{"title":"Testing four nudges in socially responsible investments: Default winner by inertia","authors":"Luc Meunier, Sophie Richit","doi":"10.1111/beer.12612","DOIUrl":"10.1111/beer.12612","url":null,"abstract":"<p>Socially responsible investments (SRI) suffer from a lack of investments from individual investors, despite their positive attitudes toward SRI. This attitude–behavior gap is a serious issue, as SRI is often perceived as a way to promote sustainable development. We investigate nudges, especially the default option, as a way to encourage SRI. In a pre-registered study conducted in October 2021 with 1050 US investors, we pit four nudges against one another to encourage individual investors to invest in SRI. All nudges significantly increased investment in SRI compared with the control group. Making SRI the default option with frictions to opt-out is the most efficient intervention. This is closely followed by a default option without friction to opt out and option partitioning, which are not significantly different from each other. Precommitment, although statistically significant, has a modest effect on investment in SRI and is inferior to the other nudges. Overall, the two types of default as well as option partitioning are significant and impactful solutions for increasing investment in SRI.</p>","PeriodicalId":29886,"journal":{"name":"Business Ethics the Environment & Responsibility","volume":"33 3","pages":"392-415"},"PeriodicalIF":2.1,"publicationDate":"2023-09-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134958006","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"哲学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Market reactions to the Business Roundtable August 19, 2019 announcement on the Purpose of a Corporation","authors":"Jay Janney, Malika Chaudhuri","doi":"10.1111/beer.12594","DOIUrl":"10.1111/beer.12594","url":null,"abstract":"<p>The Business Roundtable's “Purpose of a Corporation” letter announced a shift from stockholder primacy to stakeholder primacy. Interestingly, we contend the letter's language employed a technical efficiency emphasis, suggesting a firm's executives chose to make this shift because they believed doing so would improve the firm's financial performance, via improved corporate governance. We examine whether investors actually accepted the technical efficiency arguments at face value, or in contrast believed the announcements were merely a “rational myth,” what management thought investors would want to hear. We employ a 2-day cumulative abnormal return (CAR) event study for 140 publicly-held firms. Overall, we find investor support for the announcement. In addition, we found how returns to firms with prior similar announcements were negative at the time of the announcement. Also, the returns for firms having multiple signatories were positive and significant.</p>","PeriodicalId":29886,"journal":{"name":"Business Ethics the Environment & Responsibility","volume":"33 3","pages":"241-250"},"PeriodicalIF":2.1,"publicationDate":"2023-09-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134903548","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"哲学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Putting entrepreneurship in corporate change agency: A typology of social intrapreneurs","authors":"Anne-Cathrin Darcis, Rüdiger Hahn, Elisa Alt","doi":"10.1111/beer.12600","DOIUrl":"10.1111/beer.12600","url":null,"abstract":"<p>Social intrapreneurs can help corporations to address grand challenges and create hybrid value—that is simultaneous commercial and social value—by identifying and exploring entrepreneurial opportunities that address social or environmental issues. However, we still know little about how individuals assume social intrapreneurial roles in corporations. Based on a qualitative study of social intrapreneurs and their supporters, we identify variations in social intrapreneurial profiles along two dimensions: the role of the social intrapreneur in the entrepreneurial process (idea initiator versus idea explorer), and their position (within core business departments versus within sustainability departments). We contribute to the literature by identifying four different types of social intrapreneurs as corporate change agents—the Visionary Business Insurgent, the Visionary Sustainability Transformer, the Enabled Business Expert, and the Enabled Sustainability Expert—and by shedding light on four pathways to social intrapreneurship that vary in initial levels of agency and ethical expression.</p>","PeriodicalId":29886,"journal":{"name":"Business Ethics the Environment & Responsibility","volume":"33 2","pages":"170-183"},"PeriodicalIF":2.1,"publicationDate":"2023-09-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/beer.12600","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135816272","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"哲学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Creating shared value through open innovation: Insights from the case of Enel industrial plants","authors":"Gianluca Gionfriddo, Andrea Mario Cuore Piccaluga","doi":"10.1111/beer.12611","DOIUrl":"10.1111/beer.12611","url":null,"abstract":"<p>Despite the significant attention gained by the concept of creating shared value (CSV) over the past decade, there is a lack of empirical research on corporate practices that achieve social and environmental benefits through CSV dynamics. Through an in-depth single case study, this research explores open innovation (OI) practices contributing to the grand challenge of climate change and their role as microfoundations in the three CSV dynamics proposed by Porter and Kramer: (1) reconceiving products and markets; (2) redefining productivity in the value chain; and (3) enabling local cluster development. Building on a 3-year (October 2019–October 2022) interaction with Enel—a very large company in the renewable energy sector—we collected qualitative data on the OI practices implemented in the construction, operating, and repurposing phases of three of its industrial sites. Employing a three-step data analysis process, the study identified 29 OI practices across the sites, which have been grouped into 11 CSV microfoundations. Our findings contribute to understanding the organizational factors in sustainable value creation by bridging the gap between CSV and OI literature and confirm the effectiveness of OI models for addressing societal challenges like climate change.