Porter and Kramer's “creating shared value” (CSV) proposal has achieved significant penetration into both the academic and corporate communities. Building on other critiques of CSV, this paper assesses whether the CSV framework, notwithstanding its popularity, currently possesses an appropriate and adequate theoretical foundation to represent an overarching normative framework for the entire business and society field. The analysis does so by comparing CSV with a series of other dominant business and society approaches including corporate social responsibility, business ethics, stakeholder management, (...) sustainability, and corporate citizenship. The analysis finds that while CSV does address the fundamental business and society normative requirement that business activities should contribute to sustainable net societal value, it currently fails to adequately incorporate the equally important notions of (i) appropriately balancing stakeholder interests with those of the corporation's shareholders, as well as (ii) demonstrating sufficient accountability (i.e., taking responsibility) by properly reporting on and addressing any negative impacts resulting from the firm's activities. The paper concludes with a revised and expanded restatement of the CSV concept, which attempts to take into account and address its current theoretical limitations in order to enhance its appeal as an overarching business and society normative paradigm. (shrink)

Many multinational corporations develop business operations in Europe. The current research attempts to fill the gap on how corporations can increase their political influence in this geography by exploring the joint effect of corporate political activity(CPA) and social responsibility (CSR) on political embeddedness and financial performance. Based on institutional theory and on a sample of autochthonous (European Union [EU]) and allochthonous (non-EU) firms with declared EU lobbying (from 2008to 2019) we conducted two studies. Based on a multi-level model, Study 1 (...) finds strong and robust evidence that boardroom gender diversity and EU lobbyists inter-actively increase EU political embeddedness. Complementarily, Study 2, which relies on general linear Modeling, suggests that allochthonous corporations are more profit-able when they display high-level political embeddedness and lobbying expenditures, combined with adoption of United Nations (UN) guidelines. Overall, findings show that lobbying in Europe pays off, especially when corporations strive to be aligned with EU ethical values and aspirations. Hiring lobbyists to be based in Brussels and promoting gender equality help establish EU political connections. Subsequently, findings highlight the role that EU political embeddedness, lobbying expenditures, and UN guidelines play in leveraging financial performance, especially across non-EU corporations. Regarding EU corporations, results show that a firm-level investment on CPA-CSR is particularly important. Overall, findings from this research support corporations that are growing businesses in Europe. KEYWORDScorporate political activity, corporate social responsibility, lobbying, return on assets (ROA),United Nations (UN_. (shrink)