In response to demand from investors and other stakeholders, companies have increased voluntary disclosure of climate change-related policies and performance. Information intermediaries have correspondingly emerged to provide needed credibility and commensurability of climate disclosures. However, the provision of performance ratings and lax audit capabilities creates opportunities for firms to manipulate those ratings for impression management. This article explains how firms may attain an intermediary’s favorable assessment of climate performance using varied methods of strategic disclosure. Using data from a prominent climate (...) intermediary (CDP, formerly the Carbon Disclosure Project), I find that strategic disclosure is widespread and effective in attaining higher ratings, particularly through disclosure of forward-looking factors, suggesting that ratings may not be an accurate indicator of a firm’s true underlying performance. This article contributes to commensuration and impression management literatures, offers guidance for mechanism design to improve the reliability of intermediated voluntary disclosure, and highlights important areas for future research. (shrink)

Impact investing is progressively losing focus in ensuring investments really do make a difference; therefore, the growth of the market may not make real social and environmental change. We propose three ways to put the “impact” back into the heart of impact investment.

We investigate what distinguishes social entrepreneurial ecosystems (SEEs) from entrepreneurial ecosystems (EEs) through appreciation of the importance of context—the multiplex of intertwined social, spatial, temporal, historical, cultural, and political influences. Community is incorporated as a key variable and hitherto overlooked dimension of the structure and influence of SEEs. We draw on extant literature and examples of a variety of SEEs to support our propositions and demonstrate why considerations of both context and community are critical to advance understanding of SEEs. We (...) contribute to the study of SEEs by presenting a new conceptual framework and theorizing SEE as an evolving composite of interdependent actors who interact and collaborate across multiple levels to collectively generate positive externalities and drive sustainable solutions to social problems. (shrink)

This article examines how organizational experience influences social enterprise responses to impact assessment practices. Limited attention has been paid to why organizations resist or challenge impact assessment practices or how prior experience with impact assessment may shape organizational responses. The study draws on interviews with practitioners involved in social enterprise–impact investor dyads in Australia and the United Kingdom. The findings reveal that social enterprises enact either combative or collaborative responses in their relationships with impact investors based on past experiences with (...) impact assessment. The study shows how more experienced social enterprises reach a state of impact lock-in—where they become committed to particular approaches to understanding, measuring, and reporting impact. The article contributes to the literature on impact assessment and impact investment by showing how organizational experience shapes divergent reactions to the demands imposed by impact investors, creating complementary forces of institutionalization and contestation of impact assessment practice. (shrink)

As implied by executive job demands theory, intensified job demands of a firm’s top executives limit their cognitive capacity and centralize the locus of decision-making, which may undermine corporate sustainability performance. The current study tests this effect, along with the impact of two contextual factors, to reveal that the negative influence of executive job demands is weaker if firms feature greater functional diversity and average tenure in their top management teams. In an extension of upper echelon theory, this study also (...) outlines the influence of task challenges that confront strategic leaders on corporate sustainability performance. (shrink)

Stakeholder recognition constitutes a firm’s experience of affirmation and acknowledgment from stakeholders and is deemed essential for organizations to develop positive self-relations and a sense of themselves as morally responsible social actors. Through an in-depth case study, I show how a firm’s varied experiences of stakeholder recognition for its corporate social responsibility (CSR) efforts alternately facilitated and hindered the performativity of its aspirational CSR talk through two key processes: (a) a recognition-attainment process whereby the experience of stakeholder recognition helped turn (...) aspirational CSR talk into “substantive” talk with the performative potential to catalyze other CSR practices; and (b) a subsequent recognition-commodification process induced by a perceived misrecognition that ultimately rendered such talk “ceremonial.” Elucidating stakeholder recognition as an undertheorized boundary condition of aspirational CSR talk, this study adds to performative approaches to CSR communication. It further contributes to research on recognition by demonstrating the explanatory potential of Axel Honneth’s notion of recognition in researching business and society interactions. (shrink)

