CSR and Stakeholder Theory: A Tale of Adam Smith [Book Review]
David Bourget (Western Ontario)
David Chalmers (ANU, NYU)
Rafael De Clercq
Jack Alan Reynolds
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Journal of Business Ethics 112 (2):301-312 (2013)
This article leverages insights from the body of Adam Smith’s work, including two lesser-known manuscripts—the Theory of Moral Sentiments and Lectures in Jurisprudence —to help answer the question as to how companies should morally prioritize corporate social responsibility (CSR) initiatives and stakeholder claims. Smith makes philosophical distinctions between justice and beneficence and perfect and imperfect rights, and we leverage those distinctions to speak to contemporary CSR and stakeholder management theories. We address the often-neglected question as to how far a company should be expected to go in pursuit of CSR initiatives and we offer a fresh perspective as to the role of business in relation to stakeholders and to society as a whole. Smith’s moral insights help us to propose a practical framework of legitimacy in stakeholder claims that can help managers select appropriate and responsible CSR activities.
|Keywords||Adam Smith Beneficence Corporate social responsibility Justice Perfect rights Stakeholders|
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References found in this work BETA
Edward W. Coker (1990). Adam Smith's Concept of the Social System. Journal of Business Ethics 9 (2):139 - 142.
Kristen Bell DeTienne & Lee W. Lewis (2005). The Pragmatic and Ethical Barriers to Corporate Social Responsibility Disclosure: The Nike Case. [REVIEW] Journal of Business Ethics 60 (4):359 - 376.
R. Edward Freeman (1994). The Politics of Stakeholder Theory. Business Ethics Quarterly 4 (4):409-421.
Elisabet Garriga & Domènec Melé (2004). Corporate Social Responsibility Theories: Mapping the Territory. [REVIEW] Journal of Business Ethics 53 (1-2):51-71.
T. Jones, A. Wicks & R. Edward Freeman (2002). Stakeholder Theory: The State of the Art. In Norman E. Bowie (ed.), The Blackwell Guide to Business Ethics. Blackwell. 19--37.
Citations of this work BETA
Najah Attig, Sadok El Ghoul, Omrane Guedhami & Jungwon Suh (2013). Corporate Social Responsibility and Credit Ratings. Journal of Business Ethics 117 (4):679-694.
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