scholarly journals Philanthropy and the For-profit Corporation: The Benefit Corporation as the New Form of Firm Altruism

2022 ◽  
Author(s):  
Livia Ventura
Keyword(s):  
For Profit ◽  
Benefit Corporation ◽  
New Form

Hospitals: N.Y. Appellate Court Denies Move to Privatize Public Hospital

1999 ◽  
Vol 27 (2) ◽  
pp. 202-203
Author(s):  
Robert Chatham
Keyword(s):  
New York ◽  
New York City ◽  
York City ◽  
Public Health System ◽  
Municipal Hospital ◽  
The Public ◽  
Public Benefit ◽  
For Profit ◽  
Benefit Corporation ◽  
The City

The Court of Appeals of New York held, in Council of the City of New York u. Giuliani, slip op. 02634, 1999 WL 179257 (N.Y. Mar. 30, 1999), that New York City may not privatize a public city hospital without state statutory authorization. The court found invalid a sublease of a municipal hospital operated by a public benefit corporation to a private, for-profit entity. The court reasoned that the controlling statute prescribed the operation of a municipal hospital as a government function that must be fulfilled by the public benefit corporation as long as it exists, and nothing short of legislative action could put an end to the corporation's existence.In 1969, the New York State legislature enacted the Health and Hospitals Corporation Act (HHCA), establishing the New York City Health and Hospitals Corporation (HHC) as an attempt to improve the New York City public health system. Thirty years later, on a renewed perception that the public health system was once again lacking, the city administration approved a sublease of Coney Island Hospital from HHC to PHS New York, Inc. (PHS), a private, for-profit entity.

Benefit Corporations Approach to Environmental, Social and Governance Disclosure: A Focus on Italy

2020 ◽  
Vol 10 (4) ◽  
Author(s):  
Mauro Sciarelli ◽  
Silvia Cosimato ◽  
Giovanni Landi
Keyword(s):  
Qualitative Method ◽  
Positive Impact ◽  
Corporate Structure ◽  
New Approach ◽  
For Profit ◽  
Benefit Corporation ◽  
Benefit Corporations ◽  
Multiple Case ◽  
Governance Disclosure

AbstractOver the last decades, Benefit Corporations arouse as a new corporate structure, alternative to traditional ones and pointing to offer a new approach to the management of business and sustainability issues. These companies' activities are statutory aimed at bridging for-profit and no-profit activities; thus, they intentionally and statutory pursue economic purposes together with social and environmental ones, to create a positive impact on economy, society and environment. Even though, Italian and other national laws set some specific disclosure duties for Benefit Corporations, especially in terms of Environmental, Social and Governance (ESG) issues, the literature still calls for further research on the topic. Therefore, this paper is aimed at contributing to bridge this gap, investigating the way Italian Benefit Corporations approach ESG disclosure. To this end, an exploratory analysis has been conducted, implementing a qualitative method, based on a multiple case study strategy. Even though the descriptive nature of the study, the achieved findings pointed out that the Benefit Corporation structure not necessarily implies a better approach to ESG.

Are Changes in Corporate Governance an Answer?

2021 ◽  
pp. 189-213
Author(s):  
Matt Fischer-Daly
Keyword(s):  
Corporate Governance ◽  
Positive Impact ◽  
The United States ◽  
Detailed Examination ◽  
Due Diligence ◽  
Private Regulation ◽  
For Profit ◽  
Benefit Corporation ◽  
Corporate Entity ◽  
Benefit Corporations

This chapter explores the potential for changes in corporate governance to overcome the decoupling problem in private regulation, through a detailed examination of the case of benefit corporations. In the United States, a benefit corporation is a type of for-profit corporate entity that includes among its goals — in addition to profits — a positive impact on society, workers, the community, and the environment. The chapter argues that the B-Corp movement is a false promise because of the legal limitations of actors to seek remedy if a benefit corporation does not meet its “benefit goals” and because of a variety of issues in the certification process for such a corporation. This argument is supported through the analysis of the private regulation program of a leading benefit corporation, which shows that its status has in no way improved coupling between private regulation practices and outcomes. It would seem that the benefit corporation certification is simply another modern ritual of due diligence, although there is a need for additional research on benefit corporations to confirm this conclusion.

