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False Dawn for CSR? Shifts in regulatory policy and the response of the corporate and financial sectors in Britain

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  • Simon Deakin
  • Richard Hobbs

Abstract

We present a model of CSR as a set of mechanisms for aligning corporate behaviour with the interests of society in reducing externalities and promoting a sustainable corporate sector. These mechanisms include voluntary action by companies to go above minimum legal standards, with the aim of enhancing competitiveness (“action beyond compliance”); interventions by regulators designed to promote self‐regulation by industry (“reflexive law”); and steps taken by shareholders to put pressure on companies to make effective use of corporate assets (“shareholder engagement”). We then assess the degree to which the model is realised in current British practice. Focusing on the issue of working conditions, we find managerial resistance to the linking of CSR with internal employee relations, and obstacles to shareholder engagement on this issue.

Suggested Citation

  • Simon Deakin & Richard Hobbs, 2007. "False Dawn for CSR? Shifts in regulatory policy and the response of the corporate and financial sectors in Britain," Corporate Governance: An International Review, Wiley Blackwell, vol. 15(1), pages 68-76, January.
    • Handle: RePEc:bla:corgov:v:15:y:2007:i:1:p:68-76
    DOI: 10.1111/j.1467-8683.2007.00543.x
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    Cited by:

    1. Jędrzej G. Frynas, 2008. "Corporate Social Responsibility and International Development: Critical Assessment," Corporate Governance: An International Review, Wiley Blackwell, vol. 16(4), pages 274-281, July.
    2. Marc Goergen & Salim Chahine & Geoffrey Wood & Chris Brewster, 2015. "Public Listing, Context and CSR: The Effects of Legal Origin," John H Dunning Centre for International Business Discussion Papers jhd-dp2015-09, Henley Business School, University of Reading.
    3. Rachelle Belinga & Blanche Segrestin, 2019. "A conceptual mapping of the logics of institutional investors' corporate governance responsibilities: The case for "custodian" investor stewardship," Post-Print hal-02444756, HAL.
    4. Gregory Jackson & Androniki Apostolakou, 2010. "Corporate Social Responsibility in Western Europe: An Institutional Mirror or Substitute?," Journal of Business Ethics, Springer, vol. 94(3), pages 371-394, July.
    5. Semenescu Andreea & Curmei Cătălin Valeriu, 2015. "Using CSR to mitigate information asymmetry in the banking sector," Management & Marketing, Sciendo, vol. 10(4), pages 316-329, December.
    6. Mariusz Zielinski & Izabela Jonek-Kowalska, 2020. "Profitability of Corporate Social Responsibility Activities from the Perspective of Corporate Social Managers," European Research Studies Journal, European Research Studies Journal, vol. 0(2), pages 264-280.
    7. M. Isabel Sánchez-Hernández & Jose Luis Vázquez-Burguete & Maria P. García-Miguélez & Ana Lanero-Carrizo, 2021. "Internal Corporate Social Responsibility for Sustainability," Sustainability, MDPI, vol. 13(14), pages 1-14, July.
    8. Rachelle Belinga & Blanche Segrestin, 2016. "Proxy voting policies as tools for shareholder engagement in CSR: an exploratory study," Post-Print hal-01312918, HAL.
    9. Clive Boddy & Richard Ladyshewsky & Peter Galvin, 2010. "The Influence of Corporate Psychopaths on Corporate Social Responsibility and Organizational Commitment to Employees," Journal of Business Ethics, Springer, vol. 97(1), pages 1-19, November.
    10. Windsor, Duane, 2009. "Tightening corporate governance," Journal of International Management, Elsevier, vol. 15(3), pages 306-316, September.
    11. Christian Voegtlin & Michelle Greenwood, 2016. "Corporate social responsibility and human resource management: A systematic review and conceptual analysis," Post-Print hal-01481479, HAL.
    12. Goergen, Marc & Chahine, Salim & Wood, Geoffrey & Brewster, Chris, 2019. "The relationship between public listing, context, multi-nationality and internal CSR," Journal of Corporate Finance, Elsevier, vol. 57(C), pages 122-141.
    13. Ans Kolk & Jonatan Pinkse, 2010. "The integration of corporate governance in corporate social responsibility disclosures," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 17(1), pages 15-26, January.
    14. Dolores Gallardo-Vázquez & José Antonio Folgado-Fernández & Francisco Hipólito-Ojalvo & Luis Enrique Valdez-Juárez, 2020. "Social Responsibility Attitudes and Behaviors’ Influence on University Students’ Satisfaction," Social Sciences, MDPI, vol. 9(2), pages 1-21, January.
    15. Rachelle Belinga & Blanche Segrestin, 2019. "A conceptual mapping of the logics of institutional investors' corporate governance responsibilities: The case for "custodian" investor stewardship," Post-Print hal-02167819, HAL.
    16. Dima Jamali & Asem M. Safieddine & Myriam Rabbath, 2008. "Corporate Governance and Corporate Social Responsibility Synergies and Interrelationships," Corporate Governance: An International Review, Wiley Blackwell, vol. 16(5), pages 443-459, September.

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