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Rethinking Capitalism questions the assumptions of a capitalist society and develops a theory of self and business that views both as inextricable from their communities. Using classical American pragmatism, Professor Emeritus of Business Ethics Rogene Buchholz analyzes the history of capitalistic thought and proposes that management be reconsidered as a profession akin to law or medicine - with a defined code of ethics and a concrete commitment to the public good, oriented toward service as well as profit and maximization of shareholder wealth.

Intro -- Introduction -- Part I - Managers: Beyond Regulation -- Chapter 1 - The Inevitable Instability of American Corporate Governance -- Chapter 2 - Values and Corporate Responsibility: A Personal Perspective -- Chapter 3 - Management as a Profession -- Part II - Reimagining Gatekeeper Identities -- Chapter 4 - The Regulators and the Financial Scandals -- Chapter 5 - The Professionalization of Corporate Directors -- Comment - Should Directors Be Professionals? -- Comment - Professionalization Does Not Mean Power or Accountability -- Comment - The Limits of Corporate Law in Promoting Good Corporate Governance -- Chapter 6 - The Auditor as Gatekeeper: A Perilous Expectations Gap -- Comment - The Audit and the Auditor's Central Role -- Chapter 7 - Professional Independence and the Corporate Lawyer -- Comment - The Dubious History and Psychology of Clubs as Self-Regulatory Organizations -- Chapter 8 - The Financial Scandals and the Demise of the Traditional Investment Banker -- Comment - Toward A Higher Standard of Conduct in Investment Banking -- Chapter 9 - Journalists and the Corporate Scandals: What Happened to the Watchdog? -- Part III - Report of the American Academy's Corporate Responsibility Steering Committee -- Corporate Responsibility Steering Committee -- Report of the American Academy's Corporate Responsibility Steering Committee -- About the Co-Chairs -- About the Authors.

PurposeThis paper attempts to prove that strategically investing in corporate social responsibility (CSR) will maximize profits while satisfying the demands from multiple stakeholders.Design/methodology/approachThe paper adopts a quantitative analysis and exploratory approach. It studies the CSR practices of 20 selected UK companies. The analysis of CSR policies is based on the global reporting initiative (GRI) guidelines. The analysis took a further step in examining the trends of earnings per share (EPS) of the selected companies.FindingsThe findings revealed that out of the 20 selected companies, only four achieved all six guidelines as per the GRI. In regression analysis of the variables CSR and EPS, a very weak (causal) but positive relationship was evident (R2=0.147).Research limitations/implicationsThe study was applied to 20 selected companies in the UK. Future research should be extended to a larger sample in order to analyze the strength of the relationship between EPS and CSR. The study applied variables of CSR based on GRI. Other measures may reveal different insights.Practical implicationsIn the strategic sense, CSR investments are not just another business cost but are essential for a firm's continued survival in the ever increasingly competitive business world of today. This understanding is crucial as there is an escalation of concern by both society and corporations in the modern world. More so, it is increasingly and widely accepted that attempting to isolate business from society is unrealistic and that dichotomising economic and social objectives as distinct and competing is false.Originality/valueThe paper applies the variable EPS and seeks to establish a relationship with the CSR as measured according to the GRI.

Purpose: This article aims to investigate the extent to which State-Owned Enterprises (SOEs) in Indonesia disclose their Corporate Social Responsibility (CSR) programs to the general public. Design/Methodology/Approach: Quantitative design is used as the main method in the study. Corporate profiling is used for analyzing SOEs profile and program profiling is used to analyze the profile of CSR programs implemented by SOEs. Findings: The study concludes that, first, SOEs under study disclose their CSR programs to the general public. In terms of indicators it is difficult to conclude that CSR programs disclosed by SOEs signify corporate virtuous citizenship embedding the initial ideas of CSR. Practical implications: Practical implications of the study are two-folds. First, that SOEs in Indonesia, need to strengthen the institutional drivers of CSR, and put pressure on companies to move beyond philanthropy, rhetoric, legitimization, imagery, and public relations to substantive engagement in CSR and genuine attempts at change and development. Second, the implementation of CSR programs by SOEs is judicially liable to public auditing. Originality/Value: The value of this study strengthens arguments which hold that the implementation of CSR, even implemented by SOEs, functions more as corporate survival mechanism rather than for solving social and environmental problems. ; peer-reviewed

