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  1. Corporate Sustainable Development: Testing a New Scale Based on the Mainland Chinese Context. [REVIEW]Wing S. Chow & Yang Chen - 2012 - Journal of Business Ethics 105 (4):519-533.
    According to the predominant corporate sustainable development (CSD) framework, this exploratory paper verifies that CSD construct can be modeled by integrating the dimensions of social, economic, and environmental development. We first developed and validated measurement scales for these three dimensions based on a survey of 314 managers in mainland China. Then, using structural equation modelling, we confirmed that the proposed model is valid. Therefore, our findings may allow researchers to explore CSD further, and practitioners to develop their understanding of CSD (...)
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  • The Impact of Corporate Social Responsibility Performance Feedback on Corporate Social Responsibility Performance.Jae-Eun Lee & Young Soo Yang - 2022 - Frontiers in Psychology 13.
    This study empirically analyzes how corporate social responsibility performance feedback impacts CSR performance, focusing on the performance feedback perspective of behavioral theory of the firm. By performing generalized least squares regression analysis based on Korean company data from 2012 to 2019, we presented evidence that positive social and historical performance feedback had a positive effect on CSR performance. Our results provide evidence that firms with higher social and historical CSR performance than CSR aspiration may have higher CSR performance than those (...)
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  • Tax Avoidance as a Sustainability Problem.Robert Bird & Karie Davis-Nozemack - 2018 - Journal of Business Ethics 151 (4):1009-1025.
    This manuscript proposes that tax avoidance can be better understood and mitigated as a sustainability problem. Tax avoidance is not just a financial problem for tax authorities, but one that erodes critical common spaces necessary for the smooth functioning of regulatory compliance, organizational integrity, and society. Defining tax avoidance as a sustainability problem offers a broader and more holistic understanding of the organizational and societal consequences of tax avoidance behavior. Sustainability is also a mature and legitimized concept that can readily (...)
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  • Do ESG Controversies Matter for Firm Value? Evidence from International Data.Amal Aouadi & Sylvain Marsat - 2018 - Journal of Business Ethics 151 (4):1027-1047.
    The aim of this paper is to investigate the relationship between environmental, social, and governance controversies and firm market value. We use a unique dataset of more than 4000 firms from 58 countries during 2002–2011. Primary analysis surprisingly shows that ESG controversies are associated with greater firm value. However, when interacted with the corporate social performance score, ESG controversies are found to have no direct effect on firm value while the interaction appears to be highly and significantly positive. Building on (...)
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  • A Few Good Companies: Rethinking Firms’ Responsibilities Toward Common Pool Resources.Patricia Gabaldon & Stefan Gröschl - 2015 - Journal of Business Ethics 132 (3):579-588.
    While a significant body of literature has highlighted the moral obligations of companies regarding the sustainable use of common pool resources, business activities that contribute to the sustenance of common pool resources remain embryonic. Studies in this area have largely focused on environmental stimuli rather than on the complex motivational structures that drive or hinder businesses’ contributions to common pool resources. We explore the different motives and behaviors of businesses and their contributions to common pool resources, and propose four roles (...)
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  • Do Stock Investors Value Corporate Sustainability? Evidence from an Event Study.Adrian Wai Kong Cheung - 2011 - Journal of Business Ethics 99 (2):145-165.
    This paper analyzes the impacts of index inclusions and exclusions on corporate sustainable firms by studying a sample of US stocks that are added to or deleted from the Dow Jones Sustainability World Index over the period 2002-2008. The impacts are measured in terms of stock return, risk and liquidity. We cannot find any strong evidence that announcement per se has any significant impact on stock return and risk. However, on the day of change, index inclusion (exclusion) stocks experience a (...)
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  • Positive and Negative Corporate Social Responsibility, Financial Leverage, and Idiosyncratic Risk.Saurabh Mishra & Sachin B. Modi - 2013 - Journal of Business Ethics 117 (2):431-448.
