This form of socially-responsible investment (SRI) also has its roots in the venture capital community where investors unlock a substantial volume of private and public capital into companies, organisations and funds – with the intention to generate social and environmental impact alongside a financial return.
The stakeholders or actors in the impact investing industry can be divided into four broad categories: asset owners who actually own capital; asset managers who deploy capital; demand-side actors who receive and utilise the capital; and service providers who help make this market work.
Impact investments can be made in both emerging and developed markets, and target a range of returns from below market to market rate; depending on the investors’ strategic goals. Bugg-Levine and Emerson (2011) argued that impact investing aligns the businesses’ investments and purchase decisions with their values. Defining exactly what is (and what is not) an impact investment has become increasingly important as it appears that the term has taken off among academia and practitioners.
The impact investments are usually characterised by market organisations that are driven by a core group of proponents including foundations, high-net worth individuals, family offices, investment banks and development finance institutions. Responsible entities are mobilising capital for ‘investments that are intended to create social impact beyond financial returns’ (Jackson, 2013; Freireich & Fulton 2009). Specific examples of impact investments may include; micro-finance, community development finance, sustainable agriculture, renewable energy, conservation, micro-finance and affordable and accessible basic services, including; housing, healthcare, education and clean technology among others.
Micro-finance institutions in developing countries and affordable housing schemes in developed countries have been the favorite vehicles for these responsible investments, though impact investors are also beginning to diversify across a wider range of sectors (see Saltuk, Bouri, & Leung 2011; Harji & Jackson 2012). Nevertheless, micro-finance has represented an estimated 50% of European impact investing assets (EUROSIF, 2014). This form of investing has grown to an estimated €20 billion market in Europe alone (EUROSIF, 2014). The Netherlands and Switzerland were key markets for this investment strategy, as they represented an estimated two thirds of these assets. These markets were followed by Italy, the United Kingdom and Germany.
Generally, the investors’ intent is to ensure that they achieve positive impacts in society. Therefore, they would in turn expect tangible evidence of positive outcomes (and impacts) of their capital. Arguably, the evaluation capacity of impact investing could increase opportunities for dialogue and exchange. Therefore, practitioners are encouraged to collaborate, exchange perspectives and tools to strengthen their practices in ways that could advance impact investing. The process behind on-going encounters and growing partnerships could surely be facilitated through conferences, workshops, online communities and pilot projects. Moreover, audit and assurance ought to be continuously improved as institutions and investors need to be equipped with the best knowledge about evaluation methods. Hence, it is imperative that University and college courses are designed, tested and refined to improve the quality of education as well as professional training and development in evaluating responsible investments.
For evaluation to be conducted with ever more precision and utility, it must be informed by mobilising research and analytics. Some impact investing funds and intermediaries are already using detailed research and analysis on investment portfolios and target sectors. At the industry-wide level, the work of the Global Impact Investing Network (GIIN) and IRIS (a catalogue of generally accepted Environmental, Social and Governance – ESG performance metrics) is generating large datasets as well as a series of case studies on collaborative impact investments. Similarly, the Global Impact Investing Rating System (GIIRS) also issues quarterly analytics reports on companies and their respective funds in industry metrics (Camilleri, 2015).
For the most part, those responsible businesses often convert positive impact-investment outcomes into tangible benefits for the poor and the marginalised people (Garriga & Melé, 2004). Such outcomes may include increased greater food security, improved housing, higher incomes, better access to affordable services (e.g. water, energy, health, education, finance), environmental protection, and the like (Jackson, 2013).
Interestingly, high sustainability companies significantly outperform their counterparts over the long-term, both in terms of stock market and accounting performance (Eccles, Ioannou & Serafeim, 2012). This out-performance is stronger in sectors where the customers are individual consumers, rather than companies (Eccles et al., 2012).
It may be complicated and time-consuming to quantify how enterprises create various forms of humanitarian and environmental value, yet some approaches and analytical tools can help to address today’s societal challenges, including the return on impact investments in social and sustainability projects.
Eccles, R. G., Ioannou, I., & Serafeim, G. (2012). The impact of a corporate culture of sustainability on corporate behavior and performance (No. W17950). National Bureau of Economic Research.
EUROSIF (2014). Press Release: 6th Sustainable and Responsible Investment Study 2014. Europe-based national Sustainable Investment Forums. http://www.eurosif.org/wp-content/uploads/2014/09/Press-Release-European-SRI-Study-2014-English-version.pdf (Accessed 14 May 2016).
