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Designed by law: Purpose, accountability, and transparency at benefit corporations

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  • Dilek Cetindamar

Abstract

The article explores the realization of major goals of the Benefit Corporation (BC) law, which is a corporation form designed for social enterprises in the United States in 2010. BCs have a dual mission of generating both profit and social value and hence they might have the potential to transform society. This paper attempts to observe the first movers established as BCs during the period of 2010–2012. By adopting the institutional theory approach, the study examines the realization of the BC law’s three major goals: purpose, accountability, and transparency. The paper utilizes the regulatory legitimacy concept to measure the discrepancy between design and implementation of law. The observations point out some of the challenges of establishing new innovative organizations through an institutional intervention of a law. Conclusions consist of implications of the study as well as suggestions for further studies.

Suggested Citation

  • Dilek Cetindamar, 2018. "Designed by law: Purpose, accountability, and transparency at benefit corporations," Cogent Business & Management, Taylor & Francis Journals, vol. 5(1), pages 1423787-142, January.
    • Handle: RePEc:taf:oabmxx:v:5:y:2018:i:1:p:1423787
    DOI: 10.1080/23311975.2018.1423787
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    Cited by:

    1. Giorgio Mion, 2020. "Organizations with Impact? A Study on Italian Benefit Corporations Reporting Practices and Reporting Quality," Sustainability, MDPI, vol. 12(21), pages 1-21, October.
    2. Giorgio Mion & Cristian R. Loza Adaui, 2020. "Understanding the purpose of benefit corporations: an empirical study on the Italian case," International Journal of Corporate Social Responsibility, Springer, vol. 5(1), pages 1-15, December.
    3. Tasneem Sadiq & Rob van Tulder & Karen Maas, 2022. "Building a Taxonomy of Hybridization: An Institutional Logics Perspective on Societal Impact," Sustainability, MDPI, vol. 14(16), pages 1-22, August.
    4. Ronald Weber Kirst & Miriam Borchardt & Maurício Nunes Macedo de Carvalho & Giancarlo Medeiros Pereira, 2021. "Best of the world or better for the world? A systematic literature review on benefit corporations and certified B corporations contribution to sustainable development," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 28(6), pages 1822-1839, November.
    5. Nissing, Pascal, 2023. "The potential of impact narratives for social entrepreneurship," KCE Schriftenreihe, FOM Hochschule für Oekonomie & Management, KCE KompetenzCentrum für Entrepreneurship & Mittelstand, volume 8, number 282191 edited by FOM Hochschule für Oekonomie & Management, KCE KompetenzCentrum für Entrepreneurship & Mittelstand, July.
    6. Giorgio Mion & Cristian Rolando Loza Adaui & Angelo Bonfanti, 2021. "Characterizing the mission statements of benefit corporations: Empirical evidence from Italy," Business Strategy and the Environment, Wiley Blackwell, vol. 30(4), pages 2160-2172, May.
    7. Mara Del Baldo & Federica Palazzi, 2023. "High-Growth Benefit Corporations: Leveraging on Intangibles—Insights from Italy," Sustainability, MDPI, vol. 15(14), pages 1-20, July.

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