This study examines the degree of state ownership on corporate bribery. Integrating the theories of state ownership and corporate corruption, we propose that state ownership influences bribery propensity and bribery intensity in different ways; it lowers a firm’s tendency to pay bribes but increases the relative amount of bribery payment. Building on the control rights/bargaining hypotheses, we demonstrate that state ownership shields firms from bribery demands by reducing administrative hurdles that include bureaucratic requirements of obtaining licenses or settling taxes in (...) business operations. However, state ownership elevates the level of bribes by weakening their capital mobility. Using a sample of 23,018 firms from 54 countries covering 2006 to 2013, we find evidence to support our hypotheses. This article contributes to corruption research by drawing attention to an important channel of corruption and by highlighting the importance of considering not only the propensity but also the intensity of bribe payments. (shrink)

Employee participation is essential to organizations’ corporate social responsibility (CSR)-related environmental initiatives (EIs). Employees’ attitudes to participating in pro-environmental behaviors are addressed in workplace literature drawing upon the theory of planned behavior. However, antecedents to employees’ attitude formation, including perceptions of the costs and benefits of participating in EIs, have not been adequately researched. Greater understanding of EI attitude formation can support efforts to foster EI participation. This study explores employees’ perceptions of EI costs and benefits to employees personally, to (...) their organization, and to society by applying goal framing theory. A sample of 120 survey participants described 150 initiatives and identified personal, organizational, and societal costs and benefits of the EIs. Cost and benefit categories are presented along with a taxonomy and themes. The findings of this study provide a reference point for researchers and managers in understanding how employees view EIs and how employees might be encouraged to participate. (shrink)

Deliberation has faced criticism with regard to its application to business, on the basis that it can be misused to disseminate an ideology, divert attention from genuine debates, or strengthen the power of certain people. We suggest that Aristotle’s notion of deliberation can mitigate these ethical risks and help companies strengthen their deliberative practices. A comprehensive perspective based on Aristotelian deliberation reveals the relevance of (a) individual and collective deliberation, promoting a virtuous and meaningful reflection, free from ideological conditioning; (b) (...) deliberation on ends and means that facilitates a transcendental and rooted reflection, thereby avoiding artificial debates; and (c) deliberation that is decisive and cooperative and thus prevents instrumentalization of deliberation by the strongest. We contribute to the discussion of the relationship between business and society by identifying the different steps in the deliberative process and promoting a dynamic perspective on deliberation. (shrink)

Corporations, which in the past have been hesitant to contribute to conversations regarding political and social issues, are increasingly speaking out on current issues such as race, sexual orientation, gender, immigration, and environmental issues. Despite this trend, limited academic research has focused on how corporate sociopolitical activism (CSA) efforts impact firm value. In addition, extant studies have not fully identified the extent to which the firm and their message influence the outcomes of this approach. The current study explores how sociopolitical (...) stances communicated on Twitter affect firms’ stock prices. Results from an event study of 260 incidents of CSA show that CSA efforts decrease firm value by an average of 0.22%, indicating that wading into social or political issues is a risky strategy. However, further analysis highlights the importance of clearly articulating stances on social issues that align with the firm’s core values. (shrink)

Businesses and business scholars interested in tackling climate change can benefit by engaging with the innovative but nascent movement of climate assemblies. I articulate three promising ways they can meaningfully engage with this movement.

Research on the implementation of corporate social responsibility (CSR) has revealed the critical role of CSR departments vis-à-vis functional departments. While both CSR and functional departments influence CSR implementation, the question of how they work together remains underexamined. We address this question by mobilizing and merging two complementary yet separate perspectives on CSR implementation: “coordination” and “enactment.” Building on a comparative case study involving seven large Swiss financial institutions that have established CSR departments and implemented CSR to varying extents, we (...) inductively derive six courses of actions conducing to CSR implementation, involving both coordination and enactment. We distinguish between four courses of actions in the CSR departments ( centralizing, coalescing, orchestrating, and consulting) and two courses of actions in the functional departments ( decentralizing and tailoring). As our data suggest that coordination and enactment work in tandem, we capture these insights in a model of CSR implementation as coordinated enactment. Our research contributes to the literature by explaining how CSR departments and functional departments enact and simultaneously coordinate CSR at a particular implementation stage, thus illuminating how and why the variance in CSR implementation occurs. (shrink)

