TITLE

SHAPING THE AGENDA OF SHAREHOLDER ACTIVISM: INSTITUTIONAL INVESTORS AND GLOBAL CORPORATE SOCIAL RESPONSIBILITY

AUTHOR(S)
Proffitt Jr., W. Trexler; Spicer, Andrew S.
PUB. DATE
August 2005
SOURCE
Academy of Management Annual Meeting Proceedings;2005, pH1
SOURCE TYPE
Conference Proceeding
DOC. TYPE
Proceeding
ABSTRACT
What role have activist institutional investors played in shaping an agenda of corporate social responsibility? We examine this question through an analysis of all shareholder proposals introduced from 1969 to 2003 on the topic of international human rights and labor standards, a topic we call Global Corporate Responsibility (GCR). Our analysis demonstrates that religious organizations, activist groups, and universities played an important early role in identifying and raising issues of corporate responsibility and validating the topic for shareholder concern in the early 1970s. We also identify an important role for public pension funds in championing this agenda over time, beginning in the 1980s. When public pension funds supported shareholder proposals on the GCR theme, campaigns attain a level of persistence and success that is more likely to attract the attention of managers. Issues that fail to involve public pension funds exhibit more variable life spans and success rates. Many types of institutional investors played an important role as innovators and supporters in bringing new issues to the foreground of public GCR debate. The support of large pension funds, however, largely determined the success of an issue in consistently garnering the attention of managers.
ACCESSION #
18783522

 

Related Articles

  • Disclosure of Environmental, Social and Governance Information Using Diverse Reporting Schemes. Zickiene, Skaidre; Juozaitiene, Liongina // Socialiniai Tyrimai;2013, Vol. 2013 Issue 2, p24 

    Organizations can improve their sustainable performance by measuring, monitoring and reporting on it and helping themselves to make a positive impact on society, economy sustainable future. Organizational sustainability or corporate social responsibility is obviously concerned with reporting for...

  • Face the music. Rock, Robert H. // Directors & Boards;2008 2nd Quarter, Vol. 32 Issue 3, p4 

    The article comments on changes in annual shareholder meetings as a result of resolutions forwarded by investors to improve boardroom accountability in the U.S. The proxy season in 2008 is also expected to be contentious after the Securities and Exchange Commission allowed companies to exclude...

  • Creating Corporate Accountability: Foundational Principles to Make Corporate Citizenship Real. Waddock, Sandra // Journal of Business Ethics;Apr2004 Part 1, Vol. 50 Issue 4, p313 

    This paper explores the growing array of initiatives aimed at creating corporate accountability with the goal of attempting to uncover the foundation principles that underlie them and create a "floor" below which practices are ethically questionable. Using the Global Compact's nine principles...

  • WHY AND WHEN COMPANIES CONTRIBUTE TO SOCIETAL GOALS: THE EFFECT OF RECIPROCAL STAKEHOLDER BEHAVIOR. HAHN, TOBIAS // Academy of Management Proceedings;2004, pD1 

    Applying the model of reciprocity from experimental economics to stakeholder behavior provides an empirically based economic explanation of corporate social conduct. Depending on the strategic and institutional settings reciprocal stakeholders can translate societal concerns into economic...

  • Green Practices. GRIESEL, DIAN // Equities;Sep2008, Vol. 57 Issue 6, p70 

    The article offers suggestions for companies on integrating corporate social responsibility (CSR) and investor relations (IR) programs. It recommends publicly-traded companies to gather information from their shareholders which will help in developing their program. It points out the need for a...

  • Japanese Firms' Response to CSR. Fujii, Yoshihiro // Economy, Culture & History Japan Spotlight Bimonthly;May/Jun2008, Vol. 27 Issue 3, p26 

    The article discusses the changes in Japanese corporate management as firms adopt more to the demands of corporate social responsibility (CSR). CSR is said to have become a stimulus for a change in the way firms in Japan are managed in the areas of employment, environment and shareholders. It is...

  • Stakeholder Theory and "The Corporate Objective Revisited ". Freeman, R. Edward; Wicks, Andrew C.; Parmar, Bidhan // Organization Science;May/Jun2004, Vol. 15 Issue 3, p364 

    Stakeholder theory begins with the assumption that values are necessarily and explicitly a part of doing business. It asks managers to articulate the shared sense of the value they create, and what brings its core stakeholders together. It also pushes managers to be clear about how they want to...

  • Making the Shift: Moving from "Ethics Pays" to an Inter-Systems Model of Business. Stormer, Flora // Journal of Business Ethics;Jun2003 Part 1, Vol. 44 Issue 4, p279 

    For several decades, business has operated according to the tenets of neoclassical economic theory, where the primary obligation of corporations is to maximize profit for shareholders. However, the larger social mandate for business has changed, represented by the rise of language such as...

  • Attitudes Towards Corporate Social Responsibility and Perceived Importance of Social Responsibility Information Characteristics in a Decision Context. Hai Yap Teoh; Shiu, Godwin Y. // Journal of Business Ethics;Jan1990, Vol. 9 Issue 1, p71 

    This study addressed the questions of perceived importance of social responsibility information (SRI) characteristics in a decision context, as well as the attitudes of institutional investors toward social responsibility involvement. The results showed that SRI presently disclosed in company...

Share

Read the Article

Courtesy of THE LIBRARY OF VIRGINIA

Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics