Results for 'Shareholder activism'

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  1.  91
    Galvanising Shareholder Activism: A Prerequisite for Effective Corporate Governance and Accountability in Nigeria.Olufemi Amao & Kenneth Amaeshi - 2008 - Journal of Business Ethics 82 (1):119-130.
    Shareholder activism has been largely neglected in the few available studies on corporate governance in sub Saharan Africa. Following the recent challenges posed by the Cadbury Nigeria Plc, this paper examines shareholder activism in an evolving corporate governance institutional context and identifies strategic opportunities associated with shareholders’ empowerment through changes in code of corporate governance and recent developments in information and communications technologies in Nigeria; especially in relation to corporate social responsibility in Nigeria. It is expected (...)
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  2.  77
    The Politics of Shareholder Activism in Nigeria.Emmanuel Adegbite, Kenneth Amaeshi & Olufemi Amao - 2012 - Journal of Business Ethics 105 (3):389-402.
    Shareholder activism has become a force for good in the extant corporate governance literature. In this article, we present a case study of Nigeria to show how shareholder activism, as a corporate governance mechanism, can constitute a space for unhealthy politics and turbulent politicking, which is a reflection of the country’s brand of politics. As a result, we point out some translational challenges, and suggest more caution, in the diffusion of corporate governance practices across different institutional (...)
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  3.  1
    Shareholder Activism.Maria Goranova & Lori Verstegen Ryan - 2012 - Proceedings of the International Association for Business and Society 23:160-169.
    Shareholder activism has become a dynamic institutional force, and its associated, rapidly increasing body of scholarly literature affects numerous disciplineswithin the organizational science academy. Despite growing shareholder empowerment, the impact of shareholder activism on corporate outcomes remains equivocal. The heterogeneity of factors in shareholder activism, such as environmental, firm, proponent, and issue characteristics; the variety of activism methods and processes; and varying outcomes provides a plethora of theoretical and methodological challenges for (...) researchers. Furthermore, the separation of prior research on financial and social activism has left unanswered questions critical for both the scholarly discourse on shareholder activism and the normative debate on shareholder empowerment. Our multidisciplinary review integrates both the financial and social activism streams and explores shareholder activism controversies, seeking to provide an impetus for more cohesive conceptual and empirical work in the field. (shrink)
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  4. Corporate Responses to Shareholder Activists: Considering the Dialogue Alternative.Kathleen Rehbein, Jeanne M. Logsdon & Harry J. Van Buren - 2013 - Journal of Business Ethics 112 (1):137-154.
    This empirical study examines corporate responses to activist shareholder groups filing social-policy shareholder resolutions. Using resource dependency theory as our conceptual framing, we identify some of the drivers of corporate responses to shareholder activists. This study departs from previous studies by including a fourth possible corporate response, engaging in dialogue. Dialogue, an alternative to shareholder resolutions filed by activists, is a process in which corporations and activist shareholder groups mutually agree to engage in ongoing negotiations (...)
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  5.  6
    Shareholder activism in listed family firms: Exploring the effectiveness of say‐on‐pay on CEO compensation.Gregorio Sánchez-Marín, Gabriel Lozano-Reina & J. Samuel Baixauli-Soler - forthcoming - Business Ethics, the Environment and Responsibility.
    The widespread critical evidence surrounding executive compensation of listed corporations has boosted shareholder activism in recent decades. The say-on-pay (SOP) mechanism—a vote in which shareholders express their (dis)agreement with executive pay designs—is one of the corporate governance mechanisms that has led to this activism among listed firms. Merging agency and socioemotional wealth (SEW) arguments, this paper analyzes how effective SOP voting results are among listed family firms in terms of CEO compensation efficiency and equity. Using a sample (...)
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  6.  13
    Shareholder Activism on Climate Change: Evolution, Determinants, and Consequences.Ivan Diaz-Rainey, Paul A. Griffin, David H. Lont, Antonio J. Mateo-Márquez & Constancio Zamora-Ramírez - forthcoming - Journal of Business Ethics:1-30.
    We study 944 shareholder proposals submitted to 343 U.S. firms on climate change issues during 2009–2022. We use logistic and two-stage regression to estimate the propensity for a firm to be targeted or subjected to a vote at the annual general meeting and, for voted proposals, the determinants of that vote. We also examine whether climate-related proposals affect investor returns and how they relate to firms’ future environmental performance and greenhouse gas emissions. Compared to a matched sample, we first (...)
