Welfare and capital-theoretic foundations of corporate social responsibility and corporate sustainability

Hediger, Werner

doi:10.1016/j.socec.2010.02.001

Cited by 69 publications

(46 citation statements)

References 41 publications

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“…It must involve the entire organisation in achieving the objectives included in the three dimensions of sustainability (social, economic, and environmental), which entails a change in the understanding of the relationships with nature and people [8]. Hediger's idea [28] is also noteworthy: sustainability should maximise corporate value without depreciating with the passage of time [9,27,29]. This approach is mainly developed through the concept of Corporate Sustainability (CS) [30,31] or CSR [32].…”

Section: Sustainable Organisationsmentioning

confidence: 99%

Integrating Sustainability in Organisations: An Activity-Based Sustainability Model

Rodríguez-Olalla

Avilés-Palacios

2017

Sustainability

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Organisations have become interested in using integral management systems to increase their sustainable value. Although global integration models address sustainability in organisations, these models present shortcomings and limitations and do not describe how to achieve the integration of sustainability. This paper proposes an Activity-Based Sustainability (ABS) integration model that complements other models from an inside-out perspective. Its assessment follows a procedure similar to that proposed by the Activity-Based Costing (ABC) model of cost accounting. The model assigns impacts from activities in the value chain of a process to the objects of impact (products, services, clients, or markets) that must be managed in terms of sustainability. The main limitations of the ABS model are the need to identify and describe processes, to locate every activity that constitutes the value chain, and to quantify the impacts of these activities. The ABS model is presented as an alternative to link sustainable management accounting and sustainable communication, as well as sustainable management control and sustainability assessment. It connects these sustainable elements through the bilateral identification of the linkages among skills, processes, and practices. It also links these aspects with the contribution to sustainable development and the development of competitive advantages.

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Section: Sustainable Organisationsmentioning

confidence: 99%

Integrating Sustainability in Organisations: An Activity-Based Sustainability Model

Rodríguez-Olalla

Avilés-Palacios

2017

Sustainability

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“…For CSR to contribute to sustainable development, it must also embrace the company's ability to sustain desirable financial performance and shareholder value creation processes over the long term [93]. Thus, CSR that serves sustainability must incorporate externalities and reputational risks that potentially harm the firm's future financial and stock market performance into business strategy and decision-making processes.…”

Section: Measuring Social Aspects Of Corporate Sustainabilitymentioning

confidence: 99%

Corporate Sustainability and Shareholder Wealth—Evidence from British Companies and Lessons from the Crisis

2016

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This study examines the impact of corporate sustainability (CS) on stock market returns for FTSE 350 companies over the period 2006-2012. We find that an investment strategy that bought shares in companies with balanced financial, social, and environmental activities would have earned an annual four-factor alpha for a value-weighted portfolio of 3.54% per year during the sample period and 2.98% above industry benchmarks. In addition, we find that CS is negatively correlated with stock return volatility, and investing in companies with CS not only generates higher returns during peak phases, but also diminishes shareholders' losses during bear phases. We have also carried out an additional, out-of-the-sample analysis for the years 2013-2015 which confirmed our results.

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“…Some analysts believe that taking social responsibility affects growth of profits and reduce the reputational risk (Hediger, 2010), others directly prove the thesis that prosocial actions are positively correlated with a market value of a company (Beltratti, 2005;Godfrey, Merrill & Hansen, 2009). 81 percent of 500 examined CEOs of the largest international companies indicated ethical, health and social aspects among ten key factors in an organisation's activity (Marcinkowska, 2010).…”

Section: Review Of Literaturementioning

confidence: 99%

“…A multifaceted approach to prosocial activity contributes to the fact that in an organisation's analysis an abandonment of perceiving it as a source of benefits for investors, earnings for employees and products for consumers takes place, and then there is a shift to an organisation's analysis as corresponding to social and environmental needs and values (Adamus-Matuszyńska, 2013;Hediger, 2010). Concrete social obligations are contained in basic social requirements and in qualitative programmes of an organisation (Brik, Rettab & Mellahi, 2011;Maignan & Ferrell, 2004;Pratley, 1995): towards broadly understood expectations of customers, towards a society in use of environmental resources area, towards the employed in terms of ensuring adequate working conditions.…”

Section: Review Of Literaturementioning

confidence: 99%

Prosocial Orientation of an Organisation: The Preliminary Identification of Evaluation Criteria

Adamska-Chudzińska¹

2016

MOS

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Prosocial orientation of an organisation consists in such organising of an activity, in which universal social values are taken on as valuation criteria and evaluations of economic activities. In this case, a social dimension of economic activities constitutes an important aspect of implementation of a strategy and improving competitiveness of an organisation. Practical solutions including social aspects in an organisation's activity are not satisfactory enough. Organisations do not have sufficient determinants for developing prosocial orientation facilitating economic rationality. The aim of the article is to present major signs of prosocial activity of an organisation and exemplification research verifying those activities as determining and evaluating factors of a degree of prosocial orientation in an organisation's activity. On the basis of a review of the literature from the field of taking socially responsible actions by an organisation, an author's classification of prosocial actions has been formulated. Four areas of such actions have been distinguished i.e.: 1. reliable implementation of qualitative requirements, 2. improvement of activities through elimination of losses, 3. axiological orientation of managers' attitudes, 4. subjective treatment of employees.The method and results of research verifying presence of indicated activities in functioning of an exemplary organisation with market leadership in its sector have been presented. A high degree of prosocial involvement in the examined organisation and the relation between presented types of activities and general state of prosocial engagement have been stated. "A participation" of the areas selected to examination has been initially confirmed as really examining the prosocial orientation of an organisation. Thus, an initial justification for formulating overall evaluation of prosocial involvement on their basis has been obtained. A dominant role of subjective treatment of employees in development of analysed phenomenon and in taking all kinds of socially responsible actions has also been confirmed.

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Welfare and capital-theoretic foundations of corporate social responsibility and corporate sustainability

Cited by 69 publications

References 41 publications

Integrating Sustainability in Organisations: An Activity-Based Sustainability Model

Integrating Sustainability in Organisations: An Activity-Based Sustainability Model

Corporate Sustainability and Shareholder Wealth—Evidence from British Companies and Lessons from the Crisis

Prosocial Orientation of an Organisation: The Preliminary Identification of Evaluation Criteria

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