Freireich, J., & Fulton, K. (2009). Investing for social and environmental impact: A design for catalyzing an emerging industry. Monitor Institute, January.
Harji, K., & Jackson, E. T. (2012). Accelerating impact: Achievements, challenges and what’s next in building the impact investing industry. New York, NY: The Rockefeller Foundation.
Saltuk, Y., Bouri, A., & Leung, G. (2011). Insight into the impact investment market: An in-depth analysis of investor perspectives and over 2,200 transactions. New York, NY: J.P. Morgan.
Excerpt from: Camilleri M.A. (2015) Responsible tourism that creates shared value among stakeholders. Tourism Planning and Development. 13 (2) 219-235. Taylor and Francis. DOI: 10.1080/21568316.2015.1074100 http://dx.doi.org/10.1080/21568316.2015.1074100
The sustainable and responsible environmental practices leverage the tourism enterprises’ performance as innovations can help them improve their bottom-line. This research indicated that the investigated organisations were increasingly pledging their commitment for discretionary investments in environmental sustainability, including; energy and water
conservation, alternative energy generation, waste minimisation, reducing, reusing and recycling policies, pollution prevention, environmental protection, carbon offsetting programmes and the like.
Some of the interviewees have proved that they were truly capable of reducing their operational costs through better efficiencies. Nevertheless, there may be still room for improvement as tourism enterprises can increase their investments in the latest technological innovations. This study indicates that there are small tourism enterprises that still need to realise the business case for responsible tourism (Camilleri, 2015). Their organisational culture and business ethos will have to become attuned to embrace responsible behavioural practices.
The governments may also have an important role to play in this regard. The governments can take an active leading role in triggering responsible behaviours. Greater efforts are required by governments, the private sector and other stakeholders to translate responsible tourism principles into policies, strategies and regulations (Camilleri, 2014).
Governments may give incentives (through financial resources in the form of grants or tax relief) and enforce regulation in certain areas where responsible behaviour is required. The regulatory changes may possibly involve the use of eco-labels and certifications. Alternatively, the government may encourage efficient and timely reporting and audits of sustainability (and social) practices.
The governments may provide structured compliance procedures to tourism enterprises. Responsible tourism practices and their measurement, reporting and accreditation should be as clear and understandable as possible. The governments’ reporting standards and guidelines may possibly be drawn from the international reporting instruments (e.g. ISO, SA, AA and GRI).
Nevertheless, it must be recognised that the tourism industry is made up of various ownership structures, sizes and clienteles. In addition, there are many stakeholder influences, which affect the firms’ level of social and environmental responsibility. Perhaps, there is scope in sharing best practices, even with rival firms. It is necessary for responsible businesses to realise that they need to work in tandem with other organisations in order to create shared value and to move the responsible tourism agenda forward. Therefore, this study’s findings encourage inter-firm collaboration and networking across different sectors of the tourism industry.
There are competitive advantages that may arise from creating and measuring shared value. Evidently, there is more to responsible tourism than, “doing good by doing well”. As firms reap profits and grow, they can generate virtuous circles of positive multiplier effects. This paper has indicated that the tourism enterprises, who engage themselves in responsible and sustainable practices, are creating value for themselves and for society. In conclusion, this research puts forward the following key recommendations for the responsible tourism agenda:
- Promotion of laudable business processes that bring economic, social and environmental
- Encouragement of innovative and creative approaches, which foster the right environment
for further development and application of sustainable and responsible practices;
- Enhancement of collaborations and partnership agreements with governments, trade
unions and society in general, including the marketplace stakeholders;
- Ensuring that there are adequate levels of performance in areas such as health and
safety, suitable working conditions and sustainable environmental practices;
- Increased awareness, constructive communication, dialogue and trust;
- National governments may create a regulatory framework which encourages and
enables the implementation of sustainable and responsible behavioural practices by
Chapter 1 presents a thorough literature review on corporate social responsibility and its other related constructs, including corporate citizenship, stakeholder engagement and business ethics. Hence, this chapter reports on how CSR has evolved to reflect the societal realities.
Chapter 2 reviews the different definitions of the corporate responsibility paradigms and draws comparisons between related concepts. The author contends that organization studies; economic, institutional, cultural and cognitive perspectives are shaping the corporate responsibility agenda. She cleverly presents the benefits of integrating multiple perspectives and discusses about the possible research avenues in the realms of corporate responsibility.
Chapter 3 suggests that the field of CSR is ushering a new era in the relationship between business and society. The author puts forward a Total Responsibility Management (TRM) approach that may be useful for business practitioners who intend adopting CSR behaviors. This chapter posits that CSR strategies including managing relationship with stakeholders will contribute to the companies´success and will also bring community welfare.
