RBL Lecture 4 - Responsibility PDF

RESPONSIBLE BUSINESS LEADERSHIP Lecture 4 - Responsibility Ferran Torres Nadal [email protected] RSM Erasmus University Department of Business-Society Management RSM – A force for positive change 2 3 0. A Quick Reminder Responsibility...

RESPONSIBLE BUSINESS LEADERSHIP Lecture 4 - Responsibility Ferran Torres Nadal [email protected] RSM Erasmus University Department of Business-Society Management RSM – A force for positive change 2 3 0. A Quick Reminder Responsibility Conduct fulfilling (…) stakeholder responsibilities, and serv[ing] stakeholder value optimization. 11 0. Outline Introduction Shareholder & The “How” of and CSR Stakeholder Responsible Pyramid theories Businesses Materiality matrix of Unilever (Unilever, 2017) 12  1. Introduction – What is Responsibility? What is responsibility? What does it mean to say that ‘business’ has responsibilities? Only people can have responsibilities. Milton Friedman (as it appears in Laasch, 2024: 84) Responsible Shareholder & Stakeholder Laasch (2024: 85) management What are the responsibilities of a manager? What is responsible management? Who should management create value for? Laasch & Torres (2023: 106) Instrumental Political Integrative Ethical Responsible Management’s The “How” Management can only The management– management as a tool responsibility as an survive and prosper if it society relationship is for profit generation. engagement with integrates stakeholder embedded into an society. demands. ethical framework. 13  The “How” Shareholder & Stakeholder What is responsibility? 1. Introduction – What is Responsibility? 14  1. Introduction – Archie Carroll: CSR Pyramid What is responsibility? Laasch (2024: 88) Shareholder & Stakeholder The “How” 15  The “How” Shareholder & Stakeholder What is responsibility? 1. Introduction – CSR Pyramid & Your Answers 16  1. Introduction – Agency Problem What is responsibility? DUTY & INCENTIVE Separation of… Managers have a fiduciary Control Ownership duty to shareholders to not spend their investments on Shareholder & Stakeholder wasteful initiatives and Consequences of Decision Making actions actions that reduce value The “How” Sam Bankman-Fried (former CEO of FTX) Greed pays… until it doesn’t 17  2. Shareholder Theory – Responsibility is Profit What is responsibility? The only social responsibility of business is profit. Executives engaging in philanthropy are spending Shareholder & Stakeholder their principal’s money. Economy Nobel Prize winner Milton Friedman But play by the rules: open and free competition without deception and fraud. Investing extra resources in employees, suppliers and customers can be a good idea, but only if it increases profits. The “How” Thus, to boast about treating nonshareholders responsibly is hypocritical. 18  The “How” Shareholder & Stakeholder What is responsibility? 2. Stakeholder Theory – Responsibility is Multifaceted 19  2. Stakeholder Theory – Responsibility is Multifaceted What is responsibility? Helps managers think about how value is created and to see business as an endeavour by and for humans. Shareholder & Stakeholder Stakeholders are any groups, individuals or entities Edward Freeman that can affect or are affected by business activity. All stakeholders are intrinsically valuable and deserve care. Organizations are vehicles to maximize value for all stakeholders. The “How” A business flourishes if its stakeholders flourish. Managing stakeholders is the art of finding win-win solutions. 20  2. Shareholder Theory – Shareholder Model of the Firm What is responsibility? Donaldson & Preston (1995) Shareholder & Stakeholder The “How” 21  2. Stakeholder Theory – Stakeholder Model of the Firm What is responsibility? Donaldson & Preston (1995) Shareholder & Stakeholder The “How” 22 2. Shareholder & Stakeholder Theories – The Case of Uber 23  & Stakeholder Theories – The Case of Uber What is responsibility? 