Corporate Social Responsibility and Societal Governance: Lessons from Transparency in the Oil and Gas Sector

Abstract

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The worldwide diffusion of the global reporting initiative: what is the point?

“…Sectors such as financial services and food and beverage products have maintained growth similar to the growth levels of the energy sector. Frynas (2010) found that the oil and gas sector (energy) has been among the leading industry sectors in championing CSR. The ACCA 2004 study identified chemical, electric, oil-gas and mining companies as the most proactive in publishing social reports and showing environmental sensitivity.…”

Determinants of MNEs' Natural Resources Endowments on Performance: An Analytical Model

“…While exploitation of NREs provides MNEs with performance benefits, we caution stakeholders about the presence of corruption in the natural resources sector (Arezki & Bruckner, 2011) that gives rise to societal governance challenges (Frynas, 2010). MNEs have to protect their legitimacies when transacting in corruption-prone host countries (Sampath & Rahman, 2018).…”

Does transparency matter? Evaluating the governance impacts of the Extractive Industries Transparency Initiative (EITI) in Azerbaijan and Liberia

“…It will bring about efficient management of future oil revenues and allow every citizen of Azerbaijan to feel it in his or her daily life (EITI-Azerbaijan, 2014)". It appears unclear whether or not the country will be able to reap the combined political, economic and social benefits of transparency (Frynas, 2010). Nonetheless, a World Bank Independent Evaluation Group report rates the EITI in Azerbaijan as 'highly effective' in terms of oil revenue transparency measures (Wescott et al, 2014).…”

“…The EITI has also received support from 84 global investment institutions that collectively manage about $16 trillion in energy infrastructural assets (Extractive Industries Transparency Initiative, 2012). Academic studies across the disciplines of governance (Caspary, 2012), public administration (Brinkerhoff and Brinkerhoff, 2011), law (Friedman, 2001;Eigen, 2006;Hess, 2012), resource management (Smith et al, 2012;Corrigan, 2014), energy studies (Sovacool, 2013), development studies (Acosta, 2013), business strategy (Mouan, 2010), corporate social responsibility (Frynas, 2010), and political science (Haufler, 2010) have all praised the EITI for its potential promise or results to date. But there are several prevailing challenges to be discussed below.…”