Chapter 4 focuses on the national governments’ regulatory role of raising awareness on CSR behaviors among businesses. The author suggests that there is scope for the state agencies to promote CSR as a business case for companies. She provides an outline of the current state of “supranational regulative policies on public procurement” within the European Union context.
Chapter 5 uses a stakeholder perspective to encapsulate the CSR concept. The authors investigated social value cocreation (SVCC) through a qualitative study among different stakeholders (customers, employees, and managers). They implied that businesses ought to clarify their motives, by opening channels of communication with stakeholders. This way, there will be a higher level of SVCC with increased (stakeholder) loyalty toward the firms.
Chapter 6 sheds light on Porter and Kramer’s (2011) shared value proposition. The author explains how collaborative stakeholder interactions could lead to significant improvements in the supply chain.
Chapter 7 involved a longitudinal study that investigated how four different State Owned Enterprises communicated with Māori communities between 2008 and 2013. This study contributes to the extant research on the legitimacy theory and CSR communication with ethnic minorities in the Aotearoa (New Zealand) context.
Chapter 8 links the CSR paradigm with risk management. The author suggests that Serbian businesses ought to adopt corporate sustainable and responsible approaches in terms of their disaster risk reduction prior to environmental emergencies.
Chapter 9 involved a quantitative analysis that explored the CSR practices within the hospitality industry. The authors suggested that there were distinct social and environmentally responsible behaviors in different geographical areas. They argued that institutions can take their results into account when drawing up policies that are aimed at fostering responsible tourism practices.
Chapter 10 examined how CSR communication of self-serving motives can lead to more trust and credibility among stakeholders as well as corporate reputation. The authors implied that the marketers should be aware of how the public perceive CSR behaviors.
Chapter 11 reports that corporate (or organizational) storytelling is increasingly being used as a promotional tool to communicate CSR information to stakeholders. The authors present four companies that have used storytelling with the aims of transmitting values, fostering collaboration, leading change and sharing knowledge on responsible practices.
Chapter 12 relates corporate sustainability to the construct of emotional capital. The authors maintain that emotional capital enables businesses to attract and retain talent. They maintain that there are significant improvements to the firms’ bottom lines If they invest in responsible human resources management.
Chapter13 suggests that the transition from the CSR to CSR 2.0 requires the adoption of five new principles – creativity, scalability, responsiveness, glocality and circularity. The authors posit that these principles ought to be embedded within the organizations’ management values and culture. The authors propose a new framework that can be used to manage the processes of socially responsible organizations.
Chapter 14 investigated the banks’ behaviors during the economic crisis in Turkey. The authors reported on the bank’s CSR strategies as they supported small and medium sized enterprises, as well as local communities during the financial turmoil.
Chapter 15 offers insights on sustainable tourism as the authors investigated the constraints that explain why an attitude–behavior gap exists in responsible tourists’ behaviors.
Chapter 16 examines three leading networks that are intended to promote corporate sustainability and responsibility. The author explores their growing influence as he reviews their objectives, organizational structures, types of activities, practices and impacts.
Further details on this contribution is available here: http://www.igi-global.com/book/csr-new-era-corporate-citizenship/166426
About the Editor:
Dr. Mark Anthony Camilleri is a resident academic in the Department of Corporate Communication at the University of Malta. He specializes in strategic management, stakeholder engagement, corporate social responsibility and sustainable business. Mark successfully finalized his PhD (Management) in three years’ time at the University of Edinburgh in Scotland – where he was nominated for his “Excellence in Teaching”. During the past years, Mark taught business subjects at under-graduate, vocational and post-graduate levels in Hong Kong, Malta and the UK.
Dr Camilleri has published his research in peer-reviewed journals, chapters and conference proceedings. He is also a member on the editorial board of Springer’s International Journal of Corporate Social Responsibility and a member of the academic advisory committee in the Global Corporate Governance Institute (USA). Mark is a frequent speaker and reviewer at the American Marketing Association’s (AMA) Marketing & Public Policy conference and in the Academy of Management’s (AoM) Annual Meeting.
Ozan Nadir ALAKAVUKLAR is a lecturer in management at Massey University School of Management. His research interests are based on sustainability, community organizing and social movements.
Marcello ATZENI received his PhD at the University of Cagliari. His research interests are related to tourism authenticity and consumer behavior.
Elisa BARAIBAR DIEZ is a Lecturer in Business Administration at the University of Cantabria. Her fields of research are corporate transparency, CSR, corporate governance and reputation. She focuses on transparency and its effects not only in a business context but also in other contexts such as universities.
