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  1. The Financial Performance of Socially Responsible Investments: Insights From the Intertemporal CAPM.Yuchao Xiao, Robert Faff, Philip Gharghori & Byoung-Kyu Min - 2017 - Journal of Business Ethics 146 (2):353-364.
    This study formulates a two-factor empirical model under the intertemporal CAPM framework to evaluate the cross-sectional implications of socially responsible investments in the US equity market. Our results show that socially responsible investments have no asset pricing impact on the US market. We argue that this ‘no financial impact’ finding indicates that investors will not be disadvantaged financially by investing in socially responsible funds or corporations.
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  • The Opportunity Cost of Negative Screening in Socially Responsible Investing.Pieter Jan Trinks & Bert Scholtens - 2017 - Journal of Business Ethics 140 (2):193-208.
    This paper investigates the impact of negative screening on the investment universe as well as on financial performance. We come up with a novel identification process and as such depart from mainstream socially responsible investing literature by concentrating on individual firms’ conduct and by studying a much wider range of issues. Firstly, we study the size and financial performance of fourteen potentially controversial issues: abortion, adult entertainment, alcohol, animal testing, contraceptives, controversial weapons, fur, gambling, genetic engineering, meat, nuclear power, pork, (...)
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  • The Moral Disillusionment Model of Organizational Transgressions: Ethical Transgressions Trigger More Negative Reactions from Consumers When Committed by Nonprofits.Matthew J. Hornsey, Cassandra M. Chapman, Heidi Mangan, Stephen La Macchia & Nicole Gillespie - forthcoming - Journal of Business Ethics:1-19.
    We tested whether the impact of an organizational transgression on consumer sentiment differs depending on whether the organization is a nonprofit. Competing hypotheses were tested: that people expect higher ethical standards from a nonprofit than a commercial organization, and so having this expectation violated generates a harsher response and that a nonprofit’s reputation as a moral entity buffers it against the negative consequences of transgressions. In three experiments participants were told that an organization had engaged in fraud, exploitation of women, (...)
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  • Collectively Designing CSR Through Meta-Organizations: A Case Study of the Oil and Gas Industry.Hervé Dumez, Marcelo Bucheli & Heloïse Berkowitz - 2017 - Journal of Business Ethics 143 (4):753-769.
    Few industries have been pressured to develop corporate social responsibility standards and policies like oil and gas. This has translated into the creation of non-governmental organizations and branches of the oil and gas firms focused on CSR. However, given the intrinsic complex characteristics of this industry, its global reach, and the fact that its operations affect and involve a wide variety of stakeholders, CSR issues cannot be defined and implemented exclusively at the industry or firm levels, but require the participation (...)
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  • Can Sinful Firms Benefit From Advertising Their CSR Efforts? Adverse Effect of Advertising Sinful Firms’ CSR Engagements on Firm Performance.Sang-Joon Kim, John Bae & Hannah Oh - 2017 - Journal of Business Ethics 143 (4):643-663.
    This study investigates corporate social responsibility of sinful firms, which refer to ones that are operating in controversial industries, including the production and distribution of alcohol, tobacco, gambling, adult entertainment, firearm, military, and nuclear power. We attempt to answer two questions in this study: Do these sinful firms actively advertise their CSR engagements compared to non-sinful firms? And do their advertising efforts really yield increased financial performance? Positing that advertising not only can make sinful firms’ good deeds visible, but also (...)
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  • Striving for Legitimacy Through Corporate Social Responsibility: Insights From Oil Companies. [REVIEW]Shuili Du & Edward T. Vieira - 2012 - Journal of Business Ethics 110 (4):413-427.
    Being a controversial industry, oil companies turn to corporate social responsibility (CSR) as a means to obtain legitimacy. Adopting a case study methodology, this research examines the characteristics of CSR strategies and CSR communication tactics of six oil companies by analyzing their 2011–2012 web site content. We found that all six companies engaged in CSR activities addressing the needs of various stakeholders and had cross-sector partnerships. CSR information on these companies’ web sites was easily accessible, often involving the use of (...)