</p>","PeriodicalId":29886,"journal":{"name":"Business Ethics the Environment & Responsibility","volume":"34 1","pages":"137-154"},"PeriodicalIF":3.6,"publicationDate":"2023-09-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/beer.12611","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135864314","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"哲学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Impact investing: Scientometric review and research agenda","authors":"Monica Singhania, Deepika Swami","doi":"10.1111/beer.12599","DOIUrl":"10.1111/beer.12599","url":null,"abstract":"<p>Innovations in aligning investment with sustainability led to impact investing, enabling investors to achieve conventional financial returns and measurable social and environmental returns. Since its inception in 2007, it has grown manifolds, with significant efforts being made to create a global ecosystem. However, due to limited academic literature, the theme is yet to garner the scholarly interest it deserves. In this study, we analyse and visualise a knowledge map of the impact investment research field through a comprehensive bibliometric analysis by employing a research corpus of 421 studies sourced from Web of Science and Scopus. We identify the growth trajectory, geographical concentration, productive and influential authors, journals and significant articles and examine the inter-disciplinarity of the field. The major research themes interlinked with impact investing included; social entrepreneurship, social innovation, social finance, impact investment market, innovative financial instruments, financialisation of essential services and impact reporting. To drive the field forward, future research needs to develop an impact investment ecosystem, address behavioural issues, stakeholder management and institutional context in impact investment theme, develop and diffuse innovative financial instruments, develop a framework for standardised accounting and reporting practices to measure financial and non-financial dimensions, tackle impact washing by fund managers, address lack of financial access to the third sector and develop the legal and regulatory framework for third sector organisations.</p>","PeriodicalId":29886,"journal":{"name":"Business Ethics the Environment & Responsibility","volume":"33 3","pages":"251-286"},"PeriodicalIF":2.1,"publicationDate":"2023-09-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135816946","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"哲学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Gregorio Sánchez-Marín, Gabriel Lozano-Reina, J. Samuel Baixauli-Soler
{"title":"Shareholder activism in listed family firms: Exploring the effectiveness of say-on-pay on CEO compensation","authors":"Gregorio Sánchez-Marín, Gabriel Lozano-Reina, J. Samuel Baixauli-Soler","doi":"10.1111/beer.12604","DOIUrl":"10.1111/beer.12604","url":null,"abstract":"<p>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 of UK listed firms from 2011 to 2018, our results show that SOP effectiveness is positively influenced by family ownership and is strongly moderated by family involvement in management and in governance as well as by family generation. Our findings stress the strong family effect and the ethical perceptions of family shareholders on SOP voting, showing how family participation in the firm encourages fairer and more aligned CEO compensation packages. SOP institutional and practical implications oriented to preserve shareholder value and family wealth are finally outlined.</p>","PeriodicalId":29886,"journal":{"name":"Business Ethics the Environment & Responsibility","volume":"33 3","pages":"308-330"},"PeriodicalIF":2.1,"publicationDate":"2023-09-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/beer.12604","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136308426","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"哲学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
R. M. Ammar Zahid, Umer Sahil Maqsood, Shoaib Irshad, Muhammad Kaleem Khan
{"title":"The role of women on board in combatting greenwashing: A new perspective on environmental performance","authors":"R. M. Ammar Zahid, Umer Sahil Maqsood, Shoaib Irshad, Muhammad Kaleem Khan","doi":"10.1111/beer.12607","DOIUrl":"10.1111/beer.12607","url":null,"abstract":"<p>This article aims to improve the understanding of corporate governance and environmental reporting literature by analyzing the impact of board gender diversity (BGD) on environmental performance, environmental disclosure, and greenwashing behavior. The panel regression estimation technique with fixed effects was applied to Chinese firm data. As a result, it was found that more women who served on corporate boards enhanced the company's environmental performance and disclosures while limiting greenwashing behavior. The result indicated that women in top management play a constructive role in establishing firms' active environmental initiatives. Furthermore, this relationship was nonlinear and exponentially increased when women's representation reached the threshold of 33.5% representation on board or higher. Based on the findings, no internal bias was found even after other governance and firm-level control factors and probable endogenies were considered and variable biases were omitted. Notably, the results present important implications for regulators and policymakers by highlighting the influential role of BGD in promoting environmentally responsible practices and reducing greenwashing.</p>","PeriodicalId":29886,"journal":{"name":"Business Ethics the Environment & Responsibility","volume":"34 1","pages":"121-136"},"PeriodicalIF":3.6,"publicationDate":"2023-09-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135063107","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"哲学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Asma Alawadi, Nada Kakabadse, Michael Morley, Nadeem Khan