External regulatory and normative pressures from both the Chinese central environmental protection inspection (CEPI) program and public participation can act together to influence corporate environmental governance behavior. This research uses the multiperiod Difference-In-Differences method to test the compound impact of CEPI and public participation on corporate environmental governance strategies and investigate the underlying influence mechanisms. The results show that CEPI and public participation have a positive compound effect on the corporate “source-control” strategy. A reasonable reduction in pollution charges and increased (...) environmental subsidies are essential to stimulate the green innovation potential of heavily polluting firms. Our research helps clarify the game relationship between the central and the local governments and analyzes how the relationship between the government, the public, and corporates affects environmental governance, thereby advancing principal-agent theory and expanding the current research on institutional pressures and corporate environmental governance. (shrink)

Current incentive structures are more favorably aligned with the world’s problems than with their solutions. We conceptualize this as the paradox of incentives to argue the need for new thinking and restructuring of incentives to break the paradox during the COVID-19 pandemic and beyond, and create new opportunities for societal transformation.

This article maps existing research from 5,874 scholarly publications on social entrepreneurship (SE) utilizing scientometrics. The mapping indicates a taxonomy of five clusters: (a) the nature of SE, (b) policy implications and employment in relation to SE, (c) SE in communities and health, (d) SE personality traits, and (e) SE education. We complement the scientometric analysis with a systematic literature review of publications on SE in the Financial Times 50 list (FT50) and Business & Society and propose a multistage, multilevel (...) framework that highlights the clusters of existing research on SE based on their stage and level of analysis. This review study also helps outline a set of future research directions, including studies examining (a) the process stage at the micro-level and macro-level, (b) linkages across levels and stages, (c) linkages across stages over time or longitudinal studies, (d) SE in resource-constrained environments, (e) technological advancement and its impact on SE, (f) the types of social enterprises and their outcomes, and (g) various emerging topics in SE. (shrink)

Although present research shows that ambitious corporate sustainability objectives improve employee engagement in business organizations, there is scarcity of research showing how employees engage in corporate sustainability objectives and become autonomous sustainability thinkers. We suggest that a strong, individual level of psychological ownership of corporate sustainability is a precondition for the development of sustainability thinking, and examine the factors that influence the emergence of such feelings of ownership. Our qualitative study, based on 29 interviews conducted in seven Finnish local business (...) units from three different technology-oriented multinational enterprises (MNEs), shows that several key factors can have contradictory effects, both strengthening and hindering the routes to psychological ownership of corporate sustainability. While these contradictory effects may potentially lead to confusion among employees, our findings may help managers to avoid pitfalls in developing a more sustainability-oriented organizational culture. Moreover, by applying the theory of psychological ownership, our study contributes to the business sustainability research by providing new theoretical opportunities to understand the process of how individuals may become engaged in enhancing business sustainability. (shrink)

Recent data breaches underscore the importance of organizational cybersecurity. However, the high costs of such security can force chief financial officers (CFOs) to make difficult financial and ethical trade-offs that have both business and societal implications. We employ a 2 × 2 randomized experiment that varies both an observed scenario CFO’s investment decision (invest/not invest in security) and organizational outcomes (positive/negative) to investigate these trade-offs. Participant managers assess the observed CFO’s investment behavior and indicate their own intentions to invest. Results (...) indicate that when the observed scenario CFO invests in security, managers primarily follow their peers when making investment decisions. However, when the observed CFO does not invest in security, managers make their own decisions by engaging in more in-depth reasoning that includes assessment of the seriousness of consequences, as well as the ethical and societal considerations. Moderated mediation findings further deconstruct and corroborate these relationships. (shrink)

Chief executive officers (CEOs) engage in activism when they take public stances on sensitive socio-political issues. In this study, we address the less-explored activities that constitute CEO activism beyond single stances as the activism is maintained over time. The data cover 6 years of campaign and media materials from a case company with several CEO-initiated activist campaigns. Our findings from an inductive analysis contribute to CEO activism theorizing in three ways. First, we extend CEO activism conceptually by identifying five underlying (...) activities that support a public stance: anchoring motivations, modeling action, taking agency, enduring criticism, and normalizing activism. Second, we bridge individual- and organization-level analyses by depicting how a CEO involves a company in activism through activities that justify interrelated topic frame and role frame. Third, we develop a processual model that includes the pre-stance, stance-taking, and post-stance phases and explains how the underlying activities are interrelated and follow a pattern that serves to maintain CEO activism. Accordingly, CEO activism includes activities, through the pre-stance, stance-taking, and post-stance phases, whereby a CEO deliberately engages personally and through a company in public debate about sensitive socio-political issues and the role of businesses in addressing them. (shrink)

