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Appears in Collections:Accounting and Finance Book Chapters and Sections
Title: Disclosure Law and the Market for Corporate Social Responsibility
Author(s): Campbell, Kevin
Vick, Douglas
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Editor(s): McBarnet, D
Voiculescu, A
Citation: Campbell K & Vick D (2007) Disclosure Law and the Market for Corporate Social Responsibility. In: McBarnet D, Voiculescu A, Campbell & T (eds.) The New Corporate Accountability: Corporate Social Responsibility and the Law. 1st ed. Cambridge, UK: Cambridge University Press, pp. 241-278.
Keywords: Corporate Social Responsibility
Issue Date: 2007
Date Deposited: 12-Jul-2017
Abstract: We analyse the expansion of corporate social responsibility (CSR) accountability fostered by the United Kingdom's legal disclosure strategy which is based on a three-way interplay of law, voluntary CSR and the financial market. We review developments in the law, analyse the politics and economic models behind them, and assess the practical impact of CSR. To reconcile CSR with established assumptions about the purposes of companies and company law, it is necessary to justify the pursuit of CSR objectives as ultimately being in the company's economic interests. To this end we consider how CSR affects shareholder value by examining the stock market performance of companies included in the FTSE4Good ethical indices. By comparing the companies included in these indices with excluded companies and the market as a whole, we obtain empirical evidence concerning investor perceptions of the value-creating potential of CSR activities.
Rights: This chapter has been accepted for publication and will appear in a revised form, subsequent to appropriate editorial input by Cambridge University Press, in The New Corporate Accountability: Corporate Social Responsibility and the Law published by Cambridge University Press. 'Disclosure Law and the Market for Corporate Social Responsibility', The New Corporate Accountability: Corporate Social Responsibility and the Law, ed. by Doreen McBarnet, Aurora Voiculescu, and Tom Campbell, 2009, © Cambridge University Press 2009. URL:

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