Although commitment is one of the attributes of family firms of continuing interest to researchers, they almost always study it from the perspective of the owning family. In the current work, we analyze the commitment of the non-family employees. We propose a model of commitment, with the aim of studying the implications that this variable may have for family businesses. We study both the aspects on the basis of the approaches of Meyer and Allen's three-component model of organizational commitment and (...) stewardship theory. Results show that the identification level of non-family employees positively and significantly influences the profitability and the survival or continuity of familyowned businesses. At the same time that their involvement level positively and significantly influences the survival or continuity of family-owned businesses. (shrink)

As a field spanning interests among researchers and business professionals, business ethics aims to provide guidance on what can be considered morally right, socially acceptable and legally transparent dealings in the human activity of providing goods or services for trade. Yet, cohesive theory of the ethics of business is lacking, and current ethical practices often fall victim to fluctuating business conditions and circumstances. Thus, stewardship theory is proposed as a more enduring and empowering orientation to more mindful (...) business ethics that is borne out of organizational character, and knowledge stewardship is introduced as a set of practices that can support improved ethical behavior in organizations from an ethos-driven perspective. A definition of knowledge stewardship is provided in this article, and its associated outcomes of authenticity, authority and advocacy are highlighted. Practical recommendations are put forward to assist organizations in their development of stronger stewardship behavior, and exploratory research questions that heighten attentiveness to knowledge stewardship are presented. (shrink)

Vast and pervasive environmental problems such as climate change and biodiversity loss call every individual to active stewardship. Their magnitude and causal and strategic structures, however, pose powerful challenges to our moral psychology. Stewardship may feel overburdening, and appear hopeless. This may lead to widespread moral and political disengagement. This article proposes a resolve to garden practices as a way out of that danger, and describes the ways in which it will motivate individuals to so act as to (...) coordinate on behavioural patterns that will significantly alleviate grave, but seemingly distant and intractable environmental quandaries. (shrink)

This paper explores and discusses the various meanings of the stewardship concept in the field of sustainability science. We highlight the increasing differences between alternative approaches to stewardship and propose a typology to enable scientists and practitioners to more precisely identify the basis and objectives of the concept of stewardship. We first present the two dimensions we used to map the diversity of stances concerning stewardship. Second, we analyse these positions in relation to the limits of (...) the systemic approach, ideological manipulation, responsibility, and solidarity. In the final section we explain how the concept of ecological solidarity, a core principal in recent French law on biodiversity conservation and national park governance can contribute to the underpinning of a specific form of social-ecological stewardship. (shrink)

This paper studies the relationship between personal stock donation by top executives and board of directors (insiders) of publicly traded corporations and their personal tax, shareholders' returns, and social responsibility. The study finds evidence that the timing of stock donations is driven by personal tax gain. The study further shows, comparing stock gift corporations relative to their non-stock gift cohorts, that personal stock gifts are associated with lower short-term and long-term stock returns to shareholders. This implies that stock donation driven (...) by insiders' personal gain adversely affects shareholder wealth. However, the likelihood and intensity of insiders to make personal stock donation is reduced when firms have strong corporate social responsibility (CSR). Agency theory explains insiders' opportunistic behavior, stakeholder theory is also supported by evidence that stock donation is negatively related to CSR, and stewardship theory offers a different view to explain the rationale behind insiders' stock donation and shareholders' reactions to stock gifts. (shrink)

This paper studies the relationship between personal stock donation by top executives and board of directors (insiders) of publicly traded corporations and their personal tax, shareholders' returns, and social responsibility. The study finds evidence that the timing of stock donations is driven by personal tax gain. The study further shows, comparing stock gift corporations relative to their non‐stock gift cohorts, that personal stock gifts are associated with lower short‐term and long‐term stock returns to shareholders. This implies that stock donation driven (...) by insiders' personal gain adversely affects shareholder wealth. However, the likelihood and intensity of insiders to make personal stock donation is reduced when firms have strong corporate social responsibility (CSR). Agency theory explains insiders' opportunistic behavior, stakeholder theory is also supported by evidence that stock donation is negatively related to CSR, and stewardship theory offers a different view to explain the rationale behind insiders' stock donation and shareholders' reactions to stock gifts. (shrink)