2. Shareholder https://directpoll.com/r?XDbzPBd3ixYqg8Y3K7isxTlcDRGesFvupOr2LkJ0WjU3e6 Should Uber treat its drivers differently, and if so, how? Shareholder & Stakeholder https://etc.ch/m2gC A. No, Uber has good reasons for the terms they offer – if drivers accept them, then that is their responsibility. B. Uber should treat its drivers more as partners. C. Uber should treat drivers more as employees. The “How” D. Uber could do B or C, but not before transforming its flawed business model. E. Other 24  2. Shareholder & Stakeholder Theories – The Case of Uber What is responsibility? Contrary to stakeholder theory, Uber seems to prioritize customer and investor interests over driver interests. Shareholder & Stakeholder Drivers’ stakes are legitimate: As independent contractors using their own car, drivers should have autonomy (e.g., refuse fares, negotiate prices). As employees, drivers should be ensured of fair wages, employment benefits. The “How” Stakeholder theory states these stakes cannot be supplanted by consumer and investor interests. 25  2. Shareholder & Stakeholder Theories – The Case of Uber What is responsibility? There seems to be space for Win-Win-Win situations: Drivers are gaming and sabotaging the Shareholder & Stakeholder Uber app, to the dismay of passengers. Uber is in various legal conflicts about employee status of drivers. Uber is not profitable and has lost $8.5bn in 2019 and $6.7bn in 2020. In 2023 Uber had its “first-ever profitable quarter”. (Forbes) Thus, all but option A would be in line with stakeholder theory. The “How” If Uber does not seek to balance drivers’ stakes more proactively, they may elicit the very behaviors they are trying to avoid (Ma et al., 2018). 26  3. The “How” of Responsibility – Outline What is responsibility? But how do we become responsible? Shareholder & Stakeholder Governance Partnership Materiality Responsibility CSR True price structures portfolio Matrix & Profitability Reporting The “How” 27  3. The “How” of Responsibility – Grand Challenges What is responsibility? GRAND CHALLENGES & WICKED PROBLEMS Shareholder & Stakeholder A housing estate in Mjølnerparken, Copenhagen – the district is on the Danish government’s ‘ghetto list’. Photograph: Andrew Kelly/Reuters The “How” People wait for food in Belgrade, Serbia, 2017. Photograph: Marko Djurica/Reuters 28  3. The “How” of Responsibility – Grand Challenges & Wicked Problems What is responsibility? GRAND CHALLENGES & WICKED PROBLEMS Analytical facets of grand challenges (Ferraro et al., 2015: 365) Complex Uncertain Evaluative Shareholder & Stakeholder FUTURE The cube is The cube is Green Red PAST “The problems are “The problems and their “The problems […] implicate characterized by many evolution are difficult to multiple criteria of worth” The “How” interactions and associations” forecast for the actors” CANNOT BE SOLVED, BUT THERE ARE WAYS TO APPROACH THEM 29  3. The “How” of Responsibility – Governance Structures What is responsibility? van Tulder & van Mil (2023) STARTING POINT HOW Problem ? Opportunity Shareholder & Stakeholder Governing principles The “How” Who is doing what 30  3. The “How” of Responsibility – Governance Structures What is responsibility? van Tulder & van Mil (2023: 274-275) STATE Shareholder & Stakeholder The “How” MARKET CIVIL SOCIETY  3. The “How” of Responsibility – Governance Structures What is responsibility? van Tulder & van Mil (2023: 274-275) PUBLIC SECTOR Organizational antecedents of responsible GOVERNMENTAL governance challenges NON-PROFIT ORGANIZATIONAL GOVERNMENTAL PUBLIC DOMAIN PUBLIC GOODS NON-GOVERNMENTAL Shareholder & Stakeholder CIVIL SOCIETY 3 ideal-typical roles FOR PROFIT ORGANIZATIONAL NON-GOVERNMENTAL MEANS NON-PROFIT NON-PROFIT PRIVATE PUBLIC PUBLIC GOODS LEGAL FORM PRIVATE CLUB GOODS PUBLIC GOODS National PRIVATE SECTOR Fresh air defence The “How” FUNCTIONAL exclusive character NON-GOVERNMENTAL Goods with an PRIVATE GOODS ORIENTATION Food Cars FOR PROFIT CLUB GOODS PUBLIC Cinema Satellite TV 32 PRIVATE GOODS  3. The “How” of Responsibility – Governance Structures What is responsibility? van Tulder (2020) PUBLIC SECTOR PUBLIC GOODS 1 NON-PROFIT PUBLIC Shareholder & Stakeholder ORGANIZATION PRIVATE GOODS PROFIT 8 7 2 PRIVATE GOVERNMENTAL ORGANIZATION 6 3 NON-GOVERNMENTAL The “How” 5 4 PRIVATE SECTOR CIVIL SOCIETY 33  https://directpoll.com/r?XDbzPBdJ2bAX0ZEVDTQKqtr4h5IxTeCiVxboDtDu 3. The “How” of Responsibility – Governance Structures What is responsibility? van Tulder (2020) What is the organizational form of…? PUBLIC SECTOR “We're the world's biggest NGO,” “The only difference is, we're 1 making money so we are