Social Enterprise Law

2017 ◽  
Author(s):  
Dana Brakman Reiser ◽  
Steven A. Dean
Keyword(s):  
Social Enterprise ◽  
Social Enterprises ◽  
Social Entrepreneurs ◽  
Bottom Line ◽  
Social Mission ◽  
For Profit ◽  
Benefit Corporation ◽  
Benefit Corporations ◽  
Contingent Convertible Debt ◽  
Legislative Changes

Social Enterprise Law presents a series of audacious legal technologies designed to unleash the potential of social enterprise. Until now, the law has been viewed as an obstacle to social entrepreneurship, too inflexible to embrace for-profit businesses with a social mission at their core. Legislators have poured resources into creating hybrid corporate forms such as the benefit corporation to eliminate barriers to the creation of social enterprises. That first generation of social enterprise law has not done enough. The authors provide a framework for future legislation to do what benefit corporations have not: create durable commitments by social entrepreneurs and investors to balance financial gains and social mission by putting a speed limit on profits. They show how sophisticated investors need not wait for the advent of these legislative changes, outlining a contingent convertible debt instrument that relies instead on financial engineering to build trust between those with capital and those ready to use it to nurture a double bottom line. To allow social enterprises to harness the vast power of the crowd, they develop a tax regime that would provide crowdfunding platforms the means to screen the commitment of for-profit startups. Armed with these tools of social enterprise law 2.0 and the burgeoning metrics of measuring public benefit, entrepreneurs and investors can navigate even the turbulent waters of exit without sacrificing mission, so that a sale need not mean selling out.

scholarly journals Social Businesses and the Legal Structure of Social Businesses

2014 ◽  
Author(s):  
Hülya Göktepe
Keyword(s):  
Limited Liability ◽  
Social Business ◽  
Non Profit ◽  
Social Mission ◽  
For Profit ◽  
Legal Structure ◽  
Benefit Corporation ◽  
Community Interest ◽  
Legal Structures ◽  
Definition Of

Social business, was first defined by Nobel Peace Prize laureate Prof. Muhammad Yunus and is described in his books. Social businesses are non-loss, non-dividend companies created to address and solve social or environmental problems. Microfinance is another form of social businesses. Like an NGO, social business has a social mission, but like a business, it generates its own revenues to cover its costs. In a social business, the investors/owners can gradually recoup the money invested, but cannot take any dividend beyond that point. The purpose of the investment is purely to achieve one or more social objectives through the operation of the company. No personal gain is desired by the investors. The company must cover all costs and be financially sustainable, while achieving the social objective in sectors such as healthcare, education, poverty, environment, housing, climate urgency etc. Legal structures available to all enterprises can be used by social businesses. These are: for-profit organizations, non-profit organizations (associations, foundations), charities, co-operatives. However, there are legal structures specifically designed of social businesses. These are: benefit corporation, flexible purpose corporation, low profit limited liability company (L3C), hybrids, community interest company (CIC).The purpose is this study is to contribute to the Turkish literature related to social businesses. In this study, definition of social business and microfinance will be given. The characteristics of social business will be indicated, social business examples will be presented and finally legal structures of social businesses will be analyzed. This study is descriptive study.

scholarly journals Data Colonialism: Rethinking Big Data’s Relation to the Contemporary Subject

2018 ◽  
Vol 20 (4) ◽  
pp. 336-349 ◽  
Author(s):  
Nick Couldry ◽  
Ulises A. Mejias
Keyword(s):  
Social Order ◽  
Data Stream ◽  
Daily Life ◽  
Human Beings ◽  
Social Discrimination ◽  
Social Data ◽  
For Profit ◽  
History Of ◽  
New Form ◽  
New Social Order

We are often told that data are the new oil. But unlike oil, data are not a substance found in nature. It must be appropriated. The capture and processing of social data unfolds through a process we call data relations, which ensures the “natural” conversion of daily life into a data stream. The result is nothing less than a new social order, based on continuous tracking, and offering unprecedented new opportunities for social discrimination and behavioral influence. We propose that this process is best understood through the history of colonialism. Thus, data relations enact a new form of data colonialism, normalizing the exploitation of human beings through data, just as historic colonialism appropriated territory and resources and ruled subjects for profit. Data colonialism paves the way for a new stage of capitalism whose outlines we only glimpse: the capitalization of life without limit.

scholarly journals Better Benefits for Better Business: Certified Benefit Corporations Connected Through Internal Communications

2021 ◽  
Vol 10 (2) ◽  
Author(s):  
Carly Adair ◽  
Holly Overton
Keyword(s):  
Decision Makers ◽  
Bottom Line ◽  
Social Good ◽  
For Profit ◽  
Benefit Corporation ◽  
Benefit Corporations ◽  
Social And Environmental Performance ◽  
Corporate Social ◽  
Internal Communications ◽  
Qualitative Characteristics