In this paper I discuss two views that focus on the natural environment, namely (1) a western or “W” view (hereafter W) basedloosely on the kind of liberal outlook offered by John Rawls in A Theory of Justice and (2) a primal or “P” view (hereafter, P) stemming from environmental teachings of primal peoples. I suggest that while the W tradition has produced many truly helpful and comfortable amenities, it is nevertheless oriented toward commitments to resource acquisition and “detached” (...) objectivity of sorts that could ultimately lead human beings down paths of predictable and tragic destruction. I conclude that P needs to be seriously considered and, where possible, utilized to remold W to achieve a view with maximal environment-preserving possibilities. (shrink)

Manager stewardship behavior, defined as an ethical initiative whereby managers subjugate their personal interests to protect their organization’s long-term welfare, has been widely considered beneficial for organizations and subordinates. However, is manager stewardship behavior also viewed as good in the eyes of peers? This research examines peer reactions to manager stewardship behavior. Drawing on person perception theory, we expect that a peer may credit and support manager stewardship behavior or stigmatize and undermine it depending on (...) his or her attributions (organizational concern versus impression management). Study 1 (a vignette experiment: _n_ = 200) found that manager stewardship behavior is related to credit evaluation by a peer and subsequently increases peer support and decreases peer undermining when attributed to organizational concern motives; however, it is related to stigma evaluation by a peer and subsequently increases peer undermining and decreases peer support when attributed to impression management motives. Study 2 (_n_ = 221) replicated the results of Study 1 using a field survey design. These findings expand our understanding of the implications of stewardship behavior from a peer perspective and offer insight for managers into how to engage in stewardship behavior wisely. (shrink)

Over what is now a period of several decades, green political theorists have attempted to reconcile the political philosophy of John Rawls with impending environmental crises. Despite numerous attempts, the general consensus among those receptive to the idea that Rawls’ notion of “justice as fairness” can indeed be extended to incorporate environmental concerns is that such a theory cannot extend beyond minimal, “light” green notions of environmental justice. However, a theory of Rawlsian environmental stewardship can not only (...) allow for more ecocentric visions of environmental justice, but also complement the “freestanding” nature of his later, specifically political liberalism. (shrink)

Applying evidence from recently available public information on Enron, I defined Enron’s culture as one rooted in agency theory by asserting that Enron’s members were predominantly agency-reasoning individuals. I then identified conditions present at Enron’s collapse: a strong agency culture with collectively non-compliant norms, a munificent rare-failure environment, and new hires with little business ethics training. Turning to four possible antidotes (selection, objectivist integrity, integrity capacity, and stewardship reasoning) to an agency culture under these conditions, I argued that (...) the currently available ethics literature would have made little difference toward averting Enron’s collapse if any of the recommendations from the relevant ethics literature had been implemented. I conclude by identifying new directions for business ethics literature in order to make it more implementable under the conditions identified at Enron. Essentially, we need a way to clearly determine (1) the difference between connivance and commitment, (2) what is meant by balance with regard to the multiple dimensions of ethics and legal theories, and (3) the proper balance between agency and stewardship reasoning. (shrink)

Professional institutions are increasingly confronted by fiscal constraints and political pressures to improve and increase their accountability in a competitive consumer-driven market. Accordingly, the need to ensure efficiency and accountability is of strategic importance. This article reports on a qualitative study of medical professionals that assessed the utility of financial incentives and external control methods derived from agency theory to ensure accountability of professionals. The authors argue that approaches derived from stewardship and institutional theories can extend the principal–agent (...) perspective to sustain greater social and ethical accountability. (shrink)

If claims about which character traits are environmental virtues are to be more than rhetoric, there must be some basis or standard for evaluation. This naturalistic, teleological, pluralistic, and inclusive account of what makes a character trait an environmental virtue can be such a standard. It is naturalistic because it is consistent with and motivated by scientific naturalism. It is teleological becausecharacter traits are evaluated according to how well they promote certain ends. It is pluralistic because those ends are both (...) agent-relative and agent-independent. It is inclusive because it counts environmentally justified, environmentally responsive and environmentally productive virtues as environmental virtues. This theory of environmental virtue provides the basis for the development of a typology ofenvironmental virtue that includes virtues of sustainability, virtues of communion with nature, virtues of respect for nature, virtues of environmental activism, and virtues of environmental stewardship. (shrink)

