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Reputational Penalties in Financial Markets: An Ethical Mechanism?

Author

Listed:
  • Peter-Jan Engelen

    (Universiteit Utrecht / Utrecht University [Utrecht])

  • Marc van Essen

    (Erasmus University Rotterdam (The Netherlands, Rotterdam) - EUR)

Abstract

Responsible investment (RI) and responsible corporate behaviour received a lot of attention during the last decade in the corporate social responsibility (CSR) literature (McWilliams and Siegel 2001, 2006). After the U.S. and European financial markets were being troubled in the early 2000s by several major scandals like Enron, Worldcom, Tyco and Parmalat, financial ethics received a lot of attention by the public as well. Irresponsible corporate behaviour can occur in different ways such as corruption, market abuse, fraud, insider trading, ecological harm, racial or sexual discrimination. Examples include foreign briberies to get supply contracts (Volkswagen), insider trading ahead of a profit warning (EADS), lower salaries for female employees (Wal-Mart), and worker's conditions in Indonesia (Nike).

Suggested Citation

  • Peter-Jan Engelen & Marc van Essen, 2011. "Reputational Penalties in Financial Markets: An Ethical Mechanism?," Post-Print hal-05690317, HAL.
    • Handle: RePEc:hal:journl:hal-05690317
    DOI: 10.1007/978-90-481-9319-6_4
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