Corporations, CSR and Self Regulation: What Lessons from the Global Financial Crisis?

Emeseh, Engobo; Ako, Rhuks; Okonmah, Patrick; Obokoh,; Ogechukwu, Lawrence

doi:10.1017/s2071832200018502

Cited by 27 publications

(13 citation statements)

References 21 publications

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“…This debate is very urging to continue since the aftermath of the financial crisis have not yet seemed to reveal any major changes to mitigate future effects from this type of financial crisis (Souto, 2009). In the midst of the after-effects of the 2008-financial crisis, corporate social responsibility seems to have been subsumed the public debate as a tool to reining the greed, the irresponsibility and the fallibility of the invisible hand of the market (Smith, 2003;Emeseh et al, 2010).…”

Section: Csr In Theorymentioning

confidence: 99%

“…Where CSR before the crisis was concerned about large multinational companies engaged in sweatshop and supply chain activities involving violating human rights including child labour (Buchholz and Carroll, 2009;Crane et al, 2008), the gaze had afterwards turned towards the scapegoats of the financial world such as banks, investing companies such as the Lehman Brothers, Golden Sachs and Fannie Mae and Freddie Mac, nefarious accountants such as Arthur Anderson (the Enron scandal) and other mortgage lenders, accrediting institutes and many more (Bannerje, 2008;Souto, 2009;Karnani, 2011a, b;D'Aselmi, 2010;Emeseh et al, 2010;Schreck, 2010;Gianarakis and Theotokas, 2011;Hanson, 2011;Mackey, 2011;O'Toole and Vogel, 2011;Herzig and Moon, 2012). In this vein Emeseh et al (2010) argue that multinational companies have been surfing the skies for too long and need to be regulated and controlled more severely to prevent greed, more bank failures and social collapse for citizen taxpayers and former house owners who has been impoverished to emerge.…”

Section: Csr In Theorymentioning

confidence: 99%

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CSR in the aftermath of the financial crisis

Lauesen

2013

Social Responsibility Journal

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Purpose -The purpose of this paper is to examine the literature of CSR before and in the aftermath of the financial crisis in 2008. The aim of the research question is to map out the consequences upon CSR derived from the crisis and to derive new principles of future CSR models to come consistent with the consequences of the financial crisis, and to suggest new research as well as policy-making possibilities to highlight the importance and necessary survival of CSR as an instrument for sustainable and financial progress.Design/methodology/approach -This paper uses a literature review of CSR prior to and after the financial crisis 2008, with an emphasis on academic papers published in peer-reviewed journals.Findings -The findings of the paper reveal that post-crisis CSR-models do not articulate anything that has not been mentioned before; however, they do strengthen former values of CSR, but still lack an overall formula of how the financial sector can adopt CSR in the core of their businesses, and transparently display their products, and the risk adhering to them. The paper proposes a new Four-''E''-Principle that may guide new CSR-models to accomplish this deficit. See under ''Originality''.Practical implications -The paper calls for a discussion on ways in which governments and businesses can enhance social responsibility, though balancing the requirements of more engagement from businesses, as well as public sector companies in CSR. This paper suggests some instrumental mechanisms of how governments can engage, not only multinational companies, but also smaller companies, and other kinds of organizations acting on the market, to make them engage more in CSR.Originality/value -The paper proposes a new Four-''E''-Principle to guide the development of new CSR-models based upon the core of Schwartz and Carroll's ''Three-domain CSR-model'', which the Principle extends and revises to: Economy, L/Egal, Environment, and Ethics. This Principle disentangles the dialectic relationship between economic and social responsibility; takes financial products into consideration; refines the definitions of good stakeholder engagement without the illusions of corporate ''Potemkinity''; and considers the benefit of replacing the semiotic meaning of the ''C'' in CSR from ''corporate'' to ''capitalism's social responsibility'' in order to extend the concept towards a broader range of market agents.

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Section: Csr In Theorymentioning

confidence: 99%

Section: Csr In Theorymentioning

confidence: 99%

CSR in the aftermath of the financial crisis

Lauesen

2013

Social Responsibility Journal

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“…The soft law model implicitly endorses the neoliberal claim that the state should play, but a limited role in economic affairs. 70 The model also endorses a pro-business standing. 71 It promotes companies to be innovative and create new business ideas on issues of CSR.…”

Section: Soft Law or Self (Voluntary) Csr Regulationmentioning

confidence: 99%

Towards Effective Models and Enforcement of Corporate Social Responsibility in Ethiopia

Demamu¹

2020

Miz Law Rev

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Corporate Social Responsibility (CSR) is a concept whereby companies regard stakeholder interests in reaching corporate decisions on voluntary basis. Even though CSR is not alien to Ethiopians who are known for their philanthropic and charitable activities, there is no law that expressly requires CSR standards and thresholds. Provisions of the 1960 Commercial Code and other domestic laws show that Ethiopian companies have the option to comply with CSR in their core business strategy and decision making. To that end, companies, have either individually or at sector level, developed model codes of conduct and guidelines including CSR projects and initiatives. However, these are inadequate and they do not guarantee effective CSR behavior among companies. There is thus the need to adequately integrate CSR practices into their core business decisions, and meet the interests and legitimate expectations of their employees, creditors, customers, local communities, and the environment. I argue that the alternatives to ensure effective CSR regulation in Ethiopia are adopting the Enlightened Shareholder Value (ESV) which recognizes a CSR framework tighter than the existing shareholder primacy model, or the Responsible Stakeholder Model (RSM) which adopts more subtle and lighter principles than stakeholder model to demand CSR compliance.

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“…Some host states have turned a blind eye to or have even given judicial recognition of Chinese MNCs' violations of human rights in exchange for capital injections. 228 The compromise is generally conceived as a driver of economic growth, as well as an infusion of Chinese technology, but it also crystallizes the race to the bottom. 229 In this vein, the conduct of Chinese MNCs is unlikely to be properly policed by the state in which they operate.…”

Section: 21mentioning

confidence: 99%

Chinese Multinational Companies in Africa: The Human Rights Discourse

2015

Afr J Legal Stud

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In this century, human rights have been transformed into a mainstream issue for multinational companies with a global presence. It is likely that a multipronged mechanism will imminently be demanded to ensure the accountability of economic actors responsible for human rights abuse. This paper places particular stress on the ostensibly prioritized objectives within international human rights arenas. A highly contentious debate revolves around whether China’s approach to ensuring human rights is in tandem with the West’s in helping Africa move forward or whether it will complicate the current playing field and even undermine the West’s long-standing credibility in relation to the protection of human rights. Relying heavily on instruments like the Alien Tort Statute (ats) has proved inadequate. A more promising path seems to be a comprehensive framework of hard law and soft law initiatives, along with other incentives.

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Corporations, CSR and Self Regulation: What Lessons from the Global Financial Crisis?

Cited by 27 publications

References 21 publications

CSR in the aftermath of the financial crisis

CSR in the aftermath of the financial crisis

Towards Effective Models and Enforcement of Corporate Social Responsibility in Ethiopia

Chinese Multinational Companies in Africa: The Human Rights Discourse

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