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  • Does CSR Reduce Firm Risk? Evidence From Controversial Industry Sectors.Hoje Jo & Haejung Na - 2012 - Journal of Business Ethics 110 (4):441-456.
    In this paper, we examine the relation between corporate social responsibility (CSR) and firm risk in controversial industry sectors. We develop and test two competing hypotheses of risk reduction and window dressing. Employing an extensive U.S. sample during the 1991-2010 period from controversial industry firms, such as alcohol, tobacco, gambling, and others, we find that CSR engagement inversely affects firm risk after controlling for various firm characteristics. To deal with endogeneity issue, we adopt a system equation approach and difference regressions (...)
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  • Strategic Corporate Social Responsibility in Controversial Industry Sectors: The Social Value of Harm Minimisation. [REVIEW]Margaret Lindorff, Elizabeth Prior Jonson & Linda McGuire - 2012 - Journal of Business Ethics 110 (4):457-467.
    This paper examines how it is possible for firms in controversial sectors, which are often marked by social taboos and moral debates, to act in socially responsible ways, and whether a firm can be socially responsible if it produces products harmful to society or individuals. It contends that a utilitarian justification can be used to support the legal and regulated provision of goods and services in these areas, and the regulated and legal provision of these areas produces less harm than (...)
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  • Fixing the Game? Legitimacy, Morality Policy and Research in Gambling.Rohan Miller & Grant Michelson - 2013 - Journal of Business Ethics 116 (3):601-614.
    It is a truism that some industries are controversial either because the processes employed or the resulting products, for instance, can potentially harm the well-being of people. The controversy that surrounds certain industries can sharply polarise public opinion and debate. In this article, we employ legitimacy theory and morality policy to show how one industry sector (the electronic gaming machine sector as part of the wider gambling industry) is subject to this reaction. We suggest that the difficulty in establishing legitimacy (...)
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  • Do Non-Socially Responsible Companies Achieve Legitimacy Through Socially Responsible Actions? The Mediating Effect of Innovation.Belen Blanco, Encarna Guillamón-Saorín & Andrés Guiral - 2013 - Journal of Business Ethics 117 (1):67-83.
    This study investigates the effects on organization’s financial performances of, first, the extent to which the organizations are involved in controversial business activities, and second, their level of social performance. These companies can be considered non-socially responsible given the harmful nature of the activities they are involved in. Managers of these companies may still have incentives to pursue socially responsible actions if they believe that engaging on those actions will help them to achieve legitimacy and improve investors’ perception about them. (...)
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  • A Case for Consumer Social Responsibility : Including a Selected Review of Consumer Ethics/Social Responsibility Research.Scott J. Vitell - 2015 - Journal of Business Ethics 130 (4):767-774.
    The literature is replete with articles emphasizing the importance of corporate social responsibility. However, few, if any, of these articles discuss the role of the consumer in achieving corporate social responsibility. It is the premise of the current paper that it may be difficult for corporate social responsibility to succeed without the assistance of consumers. That is, for corporate social responsibility to flourish, it needs to be accompanied by consumer social responsibility. This paper examines this proposition, makes the distinction between (...)
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  • Rhetorical Construction of Narcissistic CSR Orientation.Kirsti Iivonen & Johanna Moisander - 2015 - Journal of Business Ethics 131 (3):649-664.
    This paper takes a critical perspective on corporate social responsibility and examines the ways in which an industry organization discursively manages the relationship between the industry and its stakeholders in a situation where the legitimacy of the industry is called into question. Drawing on the literature on organizational narcissism and sensemaking the paper develops the construct of narcissistic CSR orientation and empirically elaborates on three defensive rhetorical strategies through which the organization makes sense of the accountability and responsibility of the (...)