    Existing research on the financial implications of corporate social responsibility (CSR) for firms has predominantly focused on positive aspects of CSR, overlooking that firms also undertake actions and initiatives that qualify as negative CSR. Moreover, studies in this area have not investigated how both positive and negative CSR affect the financial risk of firms. As such, in this research, the authors provide a framework linking both positive and negative CSR to idiosyncratic risk of firms. While investigating these relationships, the authors (...)
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  • How Does the Market Value Corporate Sustainability Performance?Isabel Costa Lourenço, Manuel Castelo Branco, José Dias Curto & Teresa Eugénio - 2012 - Journal of Business Ethics 108 (4):417 - 428.
    This study provides empirical evidence on how corporate sustainability performance (CSP), as proxied by membership of the Dow Jones sustainability index, is reflected in the market value of equity. Using a theoretical framework combining institutional perspectives, stake-holder theory, and resource-based perspectives, we develop a set of hypotheses that relate the market value of equity to CSP. For a sample of North American firms, our preliminary results show that CSP has significant explanatory power for stock prices over the traditional summary accounting (...)
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  • Sustainability Practices and Corporate Financial Performance: A Study Based on the Top Global Corporations. [REVIEW]Rashid Ameer & Radiah Othman - 2012 - Journal of Business Ethics 108 (1):61-79.
    Sustainability is concerned with the impact of present actions on the ecosystems, societies, and environments of the future. Such concerns should be reflected in the strategic planning of sustainable corporations. Strategic intentions of this nature are operationalized through the adoption of a long-term focus and a more inclusive set of responsibilities focusing on ethical practices, employees, environment, and customers. A central hypothesis, that we test in this paper is that companies which attend to this set of responsibilities under the term (...)
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  • Signaling Sustainability Leadership: Empirical Evidence of the Value of DJSI Membership. [REVIEW]Michael Robinson, Anne Kleffner & Stephanie Bertels - 2011 - Journal of Business Ethics 101 (3):493-505.
    We explore the relationship between corporate sustainability, reputation, and firm value by asking whether signaling sustainability leadership through membership on a recognized sustainability index is value generating. Increasingly, stakeholders are demanding that firms demonstrate their commitment to sustainability. One signal that companies can send to stakeholders to indicate that they are sustainability leaders is membership on a recognized “best in class” sustainability index. This article explores both the short-term and the intermediary impact on North American firms of being included or (...)
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  • The business value of ESG performance: the Indian context.Indra Vardhan Trivedi & Hemlata Chelawat - 2016 - Asian Journal of Business Ethics 5 (1 - 2):195-210.
    Today, business corporations across the globe are moving beyond the short-term myopic goal of profit maximization to long-term sustainability goals involving environmental, social and corporate governance goals. This is due to the growing realization that ESG factors constitute a significant source of risk for the business and can affect their financial returns. Academic research has shown that improved ESG performance has lowered risk and enhanced financial performance but results seemed to vary widely across countries. Regrettably, this subject remains largely un-researched (...)
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  • The Contribution of Environmental and Social Standards Towards Ensuring Legitimacy in Supply Chain Governance.Martin Mueller, Virginia Gomes dos Santos & Stefan Seuring - 2009 - Journal of Business Ethics 89 (4):509-523.
    Increasingly, companies implement social and environmental standards as instruments towards corporate social responsibility in supply chains. This is based on the assumption that such standards increase legitimacy among stakeholders. Yet, a wide variety of standards with different requirement levels exist and companies might tend to introduce the ones with low exigencies, using them as a legitimacy front. This strategy jeopardizes the reputation of social and environmental standards among stakeholders and their long-term trust in these instruments of CSR, meaning that all (...)
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  • Hidden Connections: The Link Between Board Gender Diversity and Corporate Social Performance. [REVIEW]Ioanna Boulouta - 2013 - Journal of Business Ethics 113 (2):185-197.
