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Scholarly interest in the areas of sustainability, stakeholder relations and corporate social responsibility (CSR) has increased considerably in recent years. In this volume, we take a step back to consider the fundamental questions that underlie and tie research across these areas together. The chapters in this volume cover a wide range of theoretical perspectives grounded in strategy, economics and sociology, employ various methodological approaches, and offer new arguments on the connections that exist between firms' decisions relating to sustainability, CSR, and the governance of their stakeholder relations. The chapters in this volume highlight that business decisions relating to sustainability and CSR are ultimately decisions about the governance of stakeholder relations, and suggest that future work in these areas should consider more closely both the firms and their stakeholders as strategic actors driving firm decisions.

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Front Cover -- Sustainability, Stakeholder Governance, and Corporate Social Responsibility -- Copyright Page -- Contents -- List of Contributors -- About the Editors -- About the Authors -- Introduction: Contemplating the Connections between Sustainability, Stakeholder Governance, and Corporate Social Responsibility -- Ownership and Its Implications for Sustainability, Stakeholder Governance, and CSR -- Stakeholder Alignment and Coalitions -- Dynamic Evolution of Concepts and Industry Practices -- Directions for Future Research -- References -- Part I. Ownership and Its Implications for Sustainability, Stakeholder Governance, and CSR -- Stakeholders and Corporate Social Responsibility: An Ownership Perspective -- Introduction -- What is Ownership? -- A Thorny Concept -- A Judgment-based View of Ownership -- Ownership and Stakeholder Theory -- From a Shareholder to an Owner Perspective -- Ownership and Stakeholder Theory -- Ownership for All -- Ownership and Corporate Social Responsibility -- Conclusions -- Notes -- References -- Public versus Private Firms: Energy Efficiency, Toxic Emissions, and Abatement Spending -- Introduction -- Public versus Private: Does Ownership Affect Firm Behavior? -- Payoffs from Investments in Energy Efficiency and Pollution Abatement -- Data and Method -- Research Design -- Data Description -- Empirical Specification and Variables -- Energy Efficiency -- Toxic Emissions -- Abatement Spending -- Independent Variables -- Results -- Energy Efficiency -- Toxic Emissions -- Abatement Spending -- Discussion and Conclusion -- Notes -- Acknowledgments -- References -- The Interdependence of Public and Private Stakeholder Influence: A Study of Political Patronage and Corporate Philanthropy ... -- Introduction -- Theory and Hypothesis -- Stakeholder Pressure in Corporate Philanthropy -- Corporate Philanthropy -- Private and Public Stakeholders -- Interdependence of Stakeholder Pressure -- Effect of Political Patronage on Corporate Philanthropy -- Data and Method -- Empirical Context: Corporate Philanthropy in China -- Data and Measures -- Methods -- Results -- Robustness Tests -- Analysis of Merged Samples -- Discussion of Empirical Identification -- Discussion and Conclusion -- Theoretical Contributions -- Limitations and Future Research -- Notes -- Acknowledgments -- References -- State-owned Multinationals and Drivers of Sustainability Practices: An Exploratory Study of National Oil Companies -- Introduction -- National Oil Companies, Stakeholders, and Performance Imperatives -- The Importance of Sustainability in the Oil and Gas Industry -- Sustainability Disclosure, Monitoring, and Performance Outcomes: The Key Drivers -- Sustainability, Ownership, and Governance: The Internal Context -- Sustainability and the Role of Energy in Domestic Markets: The National Context -- Sustainability and the Benefits of Globalization: The International Context -- Methodology: Setting, Sample, and Hypothesis Testing -- Measures -- Analyti.