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  7.  12
    Socially Oriented Shareholder Activism Targets: Explaining Activists’ Corporate Target Selection Using Corporate Opportunity Structures.Abhijith G. Acharya, David Gras & Ryan Krause - 2022 - Journal of Business Ethics 178 (2):307-323.
    We examine whether and when socially oriented shareholder activists use firms’ corporate social performance (CSP) to identify them as attractive targets for their activism. We build on the research in social movements theory and stakeholder theory to theorize how firms’ engagement with primary and secondary stakeholders reflected in their technical and institutional CSP respectively allows socially oriented shareholder activists to identify targets. We develop a theoretical model by identifying corporate targets’ degree of (1) receptivity to and (2) (...)
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  8.  16
    Does Shareholder Activism Improve Corporate Governance?: A Normative Perspective.W. Trexler Proffitt Jr & Kathleen Rehbein - 2009 - Proceedings of the International Association for Business and Society 20:239-242.
  9.  8
    Changing the world through shareholder activism?Joakim Sandberg - 2011 - Etikk I Praksis - Nordic Journal of Applied Ethics 1:51-78.
    As one of the more progressive facets of the socially responsibleinvestment movement, shareholder activism isgenerally recommended or justified on the grounds that itcan create social change. But how effective are differentkinds of activist campaigns likely to be in this regard? Thisarticle outlines the full range of different ways in whichshareholder activism could make a difference by carefullygoing through, first, all the more specific lines of actiontypically included under the shareholder activismumbrella and, second, all of the different (...)
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  10.  24
    A Network Analysis of Shareholder Activism.Donald H. Schepers - 2007 - Proceedings of the International Association for Business and Society 18:351-356.
    This paper examines the motivation theory of Rowley and Moldoveanu (2003) on shareholder activism in the context of shareholder resolution networks. Shareholder resolution filings occur both within subnetworks as well as across subnetworks, indicating these motivations are mixed. I extend the motivational issue by also examining the response of the corporation to such activism. That resolutions might migrate from identity to interest motivated groups is examined as an element of future research.
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  11.  61
    Changing the world through shareholder activism?Joakim Sandberg - 2011 - Nordic Journal of Applied Ethics 5 (1):51-78.
    As one of the more progressive facets of the socially responsible investment (SRI) movement, shareholder activism is generally recommended or justified on the grounds that it can create social change. But how effective are different kinds of activist campaigns likely to be in this regard? This article outlines the full range of different ways in which shareholder activism could make a difference by carefully going through, first, all the more specific lines of action typically included under (...)
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  12.  23
    Issues-Driven Shareholder Activism.Maria Goranova & Lori Verstegen Ryan - 2012 - Proceedings of the International Association for Business and Society 23:221-228.
    Issues-driven shareholder activism suggests that specific issue characteristics brought by shareholders, a group to which firms are obligated to respond, interact in a way that affects the materiality of the issue in the eyes of the modern corporation. Relevant issue characteristics include: issue type, social significance, and issue life cycle stage.
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  13.  4
    Issues-Driven Shareholder Activism.Maria Goranova & Lori Verstegen Ryan - 2012 - Proceedings of the International Association for Business and Society 23:221-228.
    Issues-driven shareholder activism suggests that specific issue characteristics brought by shareholders, a group to which firms are obligated to respond, interact in a way that affects the materiality of the issue in the eyes of the modern corporation. Relevant issue characteristics include: issue type, social significance, and issue life cycle stage.
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  14.  13
    Fad and Fashion in Shareholder Activism: The Landscape of Shareholder Resolutions, 1988–1998.Samuel B. Graves, Sandra Waddock & Kathleen Rehbein - 2001 - Business and Society Review 106 (4):293-314.
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  15. Non-governmental organizations, shareholder activism, and socially responsible investments: Ethical, strategic, and governance implications. [REVIEW]Terrence Guay, Jonathan P. Doh & Graham Sinclair - 2004 - Journal of Business Ethics 52 (1):125-139.
