Society 5.0: balancing of Industry 4.0, economic advancement and social problems

Kybernetes ◽  
2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Vojko Potočan ◽  
Matjaž Mulej ◽  
Zlatko Nedelko
Keyword(s):  
Industry 4.0 ◽  
Social Problems ◽  
Modern Society ◽  
Integral Model ◽  
Socially Responsible ◽  
Content Type ◽  
Reported Study ◽  
Corporate Social ◽  
And Behavior ◽  
Social Functionalism

Purpose The purpose of this paper is to report about research how Society 5.0 balances Industry 4.0, responsible economic development and resolution of social problems by advancement of corporate social responsibility (CSR) in organizations. Design/methodology/approach Drawing from organization, sustainable development and social functionalism theories, the authors designed an integral model of CSR in line with goals of a forward-looking and socially responsible society. This study includes analyzing of present governing principles, multidisciplinary and multifunctional consideration and developing of integral framework for CSR in organizations. Findings This study’s findings suggest incorporation of technology in models of CSR, a regionally grounded solving of individuals’ social problems and changing of CSR’s environmental, social and economic dimensions according to circumstances of Society 5.0. Practical implications This study has created guidance for improvement of CSR practice in organizations through its responsible operating and behavior grounded on the governing environmental and social circumstances in modern society. It also revealed new possibilities for interest-based usage of human-centered society among individuals and organizations. Originality/value The reported study proposed an integral model of CSR for solving the main social problems with usage of advanced technologies in responsible economic growth founded on circumstances of Society 5.0, previously not considered in literature.

Intertwining CSR with strategy – the way ahead

2014 ◽  
Vol 14 (2) ◽  
pp. 211-219 ◽  
Author(s):  
Shital Jhunjhunwala
Keyword(s):  
Business Strategy ◽  
Design Methodology ◽  
Business Models ◽  
Corporate Strategy ◽  
Sustainable Business ◽  
Socially Responsible ◽  
Content Type ◽  
Sustainable Business Models ◽  
Corporate Social

Purpose – The purpose of this paper is to emphasize the importance and means of making corporate social responsibility (CSR) an integral part of corporate strategy with the help of case studies. Design/methodology/approach – The article explores the transformation of business from being egocentric to socially responsible. With the use of examples it demonstrates how integrating CSR into strategy can create sustainable business models. Findings – Firms need to develop a framework for integrating CSR into their business strategy for long term successful survival. Social implications – Corporates and society are intertwined and mutually dependent. Business cannot survive without society's acquiescence nor succeed without its active support. Originality/value – The article explains the benefits of CSR and how to make it an integral part of business strategy to gain a competitive advantage.

Understanding how social responsibility drives social innovation: characteristics of radically innovative projects

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Duygu Turker ◽  
Y. Serkan Ozmen
Keyword(s):  
Social Responsibility ◽  
Social Innovation ◽  
Socially Responsible ◽  
Content Type ◽  
Radical Innovations ◽  
Award Winning ◽  
Innovation Characteristics ◽  
Sustainability Challenges ◽  
Corporate Social ◽  
The Impact

PurposeThis study aims to analyze how corporate social responsibility (CSR) initiatives address sustainability challenges by focusing on the congruence between process and outcome variables of CSR.Design/methodology/approachFollowing a theory-driven model, a content analysis was conducted on 63 award-winning social responsibility projects.FindingsThe study reveals that the adoption of a proactive approach during environmental assessment, which manifests itself in a focus on emerging sustainability challenges with a deeper interest, affects the centrality of social responsibility initiative by increasing its learning and partnership potential and leads organizations to produce radical innovations.Practical implicationsThe findings provide a valuable understanding for practitioners on organizing the decision making process of CSR initiatives in order to unlock its learning potentials.Social implicationsRadically innovative projects with their higher levels of proactivity, centrality and generalizability are better than incremental ones at transferring and integrating company resources and capabilities to address emergent sustainability challenges.Originality/valueThe impact of CSR on society and nature has been a neglected area of literature. To reduce this gap, this study analyzes how the configuration of process variables shapes the outcomes of socially responsible initiatives on sustainability. It also provides a new typology on the relevance of CSR initiatives to company mission/model that can show how CSR can unlock organizational learning and innovation potentials.

