Journal
JOURNAL OF BUSINESS ETHICS
Volume 52, Issue 1, Pages 125-139Publisher
SPRINGER
DOI: 10.1023/B:BUSI.0000033112.11461.69
Keywords
corporate governance; corporate social responsibility (CSR); corporate stakeholders; non-governmental organizations (NGOs); shareholder activism; socially responsible investing (SRI)
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In this article, we document the growing influence of non-governmental organizations (NGOs) in the realm of socially responsible investing (SRI). Drawing from ethical and economic perspectives on stakeholder management and agency theory, we develop a framework to understand how and when NGOs will be most influential in shaping the ethical and social responsibility orientations of business using the emergence of SRI as the primary influencing vehicle. We find that NGOs have opportunities to influence corporate conduct via direct, indirect, and interactive influences on the investment community, and that the overall influence of NGOs as major actors in socially responsible investment is growing, with attendant consequences for corporate strategy, governance, and social performance.
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