    In this article, we document the growing influence of non-governmental organizations (NGOs) in the realm of socially responsible investing (SRI). Drawing from ethical and economic perspectives on stakeholder management and agency theory, we develop a framework to understand how and when NGOs will be most influential in shaping the ethical and social responsibility orientations of business using the emergence of SRI as the primary influencing vehicle. We find that NGOs have opportunities to influence corporate conduct via direct, indirect, and interactive (...)
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  16.  21
    Issues-Driven Shareholder Activism.Cynthia E. Clark & Jennifer J. Griffin - 2012 - Proceedings of the International Association for Business and Society 23:221-228.
    Issues-driven shareholder activism suggests that specific issue characteristics brought by shareholders, a group to which firms are obligated to respond, interact in a way that affects the materiality of the issue in the eyes of the modern corporation. Relevant issue characteristics include: issue type, social significance, and issue life cycle stage.
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  17.  35
    Why Does Board Gender Diversity Matter and How Do We Get There? The Role of Shareholder Activism in Deinstitutionalizing Old Boys’ Networks.Elise Perrault - 2015 - Journal of Business Ethics 128 (1):149-165.
    This essay bridges together social network and institutional perspectives to examine how women on boards, by breaking up directors’ homophilous networks, contribute to board effectiveness. It proposes that through real and symbolic representations, women enhance perceptions of the board’s instrumental, relational, and moral legitimacy, leading to increased perceptions of the board’s trustworthiness which in turn fosters shareholders’ trust in the firm. Envisioning the gender diversification of boards as an event of institutional change, this article considers the critical role of (...) activists and legislative support from the SEC in the deinstitutionalization of old boys’ networks and the reinstitutionalization of gender diverse boards. This work is substantiated with evidence obtained through 34 semi-structured interviews, archival and documentary evidence. (shrink)
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  18.  61
    Beyond the Proxy Vote: Dialogues between Shareholder Activists and Corporations.Jeanne M. Logsdon & Harry J. Van Buren - 2009 - Journal of Business Ethics 87 (1):353 - 365.
    The popular view of shareholder activism focuses on shareholder resolutions and the shareholder vote via proxy statements at the annual meeting, which is treated as a "David vs. Goliath" showdown between the small group of socially responsible investors and the powerful corporation. This article goes beyond the popular view to examine where the real action typically occurs-in the Dialogue process where corporations and shareholder activist groups mutually agree to ongoing communications to deal with a serious (...)
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  19.  4
    Beyond the Proxy Vote: Dialogues Between Shareholder Activists and Corporations.Jeanne Logsdon & Harry Buren - 2009 - Journal of Business Ethics 87 (Suppl 1):353-365.
    The popular view of shareholder activism focuses on shareholder resolutions and the shareholder vote via proxy statements at the annual meeting, which is treated as a “David vs. Goliath” showdown between the small group of socially responsible investors and the powerful corporation. This article goes beyond the popular view to examine where the real action typically occurs – in the Dialogue process where corporations and shareholder activist groups mutually agree to ongoing communications to deal with (...)
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  20.  19
    Beyond the Proxy Vote: Dialogues Between Shareholder Activists and Corporations. [REVIEW]Jeanne M. Logsdon & I. I. I. Buren - 2009 - Journal of Business Ethics 87 (1):353-365.
    The popular view of shareholder activism focuses on shareholder resolutions and the shareholder vote via proxy statements at the annual meeting, which is treated as a “David vs. Goliath” showdown between the small group of socially responsible investors and the powerful corporation. This article goes beyond the popular view to examine where the real action typically occurs – in the Dialogue process where corporations and shareholder activist groups mutually agree to ongoing communications to deal with (...)
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  21.  38
    Organisational approaches to corporate governance: An empirical study on shareholder activism.Elias Bengtsson - 2007 - International Journal of Business Governance and Ethics 3 (3):238-249.
    It has been argued amply that alternative theoretical approaches to the corporate governance phenomenon can be a valuable complement to the mainstream economic approach. However, such approaches are largely embryonic and empirical studies based on more organisationally oriented theory are few and geographically limited. The purpose of the present article is to discuss the value of organisationally oriented approaches to corporate governance as a complement to more traditional economic approaches. This is accomplished by discussing the findings of an empirical study (...)
