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Can corporate social responsibility help us understand the credit crisis?

  • Argandoña, Antonio

    ()

    (IESE Business School)

The financial crisis which started in the United States in 2007 and which has spread throughout the world has many causes, one of which is the abundance of unethical behavior on the part of many of those who made the financial decisions, such as regulators, supervisors, managers and employees, and also on the part of a not insignificant number of their customers. In this paper, we will seek to shed light on the crisis's ethical content and show how the generalized practice of corporate social responsibility within financial institutions could have helped reduce the magnitude of the crisis, perhaps not systemically but definitely in some of the organizations that have been most affected by the crisis. For this to happen, however, a particular concept of social responsibility would have to have been applied, a responsibility with an ethical basis - or, more specifically, a voluntarily assumed ethics that was capable of giving rise to self-generated duties among financial decision-makers.

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Paper provided by IESE Business School in its series IESE Research Papers with number D/790.

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Length: 27 pages
Date of creation: 19 Mar 2009
Date of revision:
Handle: RePEc:ebg:iesewp:d-0790
Contact details of provider: Postal: IESE Business School, Av Pearson 21, 08034 Barcelona, SPAIN
Web page: http://www.iese.edu/
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  1. Sinn, Hans-Werner, 2008. "The end of the wheeling and dealing," Munich Reprints in Economics 19637, University of Munich, Department of Economics.
  2. Argandoña, Antonio, 2001. "Management and acting "beyond the call of duty"," IESE Research Papers D/416, IESE Business School.
  3. Michael D. Bordo, 2008. "An Historical Perspective on the Crisis of 2007-2008," NBER Working Papers 14569, National Bureau of Economic Research, Inc.
  4. Claessens, Stijn & Kose, Ayhan & Terrones, Marco E, 2008. "What Happens During Recessions, Crunches and Busts?," CEPR Discussion Papers 7085, C.E.P.R. Discussion Papers.
  5. Bert Scholtens, 2006. "Finance as a Driver of Corporate Social Responsibility," Journal of Business Ethics, Springer, vol. 68(1), pages 19-33, September.
  6. Klaus Abberger & Wolfgang Nierhaus, 2008. "How to Define a Recession?," CESifo Forum, Ifo Institute for Economic Research at the University of Munich, vol. 9(4), pages 74-76, December.
  7. James Crotty & Gerald Epstein, 2008. "Proposals for Effectively Regulating the U.S. Financial System to Avoid Yet Another Meltdown," Working Papers wp181, Political Economy Research Institute, University of Massachusetts at Amherst.
  8. Markus K. Brunnermeier, 2008. "Deciphering the Liquidity and Credit Crunch 2007-08," NBER Working Papers 14612, National Bureau of Economic Research, Inc.
  9. Antonio Argandoña, 2008. "Integrating Ethics into Action Theory and Organizational Theory," Journal of Business Ethics, Springer, vol. 78(3), pages 435-446, March.
  10. Argandoña, Antonio, 2007. "Anthropological and ethical foundations of organization theory," IESE Research Papers D/707, IESE Business School.
  11. Enrique G. Mendoza & Marco E. Terrones, 2008. "An Anatomy Of Credit Booms: Evidence From Macro Aggregates And Micro Data," NBER Working Papers 14049, National Bureau of Economic Research, Inc.
  12. Argandoña, Antonio, 2004. "Conflicts of interest: The ethical viewpoint," IESE Research Papers D/552, IESE Business School.
  13. Douglas W. Diamond & Raghuram G. Rajan, 2009. "The Credit Crisis: Conjectures about Causes and Remedies," American Economic Review, American Economic Association, vol. 99(2), pages 606-10, May.
  14. Inmaculada Carrasco, 2006. "Ethics and Banking," International Advances in Economic Research, International Atlantic Economic Society, vol. 12(1), pages 43-50, February.
  15. John B. Taylor, 2009. "The Financial Crisis and the Policy Responses: An Empirical Analysis of What Went Wrong," NBER Working Papers 14631, National Bureau of Economic Research, Inc.
  16. Bert Scholtens, 2009. "Corporate Social Responsibility in the International Banking Industry," Journal of Business Ethics, Springer, vol. 86(2), pages 159-175, May.
  17. Hans-Werner Sinn, 2008. "The End of the Wheeling and Dealing," CESifo Forum, Ifo Institute for Economic Research at the University of Munich, vol. 9(4), pages 3-5, December.
  18. Martin Hellwig, 2008. "The Causes of the Financial Crisis," CESifo Forum, Ifo Institute for Economic Research at the University of Munich, vol. 9(4), pages 12-21, December.
  19. Argandoña, Antonio, 2009. "The common good of the company and the theory of organization," IESE Research Papers D/777, IESE Business School.
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