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  • Top Executives' Perceptions of the Inclusion of Corporate Social Responsibility in Quality Management.Selina Neri, Ashly H. Pinnington, Abdelmounaim Lahrech & Husam‐Aldin N. Al‐Malkawi - 2019 - Business Ethics: A European Review 28 (4):441-458.
    Business Ethics: A European Review, EarlyView.
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  • Paths of Corporate Irresponsibility: A Dynamic Process.Jill A. Küberling-Jost - forthcoming - Journal of Business Ethics:1-23.
    In this qualitative meta-analysis, I analyze corporate irresponsibility as an emergent organizational process. Organizations enacting irresponsible practices rely not only on a particular form of a process path, but on how this process path evolves within the organization. To achieve a better understanding of this process path, I conducted a qualitative meta-analysis drawn from 20 published cases of irresponsible organizations. I explore how and under which conditions irresponsible behavior of organizations arises, develops, and changes over time. The process path of (...)
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  • Communicating Moral Legitimacy in Controversial Industries: The Trade in Human Tissue.A. Rebecca Reuber & Anna Morgan-Thomas - 2019 - Journal of Business Ethics 154 (1):49-63.
    Globally active companies are involved in the discursive construction of moral legitimacy. Establishing normative conformance is problematic given the plurality of norms and values worldwide, and is particularly difficult for companies operating in morally controversial industries. In this paper, we investigate how organizations publicly legitimize the trade of human tissue for private profit when this practice runs counter to deep-seated and widespread moral beliefs. To do so, we use inductive, qualitative methods to analyze the website discourse of three types of (...)
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  • Stakeholder Capability Enhancement as a Path to Promote Human Dignity and Cooperative Advantage.Michelle K. Westermann-Behaylo, Harry J. Van Buren & Shawn L. Berman - 2016 - Business Ethics Quarterly 26 (4):529-555.
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  • Corporate Environmental Responsibilities and Executive Compensation: A Risk Management Perspective.Jongyu Paula Hao & Fei Kang - 2019 - Business and Society Review 124 (1):145-179.
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  • Do Personal Values Influence the Propensity for Sustainability Actions? A Policy-Capturing Study.Joel Marcus, Heather A. MacDonald & Lorne M. Sulsky - 2015 - Journal of Business Ethics 127 (2):459-478.
    Using a policy-capturing approach with a broad student sample we examine how individuals’ economic, social and environmental values influence their propensity to engage in a broad range of sustainability-related corporate actions. We employ a multi-dimensional sustainability framework of corporate actions and account for both the positive and negative impacts associated with corporate activity—termed strength and concern actions, respectively. Strong economic values were found to increase the propensity for concern actions and the willingness to work in controversial industries. Individuals with balanced (...)
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  • Be Bad but Look Good: Can Controversial Industries Enhance Corporate Reputation Through CSR Initiatives?Claudio Aqueveque, Pablo Rodrigo & Ignacio J. Duran - 2018 - Business Ethics: A European Review 27 (3):222-237.
    Even though the link between perceived corporate social responsibility fit and corporate reputation has received much attention from scholars, this tradition has ignored that the underpinnings of this association vary depending on the particular characteristics of each industry under study. To delve into this matter, we investigate in the increasingly relevant context of controversial industries how PCSR-fit could enhance corporate reputation and which are the mediating mechanisms of this association. Our academic contribution is twofold. First, we find that controversial sectors (...)
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  • Media Depictions of CEO Ethics and Stakeholder Support of CSR Initiatives: The Mediating Roles of CSR Motive Attributions and Cynicism.Babatunde Ogunfowora, Madelynn Stackhouse & Won-Yong Oh - 2018 - Journal of Business Ethics 150 (2):525-540.
    Corporate social responsibility functions as a positive signal to stakeholders that a firm is a responsible corporate citizen. However, CSR is increasingly becoming an ambiguous signal of organizational goodwill because many companies engage in CSR purely out of self-interest, rather than genuine altruism. In this paper, we integrate attribution theory with signaling theory to explore how stakeholders react when they receive additional signals that contradict the company’s intended positive CSR signal. Specifically, we argue that morally questionable CEO ethics in the (...)