{"title":"Diversified boards and the achievement of environmental, social, and governance goals","authors":"Asma Alawadi, Nada Kakabadse, Michael Morley, Nadeem Khan","doi":"10.1111/beer.12606","DOIUrl":"10.1111/beer.12606","url":null,"abstract":"<p>We explore the impact of board resources arising from diverse board members on the achievement of environmental, social, and governance (ESG) goals. Employing resource dependence theory as our frame and drawing on qualitative data from 41 interviews with board directors of publicly traded and privately held companies in the United Arab Emirates (UAE), we identify three key mechanisms underpinning the achievement of ESG goals, namely, the leveraging of particular connections, the deployment of different resources, and the harnessing of a range of diversity types. We find that the use of social resources is often related to environmental concerns and occasionally social goals, but rarely governance issues. We also find that financial motivations often drive environmental issues, while many of the social resources that added value occurred in the public sector. Importantly, the combining of both skill and social resources, rather than relying on each alone, was seen to increase the likelihood of achieving ESG goals. Our findings also point to the importance of board diversity in accomplishing the board's ESG goals, most especially functional diversity. We propose that such functional diversity, along with resources in the form of social resources and skills, needs to feature more prominently in order to improve ESG performance and outcomes. We highlight the implications of our work, especially regarding the establishment of board diversity policies beyond gender alone.</p>","PeriodicalId":29886,"journal":{"name":"Business Ethics the Environment & Responsibility","volume":"33 3","pages":"331-348"},"PeriodicalIF":2.1,"publicationDate":"2023-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135151235","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"哲学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Ifzal Ahmad, Dima Rachid Jamali, Muhammad Nisar Khattak
{"title":"Can organizations get away with greenwashing? CSR attributions and counterproductive sustainability behaviors","authors":"Ifzal Ahmad, Dima Rachid Jamali, Muhammad Nisar Khattak","doi":"10.1111/beer.12603","DOIUrl":"10.1111/beer.12603","url":null,"abstract":"<p>Over the past couple of decades, research on the perks of corporate social responsibility has reported that it is a source of competitive advantage and can increase the bottom-line performance of the organization. However, a somewhat small proportion of this research is focused on the ‘greenwash’ side, which posits that not all CSR would lead to positive impacts. By extending this line of research, the current study is aimed at investigating the differential impacts of CSR by developing a scale for the three-dimensional model of CSR attributions coined by Ahmad in 2017, that is, Embedded, P-Social, and P-Instrumental CSR, and testing the same with counterproductive sustainability behaviors. The attribution theory was used to explain the relationship between the study variables. Data (<i>N</i> = 311) were collected from the tourism and hospitality sectors. It was found that Embedded and P-Social CSR practices would be attributed to more genuine CSR and would lead to a reduction in counterproductive sustainability behaviors. Furthermore, the P-Instrumental CSR would be attributed to more selfish and instrumental practices and hence would be considered as greenwashing, which will consequently lead to enhancing counterproductive sustainability behaviors. The study further tested the mediating role of employees' organizational trust, which was also supported by the results. Several theoretical and practical implications are discussed.</p>","PeriodicalId":29886,"journal":{"name":"Business Ethics the Environment & Responsibility","volume":"34 1","pages":"103-120"},"PeriodicalIF":3.6,"publicationDate":"2023-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135152306","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"哲学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"A thorough examination of organizations from an ethical viewpoint: A bibliometric and content analysis of organizational virtuousness studies","authors":"Richa Goyal, Himani Sharma, Aarti Sharma","doi":"10.1111/beer.12597","DOIUrl":"10.1111/beer.12597","url":null,"abstract":"<p>The study comprehensively reviews previous research work in the domain of ‘<i>Organizational Virtuousness</i>’ (OV) using bibliometric and content analysis. It aims to provide insights into what is known about the field and where future research should be directed. As many as 193 published research articles during the last two decades (2004–2022) were retrieved from the Scopus database. These articles were thoroughly studied and then examined using VOSviewer and the Biblioshiny package of R software for bibliometric insights. The findings of the analysis have pinpointed the most influential journals, authors, and keywords and discovered seven research clusters. Notably, this study is one of the foremost attempts to review the extant research body on OV, and it inarguably helps and guides future research and practice.</p>","PeriodicalId":29886,"journal":{"name":"Business Ethics the Environment & Responsibility","volume":"33 1","pages":"129-144"},"PeriodicalIF":2.1,"publicationDate":"2023-09-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135395814","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"哲学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}