Despite the broad body of research examining Corporate Social Responsibility (CSR) communications, there remains a lack of literature discussing the expansion of Certified Benefit Corporations (B Corps), which are businesses that meet a verified social and environmental performance to advance social good. Existing research analyzes the connection of internal communications and CSR. The following research reviews this relationship and suggests that more for profit companies qualify to be an effective B Corp due to shared qualitative characteristics of internal communications. The characteristics reviewed are corporate storytelling, triple bottom line values, and the importance of key decision makers. The literature review connects CSR and internal communications to form the foundation of 21 interview questions. The interview questions were used to identify qualitative characteristics of B Corps through an in-depth interview process. Top key decision makers in B Corps were selected to interview to gather qualitative information on their internal communications. The interview questions led to an open dialogue about the influence B Corps has had on each company. Each interview was transcribed accordingly and discussed in the research below. Three themes were discovered after reviewing the primary research. The overall consensus suggests that a sense of strong internal communications in a company can be represented in a Certified Benefit Corporation.

Hybrid organizations and an ethic of accountability: the role of accountability systems in constructing responsible hybridity

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Lisa Baudot ◽  
Jesse Dillard ◽  
Nadra Pencle
Keyword(s):  
The Other ◽  
Hybrid Organizations ◽  
Structured Interviews ◽  
Accountability Systems ◽  
Content Type ◽  
For Profit ◽  
Benefit Corporation ◽  
Accountability System ◽  
Certification Standards

PurposeBuilding on the research program of Dillard and Brown (2015) and Dillard and Vinnari (2019), specifically related to an “ethic of accountability,” this paper recognizes accountability systems as key to how organizations conceptualize their responsibility to society. The objective is to explore how managers of hybrid organizations conceptualize responsibility and the role of accountability systems in their conceptualization.Design/methodology/approachThis paper studies hybrid organizations that are for-profit entities with explicitly recognized non-economic imperatives. Semi-structured interviews are conducted with managers of organizations that pursue certification as a B-Corporation, often in conjunction with a legal designation as a benefit corporation.FindingsManagers of the hybrid organizations evidenced a broader responsibility logic that extends beyond responsibility to shareholders. This pluralistic orientation and broader set of objectives are expressed in a set of certification standards that represent an accountability system that both enables and constrains the way responsibility is understood. The accountability system reflects a “felt” accountability to the “other” manifested, for example, as generational accountability, with the other (re)created relative to the certification standards.Research limitations/implicationsCertifications and standards represent accounting-based accountability systems that produce a type of accountability in which the certification becomes the overall objective nudging out efforts to take accountability-based accounting seriously (Dillard and Vinnari, 2019). At the same time, the hybrids under study, while not perfect exemplars, incline toward an ethic of accountability (Dillard and Brown, 2014) that moves them closer to accountability-based accounting.Originality/valueThe findings reveal perspectives of managers embedded in hybrid organizations, illustrating their experiences of responsibility and accountability systems in practice (Grossi et al., 2019). The insights can be extended to other hybrid contexts where accountability systems may be used to demonstrate multiple performance objectives. We also recognize the irony in the need for an organization to be required to attain a special license to operate in a more responsible manner.

Fine Structure of Platelet Interaction with a New Microcrystalline Collagen Preparation

1974 ◽  
Vol 32 ◽  
pp. 58-59
Author(s):  
W. H. Zucker ◽  
R. G. Mason
Keyword(s):  
Fine Structure ◽  
Platelet Aggregation ◽  
Hydrochloric Acid ◽  
Whole Blood ◽  
Platelet Adhesion ◽  
Hemostatic Agent ◽  
Native Collagen ◽  
Fibrillar Morphology ◽  
Clinical Interest ◽  
New Form

Platelet adhesion initiates platelet aggregation and is an important component of the hemostatic process. Since the development of a new form of collagen as a topical hemostatic agent is of both basic and clinical interest, an ultrastructural and hematologic study of the interaction of platelets with the microcrystalline collagen preparation was undertaken.In this study, whole blood anticoagulated with EDTA was used in order to inhibit aggregation and permit study of platelet adhesion to collagen as an isolated event. The microcrystalline collagen was prepared from bovine dermal corium; milling was with sharp blades. The preparation consists of partial hydrochloric acid amine collagen salts and retains much of the fibrillar morphology of native collagen.

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