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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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File URL: http://www.iese.edu/research/pdfs/DI-0790-E.pdf
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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
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IESE Business School, Av Pearson 21, 08034 Barcelona, SPAIN

Web page: http://www.iese.edu/

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  1. Argandoña, Antonio, 2007. "Anthropological and ethical foundations of organization theory," IESE Research Papers D/707, IESE Business School.
  2. Bert Scholtens, 2006. "Finance as a Driver of Corporate Social Responsibility," Journal of Business Ethics, Springer, vol. 68(1), pages 19-33, September.
  3. Douglas W. Diamond & Raghuram Rajan, 2009. "The Credit Crisis: Conjectures about Causes and Remedies," NBER Working Papers 14739, National Bureau of Economic Research, Inc.
  4. Martin Hellwig, 2008. "The Causes of the Financial Crisis," CESifo Forum, Ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 9(4), pages 12-21, December.
  5. Stijn Claessens & M. Ayhan Kose & Marco E. Terrones, 2009. "What happens during recessions, crunches and busts?," Economic Policy, CEPR;CES;MSH, vol. 24, pages 653-700, October.
  6. 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.
  7. Argandoña, Antonio, 2009. "The common good of the company and the theory of organization," IESE Research Papers D/777, IESE Business School.
  8. Enrique G. Mendoza & Marco E. Terrones, 2008. "An anatomy of credit booms: evidence from macro aggregates and micro data," International Finance Discussion Papers 936, Board of Governors of the Federal Reserve System (U.S.).
  9. Michael D. Bordo, 2008. "An Historical Perspective on the Crisis of 2007-2008," NBER Working Papers 14569, National Bureau of Economic Research, Inc.
  10. Hans-Werner Sinn, 2008. "The End of the Wheeling and Dealing," CESifo Forum, Ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 9(4), pages 3-5, December.
  11. Argandoña, Antonio, 2004. "Conflicts of interest: The ethical viewpoint," IESE Research Papers D/552, IESE Business School.
  12. Bert Scholtens, 2009. "Corporate Social Responsibility in the International Banking Industry," Journal of Business Ethics, Springer, vol. 86(2), pages 159-175, May.
  13. Markus K. Brunnermeier, 2008. "Deciphering the Liquidity and Credit Crunch 2007-08," NBER Working Papers 14612, National Bureau of Economic Research, Inc.
  14. Antonio Argandoña, 2008. "Integrating Ethics into Action Theory and Organizational Theory," Journal of Business Ethics, Springer, vol. 78(3), pages 435-446, March.
  15. repec:kap:iaecre:v:12:y:2006:i:1:p:43-50 is not listed on IDEAS
  16. Argandoña, Antonio, 2001. "Management and acting "beyond the call of duty"," IESE Research Papers D/416, IESE Business School.
  17. James Crotty & Gerald Epstein, 2008. "Proposals for Effectively Regulating the U.S. Financial System to Avoid Yet Another Meltdown," UMASS Amherst Economics Working Papers 2008-15, University of Massachusetts Amherst, Department of Economics.
  18. Klaus Abberger & Wolfgang Nierhaus, 2008. "How to Define a Recession?," CESifo Forum, Ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 9(4), pages 74-76, December.
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