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  22.  12
    Executive Remuneration in South Africa: Key Issues Highlighted by Shareholder Activists.Suzette Viviers - 2015 - African Journal of Business Ethics 9 (1).
  23.  36
    Bringing About Changes to Corporate Social Policy through Shareholder Activism: Filers, Issues, Targets, and Success.Miguel Rojas, Bouchra M'zali, Marie-France Turcotte & Philip Merrigan - 2009 - Business and Society Review 114 (2):217-252.
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  24. Bringing about changes to corporate social policy through shareholder activism: Filers, issues, targets, and success.Miguel Rojas, Bouchra M'zali, Marie Turcotte & Philip Merrigan - 2009 - Business and Society Review 114 (2):217-252.
     
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  25.  14
    Who Do They Think They Are? Identity as an Antecedent of Social Activism by Institutional Shareholders.Katarina Sikavica, Elise Perrault & Rehbein Kathleen - 2018 - Business and Society 59 (6):1228-1268.
    Shareholder activists increasingly pressure corporations on social policy issues; yet, extant research provides little understanding of who these activists are and how they choose their corporate targets. In this article, we adopt an activist-centered approach and rely on hybrid organizational identity theory to determine, in a two-phase analysis, how shareholder activists define their economic and social identities and whether these identities are associated with specific target characteristics and tactical strategies. Our findings form the premise of a typology of (...)
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  26.  99
    Shareholders as Norm Entrepreneurs for Corporate Social Responsibility.Emma Sjöström - 2010 - Journal of Business Ethics 94 (2):177 - 191.
    This article advances the idea that shareholders who seek to influence corporate behaviour can be understood analytically as norm entrepreneurs. These are actors who seek to persuade others to adopt a new standard of appropriateness. The article thus goes beyond studies which focus on the influence of shareholder activism on single instances of corporate conduct, as it recognises shareholders' potential as change agents for more widely shared norms about corporate responsibilities. The article includes the empirical example of US (...)
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  27.  84
    Shareholder Theory and Kant’s ‘Duty of Beneficence’.Samuel Mansell - 2013 - Journal of Business Ethics 117 (3):583-599.
    This article draws on the moral philosophy of Immanuel Kant to explore whether a corporate ‘duty of beneficence’ to non-shareholders is consistent with the orthodox ‘shareholder theory’ of the firm. It examines the ethical framework of Milton Friedman’s argument and asks whether it necessarily rules out the well-being of non-shareholders as a corporate objective. The article examines Kant’s distinction between ‘duties of right’ and ‘duties of virtue’ (the latter including the duty of beneficence) and investigates their consistency with the (...)
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  28.  60
    Effective Shareholder Engagement: The Factors that Contribute to Shareholder Salience.E. James & M. Gifford - 2010 - Journal of Business Ethics 92 (S1):79 - 97.
    Institutional investors are increasingly becoming active owners through voting their shares and engaging in dialogue with investee companies to improve corporate environmental, social and corporate governance (ESG) performance. This article applies a model of stakeholder salience to the shareholder context, analysing the attributes of power, legitimacy and urgency, to determine the factors that are likely to enhance shareholder salience. It is found that a strong business case and the values of the managers of investee companies are likely to (...)
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  29.  22
    Social Responsibility Ratings and Corporate Responses to Activist Shareholder Resolutions: Is There a Relationship?Jeanne M. Logsdon, Harry van Buren Iii & Kathleen Rehbein - 2008 - Proceedings of the International Association for Business and Society 19:307-317.
    The conventional view of the relationship between ratings of corporate social responsibility (CSR) and responses to activist shareholder resolutions is that firms with low CSR ratings are likely to resist activist’s pressures to change corporate policies and behavior. By contrast, firms with high CSR ratings are more likely to support such activist shareholder efforts. In the IABS discussionsession and this paper, we argue that the conventional view of corporate responses to shareholder resolutions is inadequate to explain the (...)
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  30.  15
    Shareholder Engagement on Environmental, Social, and Governance Performance.Tamas Barko, Martijn Cremers & Luc Renneboog - 2022 - Journal of Business Ethics 180 (2):777-812.
