Putting Regulation Before Responsibility: The Limits of Voluntary Corporate Social Responsibility

Configuration of External Influences: The Combined Effects of Institutions and Stakeholders on Corporate Social Responsibility Strategies

“…Instead, this study suggests that CSR is not just the firms' responsibility, but also the society's responsibility. Various social actors and stakeholders have the responsibility to keep firms accountable and responsible for their actions (McInerney, 2007). For example, when an employee of a firm engages in an unethical act, it is not just the individual employee's problem or responsibility.…”

Corporate social responsibility and accountability: a new theoretical foundation for regulating CSR

“…They may easily avoid social responsibility if they see no benefit or 'business case' or incorporate only those aspects that benefit their corporation (Barnett, 2016). In the current context, social responsibility is self-enforcing, has no sanction, and no enforcement (McInerney, 2007). Thus, the absence of clarity on social obligations of corporations has led to voluntary initiatives to meet obligatory responsibilities.…”

“…The tremendous shift of economic power towards dominant MNCs coupled with states' weaknesses to regulate has significantly compounded the problem of missing corporate accountability in the face of voluntarism. McInerney (2007) suggests that voluntary approaches to promote corporate compliance with norms is not sufficient to protect citizens while a 'structure is needed for corporates to be accountable'. Without accountability, responsibilities take the shape of mere voluntary practices that in turn dilute the obligatory nature of responsibilities to voluntary choices or subsequent delegation of core responsibilities.…”

Socially Responsible Institutional Investment in Private Equity

“…Socially responsible private equity investment decisions may further be influenced by the extent to which institutions are concerned about reporting standards. We may expect increased transparency of investment decisions via the IFRS (adopted in 2005, and relevant for reports of private equity investments) and increased vulnerability to public perception and pressure to lead to a greater tendency towards socially responsible investments (consistent with Hillman and Kleim, 2004;Kolk, 2005;Kolk and Tulder, 2001;Kolk et al, 1999;Mallin et al, 2005;McInerney, 2005;Shaffer, 1995).…”