    This study examines whether and how female board directors may affect corporate social performance (CSP) by drawing on social role theory and feminist ethics literature. The empirical analysis, based on a sample of 126 firms drawn from the S&P500 group of companies over a 5-year period, suggests that board gender diversity (BGD) significantly affects CSP. However, this impact depends on the social performance metric under investigation. In particular, more gender diverse boards exert stronger influence on CSP metrics focusing on ‘negative’ (...)
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  • The Heterogeneity of Board-Level Sustainability Committees and Corporate Social Performance.Udi Hoitash, Rani Hoitash & Jenna J. Burke - 2019 - Journal of Business Ethics 154 (4):1161-1186.
    This paper explores an increasingly prevalent element of board-level commitment to sustainability. We propose a theoretical framework under which the existence and associated actions of board-level sustainability committees are motivated by shared value creation, where the interests of a diverse group of stakeholders are satisfied and sufficient profit is achieved. Using hand-collected data, we find that sustainability committees are heterogeneous in focus and vary in their effectiveness. Specifically, we disaggregate the sustainability committee construct based on stakeholder group focus and find (...)
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  • The Value Relevance of Reputation for Sustainability Leadership.Isabel Costa Lourenço, Jeffrey Lawrence Callen, Manuel Castelo Branco & José Dias Curto - 2014 - Journal of Business Ethics 119 (1):17-28.
    This study investigates whether the market valuation of the two summary accounting measures, book value of equity and net income, is higher for firms with reputation for sustainability leadership, when compared to firms that do not enjoy such reputation. The results are interpreted through the lens of a framework combining signalling theory and resource-based theory, according to which firms signal their commitment to sustainability to influence the external perception of reputation. A firm’s reputation for being committed to sustainability is an (...)
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  • The Role of Share Repurchases for Firms’ Social and Environmental Sustainability.Mario Vaupel, David Bendig, Denise Fischer-Kreer & Malte Brettel - 2023 - Journal of Business Ethics 183 (2):401-428.
    This article embarks on ethical trade-offs at the sustainability/finance interface by contrasting shareholders’ interest in short-term financial returns with society’s interest in counteracting ecological and social grievances. Scrutinizing share repurchases, we investigate a firm’s communicated sustainability orientation (i.e., its environmental and social value orientation) as well as its environmental and social sustainability performance. Our results are based on a large-scale panel dataset of 491 U.S. firms observed from 2004 to 2016. The dataset combines share buyback data with sustainability orientation scores (...)
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  • Is Doing Bad Always Punished? A Moderated Longitudinal Analysis on Corporate Social Irresponsibility and Firm Value.Zhihua Ding & Wenbin Sun - 2021 - Business and Society 60 (7):1811-1848.
    Theoretical evidence suggests that corporate social irresponsibility (CSI) should produce long-lasting negative influences on firm performance. Yet, little empirical evidence exists in the literature to support this time-embedded research frame. This research was conducted by collecting a large set of firm data and by employing a series of vector autoregressive models to map out the longitudinal dynamic relationships between CSI and firm value under high versus low levels of two external factors, environmental dynamism and competition intensity, and one internal factor, (...)
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  • Business Cases and Corporate Engagement with Sustainability: Differentiating Ethical Motivations.Stefan Schaltegger & Roger Burritt - 2018 - Journal of Business Ethics 147 (2):241-259.
    This paper explores links between different ethical motivations and kinds of corporate social responsibility activities to distinguish between different types of business cases with regard to sustainability. The design of CSR and corporate sustainability can be based on different ethical foundations and motivations. This paper draws on the framework of Roberts which distinguishes four different ethical management versions of CSR. The first two ethical motivations are driven either by a reactionary concern for the short-term financial interests of the business, or (...)
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  • The Long-Term Sustenance of Sustainability Practices in MNCs: A Dynamic Capabilities Perspective of the Role of R&D and Internationalization. [REVIEW]Subrata Chakrabarty & Liang Wang - 2012 - Journal of Business Ethics 110 (2):205-217.
