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  1. Environmental, Social, and Governance (ESG) Outcomes and Municipal Credit Risk.Christopher C. Bruno & Witold J. Henisz - 2024 - Business and Society 63 (8):1709-1756.
    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. (...)
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  • Explicitization of Corporate Social Responsibilities at the National Institutional Level.Julia Bartosch & Nora Lohmeyer - forthcoming - Business and Society.
    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 (...)
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  • The Dark Side of Family Embeddedness: Family Firms Engagement in Private-Sector Corruption.Jose Godinez, Spiros Batas & Garry Bruton - forthcoming - Business and Society.
    This research analyzes how family embeddedness affects the decision of owners in charge of small entrepreneurial family firms operating in an emerging country to participate in private-sector corruption. Prior research has typically assumed that those in charge of family firms choose to participate in corruption to receive an immediate economic benefit. We challenge this assumption and argue that family influences the decision of the owner of small entrepreneurial family firms to participate in private-sector corruption driven by the pursuit of both (...)
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