Governance and sustainability: An investigation into the relationship between corporate governance and corporate sustainability

Management Decision

Volumn 46, Issue 3, 2008, Pages 433-448

  Aras, Güler ^a   Crowther, David ^b  

^a YILDIZ TECHNICAL UNIVERSITY   (Turkey)

^b DE MONTFORT UNIVERSITY   (United Kingdom)

Author keywords

Corporate governance; Economic sustainability; Financial performance; Sustainable development

Indexed keywords

EID: 42049106003     PISSN: 00251747     EISSN: None     Source Type: Journal    
DOI: 10.1108/00251740810863870     Document Type: Article

References (66)

1. Ackerman, R.W. (1975), The Social Challenge to Business, Harvard University Press, Cambridge, MA.
2. Agrawal, A. and Knoeber, C.R. (1996), "Firm performance and mechanisms to control agency problems between managers and shareholders", Journal of Financial and Quantitative Analysis, Vol. 31 No. 3, pp. 377-98.
3. Aras, G. and Crowther, D. (2007a), "Is the global economy sustainable?", in Barber, S. (Ed.), The Geopolitics of the City, Forum Press, London, pp. 165-94.
4. Aras, G. and Crowther, D. (2007b), "Sustainable corporate social responsibility and the value chain", in Crowther, D. and Zain, M.M. (Eds), New Perspectives on Corporate Social Responsibility, MARA University Press, Shah Alam, pp. 119-40.
5. Becht, M., Bolton, P. and Roell, A. (2002), "Corporate governance and control", working paper, ECGI, Brussels.
6. Beder, S. (1997), Global Spin: The Corporate Assault on Environmentalism, Green Books, London.
7. Beiner, S., Drobetz, W., Schmid, M.M. and Zimmerman, H. (2004), "An integrated framework of corporate governance and firm valuation - evidence from Switzerland", working paper No. 34/2004, European Corporate Governance Institute, Brussels.
8. Bhagat, S. and Black, B. (1999), "The uncertain relationship between board composition and firm performance", The Business Lawyer, Vol. 54 No. 3, pp. 921-63.
9. Bhagat, S. and Jefferis, R.H. (2002), The Econometrics of Corporate Governance Studies, The MIT Press, Cambridge, MA.
10. Boele, R., Fabig, H. and Wheeler, D. (2001), "Shell, Nigeria and the Ogoni. A study in unsustainable development: II. Corporate social responsibility and 'stakeholder management' versus a rights-based approach to sustainable development", Sustainable Development, Vol. 9 No. 3, pp. 121-35.
11. Burke, L. and Longsdon, J.M. (1996), "How corporate social responsibility pays off", Long Range Planning, Vol. 29 No. 4, pp. 495-502.
12. Bushman, R.M. and Smith, A.J. (2001), "Financial accounting information and corporate governance", Journal of Accounting and Economics, Vol. 32, pp. 237-333.
13. BP (2007), BP Annual Review 2007, available at: www.bp.com.
14. Chambers, R. (1994), "The origins and practice of participatory rural appraisal", World Development, Vol. 22 No. 7, pp. 953-69.
15. Coles, J.W., McWilliams, V.B. and Sen, N. (2001), "An examination of the relationship of governance mechanisms to performance", Journal of Management, Vol. 7, pp. 23-50.
16. Cowen, S.S., Ferreri, L.B. and Parker, L.D. (1987), "The impact of corporate characteristics on social responsibility disclosure: A typology and frequency-based analysis", Accounting, Organizations and Society, Vol. 12 No. 2, pp. 111-22.
17. Cox, P., Brammer, S. and Millington, A. (2004), "An empirical examination of institutional investor preferences for corporate social performance", Journal of Business Ethics, Vol. 52, pp. 27-43.
18. Crowther, D. (2000), "Corporate reporting, stakeholders and the internet: Mapping the new corporate landscape", Urban Studies, Vol. 37 No. 10, pp. 1837-48.
19. Crowther, D. (2002), A Social Critique of Corporate Reporting, Ashgate, Aldershot.