Recently, the issues of social responsibility of business in the US and EU states have been extensively addressed not only by researchers, but also by CEOs of enterprises, politicians, executive governmental authorities, trade unions, non-governmental organisations. This can be judged from the increasing number of publications on this issue as well as states' governmental acts passed to initiate and encourage corporate social responsibility initiatives. The article deals with the development of social responsibility of business in the context of the prevailing economic and manageral theoretical models. Although the concept of corporate social responsibility has been developed in the second half of the 20th century, the social role of business has been mentioned in the English classical political economy research studies. We can state that A. Smith and D. Richard essentially formulated the elements of the concept of corporate social responsibility in business operating within the free competition scheme. K. Marx's theoretical models provide a specific conception of social responsibility, which is actually radically different from that of the classical English political economy approach. Through imposing the value added production function to the capital and by giving its critical assessment, Marx presented his interpretation of social responsibility of both market economy and of alleged public limited company.An important stage in the corporate social responsibility study was the introduction and promotion of stakeholders theory which was reviewed in detail by R. Freeman in his monograph in 1984. He then modified a conventional corporation input-output model which accepted only four groups of players as directly linked to the firm's activity: shareholders, workers, suppliers and customers, by expanding the influences' list to governmental bodies, political groups, trade associations, trade unions, communities, associated corporations, environmentalists, human and customer rights' proponents and other vested parties whose interests are important to business and undertakings. Stakeholders theory admits the importance of corporate responsibility and the necessity of related costs. It maintains that the support of stakeholders adds to formation of a firm-friendly environment and positively affects a firm's operation results. Despite its popularity, stakeholders theory however failed the overall unconditional acclaim and has been subject to criticism both in the theoretical and empirical aspects.Corporate social responsibility analysis has been closely related to strategic corporate governance issues. This is obviously featured in a rather popular resource-based view model. The model maintains that every firm possesses a unique specific combination of resources and competences. Should these resources and capacities prove to show indeed valued, unique, rare and indispensable, they can actually make for the exclusive competitive advantage to the firm. Certainly, companies strive to identify, sustain and develop this advantage.Modem society shows an obvious growing influence of corporate social responsibility supporters. It shoved be noted that stakeholders, who a couple decades ago used to demand managerial social responsibility, sought arguments in the defence of their positions primarily in the ethics research works. Lately there has been a general tendency to justify the social responsibility of business on the account of financial benefit consideration. Also, an important thing is that even amongst the conventional neoclassical economic scholars increasing are studies that attempt to justify the costs of corporate social programmes through revealing their efficiency on a long-term scale. As a joint-point to enable incorporation of social expenses in the neoclassical profit maximisation model, the conception of strategic investment has been used lately. Classical enterprise theory makes impossible the maximization of the two values simultaneously - the profit and social benefit. Some researchers, however, through the use of traditional macroeconomic analysis instruments, seek to prove that corporate social programmes should be approached as strategic investment. In this respect, the dimensions of profit and social responsibility maximisation coincide.In Lithuania, corporate social responsibility has been mostly assessed in the context of human resource theory. Empiric analysis in the field remains in its initial stage. ; Straipsnyje nagrinėjama verslo socialinės atsakomybės sampratos ir įtakos kaita paplitusių ekonomikos ir vadybos teorijų kontekste. Analizuojami valstybės institucijų, piliečių ir jų organizacijų verslo santykiai, atskleidžiamos verslo socialinių funkcijų traktuotės evoliucionuojant rinkos ūkiui. Korporacijų socialinės atsakomybės koncepcija buvo išplėtota antrojoje XX amžiaus pusėje, tačiau verslo socialinių funkcijų klausimo ištakos - anglų klasikinės politinės ekonomijos atstovų darbai. Svarbiu įmonių socialinės atsakomybės tyrinėjimo etapu tapo suinteresuotųjų grupių teorijos plėtra ir raida. Įmonės išteklių požiūrio teorijoje išryškėjo tendencija verslo socialinį atsakingumą grįsti finansine nauda. Net tradicinės neoklasikinės ekonominės minties atstovų darbuose gausėja argumentų, pateisinančių įmonių socialinių programų kaštus ilgą laikotarpį. Lietuvoje socialinės atsakomybės tyrimai plėtojami žmoniškųjų išteklių teorijos kontekste.