    We study behind-the-scenes investor activism promoting environmental, social, and governance improvements by means of a proprietary dataset of a large international, socially responsible activist fund. We examine the activist’s target selection, forms of engagement, impact on ESG performance, drivers of success, and effects on the targets’ operations and value creation. Target firms are typically large and visible, perform well, and have high liquidity and low ESG performance. Engagement induces ESG rating adjustments: firms with poor ex ante ESG ratings experience (...)
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  31.  8
    Advisory Governance Policy, Shareholder Voice, and Board Responsiveness: The Case of Majority Vote in Director Elections.Latifa A. Albader, Jonathan Bundy & Christine Shropshire - 2023 - Business and Society 62 (2):285-321.
    This study investigates how adoption of advisory governance policy encourages firms to become more responsive to their shareholders over time. Although shareholder activism is costly and often viewed as unable to drive meaningful change, we identify increasing shareholder voice as an underlying mechanism to explain how advisory policy adoption ultimately reshapes board–shareholder relations. Drawing on signaling theory and behavioral views of board–shareholder dynamics, we test our predictions following the broad shift in corporate board voting policies (...)
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  32.  84
    Shareholder Engagement in the Embedded Business Corporation.Aaron A. Dhir - 2012 - Business Ethics Quarterly 22 (1):99-118.
    The expansion of extractive corporations’ overseas business operations has led to serious concerns regarding human rights–related impacts. As theseapprehensions grow, we see a countervailing rise in calls for government intervention and in levels of socially conscious shareholder advocacy. I focus on the latter as manifested in recent use of the shareholder proposal mechanism found in corporate law. Shareholder proposals, while under-theorized, provide a valuable lens through which to consider the argument that economic behaviour is embedded within social (...)
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  33.  16
    Corporate Targets of Shareholder Resolutions.Sara A. Morris - 2009 - Proceedings of the International Association for Business and Society 20:36-46.
    This study examines social issues shareholder resolutions filed at S&P 500 companies in 2007. These firms received 86% of all social issues resolutions filed. Findings indicate that green resolutions were the most common single type (30% of social issues resolutions), but nearly one third (32%) of resolutions contained non-traditional content. Firms were more likely to be targeted if they were large in size and demonstrated poor treatment of employees and customers. As might be expected, the primary sponsors of social (...)
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  34.  48
    Global labor and worksite standards: A strategic ethical analysis of shareholder employee relations resolutions. [REVIEW]Douglas M. McCabe - 2000 - Journal of Business Ethics 23 (1):101 - 110.
    The purpose of this paper is to analyze from a strategic ethical perspective four selected shareholder resolutions reported by the Social Issues Service of the Investor Responsibility Research Center regarding international labor and workplace standards. Particular attention will be paid to specific employee relations issues at the operating and tactical level of individual multinational firms. The paper concludes with policy recommendations for proxy statements.
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  35.  56
    The US securities and exchange commission and shareholder director nominations: Paving the way for special interest directors?Thomas A. Hemphill - 2007 - International Journal of Business Governance and Ethics 3 (1):19-32.
    The US Securities and Exchange Commission recently proposed rules relating to shareholder (independent) director nominations to publicly-traded companies. While shareholder groups, such as institutional investors, consumer groups, and shareholder activists, generally support the proxy reform, the business community, including The Business Roundtable and the US Chamber of Commerce, are critical of the proposal, arguing that it will 'open the door' to special interest directors, e.g., labour unions or other groups having a social or political agenda contrary to (...)
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  36.  20
    An Examination of Corporate and Regulatory Responses to Socially Oriented Investor Activism.Michael Hadani, Jonathan Doh & Marguerite Schneider - 2013 - Proceedings of the International Association for Business and Society 24:178-187.
    Shareholder activism challenges management control over the corporate status quo. Drawing on reactance theory and recent empirical work on corporate political activity and on firms’ response to shareholder activism, and testing using data complied by the Interfaith Center for Corporate Responsibility, the Federal Election Commission and others for S&P 500 firms from 1999-2006, we find evidence that CPA buffers firms from corporate social responsibility-related or socially-oriented shareholder proposals. Greater CPA, particularly greater relational CPA, influences responses (...)
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  37.  40
    Mutual Fund Activism and Market Regulation During the Pre-IFRS Period: The Case of Earnings Informativeness in China from an Ethical Perspective.Shujun Ding, Chunxin Jia & Zhenyu Wu - 2016 - Journal of Business Ethics 138 (4):765-785.