    What allows MNCs to maintain their sustainability practices over the long-term? This is an important but under-examined question. To address this question, we investigate both the development and sustenance of sustainability practices. We use the dynamic capabilities perspective, rooted in resource-based view literature, as the theoretical basis. We argue that MNCs that simultaneously pursue both higher R&D intensity and higher internationalization are more capable of developing and maintaining sustainability practices. We test our hypotheses using longitudinal panel data from 1989 to (...)
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  • Stakeholder Pressures as Determinants of CSR Strategic Choice: Why do Firms Choose Symbolic Versus Substantive Self-Regulatory Codes of Conduct? [REVIEW]Luis A. Perez-Batres, Jonathan P. Doh, Van V. Miller & Michael J. Pisani - 2012 - Journal of Business Ethics 110 (2):157-172.
    To encourage corporations to contribute positively to the environment in which they operate, voluntary self-regulatory codes (SRC) have been enacted and refined over the past 15 years. Two of the most prominent are the United Nations Global Compact and the Global Reporting Initiative. In this paper, we explore the impact of different stakeholders' pressures on the selection of strategic choices to join SRCs. Our results show that corporations react differently to different sets of stakeholder pressures and that the SRC selection (...)
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  • Corporate Sustainability Performance Measurement Systems: A Review and Research Agenda. [REVIEW]Cory Searcy - 2012 - Journal of Business Ethics 107 (3):239-253.
    Corporate sustainability performance measurement systems (SPMS) have been the subject of a growing amount of research. However, there are many challenges and opportunities associated with the design, implementation, use, and evolution of these systems that have yet to be addressed. The purpose of this article is to identify future directions for research in the design, implementation, use, and evolution of corporate SPMS. A concise review of key literature published between 2000 and 2010 is presented. The literature review focuses on research (...)
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  • Do Boards Take Environmental, Social, and Governance Issues Seriously? Evidence from Media Coverage and CEO Dismissals.Jenna J. Burke - 2021 - Journal of Business Ethics 176 (4):647-671.
    This study empirically investigates the dismissal of U.S. CEOs following negative media coverage of environmental, social, and governance (ESG) practices. Extending related literature on the media, ESG, and CEO dismissal, I develop a theoretical framework that considers the media as an influential third party that forms and reflects public opinion about ESG issues. In this role, the media reduces information asymmetry by providing cues on their relative salience and prompting corporate directors to attribute firm-level ESG issues to the CEO, regardless (...)
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  • Towards Responsible and Sustainable Supply Chains – Innovation, Multi-stakeholder Approach and Governance.Agata Gurzawska - 2020 - Philosophy of Management 19 (3):267-295.
    Supply chains are an indispensable element of any global economy. At the same time such supply chains create a societal and environmental burden. Drastic actions are required to mitigate these effects. Supply chains should become responsible and sustainable (where responsibility and sustainability are understood in a broad sense) addressing economic, political, societal, legal, human rights, ethical and environmental concerns. This research shifts from the question of why companies should implement responsibility and sustainability into supply chains, to how they should do (...)
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  • Investigating critical organizational factors toward sustainability index: Insights from the Taiwanese electronics industry.Chia-Wei Hsu & Dong-Shang Chang - 2017 - Business Ethics: A European Review 26 (4):468-479.
    To improve sustainable practices and attract investors, companies in emerging markets have increasingly embraced strategies for inclusion in rapidly expanding sustainability indices. However, most early studies on socially responsible investment or sustainability investment have only focused on exploring the relationship between corporate sustainability and firm value. Moreover, little has been done to explore the practices of emerging market companies for engaging with a sustainability index. To address this research gap, we employed the decision-making trial and evaluation laboratory method to identify (...)
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  • Start doing the right thing: Indicators for socially responsible start-ups and investors.Mark Ryan, Eugen Popa, Vincent Blok, Andrea Declich, Maresa Berliri, Alfonso Alfonsi, Simeon Veloudis, Natalia Costanzo & Martina Iannuzzi - 2024 - Journal of Responsible Technology 20 (C):100094.