Jesús BARRENA MARTINEZ is an Assistant Professor postdoctoral in the Department of Business Management at the University of Cadiz. He has a PhD in the field of Economics and Business Management. His teaching and research interests include Human Resource Management, Corporate Social Responsibility and Intellectual Capital. He has presented papers at international and national conferences and published in journals such as Corporate Social Responsibility and Environmental Management, International Journal of Management and Enterprise Development, Journal of Human Values, Tourism and Management Studies and Intangible Capital.
Roland BERBERICH is Independent researcher in Project Management with additional MRes degree from Heriot Watt University. He has acquired more than 10 years of project experience.
Claudiu George BOCEAN is Associate Professor at and PhD supervisor Faculty of Economics and Business Administration within University of Craiova. In 2000, graduated Bachelor Degree, major in Accountancy and Informatics, Faculty of Economics, University of Craiova, Romania. In 2004, graduated Master program in Business Administration, Faculty of Economics, University of Craiova, Romania. In 2007, PhD in Economics, Faculty of Economics, University of Craiova, Romania. In 2015, Habilitation title in Management, Academy of Economic Sciences Bucharest, Romania. Since 2002 – present, teaching and researching in Faculty of Economics and Business Administration, University of Craiova on topics such as Human Resource Management, Corporate Social Responsibility, Organization Theory, Business Economics, and co-operating within projects with national and international universities and organizations.
Michael Devereux obtained both Master in Business Administration (MBA) from University of North Carolina at Wilmington and a Master in International Business from Universitat de Valencia. Prior to graduate school, he gained a Bachelor in Economics and Geography focusing on international economics and Central/South America from Weber State University. Additionally, he has studied in Costa Rica, and in Guatemala participating in a microfinance and economic development project for indigenous women in Guatemala. His current interests are focused on international affairs, humanitarian components, health and well-being, economic development, community engagement, energy and environmental sustainability.
José Ignacio ELICEGUI REYES is Graduate in Management Business Administration and Business Sciences, as well as he has studied a Masters in Human Resource Management at the University of Cadiz. Currently, he is studying a Masters in Teacher Training in Secondary Schools and High Schools, Vocational Training and Language Training for the specialty of Business Administration at the University of Cadiz. Also, he is developing his PhD in the Human Resource Management field.
Martina G. GALLARZA lectures in the Marketing Department of Universidad de Valencia (SPAIN). She has formerly taught at Universidad Católica de Valencia, where she was Dean of the Business Faculty. Her research interests include consumer behavior and tourism services. She has authored more than 40 articles (in Annals of Tourism Research, Tourism Management, Journal of Consumer Behavior, Journal of Services Marketing, International Journal of Hospitality Management, Journal of Hospitality Marketing and Management among others), and has presented more than 70 papers in Congresses (EMAC, MKT TRENDS Conference, AMA Servsig, ATMC). She teaches in several international masters in Europe (MTM in IGC at Bremen (Germany) and MAE at IGR-IAE Rennes (France). Guest scholar for short periods at Columbia University (New York City. USA), ESCP (France), Sassari University (Sardinia. Italia), Strathclyde University (Glasgow, UK), She is member of the American Marketing Association (AMA), Asociación Española de Marketing (AEMARK), Association Française de Marketing (AFM) and formerly of Association Internationale d’Experts Scientifiques en Tourisme (AIEST She is member of the Board of Directors of Pernod Ricard. S.A. since 2012.
Raquel GOMEZ LOPEZ is a Lecturer in Business Management at the University of Cantabria (Spain). Her current research interests include quality management, excellence models, responsible management, family firms, innovation, and tourism. Raquel’s works have been published in journals of international impact such as Cornell Hospitality Quarterly, Total Quality Management & Business Excellence and Journal of Small Business and Enterprise Development among others. She is also author of several chapters in various collective works and one book. She regularly participates in prestigious international and national conferences, such as those organized by FERC, IFERA and ACEDE.
Misra Cagla GUL is an Associate Professor of Marketing and the Vice Director of the Graduate School of Arts and Sciences at Isik University. She holds a PhD degree from Bogazici University, and an MBA degree from Georgia State University. She has published in the fields of marketing and consumer behavior in times of recession, corporate social responsibility, social marketing, status consumption, green consumer behavior and strategic marketing. She teaches various marketing courses including consumer behavior, advertising and services marketing, both at undergraduate and graduate levels. Her professional experience includes over 5 years in marketing in telecommunications and energy sectors. She has a B.Sc. degree in Industrial Engineering from Bogazici University.