We predict multistakeholder benefits as a measure of organizational performance from the perspective of important organizational stakeholders. Specifically, we identify the relative importance of theoretical antecedents that affect the different dimensions of stakeholder benefits. Offering the first empirical synthesis of multistakeholder benefits to date, we assess the statistical explanatory power of different theories in the literature, focusing on the extent to which their suggested antecedents of organizational performance may lead to improvements in multiple dimensions of stakeholder benefits. Based on 110 (...) empirical studies since 1990 to date concerning any two of four stakeholder groups (investors, customers, employees, and community /environment), we find no evidence for any single theory to have sufficient explanatory power in predicting benefits concerning all four stakeholder groups. Thus, we cannot reduce different mechanisms leading to multistakeholder benefits to a grand model or theory but need to resort to a multi-theoretical synthesis. Taking stock of the meta-analysis, we suggest future studies should fill three gaps: multiple dimensions within a stakeholder benefit, causal complexity, and inequality of stakeholder benefit creation. (shrink)

Some scholars blame capitalism for the prevalence of modern slavery. However, data reveal that it is wrong to blame capitalism for a problem that long preceded it and would likely be much worse without it. We explain why this is the case.

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 from plurality to majority vote (...) standards. While prior research shows that majority vote adoption has little to no direct impact on director elections, empirical results from 2,390 firm-year observations provide support for our hypotheses that adoption of this advisory electoral standard signals a willingness to hear shareholder concerns, leading to increased shareholder activism and, in turn, board responsiveness to shareholder proposals. Overall, our results help explain why some firms continue to fight the purely advisory policy and why an era of shareholder empowerment followed the majority vote campaign. (shrink)

This article studies the underinvestigated but fascinating issue of the sociological determinants of accounting misbehavior while focusing on an allegedly illicit accounting practice (i.e., restatement) in family- vs. nonfamily-controlled corporations. Under the framework of institutional anomie theory, we examined whether sociological structures (i.e., legal forces and cultural values) influence accounting errors inducing restatements. By applying a multivariate regression analysis to a sample of restating firms listed in 23 countries during the 2006 to 2014 period, we found that legal forces and (...) cultural values significantly moderate the severity of accounting errors. The results of this study suggest that investors, managers, and policymakers should more fully consider the sociological structures of societies when debating the feasibility of corporate misbehaviors, as combining firm-level and country-level analyses could help to predict a firm’s accounting misbehaviors, such as more severe accounting errors. (shrink)

Political corporate social responsibility (PCSR) calls for firms to implement and engage in deliberative democracy processes and structures, addressing governance gaps where governments are unwilling or unable to do so. However, an underlying assumption that the implementation of PCSR will enrich democratic processes in society has been exposed and challenged. In this conceptual article, we explore this challenge by developing a framework to reveal the dynamics of firms’ deliberative democratic processes and structures (meso level), and those at nation state (macro (...) level). Using existing cases as illustrative examples, we demonstrate that despite the public good premise of PCSR theory toward thickening the overall democracy in a society, corporate democratization at meso level can have the opposite effect and may actually erode macro-level democratic control of society and the economy. These findings imply a need for multilevel analysis in PCSR research and greater consideration of state-level public institutions and the responsibilities of business firms toward those institutions. Furthermore, we contribute to the PCSR literature by identifying the disruptive mechanisms associated with these dynamics and outline two alternative perspectives to allow firms to continue to take on political responsibilities. (shrink)

Under multistakeholderism, private philanthropic foundations have played an increasingly influential role in global development. As part of which, foundations have promoted what we call “privatization creep” (i.e., mainstreaming market-centric solutions to development). Sidelining redistributive approaches altogether, “privatization creep” favours profit-making over everything else, doing little to “save the world.”.