The move towards having more teaching of business ethics comes in part from a tendency to view managers negatively, drawing on anti-management theories that are presently popular in business schools. This can lead to a misdiagnosis of the causes of contemporary business problems. Teaching business ethics can, however, be ineffectual and counter-productive. Education in ethical philosophy can lead managers to be indecisive, sceptical or to rationalize poor conduct. The ethics of academics become salient and lapses in them undercut their claims (...) to authority. The philosophical viewpoint that stresses free choice runs contrary to the social science mission to reveal the causes that determine human behaviour and provide solutions to problems. Pro-management theory offers a more positive appreciation of managers, with its three components of structural functionalism, strategic functionalism and stewardship. (shrink)

If claims about which character traits are environmental virtues are to be more than rhetoric, there must be some basis or standard for evaluation. This naturalistic, teleological, pluralistic, and inclusive account of what makes a character trait an environmental virtue can be such a standard. It is naturalistic because it is consistent with and motivated by scientific naturalism. It is teleological becausecharacter traits are evaluated according to how well they promote certain ends. It is pluralistic because those ends are both (...) agent-relative and agent-independent. It is inclusive because it counts environmentally justified, environmentally responsive and environmentally productive virtues as environmental virtues. This theory of environmental virtue provides the basis for the development of a typology ofenvironmental virtue that includes virtues of sustainability, virtues of communion with nature, virtues of respect for nature, virtues of environmental activism, and virtues of environmental stewardship. (shrink)

The argument of ‘Nuclear Song’ is pursued at various extremities of the damage done to poetic imagination by what the poem never quite names as ‘the’ nuclear. ‘Nuclear Song’ opens with an epigraph asking how far human agency, even the resources of poetic song, are complicit with anthropogenic radioactivity. Is there a poetic grammar for representing nuclear plumes and umbrellas, the yellow cake and toxic clouds of nuclear trauma that radiate from Japan through the English language? Can poetry even be (...) written after and in the light of Fukushima? What future-proof forms of memory stewardship and signage can survive the ruins of nuclear wastelands? What happens to the lyric stanza when it is irradiated, its very atoms split and fused in new compounds? This song of the nuclear anthropocene attempts to find nodes and notes of resistance to the metaphorical radiation emanating from the dark ecology of nuclear horizons. Amid the ruins, alternative ecologies of mourning and reconciliation with nuclear pains are imagined: imagination dead imagine. The unnatural history born witness to concludes with glimpses of wild boars in the radioactive environs of Fukushima, boars in search of the truffles of scarred art with which the poem begins. (shrink)

Financing Public Schools moves beyond the basics of financing public elementary and secondary education to explore the historical, philosophical, and legal underpinnings of a viable public school system. Coverage includes the operational aspects of school finance, including issues regarding teacher salaries and pensions, budgeting for instructional programs, school transportation, and risk management. Diving deeper than other school finance books, the authors explore the political framework within which the schools must function, discuss the privatization of education and its effects on public (...) schools, offer perspectives regarding education as an investment in human capital, and expertly explain complex financial and economic issues. This comprehensive text provides the tools to apply the many and varied fiscal concepts and practices that are essential for aspiring public school administrators who aim to provide responsible stewardship for their students. (shrink)