Delivering warmth and expediting love: just-in-time CSR in the midst of COVID-19 mega disruption

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Zhiwei (CJ) Lin ◽  
IpKin Anthony Wong ◽  
Shuyi Kara Lin ◽  
Yun Yang
Keyword(s):  
Well Being ◽  
Research Problem ◽  
Media Analysis ◽  
Just In Time ◽  
Business Practices ◽  
Socially Responsible ◽  
Content Type ◽  
Brand Resonance ◽  
Corporate Social ◽  
Crisis Responses

Purpose This study aims to move beyond the current understanding of corporate social responsibility (CSR) to propose the concept of just-in-time (JIT) CSR as a metaphor that reflects hospitality operators’ endeavors to expedite socially responsible measures to both internal and external organizational stakeholders during times when functional and emotional supports are urgently needed. Design/methodology/approach This research used a qualitative approach in two studies. Study 1 engaged a media analysis to better grasp the knowledge of the research problem at hand. Study 2 involved interviews from stakeholders to assess their emotions and perceptions of meanings of major contents discerned from the first study. Findings This research highlights a process in which operators’ CSR practices (e.g. for business practices, for organizational strategy and for stakeholder well-being) during the COVID-19 crisis are imbued with connotative meanings (e.g. place-as-safety, place-as-partnership and place-as-warmth) that ultimately give shape to three core outcomes (e.g. individual rejoinder, brand resonance and societal resilience). Research limitations/implications While JIT CSR is not an antidote for all devastations caused by COVID-19, it is posited as a needed mechanism that operators could use to ameliorate the situation and to go beyond their own stake to bring a broader array of societal benefits to humanity. Originality/value This research underscores how hospitality operators expedite crisis responses to the pandemic, and how their societal objectives transform the image of a place from a commercial venue into a place imbued with meaning associated with safety, partnership and warmth.

Towards a more ethical market: the impact of ESG rating on corporate financial performance

2019 ◽  
Vol 15 (1) ◽  
pp. 11-27 ◽  
Author(s):  
Giovanni Landi ◽  
Mauro Sciarelli
Keyword(s):  
Data Analysis ◽  
Corporate Social Performance ◽  
Stock Exchange ◽  
Social Performance ◽  
Panel Data Analysis ◽  
Abnormal Returns ◽  
Socially Responsible ◽  
Content Type ◽  
Corporate Social ◽  
The Impact

Purpose This paper fits in a research field dealing with the impact of Corporate Ethics Assessment on Financial Performance. The authors argue how environmental, social and governance (ESG) paradigm, meant to measure corporate social performance by rating issuance, can impact on abnormal returns of Italian firms listed on Financial Times Stock Exchange Milano Indice di Borsa (FTSE MIB) Index, developing a panel data analysis which runs from 2007 to 2015. Design/methodology/approach This study aims at exploring whether socially responsible investors outperform an excess market return on Italian Stock Exchange because of their investment behavior, testing statistically the relationship between the yearly ESG assessment issued by Standard Ethics Agency on FTSE MIB’s companies and their abnormal returns. To verify the impact of an ESG Rating on a company’s abnormal return, the authors developed a panel data analysis through a Fixed Effects Model. They measured abnormal returns via Fama–French approach, running a yearly Jensen’s Performance Index for each company under investigation. Findings The empirical results denote in Italy both a growing interest to corporate social responsibility (CSR) and sustainability by managers over the past decade, as well as an improving quality in ESG assessments because of a reliable corporate disclosure. Thus, despite investors have been applying ESG criteria in their stock – picking operations, the authors found a not positive and statistically significant impact in terms of market premium, when they have been undertaking a socially responsible investment (SRI). Practical implications The findings described above show that ethics is not yet a reliable fundraising tool for Italian-listed companies, despite SRIs having a positive growth rate over past decade. Investors seem to be not pricing CSR on Stock Exchange Market; therefore, listed companies cannot be rewarded with a premium price because of their highly stakeholder oriented behavior. Originality/value This paper explores, for the first time in Italy, when market extra-returns (if any) are related to corporate social performance and how managers leverage ethics to build capital added value.