sustainable.” Paul Polman, Shareholder & Stakeholder CEO Unilever 8 7 2 6 3 The “How” https://directpoll.c 5 4 om/c?XDVhEtqZ vesWdbmdF8vAJ PRIVATE SECTOR CIVIL SOCIETY r3rPY4V3P 34  3. The “How” of Responsibility – Partnership Portfolio What is responsibility? van Tulder & van Mil (2023: 867) ADVANTAGES ✓Management of risk and uncertainty. Shareholder & Stakeholder FIRM ✓Enhancement of firm resilience to changes in the business ecosystem. ✓ Opportunities for accelerated learning. ✓Access to complementary resources. CIVIL SOCIETY GOVERNMENT ORGANIZATION ✓Extended relational capital. ✓Leverage of power, influence and The “How” positioning. 35  3. The “How” of Responsibility – Partnership Portfolio What is responsibility? van Tulder & van Mil (2023: 868) How to create a strategic partnering fit between the organization’s sustainability strategy and its overall partnership portfolio in a way that maximizes collaborative value for positive change? Shareholder & Stakeholder PORTFOLIO OF PARTNERSHIPS PRESENT FUTURE Covers the Forging (new) company’s present partnerships that sustainability enable the company The “How” ambitions to move into future sustainability areas Focus 36  3. The “How” of Responsibility – Partnership Portfolio What is responsibility? van Tulder & van Mil (2023: 869) State Firm Univ. 1 SIZE What scope issues is currently covered by partnerships? Civil Society Firm ISSUE 1 ISSUE 2 Shareholder & Stakeholder What organizations and governance are present in 2 DIVERSITY these partnerships? FOCAL ORGANIZATION What are the ties between (a) the focal organization and 3 DENSITY the others in the partnership, and (b) the organizations within the partnership. Firm ISSUE 3 How is the partnership changing over time, in terms 4 DYNAMICS of number of participants and different configurations? Hybrid State ISSUE N The “How” Mapping of the topology of the entire portfolio of partnerships to seethe logics 5 PORTFOLIO MAP reflected, gaps, and where effort is needed. 37  The “How” Shareholder & Stakeholder What is responsibility? them? connect Can you 38  3. The “How” of Responsibility – A Constellation of Stakeholders What is responsibility? Stakeholder Universe of Volkswagen Shareholder & Stakeholder The “How” 39  3. The “How” of Responsibility – Materiality What is responsibility? STAKEHOLDER STAKEHOLDER STAKEHOLDER LISTEN TALK FOCAL ORGANIZATION STAKEHOLDER Shareholder & Stakeholder TALK LISTEN LISTEN TALK STAKEHOLDER STAKEHOLDER MATERIALITY To identify the importance of certain ASSESSMENT issues for stakeholders The “How” IMPORTANT OR Topic MATERIAL VALUE CREATED addressed 40  The “How” Shareholder & Stakeholder What is responsibility? 3. The “How” of Responsibility – Materiality Matrix 41  3. The “How” of Responsibility – Santa’s Sustainability Strategy What is responsibility? SustainAbility (2020), http://hohoho.sustainability.com HOW SHOULD SANTA DESIGN A SUSTAINABILITY Shareholder & Stakeholder STRATEGY? The “How” 42  3. The “How” of Responsibility – Santa’s Sustainability Strategy What is responsibility? SustainAbility (2020), http://hohoho.sustainability.com Shareholder & Stakeholder The “How” 43  3. The “How” of Responsibility – Santa’s Sustainability Strategy What is responsibility? SustainAbility (2020), http://hohoho.sustainability.com Shareholder & Stakeholder The “How” 44  3. The “How” of Responsibility – Santa’s Sustainability Strategy What is responsibility? SustainAbility (2020), http://hohoho.sustainability.com Shareholder & Stakeholder The “How” 45  3. The “How” of Responsibility – Santa’s Sustainability Strategy What is responsibility? SustainAbility (2020), http://hohoho.sustainability.com Shareholder & Stakeholder The “How” 46  3. The “How” of Responsibility – Responsibility & Profitability What is responsibility? Does it pay to be responsible? According to a meta-analysis of 251 studies (Margolis et al., 2009): Shareholder & Stakeholder Correlation with Corporate Measure Financial Performance Overall.133 (p <.001) Corporate policies.015 (p =.02) Disclosure.077 (p <.001) Environmental performance.095 (p <.001) Observer perceptions.268 (p <.001) The “How” Philanthropic donations.223 (p <.001) … … 47  3. The “How” of Responsibility – Responsibility & Profitability What is responsibility? How may