Management scholars, practitioners, and policy makers alike have sought to develop a deeper understanding of recent business crises—including corporate scandals, the collapse of financial institutions, and deep recession—in order to prevent their recurrence. Among the “culprits” that have been identified is Conventional management theory based upon a moral-point-of-view founded on assumptions of materialism and individualism. There have been calls to move beyond the dominant profit maximization paradigm and think about other, potentially more compelling, corporate objectives (Hamel, 2009 ). In (...) this article, we respond to those calls, and seek to develop what we call Radical resource-based theory (RBT), which draws from and contrasts with the highly-influential Conventional RBT. Radical RBT defines the value of resources more broadly than profit maximization, rarity as an occasion for stewardship, inimitability as an opportunity for teaching, and non-substitutability as an opportunity to meet a panoply of human needs. This augmentation of RBT promises to help managers and scholars address a myriad of problems that are insoluble under Conventional assumptions. More generally, it shows the value of broadening management theory to a radical perspective by relaxing assumptions of self-interest and materialism. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:Bioethics Reconsidered: Theory and Method in a Post-Christian, Post-Modern AgeH. Tristram Engelhardt Jr. (bio)A candid assessment of the moral significance of our post-Christian, post-modern era calls for a reconsideration of the very project of bioethics. For many bioethicists, concerns for theory and method are secondary. 1 These scholars presuppose a common morality and a reasonable, overlapping consensus regarding [End Page 336] an appropriate polity. They assume as (...) well that we, as humans, possess middle-level principles, casuistic capacities, and guiding intuitions that enable us, inter alia, to identify which allocations of health care are unfair, whether the purchase of organs from the poor is exploitative, and if physicians may require as a condition for treatment agreement on a professional standard for the disclosure of information in the acquisition of consent. In this account of bioethics, we are taken to share a content-full moral understanding. Theory may illuminate that understanding and method may resolve particular controversies, but neither is necessary to disclose the nature of the moral life in the domain of health care. The account presents us as bound by a content-full morality, about which we have pretheoretical knowledge and in terms of which we are able to reach appropriate decisions, even if we have competing theoretical understandings of that morality.This dominant account of bioethics has interesting similarities with Roman Catholic moral theology in assuming (1) the existence of a common canonical morality grounded in our nature, our sentiments, and/or our reason, as well as (2) the ability of reason, reflection, or analysis to disclose the substance of that morality. The difficulty is that there are diverse moral sentiments, sympathies, and visions. The depth of our disagreements can be gauged in our substantive disputes regarding abortion, physician-assisted suicide, and health care reform. Furthermore, no appeal to middle-level principles or to casuistry can bridge such differences when people really disagree. Such appeals only underscore what separates.Consider how an appeal to the principle of autonomy or justice in mediating disputes regarding the licensing of for-profit euthanatization services or the enactment of a health care proposal like that produced by the Clinton administration in 1993 (White House 1993) will only disclose how deep the disagreements are, if the disputants are a Rawlsian and a Nozickian (Rawls 1971, Nozick 1974). Or, consider an appeal to casuistry for the resolution of health care policy debates among parties, some of whom consider dumping and skimming to be morally exemplar acts of autonomy, frankness, and appropriate stewardship of resources (Engelhardt and Rie 1988), while the other parties regard them as exemplar acts of injustice. Such disputants will agree neither about the proper descriptions of the cases, nor about how to derive moral guidance from them, because they bring to the cases disparate moral senses and different understandings of moral rationality. In a world in which there are as many different accounts of fairness and justice as there are major religions, and where many may hold that exploiters are those who do not allow the poor to sell their organs to the rich, the presumption of a moral consensus or background morality (Bayertz 1994) serves more as an ideology than as a general authoritative moral disclosure. [End Page 337]In addition, it is not possible to choose among many 2 of the competing visions or accounts of justice, fairness, and appropriate behavior on the basis of sound rational argument. To choose authoritatively among competing content-full moralities or moral accounts, one must already have background moral guidance. If one is to choose the account that maximizes benefits over harms, one must be able to compare competing benefits. For example, in terms of consequences, one cannot compare liberty and equality outcomes without already knowing how to rank liberty and equality. One must already know the answer about which morality—e.g., the one that gives priority to liberty over equality, or the one that gives priority to equality over liberty—is authoritative. Nor will an appeal to preference satisfaction solve the difficulty of determining how to establish the canonical ethics and bioethics. One must first know how one should correct preferences, compare impassioned versus considered... (shrink)