Jose Ramon CARDONA received a doctorate in business economics from the University of the Balearic Islands in 2012. He worked as lecturer in marketing at the University of Zaragoza, Pablo de Olavide University and the University of the Balearic Islands. He’s a research associate of the research group Business Management and Tourist Destinations.
Giacomo DEL CHIAPPA is an assistant professor of marketing at the Department of Economics and Business, University of Sassari (Italy), and Associate Researcher at CRENoS. He is also a senior research fellow, School of Tourism and Hospitality, University of Johannesburg, South Africa. His research is related to destination governance and branding, consumer behavior, and digital marketing. He has published articles in several international journals, among others the International Journal of Hospitality Management, Journal of Services Marketing, Journal of Travel Research, International Journal of Tourism Research, International Journal of Contemporary and Hospitality Management, Current Issues in Tourism, and Information Systems and E-Business Management.
Michael DEVEREUX obtained both Master in Business Administration (MBA) from University of North Carolina at Wilmington and a Master in International Business from Universitat de Valencia. Prior to graduate school, he gained a Bachelor in Economics and Geography focusing on international economics and Central/South America from Weber State University. Additionally, he has studied in Costa Rica, and in Guatemala participating in a microfinance and economic development project for indigenous women in Guatemala. His current interests are focused on international affairs, humanitarian components, health and well-being, economic development, community engagement, energy and environmental sustainability.
José Luis FERNANDEZ SANCHEZ, PhD is a Professor of Business Administration at the University of Cantabria. He specializes in CSR, especially social investment.
Paul George HOLLAND, received a Bachelor in Business degree from the Manukau Institute of Technology, Auckland, New Zealand in 2012 and a Master of Business Studies from Massey University, New Zealand in 2015.
Mehmet KAYTAZ is currently professor of economics and the Dean of Faculty of Economics and Administrative Sciences at Işık University, Istanbul, Turkey. He holds a M.A. degree from the University of Manchester (1974) and Ph.D. from the University of Nottingham (1978). He was a faculty member of Boğaziçi University between 1978-2005.He served as President of State Institute of Statistics, Turkey; as Undersecretary of Treasury; as an alternate director in European Bank for Reconstruction and Development, and as Chairman of Board of Directors of Eregli Iron & Steel Factories. He has authored articles and books on small-scale enterprises, income distribution, economic growth, statistics, finance and education.
Valentín-Alejandro MARTINEZ FERNANDEZ is a Permanent Professor at University of A Coruña, Area of Marketing and Market Research. B.A. Information Sciences, Complutense University of Madrid. MBA Management and Business Administration, University of A Coruña. PhD. Information Sciences, Complutense University of Madrid.
Patricia MARTINEZ GARCIA DE LEANIZ is an Assistant Professor at the University of Cantabria (Spain). Her current research interests include corporate social responsibility, consumer behavior, corporate marketing and responsible management. Her research focuses on theoretical and empirical studies in the tourism sector. Patricia’s works have been published in journals of international impact such as International Journal of Hospitality Management, Journal of Business Ethics, International Journal of Contemporary Hospitality Management and Journal of Travel and Tourism Marketing among others. She is also author of several chapters in various collective works and one book. She regularly participates in prestigious international and national conferences, such as those organized by EMAC, AEMARK and ACEDE.
Lars MORATIS is an expert in corporate social responsibility (CSR) affiliated with Antwerp Management School in Belgium as the Academic Director of the Competence Center Corporate Responsibility and with the NHTV University of Applied Sciences in The Netherlands as Professor of Sustainable Business. His research interests lie in the credibility of corporate CSR claims, ISO 26000, CSR strategy, CSR implementation, responsible management education and critical perspectives on CSR. His other interest is the psychology of sustainability. He received an MSc in Business Administration from Erasmus University Rotterdam School of Management and his PhD from the Open University the Netherlands. His PhD dissertation on ISO 26000 carried the title ‘Standardizing a better world? Essays and critical reflections on the ISO 26000 standard for corporate social responsibility’. He publishes on his research interest in both scientific and practitioner-oriented journals and book chapters. He has written several books, among which is ‘ISO 26000: The business guide to the new standard on social responsibility’.
María D. ODRIOZOLA (PhD) is a Lecturer in Business Administration at the University of Cantabria. Her research focuses on Human Resources Management and CSR. Particularly, she is specialized in labor social responsibility practices.
Mariella PINNA is a Research Fellow at the University of Sassari where she teaches in the area of “Ethics”. Her research interest is related to ethical consumption and consumer behavior.