cal Approach and Methodology -- Results and Discussion -- Policy Implications and Suggestions for Future Research -- Limitations -- Conclusion -- Notes -- References -- Part II. Stakeholder Alignment and Coalitions -- Governing the Void between Stakeholder Management and Sustainability -- Introduction -- Managing for Stakeholders -- Is the Natural Environment a Stakeholder? -- Is Government a Stakeholder? -- The Wicked Problems of Sustainability -- Tame versus Wicked Environmental Problems -- Definition and Nature of the Problem -- Social Context and Type of Knowledge -- Sustainability via Stakeholders: Can We Get There from Here? -- Stakeholder Demand for Sustainability -- Ability of Firms to Meet Sustainability Demands -- The Role of Government in Sustainability -- Managing for Sustainability: Moving Forward -- Conclusion -- References -- Venture Capital’s Role in Creating a More Sustainable Society: The Role of Exits in Clean Energy’s Investment Growth -- Introduction -- The History of VC Investment in CE -- Private Equity VCs -- Unusual Success -- Theory and Hypotheses -- Inertia -- Peer Comparison -- Methods and Analysis -- Sample and Data Sources -- The Dependent Variable -- Independent Variables -- Control Variables -- Estimation Procedure -- Results -- Discussion of Results -- Implications for Sustainability and Corporate Social Responsibility -- Limitations and Future Directions -- The Dilemma of Funding Sustainable Innovation -- References -- CSR Strategic Implementation in MNEs: The Role of Subsidiaries’ Stakeholders -- Introduction -- Understanding MNEs’ CSR Initiatives: Stakeholders as the Missing Piece -- CSR and International Operations: Mixed Findings -- MNE Stakeholder Governance and CSR -- Stakeholder Governance at the Subsidiary Level -- Stakeholders and MNE Subsidiaries’ CSR implementation -- Stakeholder Demands and CSR -- Liability of Foreignness, Stakeholders, and CSR -- Network Embeddedness, Stakeholders, and CSR -- Conclusions and Directions for Future Research -- Notes -- References -- Large Corporations, Social Capital, and Community Philanthropy -- Introduction -- Large Corporations and Community Philanthropy -- Direct Engagement of Large Corporations in Community Philanthropy -- Social Capital and Community Philanthropy -- The Indirect Influence of Large Corporations on Elite and Working-class Social Capital -- Context: The United Way -- Methods and Analyses -- Sample and Units of Analysis -- Dependent Variable -- Independent Variables -- Elite Social Capital -- Working-class Social Capital -- Corporate Density -- Control Variables -- Statistical Models -- Results -- Direct Corporate Contributions to Community Philanthropy -- Social Capital and Contributions to Community Philanthropy -- Indirect Effects of Corporations -- Additional Analysis of Large Corporation Influences -- Additional Analysis of Working-class Social Capital -- Discussion -- Notes -- Acknowledgments -- References -- Re-thinking the CSP–CFP Linkage: A.
nalyzing the Mechanisms Involved in Translating Socially Responsible Behavior to Financia... -- Markets and Social Responsibility -- Reexamining the CSP–CFP Linkage -- Relational/Reputational Mechanism -- Market-based Relational/Reputational Mechanism -- Capture of Information About Firm’s Social Behavior by Stakeholders -- Diffusion of Information to Key Stakeholders -- Changes in Corporate Image and Legitimacy -- Change in Stakeholder Behavior -- Financial Impact -- Institutional Relational/Reputational Mechanism -- Marketized Environmental and Social Impact -- Regulatory Proceedings, Fines, and Lawsuits -- Social Movement and Grassroots Pressure -- Capture of Information about Firm’s Environmental and Social Impact by Stakeholders -- Material and/or Symbolic Gain or Loss Caused by a Stakeholder in Response to the Firm’s Environmental and Social Impact -- Financial Impact -- Capabilities Mechanism -- Stakeholders’ Capabilities Mechanism -- Firm’s Social Behavior Affecting Stakeholders’ Capabilities -- Affected Stakeholder Capabilities Impacting Firms’ Financial Performance -- Financial Impact -- Firm Capabilities Mechanism -- Firm Capability Generated Through Its Social Behavior -- Knowledge, Resource or Capability Utilized toward Firm’s Business Objectives -- Financial Impact -- Discussion -- Notes -- References -- Part III. Dynamic Evolution of Concepts and Industry Practices -- Naturalizing Sustainability: How Industry Actors Make Sense of a Threatening Concept -- Theoretical Background -- Interpreting Sustainability -- Industry-level Processes of Concept Interpretation -- Research Context and Method -- Empirical Setting: Civil Aviation -- Research Approach -- Data Sources -- Observation at Industry Events -- Interview Data -- Data Analysis -- Findings -- Antecedents of Naturalization -- Legitimacy Threat -- Image-ethos Dissonance -- Naturalizing Sustainability -- Relabeling -- Bundling -- Zooming Out -- Outcomes of Naturalization -- Affirming the Industry Ethos -- Concept-ethos Resonance -- Concept Corruption -- Discussion -- Limitations, Directions for Future Research, and Conclusion -- Notes -- Acknowledgments -- References -- Doing Well by Doing Good: A Comparative Analysis of ESG Standards for Responsible Investment -- Introduction -- The Case of Responsible Investment -- Accounting, Rating, and Reporting Standards for Responsible Investment -- Organizational Imprinting -- Data and Methods -- Findings -- Specifying the Standards Organizations -- Comparing the Standards -- Defining Materiality -- Determining Materiality -- Stakeholder Relations -- Stakeholder Engagement -- Conclusion -- Acknowledgments -- References -- The Effect of Market and Nonmarket Competition on Firm and Industry Corporate Social Responsibility -- Theoretical Background -- Firm-level Analysis -- Estimation Results of Firm-level Analysis -- Industry-level Analysis -- Theoretical Specification -- Empirical Specification and Results -- Empirical Setting and Results --.