Territorial disputes have defined modern politics, but political theorists and philosophers have said little about how to resolve such disputes fairly. Is it even possible to do so? If historical attachments or divine promises are decisive, it may not be. More significant than these largely subjective claims are the ways in which people interact with land over time. Building from this insight, Avery Kolers evaluates existing political theories and develops an attractive alternative. He presents a novel link between political legitimacy (...) and environmental stewardship, and applies these ideas in an extended and balanced discussion of the Israeli-Palestinian dispute. The result is the first systematic normative theory of territory, and an impressive example of applied philosophy. In addition to political theorists and philosophers, scholars and students of sociology, international relations, and human geography will find this book rewarding, as will anyone with wider interests in territory and justice. (shrink)

Environmental ethics calls into question whether moral obligations invariably arise within relationships and communities, and whether wrong can only be done if some identifiable party is harmed. The aim of this paper is to appraise these assumptions, to argue for negative answers, and to draw appropriate conclusions about the scope of moral standing (or moral considerability). Its findings include the conclusions that our moral obligations (or responsibilities) extend to people and non-human creatures of the foreseeable future, as far as the (...) impacts of present actions and policies can themselves be foreseen, that, that moral standing attaches to the possible people and other living creatures of the future, and (with Derek Parfit) that ethics is to some degree impersonal, being concerned with future quality of life for whoever lives in future centuries, whether they are currently identifiable or not. This in turn requires sustainable forms of social practice and of the human population. Another conclusion is that these findings are compatible with the approach of stewardship which the author has defended elsewhere, since stewardship need neither be anthropocentric nor managerial, and precludes current and future human agents treating the natural world as we please. (shrink)

This conceptual article has three parts: In the first, I discuss the shortcomings of treating the environment as a stakeholder and conclude that doing so is theoretically vague and lacks prescriptive force. In the second part, I recommend moving from broad notions of preserving nature and appeals to beauty to a more concrete analytic framework provided by the idea of human sustainability. Using sustainability as the focus of concern is significant as it provides us with a more tenable and quantifiable (...) standard for action, as in the case of carbon offsets and development of measures such as the United Nations Sustainability Indicators. In the final section, I draw on notions of stewardship to suggest that stakeholder management has a positive responsibility to promote sustainability. (shrink)

This study aims at analyzing the board structure and its impact on firm performance in the context of an emerging economy, Turkey. Emerging economies are characterised by poorly-developed legal systems, under-developed markets for corporate control and concentrated ownership structures. This context is expected to have an impact not only on the board structure but also on the relationship between board structure and firm performance. Drawing from agency, stewardship and resource dependence theories and emphasising the impact of the societal context (...) in line with macro institutional approaches, hypotheses are developed regarding the board structure/firm performance relationship. Findings tend to show that board structure does not have a significant impact on performance. (shrink)

This study aims at analyzing the board structure and its impact on firm performance in the context of an emerging economy, Turkey. Emerging economies are characterised by poorly-developed legal systems, under-developed markets for corporate control and concentrated ownership structures. This context is expected to have an impact not only on the board structure but also on the relationship between board structure and firm performance. Drawing from agency, stewardship and resource dependence theories and emphasising the impact of the societal context (...) in line with macro institutional approaches, hypotheses are developed regarding the board structure/firm performance relationship. Findings tend to show that board structure does not have a significant impact on performance. (shrink)

Some scholars have argued that CEOs may have excessive influence on their foundation's trustees to give away a portion of company profits to charitable causes in order to gain access to elite circles or support the CEO's personal causes. This may result in charitable contributions that ultimately serve the personal interests of the CEOs without regard to corporate interests or social needs. We examine the extent that CEOs appear to direct charitable giving to be compatible with their own personal interests, (...) and if CEO participation on the foundation board affects the relationship between CEO personal interests and charitable giving. Using a sample of 160 corporate foundations, our results showed that CEOs' interests, as measured by membership in different non-profit organizations, was associated with foundation charitable giving. This association decreased, but was not eliminated, when CEOs were absent from the foundation board. Implications of these findings for researchers and managers are discussed in regards to both agency theory and stewardship theory. (shrink)