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  • (1 other version)Managerial Efficiency, Corporate Social Performance, and Corporate Financial Performance.Seong Y. Cho & Cheol Lee - 2019 - Journal of Business Ethics 158 (2):467-486.
    Managers face an ethical dilemma in the allocation of scarce resources to corporate social responsibility because the underlying managerial incentives behind such CSR spending can range from pure altruism to complete financial orientation. Despite the importance of the managerial role in implementing CSR, prior studies generally have treated the role of managers as an exogenous factor. This study builds on recent studies on the managerial characteristics in studies on CSR by examining how managerial efficiency influences the outcomes of CSR. Using (...)
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  • CSR, Sustainability and the Meaning of Global Reporting for Latin American Corporations.Luis A. Perez-Batres, Van V. Miller & Michael J. Pisani - 2010 - Journal of Business Ethics 91 (2):193-209.
    We seek to add to the Corporate Social Responsibility (CSR) and Sustainable Development (SD) literature through the empirical study of Latin American firm membership in the United Nations Global Compact (GC) and Global Report Initiative (GRI). Within an institutional-based framework, we explore through three filters – commercial, state-signaling, and distinguished peers – the impact of normative and mimetic pressures associated with GC/gri membership. Our sample includes 207 public firms from six Latin American countries (Argentina, Brazil, Chile, Colombia, Mexico, and Peru). (...)
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  • Market Orientation and CSR: Performance Implications.Timothy Kiessling, Lars Isaksson & Burze Yasar - 2016 - Journal of Business Ethics 137 (2):269-284.
    Corporate social responsibility has become of great interest to both researchers and practitioners alike with much discussion on whether the costs outweigh the performance implications. CSR has become a firm strategic tool as firms recognize that the customer value proposition and CSR is integrated with the focus on how to differentiate the firm from the view of the customer. We utilized market orientation theory as our foundation for our research as it explains how organizations adapt to their customer environment to (...)
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  • Sustainable Bonuses: Sign of Corporate Responsibility or Window Dressing?Ans Kolk & Paolo Perego - 2014 - Journal of Business Ethics 119 (1):1-15.
    Despite a strong plea for integrating sustainability goals into traditional corporate bonus schemes, a comprehensive implementation of these systems has been lacking until recently. This article explores four illustrative cases from the Netherlands, where several multinationals started to pioneer with sustainable bonuses in the past few years. The article examines the setups and the different elements of bonus programmes used, in terms of performance criteria (focusing in particular on external vs. internal benchmarking), their link to specific stakeholders, type and size (...)
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  • Balancing social and political strategies in emerging markets: Evidence from India.Rekha Rao-Nicholson, Zaheer Khan & Svetla Marinova - 2018 - Business Ethics: A European Review 28 (1):56-70.
    This article explores the substitution and complementary effects between political and social strategies on firm performance in the context of an emerging market (EM). Using in‐depth, historical case‐study approach, the article investigates how companies integrate political and social resources in this market. Corporate performance includes traditional measures, such as accounting performance and nonfinancial measures like the ease of doing business. The study finds that social strategies are stronger enablers of firm long‐term performance than political strategies. The latter have a short‐term (...)
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  • An Empirical Study of the World Price of Sustainability.Yuchao Xiao, Robert Faff, Philip Gharghori & Darren Lee - 2013 - Journal of Business Ethics 114 (2):297-310.
    The core goal of this study is to empirically investigate whether there is a “world price” of corporate sustainability. This is assessed in the context of standard asset pricing models—in particular, by asking whether a risk premium attaches to a sustainability factor after controlling for the Fama–French factors. Both time-series and cross-sectional tests are formulated and applied. The results show that (1) global Fama–French factors have strong power to explain global equity returns and (2) sustainability investments have no significant impact (...)
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