Vesela RADOVIC is an associate professor, works in the Institute for Multidisciplinary Research, Belgrade University, Serbia. Dr. Radovic has an MPH in fire safety protection and a PhD in safety, protection and defense from the Faculty of Safety in Belgrade. She has a long record of experience in the area of disaster management. As an expert in the area of disaster management she prepared the handbook, Methodology of Risk Assessment and Emergency Management Planning at the Local Level. This manual was a part of the activities of the USAID, Serbia Preparedness, Planning and Economic Security Program, implemented by the DAI/Washington. She spent a year with the Fulbright/Hubert Humphrey Fellowship, at Tulane University, School of Public Health and Tropical Medicine, Department of International Health and Development, New Orleans, LA. During that year in USA her focus was on public policy making and emergency preparedness. Dr. Radovic will focus her future activities in academic community in order to share acquired knowledge to help her country, Serbia in supporting the necessary reforms in the context of Euro-Atlantic Integrations.
Amir Hossein RAHDARI is one of the top 25 youngest Sustainable Business professionals (2degrees). He is the director of research at Corporate Governance and Responsibility Development Centre, an external reviewer to several Int. peer-reviewed journals (JCR and Scopus indexed), a research contributor to CSRI and some other leading platforms. He is also an independent research & consultant and a member of several leading panels on sustainability including GBI Panel (US), NG Panel (UK), Ministry of Petroleum CSR Committee (Iran).
Pedro M. ROMERO FERNANDEZ is a Professor in the Department of Business Management at the University of Cadiz. His teaching experience (more than 15 years) spans the broad range of strategy, human resources and management. He has published his work in the field of HRM in peer-reviewed top national and international journals, such as the International Journal of Human Resource Management, British Journal of Management, Journal of Business Research and Journal of Business Ethics.
María Dolores SANCHEZ FERNANDEZ is a PhD “Competitiveness, Innovation and Development” and a Lecturer at the University of la Coruña (Spain), Faculty of Economics and Business, Department of Analysis and Business Management, Business Organization area. She is also part of the GREFIN (University of A Coruña) and GEIDETUR (University of Huelva) research groups and associate researcher at the Centre of CICS.NOVA.UMinho and Lab2PT research at the University of Minho, GEEMAT (Brazil) and REDOR Network (Mexico). She has been the author or co-author of several articles published in indexed journals. She has participated in over 100 communications in national and International conferences and is a member of the scientific committee. She reviews international scientific magazines in Spain, United States and Brazil. Her main research topics are: Corporate Social Responsibility, quality, tourism, the hotel industry and human resources.
Katharina SARTER is an Ailsa McKay Postdoctoral Fellow at Glasgow Caledonian University. Previously Research Fellow at Bielefeld University, University of Muenster, and University of Rostock as well as Bernheim Postdoctoral Fellow at the Hoover Chair of Economic and Social Ethics at the Catholic University of Louvain and Visiting Scholar at the Public Procurement Research Group at the School of Law of the University of Nottingham.
Catalina SITNIKOV is Professor at University of Craiova (Romania), Faculty of Economics and Business Administration. She has PhD title in Management since 2000, Habilitation title in Management since 2014 and since February 2015 is PhD supervisor in Management. For 3 years activated as Visiting Lecturer at Helsinki University of Technology, Lahti Center (Finland). Since 1995, she has been teaching undergraduate, master and PhD students. She teaches Quality Management, Total Quality Management and Management. Her main research areas include: management, strategic management, and mostly quality management, instruments and models specific to the stages of quality planning, control and improvement, quality management strategies, ISO standards, CSR from the perspective of specific standards and instruments.
Marius Sorin TUDOR holds a PhD from the Faculty of Economics and Business Administration within University of Craiova. In 1998, graduated Bachelor Degree, major in Accountancy and Informatics, Faculty of Economics, University of Craiova, Romania, In 2001, graduated Master program in Business Administration, Faculty of Economics, University of Craiova, Romania In 2008, PhD in Economics, Faculty of Economics, University of Craiova, Romania Since 2006 – present, teaching and researching in Faculty of Economics and Business Administration, University of Craiova on topics such as Project Management, Environmental Economics, Marketing public, Methods and techniques for decision-making in public organizations, Media management. Since 2015 – present, Manager of Universitaria – Publishing house within University of Craiova.