We discuss how the approach taken by regulators to address financial reporting issues has a significant influence on tone at the top. While tone must ultimately be established internally, regulators are more likely to have a positive impact on the quality of financial reporting by addressing organizational tone. A strong tone at the top should ensure that the financial reports are characterized by greater transparency and complete disclosures, and a regulator’s response will depend upon their perspective as to what motivates (...) management. A compliance-based approach, rooted in agency theory’s assumption that managers act in their own best interests, seeks to mandate desirable behavior through elevated monitoring and reduced managerial discretion. Alternatively, an empowerment-based approach rooted in stewardship theory views managers as trustworthy guardians and grants them greater discretion without burdensome external monitoring. In practice, regulations fall on a continuum between these two approaches. To illustrate the continuum between compliance and empowerment, we present three cases in financial and tax reporting and examine the outcomes of these recent regulatory responses. We then provide conclusions regarding the effectiveness of each regulation by considering how tone was influenced within organizations. (shrink)

Research on corporate social responsibility has traditionally focused on managerial discretion and stakeholders’ influence. This study extends current research by addressing the effect of family firms and institutional owners on CSR performance, namely, CSR strengths and concerns. Based on stewardship theory and the socioemotional wealth perspective, we propose that family firms are more likely to value CSR performance. Next, drawing from multiple agency theory, we predict that institutional owners, unlike family owners, will influence a firm’s CSR performance (...) differently. We tested our hypotheses using a sample of 153 firms from 1994 to 2006 and found general support for our hypotheses. A higher percentage of family owned equity and the presence of a family CEO are found to increase CSR strengths, whereas transient institutional owners have an opposite effect. The presence of a family CEO and founding family are found to reduce CSR concerns. Contrary to our predictions, dedicated institutional owners are positively associated with CSR concerns. (shrink)

. American businesses and corporate executives are faced with a serious problem the loss of public confidence. Public criticism, increased government controls, and growing expectations for improved financial performance and accountability have accompanied this decline in trust. Traditional approaches to corporate governance, typified by agency theory and stakeholder theory, have been expensive to direct and have focused on short-term profits and organizational systems that fail to achieve desired results. We explain why the organizational governance theories are fundamentally, inadequate (...) to build trust. We advance a conceptual framework based on stewardship theory characterized by “covenantal relationships” and argue that design of governance mechanisms using a covenantal approach is more effective in building trust in organizations. A covenantal relationship is a specialized form of a relational contract between an employee and his or her organization. We argue that regardless of incentives and control mechanisms carefully designed through contractual mechanisms, in the absence of covenantal relationships it is extremely difficult to build trust within organizations. We propose that organizations are more likely to build trust – both at the organizational level and at the interpersonal level – when they create reinforcing and integrated systems that honor implied duties of “covenantal relationships.”. (shrink)

"An important contribution to contemporary jurisprudential debate and to legal thought more generally, Just Interpretations is far ahead of currently available work."--Peter Goodrich, author of Oedipus Lex "I was struck repeatedly by the clarity of expression throughout the book. Rosenfeld's description and criticism of the recent work of leading thinkers distinguishes his work within the legal theory genre. Furthermore, his own theory is quite original and provocative."--Aviam Soifer, author of Law and the Company We Keep.

This study relies on environmental stewardship, a stakeholder-enlarged view of stewardship theory, and institutional theory to analyze the relationship between CEO compensation and firms’ environmental commitment in a worldwide sample of 520 large listed firms. Our findings show that environment friendly firms pay their CEOs less total compensation and rely less on incentive-based compensation than environment careless firms. This negative relationship is stronger in institutional contexts where national environmental regulations are weaker. Our findings have important theoretical (...) meaning and practical implications. Results show that CEOs do not necessarily act opportunistically; rather some of them may be willing to act as stewards of the natural environment and accept a lower, less incentive-based compensation from environment friendly firms. This study also provides evidence of the important influence of the institutional context in setting-up CEO compensation as the relationship is stronger when national environmental regulations are weaker. Our findings question the universal validity of agency theory in explaining CEO compensation. Compensation based on pecuniary incentives might be less indicated to motivate CEOs who feel rewarded by playing a stewardship role for environment friendly firms. When designing compensation for CEOs, compensation committees and external compensation advisors should consider psychological and institutional factors that might affect CEO motivation. (shrink)