20. Crowther, D., Davies, M. and Cooper, S. (1998), "Evaluating corporate performance: A critique of economic value added", Journal of Applied Accounting Research, Vol. 4 No. 3, pp. 2-34.
21. Dalton, D.R., Daily, C.M., Ellstrand, A.E. and Johnson, J.L. (1998), "Meta-analytic reviews of board composition, leadership structure, and financial performance", Strategic Management Journal, Vol. 19 No. 3, pp. 269-90.
22. Demsetz, H. and Villalonga, B. (2002), "Ownership structure and corporate performance", Journal of Corporate Finance, Vol. 7, pp. 209-33.
23. Durnev, A. and Kim, E.H. (2005), "To steal or not to steal: Firm attributes, legal environment, and valuation", Journal of Finance, Vol. 60 No. 3, pp. 1461-93.
24. Dyllick, T. and Hockerts, K. (2002), "Beyond the business case for corporate sustainability", Business Strategy & the Environment, Vol. 11, pp. 130-41.
25. Freedman, R.E. and Reed, D.L. (1983), "Stockholders and stakeholders: A new perspective on corporate governance", California Management Review, Vol. 25 No. 3, pp. 88-106.
26. Gilmore, C.G. and Willmott, H. (1992), "Company law and financial reporting: A sociological history of the UK experience", in Bromwich, M. and Hopwood, A. (Eds), Accounting and the Law, Prentice-Hall, Hemel Hempstead, pp. 159-91.
27. Gompers, P.A., Ishii, J.L. and Metrick, A. (2001), "Corporate governance and equity prices", working paper 8449, National Bureau of Economic Research, Cambridge, MA.
28. Gray, R. (1992), "Accounting and environmentalism: An exploration of the challenge of gently accounting for accountability, transparency and sustainability", Accounting, Organizations & Society, Vol. 17 No. 5, pp. 399-425.
29. Gray, R., Owen, D. and Maunders, K. (1987), Corporate Social Reporting: Accounting and Accountability, Prentice-Hall, London.
30. Gray, R., Javad, M., Power, D.M. and Sinclair, C.D. (2001), "Social and environmental disclosures and corporate characteristics: A research note and extension", Journal of Business, Finance and Accounting, Vol. 28 Nos 3/4, pp. 327-56.
31. Gray, R.H. and Bebbington, K.J. (2001), Accounting for the Environment, Sage, London.
32. Hart, S.L. (1997), "Beyond greening: Strategies for a sustainable world", Harvard Business Review, Vol. 75 No. 1, pp. 67-76.
33. Hart, S.L. and Milstein, M.B. (2003), "Creating sustainable value", Academy of Management Executive, Vol. 17 No. 2, pp. 56-67.
34. Hawken, P. (1993), The Ecology of Commerce, Weidenfeld & Nicholson, London.
35. Heracleous, L. (2001), "What is the impact of corporate governance on organizational performance?", Corporate Governance: An International Review, Vol. 9 No. 3, pp. 165-73.
36. Hermalin, B.E. (2005), "Trends in corporate governance", Journal of Finance, Vol. 60 No. 5, pp. 2351-84.
37. Herremans, I.M., Akathaparn, P. and McInnes, M. (1992), "An investigation of corporate social responsibility, reputation and economic performance", Accounting, Organizations & Society, Vol. 18 Nos 7/8, pp. 587-604.
38. Hutton, W. (1997), Stakeholding and its Critics, IEA Health and Welfare Unit, London.
39. Johnson, R.A. and Greening, D.W. (1999), "The effects of corporate governance and institutional ownership types on corporate social performance", Academy of Management Journal, Vol. 42 No. 5, pp. 564-76.
40. Joyner, B.E. and Payne, D. (2002), "Evolution and implementation: A study of values, business ethics and corporate social responsibility", Journal of Business Ethics, Vol. 41, pp. 297-311.
41. Knox, S. and Maklan, S. (2004), "Corporate social responsibility: moving beyond investment towards measuring outcomes", European Management Journal, Vol. 22 No. 5, pp. 508-16.
