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Finance as a Driver of Corporate Social Responsibility

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Author Info
Bert Scholtens ()

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Abstract

Finance is grease to the economy. Therefore, we assume that it may affect corporate social responsibility (CSR) and the sustainability of economic development too. This paper discusses the transmission mechanisms between finance and sustainability. We find that there is no simple one-to-one relationship between financial development and sustainable development but there are various – often indirect – linkages. It appears that most of the literature concentrates on the role of public shareholders when it comes to changing corporate policy and performance in a more sustainable direction. However, this focus neglects the potential impact of the credit channel and private equity on a firm’s non-financial policies and performance. These very powerful mechanisms can govern business policies and practices. Therefore, there appears to be much more scope for finance to promote socially and environmentally desirable activities and to discourage detrimental activities than has been acknowledged in the academic literature so far. Copyright Springer Science+Business Media, Inc. 2006

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File URL: http://hdl.handle.net/10.1007/s10551-006-9037-1
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Publisher Info
Article provided by Springer in its journal Journal of Business Ethics.

Volume (Year): 68 (2006)
Issue (Month): 1 (September)
Pages: 19-33
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Handle: RePEc:kap:jbuset:v:68:y:2006:i:1:p:19-33

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Related research
Keywords: banks; corporate social responsibility; development; ethics; financial markets; socially responsible investments; sustainable development; G200; G300; L210; M140; Z130;

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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Argandoña, Antonio, 2009. "Can corporate social responsibility help us understand the credit crisis?," IESE Research Papers D/790, IESE Business School. [Downloadable!]
  2. Andreas Rasche & Dorothea Baur & Mariëtte Huijstee & Stephen Ladek & Jayanthi Naidu & Cecilia Perla & Esther Schouten & Michael Valente & Mingrui Zhang, 2008. "Corporations as Political Actors – A Report on the First Swiss Master Class in Corporate Social Responsibility," Journal of Business Ethics, Springer, vol. 80(2), pages 151-173, June. [Downloadable!] (restricted)
  3. Bert Scholtens, 2009. "Corporate Social Responsibility in the International Banking Industry," Journal of Business Ethics, Springer, vol. 86(2), pages 159-175, May. [Downloadable!] (restricted)
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