Başak UCANOK TAN received her B.A. degree in Business Administration from Başkent University. Upon her graduation she was granted the Sunley Management Scholarship and completed MSc in International Management from the University of Northampton, UK. Her master’s dissertation focused on the adverse psychological effects of financial crises on layoff survivors. She continued her academic pursuits in Marmara and Istanbul Bilgi University and earned her PhD in Organizational Behavior with her dissertation on the investigation of organizational citizenship behaviors in Turkish SMEs. Her academic research focus concentrates on the dynamics of micro organizational phenomena including work values, organizational citizenship behavior, organizational commitment, alienation, leadership and cooperative behavior. She has served as coordinator in Public Relations program in Istanbul Bilgi University from 2010 to 2012 and has recently became Associate Professor.
Anya Catharina Eva ZEBREGS is a master student at University of Amsterdam. Last January she completed her masters in Business Administration and currently she is writing her thesis for the Social Psychology masters. The two masters complement each other very well; she gathered knowledge about consumers, organizations, groups of people and how to influence them and combined this with strategic and economic knowledge. She is interested in marketing and consultancy and after her internship, which will start this September, she would like to find a job in either marketing or consultancy. Further, Anya has always been very interested in CSR and the non-profit market, one of the reasons why she chooses to write her first master thesis about CSR. Further, she is president of the board of SOLVE Consulting Amsterdam. SOLVE is a professional student consultancy organization active in social enterprise consulting. The organization advises non-profits and social enterprises in their efficiency and effectiveness.
The promotion of quality education has re-emerged as an important policy objective across many countries during the past decade. For instance, the aims of Europe 2020 strategy (that was launched in 2010) were to improve the EU’s competitiveness and productivity that underpin a sustainable social market economy (EU, 2010 a,b). The strategy identified three priorities as the main pillars of this strategy:
- Smart growth—developing an economy based on knowledge and innovation;
- Sustainable growth—promoting a more resource efficient, greener and more competitive economy; and
- Inclusive growth—fostering a high-employment economy delivering economic, social and territorial cohesion (Pasimeni & Pasimeni, 2015).
Significant investments have already been made across the globe to raise relevant competencies that help to improve social outcomes (e.g. social inclusion, social equity and social capital) since these are known to affect educational and labour market success.
In a similar vein, the fourth United Nations’ Sustainable Development Goal (SDG4) and its 10 targets represent an ambitious and universal agenda to develop better skills for better lives. Five of its 10 targets are concerned with improving the quality of education for individual children, young people and adults, and to give them better and more relevant knowledge and skills. During the last few decades; major progress has been made towards increasing access to education at all levels; from school readiness among young children through achieving literacy and numeracy at primary school, increasing enrolment rates in schools particularly for women and girls to equipping young adults with knowledge and skills for decent work and global citizenship (UNSDG4, 2015). In this light, the SDG4’s targets are the following (UNSDG4, 2015):
By 2030, ensure that all girls and boys complete free, equitable and quality primary and secondary education leading to relevant and Goal-4 effective learning outcomes;
By 2030, ensure that all girls and boys have access to quality early childhood development, care and pre-primary education so that they are ready for primary education;
By 2030, ensure equal access for all women and men to affordable and quality technical, vocational and tertiary education, including university;
By 2030, substantially increase the number of youth and adults who have relevant skills, including technical and vocational skills, for employment, decent jobs and entrepreneurship;
By 2030, eliminate gender disparities in education and ensure equal access to all levels of education and vocational training for the vulnerable, including persons with disabilities, indigenous peoples and children in vulnerable situations;
By 2030, ensure that all youth and a substantial proportion of adults, both men and women, achieve literacy and numeracy;
By 2030, ensure that all learners acquire the knowledge and skills needed to promote sustainable development, including, among others, through education for sustainable development and sustainable lifestyles, human rights, gender equality, promotion of a culture of peace and non-violence, global citizenship and appreciation of cultural diversity and of culture’s contribution to sustainable development;
Build and upgrade education facilities that are child, disability and gender sensitive and provide safe, nonviolent, inclusive and effective learning environments for all;
By 2020, substantially expand globally the number of scholarships available to developing countries, in particular least developed countries, small island developing States and African countries, for enrolment in higher education, including vocational training and information and communications technology, technical, engineering and scientific programmes, in developed countries and other developing countries. By 2030, substantially increase the supply of qualified teachers, including through international cooperation for teacher training in developing countries, especially least developed countries and small island developing states (UNSDG4, 2015).
However, The Programme for International Student Assessment (PISA) the world’s most widely used global metric to measure the quality of learning outcomes, as well as its adult version, the Programme for the International Assessment of Adult Competencies (PIAAC), underlined that although many countries may have their children in school; only a proportion of them achieve adequate levels of proficiency by the end of lower secondary education (PISA, 2012). This finding does not augur well for economic, social and sustainable development.
