Critical scholarship often presents corporate social responsibility (CSR) as a reflection or embodiment of neoliberalism. Against this sort of sweeping political characterization we argue that CSR can indeed be considered a liberal concept but that it embodies a “varieties of liberalism.” Building theoretically on the work of Michael Freeden on liberal languages, John Ruggie and Karl Polanyi on embedded forms of liberalism, and Michel Foucault on the distinction between classical liberalism and neoliberalism, we provide a conceptual treatment and mapping of (...) the ideological positions that constitute the bulk of modern scholarly CSR debate. Thus, we distinguish between embedded liberalism, classical liberalism, neoliberalism, and re-embedded liberalism. We develop these four orientations in turn and show how they are engaged in “battles of ideas” over the meaning and scope of corporate responsibilities—and how they all remain relevant for an understanding of contemporary debates and developments in the field of CSR and corporate sustainability. (shrink)

We investigate the association between a wide range of community-level environmental, social, and governance (ESG) outcomes and the credit risk of U.S. municipal finance fixed-income securities. We develop a novel dataset of multiple ESG outcomes for U.S. counties and connect it to a 2001-2020 panel of municipal bonds issued within those counties. Overall, we find supportive evidence that collective increases in community-level ESG factors (i.e., ESG outcomes) are associated with reductions in credit risk for U.S. municipal finance instruments over time. (...) We theorize that these associations arise from variations in investor perceptions and manifested changes in fiscal health over time as a function of changing ESG outcomes. Post hoc analyses leveraging quasi-exogenous shocks to uncertainty, as well as connecting ESG outcomes to various measures of fiscal health at the county-year level, and credit ratings at the bond-year level, help validate this theory. Our research suggests that even socially agnostic investors should investigate the environmental and social performance of a municipality as part of their credit due diligence. (shrink)

This article complements company-level approaches on the explicitization of Corporate Social Responsibility (CSR), zooming out to the national institutional level. We draw on qualitative data collected during several research stays in Japan, a case with a recent uptake of “explicit” CSR, where, historically, companies focused on “implicit” CSR. We present an empirically grounded framework for CSR explicitization at the national institutional level, involving three dimensions of changes: (a) ideas around CSR, (b) modes of evaluation of CSR, and (c) structures of (...) control over CSR. In Japan, this process has been driven by the government, orchestrating these changes. Our framework contextualizes earlier understandings of CSR explicitization, allowing critical examination in relation to socio-political developments and providing the grounds for future comparative analysis of CSR explicitization. Furthermore, we add to the literature on the government-CSR nexus, introducing the notion of ideational steering as a new mode of government orchestration and shedding light on the role of financial market actors as co-regulators of CSR. (shrink)

Our understanding of how public actors directly influence stakeholder engagement through mechanisms such as regulation and licensing has been steadily improving. However, the indirect influence of public governance measures on stakeholder engagement remains less explored. This article seeks to bridge this gap by examining how public sector actors use participatory governance to influence private stakeholder engagement beyond public governance processes. We introduce the concept of silent steering to describe how indirect effects on stakeholder engagement occur. Through an in-depth case study (...) of Finnish mining governance from 1995 to 2020, we uncover how silent steering of private engagement occurs through role-giving, example-giving, and expectation-giving. Through these processes, public actors can exert significant influence over industry- and firm-level private stakeholder engagement processes even when they are not present. (shrink)