The same person can make different moral judgments about the same activity in their professional role and in their personal life. For example, people may follow a different moral code when making purchases at work compared with in their private lives. This potential difference has largely remained unexamined. This study explores differences in felt moral responsibility in workplace and private purchasing settings, regarding the impacts of purchasing decisions on supply chain workers, and explores the influence of personal values and ethical (...) work climate. The case of a high-profile university in the United Kingdom is studied, which has made strong commitments to socially responsible public procurement. Based on a survey of 318 university staff who make purchases at work, stronger moral values related to harm/care are associated with higher felt responsibility in personal purchasing than in workplace purchasing, whereas less strong harm/care values are associated with higher felt responsibility in workplace purchasing than personal purchasing. In relation to ethical work climate, detailed awareness of organizational ethical procurement commitments is found to be associated with higher felt responsibility in workplace purchasing and is also found to increase the discrepancy between workplace and personal felt responsibility, increasing felt responsibility in the workplace but not in personal purchasing. These findings demonstrate the influence of individual and contextual factors on felt responsibility across different roles. Recommendations are made for further empirical research on felt responsibility across roles and additional internal communication on social responsibility for devolved public procurement contexts. (shrink)

This research investigates how two different types of nongovernmental organization (NGO)–business collaboration for green innovation impact consumers’ purchase intentions. The authors carried out three studies, whose findings show that consumers prefer collaborations in which NGOs are integrated into the product development process (NGO co-development) over those that involve corporate giving to NGOs (sales-contingent donations). They show that green credibility works as a mediator, which explains why these two types of collaboration influence consumers’ purchase intentions differently. They also identify aspirational talk (...) about a company’s future ambitions as an important boundary condition. These findings are important for literature on corporate social responsibility (CSR) communication, co-development, and co-branding and contribute to the discussion of the role of business in society. (shrink)

Can mandated adoption of corporate social responsibility (CSR) improve firm value? Most CSR adoption is purely voluntary. However, governments regularly encourage CSR adoption with soft regulations that vary from simply endorsing and symbolically supporting CSR to requiring the adoption of specific practices. Governments have resisted fully mandating CSR because there is some concern universally that mandated CSR may reduce firm value. There is, however, no empirical clarity as to whether mandated CSR impedes or improves firm value. We address this uncertainty (...) by analyzing the effects of the mandated adoption of CSR that the government of India legislated in 2014. Drawing on a sample of 1,526 publicly traded firms and deploying a combinative analytical framework comprising an event study, regression discontinuity design, and a difference-in-differences technique, we conclude that India’s CSR mandate did, in fact, increase value for all firms bound by the mandate. This value-enhancing effect was greater for foreign firms relative to domestic firms. Our results refute previous research showing that India’s CSR mandate diminished firm value. (shrink)

Entrepreneurship is the dominant form of enterprise in conflict-affected settings, yet little is known about the role of entrepreneurship in peacebuilding. In response, this article undertakes a review of entrepreneurship in conflict-affected regions to integrate research from business and management with research from political science, international relations, and parallel domains. Three views of entrepreneurship emerge—the destructive view, economic view, and social cohesion view—showing how entrepreneurship can concurrently create conflict but also potentially generate peace. The article identifies new avenues for pro-peace (...) entrepreneurship: namely, through personal transformation, social contributions, inclusive interactions, conflict trigger removal, intergroup policy persuasion, and acting as legal champions. This article also discusses several pathways forward for business-for-peace research alongside additional implications for the deployment of business-based support programs in conflict settings. (shrink)

In this study, I examine the role racial minorities in the boardroom can play in reducing social injustice by promoting more equal access to mortgage credit to minority households. I develop a simple theoretical model that posits directors who are racial minorities provide the credit unions they govern with a perspective that shapes lenders’ trust of minority applicants. This trust is shaped by homophily and the tendency of individuals to prefer interactions with similar individuals. Using mortgage loan data from a (...) cross-section of credit unions in the United States from 185,446 applications, I find that credit unions where the majority of board members are minorities are less likely to reject a similarly qualified minority applicant than their counterparts. Governance by minority directors significantly reduces the effects of discrimination faced by minority applicants. The board’s effect is strongest in minority neighborhoods and where the homophily is stronger between directors and applicants. (shrink)

Can citizens impact the broader discourse about an organization and its legitimacy? While social media have empowered citizens to publicly question firms through large volumes of online evaluations, the high heterogeneity of their evaluations dilutes their impact. Our empirical study applying a threshold vector autoregressive model (TVAR) analysis of 2.5 million tweets and 1,786 news media articles tests the condition by which the heterogeneity of online evaluations converges and influences the broader media discourse. Although social media evaluations do not initially (...) influence media legitimacy, they become influential after reaching a tipping point of refracted attention, which is created by high volume and convergence of individual evaluations around few aggregative frames. Thus, social media storms may influence the broader discourse about an organization when this discourse converges and reaches a tipping point, rather than merely through the massive participation of citizens. (shrink)