PURPOSE: In recent years, there has been a shift in the CSR approach, from voluntary action to regulations and legal acts imposing specific obligations on enterprises in terms of their responsibility toward communities and environment in which they operate. Researchers are still divided, but there are rising voices that the adoption of CSR principles is no longer a matter of voluntary practice. The aim of this article is to answer two research questions: 1) what is the managers' attitude to the legalization of CSR, and 2) are there any differences in this issue across cultures. The study shows the cross-cultural perspective from the EMEA region. ; DESIGN/METHODOLOGY/APPROACH: A qualitative approach and individual interviews have been chosen to gather reliable and in-depth information. Semi-structured, online interviews with six managers from EMEA region (three Polish citizens and three Tunisian citizens operating in the United Arab Emirates) were selected as the primary technique for data collection. Recorded and transcribed interviews were then analyzed using MAXQDA. ; FINDINGS: In Poland, where CSR is more institutionalized, managers are skeptical about the obligatory nature of this concept. In the UAE on the other hand, where CSR regulations are still lacking, imposing new obligations on enterprises is seen as a positive and even necessary phenomenon. ; PRACTICAL IMPLICATIONS: Managers' approach to CSR can be universal across the globe, but there is a significant difference how this concept is understood across cultures. Results of this study show a significant difference between managers' approach to legalization of CSR in Poland and the UAE and can contribute to a better alignment of national and international CSR regulations. ; ORIGINALITY/VALUE: The ambiguity of the results presented in the literature indicates the need for further research on the leaders' concern for responsibility, sustainability and its legalization. Furthermore, the literature lacks cross-cultural studies on managers' attitudes toward ...

PurposeThe concept of corporate social responsibility (CSR) has a long history associated with how it impacts on organizations' behavior. In order to understand CSR's impact on organization behavior, therefore, it is necessary to comprehend its progression. Subsequently, the purpose of this paper is to trace the conceptual evolution of CSR.Design/methodology/approachThe paper reviews the literature and adopts a chronological structure organized on a decade‐by‐decade basis. The results demonstrated that CSR research has changed constantly during the last 60 years.FindingsIn the 1950s the primary focus was on businesses' responsibilities to society and doing good deeds for society. In the 1960s key events, people and ideas were instrumental in characterizing the social changes ushered in during this decade. In the 1970s business managers applied the traditional management functions when dealing with CSR issues, while, in the 1980s, business and social interest came closer and firms became more responsive to their stakeholders. During the 1990s the idea of CSR became almost universally approved, also CSR was coupled with strategy literature and finally, in the 2000s, CSR became definitively an important strategic issue.Research limitations/implicationsThe focus of this work is on researches that have generated much of the original discourse on this issue, since it is difficult to cover all of the existing literature. In addition, this analysis of the conceptual evolution of CSR started with Bowen's, although earlier references can be found.Originality/valueThis paper provides didactical information of the conceptual evolution of CSR, also it advances on the discussion of the progress of CSR throughout time that has caught the attention of several researchers and finally it provides recommendations for further studies.