responsible companies be more profitable? Meta-analysis of 344 studies (Vishwanathan et al., 2020: 336): Shareholder & Stakeholder The “How” 48  3. The “How” of Responsibility – CSR, Profit, and Reputation What is responsibility? (Vishwanathan et al., 2020) Responsible activities increase reputation: Philanthropic donations do this particularly well. But key is to also communicate such activities. Shareholder & Stakeholder RESPONSIBILITY REPUTATION Responsible reputations increase financial performance: Larger pool of willing stakeholders to collaborate with. Consumers more willing to pay premium. Investors likely to see CSR as signal of future profitability. The “How” FINANCIAL REPUTATION PERFORMANCE 49  3. The “How” of Responsibility – CSR, Profit, and Stakeholder Reciprocation What is responsibility? (Vishwanathan et al., 2020) Fair pay, safer work environment, development opportunities EMPLOYEES Job satisfaction, commitment, productivity, trust Shareholder & Stakeholder More extensive voluntary reporting, reduced information asymmetry INVESTORS Financial resources provided under more favourable terms Signing community benefit agreements The “How” COMMUNITIES Fewer persistent stakeholders conflicts 50  3. The “How” of Responsibility – CSR, Profit, and the Role of Innovation Capacity What is responsibility? (Vishwanathan et al., 2020) CSR can stimulate innovation: Closer relationships with stakeholders offer new knowledge pools. Employees more willing to share information. Shareholder & Stakeholder CSR activities require organizational learning. The “How” PRODUCT QUALITY INNOVATION & PROFITS DIFFERENTIATION 51  3. The “How” of Responsibility – CSR Reporting: GRI What is responsibility? Source: Consolidated Set of the GRI Standards GRI “[E]nable an organization to publicly disclose its most significant impacts on the economy, environment, and people, including impacts on their human rights and Standards how the organization manages these impacts. This enhances transparency on the organization’s impacts and increases organizational accountability.” (p. 7) Stands for Shareholder & Stakeholder Global Reporting Initiative GRI STANDARDS The “How” 52  3. The “How” of Responsibility – CSR Reporting: GRI example What is responsibility? Source: Consolidated Set of the GRI Standards: p. 741 Shareholder & Stakeholder The “How” 53  3. The “How” of Responsibility – CSR Reporting: CSDR What is responsibility? Source: Commission Delegated Regulation supplementing Directive 2013/34/EU as regards sustainability reporting standards CSRD Requires companies “to include in a dedicated section of their management report the information necessary to understand the company’s impacts on sustainability Stands for matters, and the information necessary to understand how sustainability matters Corporate Sustainability affect the company’s development, performance and position” (p. 1) Reporting Directive Shareholder & Stakeholder Approved last year! The “How” 54  3. The “How” of Responsibility – CSR Reporting: CSDR What is responsibility? Source: Commission Delegated Regulation supplementing Directive 2013/34/EU as regards sustainability reporting standards CSRD Requires companies “to include in a dedicated section of their management report the information necessary to understand the company’s impacts on sustainability Stands for matters, and the information necessary to understand how sustainability matters Corporate Sustainability affect the company’s development, performance and position” (p. 1) Reporting Directive Shareholder & Stakeholder THE GOOD THE BAD Reporting standard that carries legal obligations. Some voices Double materiality reporting will become mandatory. point towards Company conducts employee Employees dissatisfied Material lobbying that Example: 1 satisfaction survey and unmotivated information has weakened standards. 