    This paper investigates the emerging effect of mutual fund involvement on the agency problem between majority and minority shareholders during the pre-IFRS period in China indicated by earnings informativeness from an ethical perspective. We find that the presence of mutual fund hampers earnings informativeness implying that mutual funds in general, at their early stage in China, are not yet capable of serving as an effective monitor. This finding is in sharp contrast to the role of institutional investors in mature markets (...)
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  38.  19
    Can Green Investments Increase Your Green? Evidence from Social Hedge Fund Activists.Jonghyuk Bae, Natalya Khimich, Sungsoo Kim & Emanuel Zur - 2022 - Journal of Business Ethics 187 (4):781-801.
    In our study, we examine the association between hedge fund activism and a target firm’s corporate social responsibility (CSR) activities and whether activists can promote socially responsible investments while upholding shareholders’ interests. Using different matched samples, we find a strong positive association between the target firm’s CSR in the year before it is targeted by activists and its probability of being targeted by a hedge fund. Classifying hedge fund activists into socially and non-socially responsible funds based on their objectives, (...)
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  39.  72
    The Collapse of a European Bank in the Financial Crisis: An Analysis from Stakeholder and Ethical Perspectives. [REVIEW]Yves Fassin & Derrick Gosselin - 2011 - Journal of Business Ethics 102 (2):169-191.
    Fortis, the leading Benelux financial group, had been a success story of successive mergers of bank and insurance companies, with leadership in corporate social responsibility (CSR). One year after the acquisition of the major Dutch financial conglomerate ABN AMRO, the global financial crisis caused the collapse of the Fortis group. The purpose of this article is to use the case study of Fortis’s recent fall as a basis for reflective considerations on the financial crisis, from stakeholder and ethical perspectives. A (...)
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  40. Financial markets: A tool for social responsibility? [REVIEW]Matthew Haigh & James Hazelton - 2004 - Journal of Business Ethics 52 (1):59-71.
    Objectives of socially responsible investment (SRI) are discussed with reference to the two main mechanisms of the SRI ‘movement’: shareholder advocacy and managed investments. We argue that in their current forms, both mechanisms lack the power to create significant corporate change. Shareholder advocacy has been largely unsuccessful to date. Even if resolutions were successful, shareholder advocacy may still be ineffective if underlying economic opportunities remain. Marketing material and investment prospectuses issued by socially responsible mutual funds (SRI funds) (...)
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  41.  28
    The Power of One to Make a Difference: How Informal and Formal CEO Power Affect Environmental Sustainability.Judith L. Walls & Pascual Berrone - 2017 - Journal of Business Ethics 145 (2):293-308.
    We theoretically discuss and empirically show how CEO power based on environmental expertise and formal influence over executives and directors, in the absence and presence of shareholder activism, spurs firms toward greener strategies. Our results support the idea that CEOs with informal power, grounded in expertise, reduce corporate environmental impact and this relationship is amplified when the CEO also enjoys formal power over the board of directors. Additionally, we found that any source of CEO power, whether informal or (...)
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  42.  45
    The Ancients against the Moderns: Focusing on the Character of Corporate Leaders.George Bragues - 2008 - Journal of Business Ethics 78 (3):373-387.
    When a series of corporate scandals erupted soon after the collapse of the 1990s bull market in equities, policy makers and reformers chiefly responded by augmenting and refining the checks and balances surrounding publicly traded corporations. Through measures such as the Sarbanes-Oxley Act of 2002, securities regulations were intensified and corporate governance was tightened. In essence, reformers followed the tradition of modern political philosophy, developed in the 17th and 18th centuries, in its insistence that pro-social outcomes are best produced through (...)
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  43.  65
    Socially Responsible Investment in the Spanish financial market.Josep M. Lozano, Laura Albareda & M. Rosario Balaguer - 2006 - Journal of Business Ethics 69 (3):305-316.
    This paper reviews the development of socially responsible investment (SRI) in the Spanish financial market. The year, 1997 saw the appearance in Spain of the first SRI mutual fund, but it was not until late 1999, that major Spanish fund managers offered SRI mutual funds on the retail market. The development of SRI in the Spanish financial market has not experienced the high levels of development seen in other European countries, such as France or Italy, where interest in SRI began (...)
