A Social Contract Account for CSR as an Extended Model of Corporate Governance (II): Compliance, Reputation and Reciprocity

Abstract

reports the four-factor return performance of long-short sin stock portfolios and sin stock-free portfolios.Unfortunately, an error has occurred with the construction of long-short portfolio returns as R long-short portfolio = (R long portfolio -R f ) -(R short portfolio -R f ) -R f , which involves an incorrect subtraction of the risk-free rate, resulting in an underestimation of the alphas.We redid the analysis in the appropriate manner. This yields that the performance of sin stock portfolios is unaffected and included in Table 4 of the manuscript. Therefore, Table 3 is considerably shortened and is to be rectified as reported below.This rectification implies that there is a negative but insignificant effect of screening on risk-adjusted return performance. Results for sin stock portfolios (Table 4 in the manuscript) are unaffected. Hence, opportunity costs of negative screening consist in the foregone investments in various sin stock categories that outperform other stocks on a risk-adjusted basis.We sincerely apologize for any inconvenience caused.The original article can be found online at https://

Does Stakeholder Management have a Dark Side?

“…' Carson et al (2006) find that the likelihood of opportunistic behavior is higher under ambiguity since it limits the detection and control of opportunistic behavior. This is a general problem that may arise when undertaking commitments under bounded rationality, unforeseen events, and unclear cause-effect linkages (Sacconi, 2007).…”

Corporate Reputation and Corporate Ethics: Looking Good or Doing Well

“…The reputation reached after acting well has direct and tangible benefits: better financial returns (Choi 2008); a bigger corporate value for some key stakeholders as suppliers and employees (Bendixen and Abratt 2007); stronger relationships between a firm and its partners (Sacconi 2007). …”

“…In the corporate ambit reputation can serve as a tool for honoring the trust vested in partners (Dobson 1990). Because firms recognize the importance of safeguarding and enhancing their reputation, they are supposed not to abuse stakeholders, gaining their confidence and cooperation (Sacconi 2007).…”

Transparencia, gobierno corporativo y participación: claves para la implantación de un código de conducto en empresas de economía social

“…En paralelo a las crecientes demandas de la sociedad en materia de RSE han ido apareciendo en el ámbito académico trabajos teóricos que ponen de relieve la adopción por las empresas de la economía social de comportamientos propios de la RSE, propiciados, en parte, por las singularidades de este tipo de organizaciones entre las que destacan su configuración empresarial, valores y principios cooperativos (Macpherson, 1995;Sacconi, 2007;Cornelius et al, 2008;Puentes y Velasco, 2009). …”