2 Reported for the negative impact on 3 Limited obligatory productivity and Also report how the declarations. financial organization’s The “How” performance governance and activities impact Source: van der Molen (2023). What employees Is Double Materiality & How Does It Source: see, for example, Fit In With CSRD Requirements? this LinkedIn post by prof. Last accessed 14/08/2023 Andreas Rasche (CBS) 55  3. The “How” of Responsibility – CSR Reporting Can Be Fun What is responsibility? Shareholder & Stakeholder The “How” 56 Let’s auction €100! What does personal responsibility mean? 57 You can't change the people around you, but you can change the people around you. 58 59  3. The “How” of Responsibility – True Price: Externalities What is responsibility? What if the retail price would also include externalities? Shareholder & Stakeholder A negative (or positive) externality is a cost (or benefit) to a third party that results from an economic activity and that is not reflected in prices. For example, when retail prices of vegetables do not include costs of pollution, or health benefits of consumers for society. The “How” 60  3. The “How” of Responsibility – True Price & True Cost What is responsibility? Source: True Price True price can be calculated by adding true costs, both social and environmental, on top to (average) retail prices. True costs can be calculated using: Shareholder & Stakeholder Damage costs (monetized welfare effects) Abatement costs (costs to prevent or restore externality) True cost calculations can help companies to manage risks, reduce costs, innovate, and for branding. SOCIAL & ENVIRONMENTAL The “How” COSTS OF A T-SHIRT 61  3. The “How” of Responsibility – The Price of Jeans What is responsibility? https://directpoll.com/r?XDbzPBd3ixYqg8xoGsI82EKI9FYWEURibI5KT1D1ZzW3n7m Source: True Price Let’s say a regular pair of jeans costs 30€. How much extra would you be willing to pay if all its social and environmental costs would be Shareholder & Stakeholder incorporated in the retail price? A. Nothing extra B. At most 1 € extra C. At most 2 € extra D. At most 4 € extra E. At most 7,50 € extra F. At most 15 € extra The “How” G. At most 30 € extra H. At most 50 € extra I. More than 50 € extra 62  3. The “How” of Responsibility – Social and Environmental Costs of a pair of Jeans What is responsibility? Source: True Price (2019: 11) Shareholder & Stakeholder The “How” 63  3. The “How” of Responsibility – Social and Environmental Costs of a pair of Jeans: Moving Forward What is responsibility? Source: True Price (2019: 9, 17) Shareholder & Stakeholder The “How” 64  3.2 WORKSHOP 2  Workshop 2: Corporate Societal Responsibility Strategy Businesses have a crucial role to play in achieving the SDGs, and thus the SDGs need to become more central to companies’ corporate strategy (core business). This requires a different approach to managing stakeholders, including in particular shareholders, who hope to not see profits dwindle. Workshop 2 1 SDG You take the role of sustainability consultants who need to integrate a SDG into a multinational company’s strategy 68  Workshop 2: Corporate Societal Responsibility Strategy BEFORE THE WORKSHOP Team of 5-6 students (announced in Workshop 1) – If not contact workshop tutor immediately. During workshop 1 you have learned about your client: a multinational company. The MN company has identified 4 SDGs as most relevant to their business → Each team will be assigned an SDG. How can the client integrate your assigned SDG into their corporate strategy? Workshop 2 Outline a CSR strategy that aids in achieving the assigned SDG. Determine whether a higher level of intervention is viable, and if so, how it can be accomplished. Prepare a presentation. Please, check additional instructions in the Canvas instructions. DURING THE WORKSHOP Presentation (10 minutes – 12 minutes max). Following your presentation, representatives from the client (role-played by the other team) will have the opportunity to ask questions. After both consultant teams present, a group discussion will commence. We will reflect on your experiences as consultants and clients, and explore ways to merge your strategies into a comprehensive CSR strategy that addresses multiple SDGs 69 70  Workshop 2: Corporate Societal Responsibility Strategy AFTER THE WORKSHOP Poster assignment Very similar to the presentation, but (a) the format is different and (b) you need to formulate an integrated CSR-strategy for not only the SDG assigned to you, but also the SDG discussed by the other team, as well as two to four other SDGs you deem relevant. The result should be a research poster of around 500 words (excluding figures, tables and