Digging deep? Digging more? A research on the influence of corporate CSR theme consistency strategy

2018 ◽  
Vol 1 (1) ◽  
pp. 76-93 ◽  
Author(s):  
Yang Zhang ◽  
Xuhui Wang ◽  
Yingying Shen
Keyword(s):  
Communication Channel ◽  
Information Dissemination ◽  
Focal Point ◽  
Social Programs ◽  
Business Practices ◽  
Content Type ◽  
Moderation Effect ◽  
Corporate Social ◽  
And Behavior ◽  
Selection Of

PurposeAs the focal point of both academic studies and business practices, the theme strategy of corporate social responsibility (CSR) arouses wide attention. However, extant studies concentrate more on the selection of the theme of CSR activities, such as the fitness between CSR activities and the core business, thus largely neglecting the consistency of the theme. The purpose of this paper is to determine whether the enterprise should adopt a consistent theme strategy or should participate in different social programs, and how do customers response to the lack of studies in different theme-consistent strategies.Design/methodology/approachIn this paper, two progressive experiments are performed. The purpose of study 1 is to examine the influence of theme consistency on consumers’ CSR association and how consumers’ attribution to corporation motivation mediates such impacts. The purpose for study 2 is to examine whether information dissemination channels and cooperation with public organization could affect the influence of theme consistency strategy.FindingsThe significant influences of theme consistency on consumer CSR association was demonstrated, and consumer’s perceived motivation of CSR was found to play the mediation role. Moreover, the moderation effect of the communication channel of CSR information was found to be important to strengthen the influence of the theme-consistent strategy.Originality/valueThis paper not only demonstrates the influence of theme consistency, but also explains how theme consistency influences consumers’ attitude and behavior. It enriches the study on the antecedent variables of consumers’ attribution to corporate motivation.

scholarly journals Contextual determinants of HR professionals’ self-perceptions of unethical HRM practices

2019 ◽  
Vol 28 (1) ◽  
pp. 90-108
Author(s):  
Eduardo Simões ◽  
Ana Patricia Duarte ◽  
José Neves ◽  
Vítor Hugo Silva
Keyword(s):  
Ethical Issues ◽  
Socially Responsible ◽  
Content Type ◽  
Self Perceptions ◽  
Hrm Practices ◽  
Unethical Practices ◽  
Contextual Determinants ◽  
The Individual ◽  
Corporate Social ◽  
Structured Questionnaire

Purpose The purpose of this paper is to examine human resources (HR) professionals’ self-perceptions of ethically questionable human resource management (HRM) practices (i.e. disregard for the individual, favoring those in power and discrimination). The research sought specifically to determine how these perceptions are influenced by their organizations’ ethical infrastructure and corporate social responsibility (CSR) practices. Design/methodology/approach Data were collected from 134 HR professionals using an anonymous structured questionnaire. Findings The scope of organizations’ ethics programs and the degree of importance given to developing an ethical infrastructure were found to predict the level of acceptance of unethical HRM practices related to discrimination. These practices are also less acceptable to professionals from organizations that are perceived as more socially responsible regarding their employees. Research limitations/implications Additional studies with larger samples are needed to determine more clearly not only the influence of contextual determinants, but also the practical consequences of high levels of acceptance of unethical practices in HRM. Practical implications Organizations can decrease their HR professionals’ acceptance of ethically questionable HRM practices by developing and emphasizing a strong ethical infrastructure and CSR practices, especially those affecting employees. Originality/value HR professionals’ perceptions of ethical issues have rarely been analyzed using empirically tested methods. By surveying HR professionals, this study contributes to a fuller understanding of their perceptions regarding the ethics of their own practices. The results show that contextual determinants play an important role in predicting the level of acceptance of unethical HRM practices, especially those leading to discrimination.

scholarly journals Key Performance Indicators and Industry 4.0 – A Socially Responsible Perspective

2020 ◽  
Vol 66 (3) ◽  
pp. 22-35
Author(s):  
Simona Šarotar Žižek ◽  
Zlatko Nedelko ◽  
Matjaž Mulej ◽  
Živa Veingerl Čič
Keyword(s):  
Performance Indicators ◽  
Industry 4.0 ◽  
Key Performance Indicators ◽  
Organizational Practice ◽  
Socially Responsible ◽  
Research Directions ◽  
Corporate Social

AbstractThe main aim of this contribution is to outline the role and importance of key performance indicators in the frame of Industry 4.0 implementation. These key performance indicators are presented as a cornerstone for industry 4.0 implementation in organizational practice, since they represent key input for needed data in digitalized organization. In that framework, the contribution first exposes some of the essential characteristics of “Industry 4.0”, followed by the methodology of key performance indicators (KPI). Next, the contribution outlined a proposed methodology for implementing KPIs in frame of Industry 4.0 adoption in organizations. Another section of the paper is dedicatd to the linkage between corporate social responsilbty and KPIs in frame of Industry 4.0. The paper also outlines implications, limitations and further research directions are outlined.