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  • Environmental Sustainability and Implied Cost of Equity: International Evidence.Kartick Gupta - 2018 - Journal of Business Ethics 147 (2):343-365.
    In this paper, we examine the relationship between the environmental practices and implied cost of equity. Using a comprehensive sample of 23,301 firm–year observations from 43 countries, we find that an improvement in environmental practices leads to reduction of the implied cost of equity. Further, the results are stronger in countries where country-level governance is weak. Our results indicate that most of the benefits come from the reduction of emission and unnecessary wastage of resources. Our results remain robust to alternative (...)
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  • Does It Really Pay to Be Good, Everywhere? A First Step to Understand the Corporate Social and Financial Performance Link in Latin American Controversial Industries.Pablo Rodrigo, Ignacio J. Duran & Daniel Arenas - 2016 - Business Ethics: A European Review 25 (3):286-309.
    Most research studying the corporate social performance –corporate financial performance link has utilized developed country samples. Also, this literature has generally focused on a wide variety of industries, ignoring the fact that certain sectors – such as controversial industries – have graver social and environmental issues. Hence, a gap exists in this tradition when it comes to emerging markets and controversial industries. This paper attempts to fill this void by providing preliminary evidence and insight on the matter. Based on an (...)
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  • Attraction or Distraction? Corporate Social Responsibility in Macao’s Gambling Industry.Tiffany Cheng Han Leung & Robin Stanley Snell - 2017 - Journal of Business Ethics 145 (3):637-658.
    This paper attempts to investigate how and why organisations in Macao’s gambling industry engage in corporate social responsibility. It is based on an in-depth investigation of Macao’s gambling industry with 49 semi-structured interviews, conducted in 2011. We found that firms within the industry were emphasising pragmatic legitimacy based on both economic and non-economic contributions, in order to project positive images of the industry, while glossing over two domains of adverse externalities: problem gambling among visitors, and the pollution and despoliation of (...)
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  • Corporate Environmental Responsibility and Firm Risk.Li Cai, Jinhua Cui & Hoje Jo - 2016 - Journal of Business Ethics 139 (3):563-594.
    In this study, we examine the relation between corporate environmental responsibility and risk in U.S. public firms. We develop and test the risk-reduction, resource-constraint, and cross-industry variation hypotheses. Using an extensive U.S. sample during the 1991–2012 period, we find that for U.S. industries as a whole, CER engagement inversely affects firm risk after controlling for various firm characteristics. The result remains robust when we use firm fixed effect or an alternative measure of CER using principal component analysis or downside risk (...)
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  • Do ESG Controversies Matter for Firm Value? Evidence From International Data.Amal Aouadi & Sylvain Marsat - 2018 - Journal of Business Ethics 151 (4):1027-1047.
    The aim of this paper is to investigate the relationship between environmental, social, and governance controversies and firm market value. We use a unique dataset of more than 4000 firms from 58 countries during 2002–2011. Primary analysis surprisingly shows that ESG controversies are associated with greater firm value. However, when interacted with the corporate social performance score, ESG controversies are found to have no direct effect on firm value while the interaction appears to be highly and significantly positive. Building on (...)
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  • Defensive Responses to Strategic Sustainability Paradoxes: Have Your Coke and Drink It Too!Kirsti Iivonen - 2018 - Journal of Business Ethics 148 (2):309-327.
    This study examines how the leading beverage company handles the strategic paradox between its core business and the social issue of obesity. A discursive analysis reveals how the organization does embrace a social goal related to obesity but not the paradoxical tension between this goal and its core business. The analysis further shows how the tension, along with the responsibility for the social goal, is projected outside the organization. This response is underpinned by the paradoxical constructions of consumers and the (...)
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