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Research applying institutional theory to corporate social responsibility (CSR) has experienced remarkable momentum. Institutional theory-based CSR research illustrates the role of values in guiding both agentic choices for CSR and the influence of institutional structures on CSR agency. Although values have been explored in this literature, systematic studies of values that seek to gain insights into the mutual relationship between agentic choices and structures are lacking. Such insights are crucial for exploring whether and how CSR is enabled or constrained. We thus ask two interrelated questions: (1) What is the role of values in institutional theory-based CSR research? (2) How and along which avenues should future institutional theory-based CSR research that focuses on values be mobilised? Based on our analysis of this line of literature from 1989 until 2021, first, we take stock of established institutional theory perspectives on CSR and disentangle what role values have played in this literature. Second, we outline how to mobilise values in future institutional CSR research based on fourpromising but under-investigated areas. From our literature analysis, two central functions emerge (which we label 'bridging' and 'referencing') that values can perform in the institutional analysis of CSR. Based on these two functions, our values-focused framework will help scholars examine the moral foundations that inform business-society interactions as well as understand how companies can responsibly manage those interactions with societal stakeholders.

Purpose This paper aims to examine the existence of a transparency gap between voluntary external sustainability reporting and internal sustainability performance of an organisation arising from the operationalisation of transparency as an instrumental tool. Design/methodology/approach This study combined an analysis of a firm’s sustainability report (secondary data) with a qualitative case study data (primary data comprising interviews, meetings and internal documents) to understand how the Global Reporting Initiative (GRI) sustainability reporting guidelines are applied in practice. Findings By comparing what is reported with a range of primary case study data, this study finds evidence of transparency gaps, particularly in terms of the quality of measurement of sustainability performance, the materiality of issues covered and the completeness of the report. This study posits that voluntary disclosures following the GRI guidelines (transparency technique) shape the external expression of acceptable corporate behaviour (transparency norm) that is nevertheless at odds with actual behaviour or performance. Practical implications The findings indicate the importance of mandatory sustainability reporting requirements that facilitate accountability to all key stakeholders and that are externally assured and enforced. Such requirements might take the form of standards that put boundaries on judgement and address material sustainable development impacts and that are accompanied by implementation guidance. Non-financial assurance practices must be developed to cover adherence to reporting principles and processes. Social implications Transparency gaps that result from voluntary disclosure guidelines or standards being used to imply a transparency norm may undermine accountability for the impacts of the organisation and hinder alignment of business models and corporate strategies with sustainable development. Originality/value The paper contributes to a theoretical understanding of transparency as a form of self-regulation and has implications for the further development of sustainability reporting standards.

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