Bolder efforts are required to make even greater strides to achieve the sustainable development goal of quality education for all. A centralised educational policy may help to achieve the desired outcomes. Well-laid out curricula are capable of successfully developing the full potential of lifelong learners. In addition, the government’s policies of taxation and redistribution of income may also help to counteract inequalities in some segments of society.
The provision of quality education introduces certain mechanisms that equip people with relevant knowledge and skills that they need for today’s labour market. Active employment policies are required to help unemployed people find work. The overall objective of the employability programmes is the reintegration of jobseekers and the inactive individuals into the labour market as well as the provision of assistance to employed persons to secure and advance in their job prospects.
The US government agencies and the bureaus regulatory policies and principles are creating both challenging opportunities and threats for the businesses. Evidently, the institutional legacies are affecting the ways in which civil society, industry and NGOs interact together (Camilleri, 2015). This reasoning echoes the legitimacy theory as heterogenous, competing groups of stakeholders often expect and solicit social and environmentally responsible behaviours from businesses. Debatably, the U.S. government and its agencies should ensure that the true ecological cost of environmental degradation and climate change is felt in the market. In this light, there may be scope for U.S. authorities to promote responsible behaviors.
For instance, recently there is an increased awareness on the circular economies that are characterised by their resource efficiency levels and cleaner production through recycling, reducing and reusing materials (EU, 2015; Geng, Fu, Sarkis and Xue, 2012; Geng and Doberstein, 2008).
US corporations should be urged to find alternative ways for sustainable energy generation, energy and water conservation, environmental protection and greener transportation systems. This way, they will be considered as legitimate businesses; as their corporate performance matches their stakeholders’ expectations (Camilleri, 2016; 2015). The organisations’ implementation of their legitimation strategy could include voluntary and solicited CSR disclosures that address norms, values or beliefs of stakeholders (Reverte, 2009). Responsible companies could be in a position to prevent third-party pressures through their engagement in social responsibility practices and sustainable behaviours. At the same time, they could lower the criticisms from the public and minimise their legal cases through their active compliance with regulations and guiding principles.
The organisations’ legitimacy is a critical driver for a dynamic institutional and organisational change (Tost, 2011). The organisations’ evaluative process was also suggested by Scherer et al. (2013) as they discussed about the corporations’ isomorphic adaptation to societal pressures. Yet, such political perspectives have often been considered as being overly normative (Kuhn and Deetz, 2008; Scherer and Palazzo, 2007) and of neglecting the complexity of the debates between corporations and society. Baur and Arenas (2014) also noted that the regulated interactions and the consensus building may not be required if corporations address the sustainable development issues. However, the responsible behavioural issues often call for the re-negotiation of social, economic, and environmental factors among regulatory authorities and other interested parties.
Indeed, addressing the environmental protection often requires shifting through a multitude of complex and often contradictory demands of stakeholders (Camilleri, 2015; Freeman, 2010; Hardy & Phillips, 1998) that are defined beyond nation-state governance institutions. Multiple ethical systems, cultural backgrounds, and rules of behaviour could possibly coexist within the same communities (Scherer & Palazzo, 2007) as the legitimacy of the business community around sustainable development issues is often being challenged (Porter & Kramer, 2011; Scherer & Palazzo, 2011).
Therefore, the stakeholder engagement processes are important instruments for legitimacy building as the pluralist nature of US politics encourages the formation of lobby groups and associations that are often regarded as legitimate representatives (Camilleri, 2016; Doh and Guay, 2006). Other previous research also contended that the legitimacy in resolving social responsibility and sustainable development issues often requires ‘the ability to establish trust-based collaborative relationships with a wide variety of stakeholders especially those with non-economic goals (Sharma & Vredenburg, 1998, p. 735). These stakeholders may have an accepted role in influencing the public policy process.
Excerpt from: Camilleri, M.A. (2016) Corporate Citizenship and Social Responsibility Policies in the United States of America. Sustainability Accounting, Management and Policy (Forthcoming)
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Literature review about corporate social responsibility (CSR) suggests that there are organisational benefits to be gained from unintentional discretionary expenditure in laudable behaviour. With this in mind, the methodology integrates insights from the ‘stakeholder theory’and the ‘resource-based view theory of the firm’to sharpen the strategic base for CSR investment. Quantitative and qualitative research techniques have been used to discover how business organisations are creating shared value for themselves and for …
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