This review argues that the role of technology in business and society debates has predominantly been examined from the limited, narrow perspective of technology as instrumental, and that two additional but relatively neglected perspectives are important: technology as value-laden and technology as relationally agentic. Technology has always been part of the relationship between business and society, for better and worse. However, as technological development is frequently advanced as a solution to many pressing societal problems and grand challenges, it is imperative (...) that technology is understood and analyzed in a more nuanced, critical, and comprehensive way. The two additional perspectives invite a broader research agenda, one that includes questions, such as “Which values and whose interests has technology come to emulate?”; “How do these values and interests play out in stabilizing the status quo?”; and, importantly, “How can it be contested, disrupted, and changed?” Any research that endorses green, sustainable, environmental, or climate mitigating technologies potentially contributes to maintaining the very thing that it seeks to change if questions such as these are not being addressed. (shrink)

In African countries such as Ghana, microentrepreneurs make formal economy goods and services available to base of the pyramid (BOP) consumers. Multinational enterprises (MNEs) co-opt BOP business models when they enter the BOP market. We conducted a case study of six MNEs and 36 microentrepreneurs in three key sectors. In two sectors (fast-moving consumer goods and telecommunications), reverse bridging enables MNEs to capture value from BOP business models, which has a negative impact on both the financial and social capital of (...) microentrepreneurs. In the third sector (finance), microentrepreneurs are buffered from the negative effects of co-optation through a process of integrating, which enhances their social capital but reduces their financial capital. Our research contributes to the BOP literature, first by demonstrating that financial and social capital are intertwined at the BOP level, and second by analyzing how the negative effects of co-optation can be cushioned by enhancing microentrepreneurs’ social capital. (shrink)

Corporate net-zero carbon emission pledges abound and so does skepticism about the results they could deliver. Three approaches proposed here can ensure these pledges alleviate, rather than aggravate, the climate crisis.

This article evaluates the effect of different human resource management (HRM) practices on organizations’ environmental performance. We develop a model to evaluate the influence of a broad range of HRM practices, including environmental performance criteria in managers’ performance evaluations and two types of internal corporate social responsibility (CSR) practices: socially responsible employee benefits and corporate volunteering practices. To this end, we analyze a sample of 142 manufacturing companies that have completed B Lab’s Impact Assessment process to certify their environmental performance. (...) The results show that including environmental criteria in a higher proportion of managers’ performance evaluations directly impacts organizations’ environmental performance and strengthens the positive effect of other environmental management practices. The findings also demonstrate the direct effects of both types of CSR practices on an organization’s environmental performance. Our study advances recent work on Green HRM and CSR by identifying the specific HRM practices that allow organizations to move from being part of the world’s environmental problem to being part of the solution. (shrink)

Corporate social responsibility (CSR) is about the moral purpose of business and its proper relationship to society. We map the logical structure of CSR—its canonical core—and identify the view of CSR that is most consistent with CSR as driven by moral purpose as Moral CSR (CSRM). The numerous perspectives of CSR, which we term CSR memes, are complements to CSRM. A meme is an idea or usage diffusing within communities. Moral norms and what we term normatively injunctive warrants are implicit (...) in many CSR memes but have received a relative lack of explicit and systematic attention. A norm is an accepted standard for behavior. A warrant is an authoritative or authorizing instruction for behavior. All CSR memes contain three elements—a corporate actor, a relation, and nonmoral normative warrants, which we term constructive warrants. We argue that any CSR meme should include a fourth element—moral normative (injunctive) warrants linking explicitly to moral reasoning. Through sorting key CSR memes by their epistemological and compositional characteristics, we reveal the paucity of explicit attention to injunctive warrants. We resort memes according to social gains or losses, which are the outcomes of societal demand for and business supply of CSR. This analysis yields two proposed improvements for CSR reasoning. The first is a clearer picture of variable use of the term CSR in extant research. The second is how scholars can incorporate more explicitly moral elements of CSR in future work. (shrink)