42. McDonald, D. and Puxty, A.G. (1979), "An inducement-contribution approach to corporate financial reporting", Accounting, Organizations & Society, Vol. 4 Nos 1/2, pp. 53-65.
43. Marsden, C. (2000), "The new corporate citizenship of big business: part of the solution to sustainability", Business & Society Review, Vol. 105 No. 1, pp. 9-25.
44. Mayhew, N. (1997), "Fading to grey: The use and abuse of corporate executives' 'representational power'", in Welford, R. (Ed.), Hijacking Environmentalism: Corporate Response to Sustainable Development, Earthscan, London, pp. 63-95.
45. Michael, B. and Gross, R. (2004), "Running business like a government in the new economy: Lessons for organizational design and corporate governance", Corporate Governance, Vol. 4 No. 3, pp. 32-46.
46. Millstein, I.M. and MacAvoy, P.W. (1998), "The active board of directors and performance of the large publicly traded corporation", Columbia Law Review, Vol. 98 No. 5, pp. 1283-322.
47. Mishan, E.J. (1967), The Costs of Economic Growth, Pelican, Harmondsworth.
48. Ormerod, P. (1994), The Death of Economics, Faber and Faber, London.
49. Patterson, J. (2002), "The Patterson Report: Corporate governance and corporate performance research", available at: www.thecorporatelibrary.com/study/patterson.asp.
50. Popper, K.R. (1959), The Logic of Scientific Discovery, Hutchinson, London.
51. Pretty, J.N. (1995), "Participatory learning for sustainable agriculture", World Development, Vol. 23 No. 8, pp. 1247-63.
52. Reed, R. and DeFillippi, R.J. (1990), "Causal ambiguity, barriers to imitation, and sustainable competitive advantage", Academy of Management Review, Vol. 15 No. 1, pp. 88-102.
53. Romano, R. (2004), "The Sarbanes-Oxley Act and the making of quack corporate governance", working paper no. 52/2004, European Corporate Governance Institute, Brussels.
54. Rubenstein, D.B. (1992), "Bridging the gap between green accounting and black ink", Accounting Organizations & Society, Vol. 17 No. 5, pp. 501-8.
55. Schmidheiny, S. (1992), Changing Course, MIT Press, New York, NY.
56. Sethi, S.P. (2002), "Standards for corporate conduct in the international arena: Challenges and opportunities for multinational corporations", Business and Society Review, Vol. 107 No. 1, pp. 20-40.
57. Shleifer, A. and Vishny, R.W. (1997), "A survey of corporate governance", Journal of Finance, Vol. 52 No. 2, pp. 737-83.
58. Spangenberg, J.H. (2004), "Reconciling sustainability and growth: criteria, indicators, policy", Sustainable Development, Vol. 12, pp. 76-84.
59. Sternberg, E. (1997), "The defects of stakeholder theory", Corporate Governance: An International Review, Vol. 6 No. 3, pp. 151-63.
60. Sternberg, E. (1998), Corporate Governance: Accountability in the Marketplace, IEA, London.
61. Tinker, T. (1988), "Panglossian accounting theories: The science of apologising in style", Accounting, Organizations & Society, Vol. 13 No. 2, pp. 165-89.
62. Van den Berghe, L. (2001), "Beyond corporate governance", European Business Forum, Vol. 5, Spring.
63. van Marrewijk, M. and Werre, M. (2003), "Multiple levels of corporate sustainability", Journal of Business Ethics, Vol. 44 Nos 2/3, pp. 107-19.
64. Waddock, S.A. and Graves, S.B. (1997), "The corporate social performance-financial performance link", Strategic Management Journal, Vol. 18 No. 4, pp. 303-19.
65. WCED (World Commission on Environment and Development) (1987), Our Common Future (The Brundtland Report), Oxford University Press, Oxford.
66. Zwetsloot, G.I.J.M. (2003), "From management systems to corporate social responsibility", Journal of Business Ethics, Vol. 44 Nos 2/ 3, pp. 201-7.