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  44.  24
    Voluntary Engagement in Environmental Projects: Evidence from Environmental Violators.Gladys Lee & Xinning Xiao - 2020 - Journal of Business Ethics 164 (2):325-348.
    An important question in the business ethics literature concerns organizational response in the aftermath of an unethical business practice. This study examines factors affecting firms’ decision to take reparative action in the aftermath of an environmental violation. Specifically, we investigate environmental violators’ decision to undertake a Supplemental Environmental Project (SEP), which is an initiative that promotes restorative justice. To settle an environmental violation, the United States’ environmental regulator allows offenders the option of either paying the full penalty or a reduced (...)
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  45.  20
    Firm Engagement and Social Issue Salience, Consensus, and Contestation.Jennifer J. Griffin, Andrew P. Bryant & Cynthia E. Clark - 2017 - Business and Society 56 (8):1136-1168.
    Facing an increasing number and variety of issues with social salience, firms must determine how to engage with issues that likely have a significant impact on them. Integrating issues management and salience theories, the authors find that firms engage with socially contested issues—where there is a high degree of societal disagreement—in a different manner from issues that have social consensus, or high agreement. Examining social issue resolutions filed by shareholders from 1997 to 2009, the study finds that socially contested issues, (...)
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  46. Ethical investing: The permissibility of participation.Avery Kolers - 2001 - Journal of Political Philosophy 9 (4):435–452.
    Ethical investing is all the rage. Unfortunately, excitement about it has outpaced plausible philosophical discussions. This article asks and answers two questions: “What counts as investment?”, and “What moral choices do investors have?”. I answer the first question broadly. Investment is pervasive in our economy, and by participating we share responsibility for corporate practices. These facts lead to an “austere conclusion”: short of outright withdrawal from the standard forms of investment, we have little hope of avoiding participation in immoral activities. (...)
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  47.  10
    Human rights codes for transnational corporations: what can the Sullivan and MacBride principles tell us?C. McCrudden - 1999 - Oxford Journal of Legal Studies 19 (2):167-202.
    The development of codes of conduct for transnational corporations is considered, particularly those involving human and labour rights. The issue of compliance with such codes is examined through a detailed consideration of the development and operation of the Sullivan and MacBride Principles. The origin, evolution, and effects of these Principles is considered. Particular attention is paid to institutional and other features surrounding their enforcement, including the use of selective purchasing, shareholder activism, and linkage to government financial incentives. The (...)
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  48.  14
    The Collapse of a European Bank in the Financial Crisis.Yves Fassin - 2011 - Proceedings of the International Association for Business and Society 22:411-422.
    This paper makes an analysis of the recent collapse of Fortis, a major European bank, from the perspective of shareholder activism and social movement theory to illustrate the limits of corporate governance. Some specific issues of the Fortis affair – and more especially the chaotic events at the general assembly - illustrate the application of social movement theory to shareholder activism, besides agency theory problems and conflicts of interests. Paradoxes between legal constraints and principles of good (...)
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    Classified Boards.Jill Brown, Anne Anderson & Ann Buchholtz - 2009 - Proceedings of the International Association for Business and Society 20:253-260.
    This paper examines the controversial governance mechanism of classified boards. Classified board advocates believe that multiple year terms give directors a longer-term horizon. Shareholder activists push for declassifications of boards because they argue that agency problems are likely to arise. In a longitudinal study of six years of KLD, RiskMetrics and Compustat data, we test the influence of classified boards on social performance dimensions. We find that classified boards are negatively associated with social performance strengths in the areas of (...)
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    Inducing Corporate Social Responsibility: Should Investors Reward the Responsible or Punish the Irresponsible?Tyson B. Mackey, Alison Mackey, Lisa Jones Christensen & Jason J. Lepore - 2020 - Journal of Business Ethics 175 (1):59-73.
    Investors with a pro-social or sustainability agenda increasingly attempt to influence firm managers to adopt socially responsible behavior, either through positive/reward tactics or negative/punishment tactics. This paper considers how investors can use each approach to differentially influence managers to make more CSR investments. The paper uses game theory with an all-pay contest structure to model how a large institutional investor could reward firms for CSR activities by creating a socially responsible investment fund (reward contest) or punish firms via shareholder (...)
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