references). Workshop 2 The poster has to be uploaded on Canvas (Assignments tab) no later than one week (168 hours) after the workshop (so if your workshop ended on Wednesday 17:45, no later than Wednesday 17:45 the week after). Sample posters + Additional information on Canvas. There will be a poster event afterwards to maximize exposure and impact, so make the most of it, and reply to companies' comments! The presentation and the poster will each count 50% toward your grade for this workshop 71 72 73 FINAL QUIZ WITH PRIZES 74 Introduction Shareholder & The “How” of and CSR Stakeholder Responsible Pyramid theories Businesses Materiality matrix of Unilever (Unilever, 2017) Thanks! Q&A  REFERENCES Corporateethics. (2010). What is Stakeholder Theory? - R. Edward Freeman. https://www.youtube.com/watch?v=bIRUaLcvPe8&t=37s&ab_channel=corporateethics. Last accessed, 18/08/2023. Donaldson, T., & Preston, L. E. (1995). The stakeholder theory of the corporation: Concepts, evidence, and implications. Academy of management Review, 20(1), 65-91. European Comission. (2023). COMMISSION DELEGATED REGULATION (EU) …/... of 31.7.2023 supplementing Directive 2013/34/EU of the European Parliament and of the Council as regards sustainability reporting standards. ec.europa.eu/finance/docs/level-2-measures/csrd-delegated-act-2023-5303_en.pdf. Last accessed, 18/08/2023. Ferraro, F., Etzion, D., & Gehman, J. (2015). Tackling grand challenges pragmatically: Robust action revisited. Organization studies, 36(3), 363-390. GRI Standards. (2023). Consolidated Set of the GRI Standards. https://www.globalreporting.org/how-to-use-the-gri-standards/gri-standards-english-language/. Last accessed, 18/08/2023. Laasch, O. (2024). Principles of Management: Responsible Business Leadership BT2101/BK2101. 3rd Edition (Custom). Rotterdam School of Management. Sage. Laasch, O., & Torres, F. (2023). Principles of Management: Responsible Business Leadership BT2101/BK2101. Rotterdam School of Management. Sage. Margolis, Joshua D. and Elfenbein, Hillary Anger and Walsh, James P. (2009). Does it Pay to Be Good...And Does it Matter? A Meta-Analysis of the Relationship between Corporate Social and Financial Performance. Available at SSRN: https://ssrn.com/abstract=1866371 or http://dx.doi.org/10.2139/ssrn.1866371 MIT OpenCourseWare. (2017). Uber Case Study. https://www.youtube.com/watch?v=xApFTcsFPcQ&t=4s&ab_channel=MITOpenCourseWare. Last accessed, 18/08/2023. Ma, N. F., Yuan, C. W., Ghafurian, M., & Hanrahan, B. V. (2018). Using stakeholder theory to examine drivers' stake in Uber. In Proceedings of the 2018 CHI conference on human factors in computing systems, 1-12. O’Sullivan, F. (2020). The Guardian. How Denmark's 'ghetto list' is ripping apart migrant communities. https://www.theguardian.com/world/2020/mar/11/how-denmarks-ghetto- list-is-ripping-apart-migrant-communities. Last accessed, 18/08/2023. Saul, D. (2023). Forbes. Uber Stock Set For Biggest Loss In Months—Despite First-Ever Profitable Quarter. https://www.forbes.com/sites/dereksaul/2023/08/01/uber-stock- set-for-biggest-loss-in-months-despite-first-ever-profitable-quarter/?sh=617d9ffb131a. Last accessed, 18/08/2023. SustainAbility. (2020). http://hohoho.sustainability.com. Last accessed, 2022. Trilling, D. (2018). The Guardian. Five myths about the refugee crisis. https://www.theguardian.com/news/2018/jun/05/five-myths-about-the-refugee-crisis. Last accessed, 18/08/2023. True Price. (2019). The true price of jeans. http://trueprice.org/wp-content/uploads/2022/07/Impact-Institute-Report-True-Price-of-Jeans.pdf. Last accessed, 18/08/2023. Van der Molen, T. (2023). Nexio Projects. What Is Double Materiality & How Does It Fit In With CSRD Requirements?. https://blog.nexioprojects.com/what-is-double- materiality-how-does-it-fit-in-with-csrd-requirements. Last accessed, 18/08/2023. Van Tulder, R. (2020). Governance Challenges. Rotterdam School of Management. Van Tulder, R., & van Mil, E. (2023). Principles of Sustainable Business: Frameworks for Corporate Action on the SDGs. Taylor & Francis. Vishwanathan, P., van Oosterhout, H., Heugens, P. P., Duran, P., & Van Essen, M. (2020). Strategic CSR: A concept building meta‐analysis. Journal of Management studies, 57(2), 314-350. Wubben, M. (2022). RBL Slides 93