Corporate social responsibility in the wake of COVID-19: multiple cases of social responsibility as an organizational value

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Jashim Uddin Ahmed ◽  
Quazi Tafsirul Islam ◽  
Asma Ahmed ◽  
Anisur R. Faroque ◽  
Mohammad Jasim Uddin
Keyword(s):  
Corporate Social Responsibility ◽  
Social Responsibility ◽  
Online Communication ◽  
Socially Responsible ◽  
Content Type ◽  
Internal Resources ◽  
Study Approach ◽  
The Face ◽  
Corporate Social ◽  
Organizational Value

Purpose Although corporate social responsibility is a well-researched concept, very few studies have studied organizational social responsibility in the face of internal/external crises. Therefore, this paper aims to examine various firms' organizational social responses to COVID-19 as an external crisis, particularly in terms of the way organizations use their resources to address social problems and the real intention behind these, and the changing organizational drivers influencing such behaviors. Design/methodology/approach The authors explore the initiatives of seven organizations from three different industries in several countries and their actions in the wake of the COVID-19 pandemic. A case study approach was taken to collect data and reach a conclusion. A combination of interviews, online communication using semi-structured questionnaires and documentary information available in the public domain was used to collect data and analyze and triangulate the events. Findings Similar internal resources and capacities of the seven organizations resulted in similar responses as they launched proactive initiatives to prepare sanitizers. This research indicates that these organizations pursued other goals besides economic one. When society needed help, these organizations responded quickly, using and reorganizing their resources to assist communities in need. Different organizations from different sectors all behaved in a similar manner, making genuine contributions to the pandemic as each was uniquely capable of doing. These organizations also used their unique capabilities to offer their resources to local communities and governments. Originality/value During the COVID-19 pandemic, efforts by corporate entities to facilitate social reform and recovery have been seen around the globe. The findings could help in understanding the responses of organizations engaging in socially responsible behaviors to overcome external crises. This paper also identifies changing organizational values and their possible impact on society and overall industry philanthropy practices in the future.

The impact of corporate social responsibility on financial distress: evidence from developing economy

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Muhammad Farooq ◽  
Amna Noor
Keyword(s):  
Corporate Social Responsibility ◽  
Financial Distress ◽  
Z Score ◽  
Socially Responsible ◽  
Content Type ◽  
Financial Firms ◽  
Responsible Behavior ◽  
Corporate Social ◽  
The Impact ◽  
Practical Implications

Purpose This study aims to explore the role of corporate social responsibility (CSR) on the likelihood of financial distress for a sample of 139 Pakistan Stock Exchange (PSX) listed firms throughout 2008–2019. Design/methodology/approach The dynamic generalized method of moments (GMM) estimator is used to examine the impact of CSR on financial distress. The investment in CSR is measured through a multidimensional financial approach which comprises the sum of the contribution made by the company in the form of charitable donation, employees’ welfare and research and development, while the Altman Z-score is used as an indicator of financial distress. The higher the Z-score, the lower will be the probability of financial distress. Findings The authors find a significant positive impact of CSR on financial distress in GMM model. This finding is consistent with the shareholder view and over-investment hypothesis of CSR as management makes an investment in CSR to get personal benefits, which resultantly leads the firm toward financial distress state. Further, this positive relationship remains present for firms having strong involvement in foreign business through exports. Research limitations/implications Like other studies, the present study is not free from limitations. First, financial firms are skipped from the sample, although literature witnesses a lot of studies highlight the financial firms’ commitment to achieving CSR goals. Second, financial distress occurs in different stages, and this study fails to establish a linkage between CSR engagement at different stages of financial distress. In the future, researchers can make valuable addition by covering these missing links in present studies. Practical implications Findings suggest several practical implications. For policymakers, they should encourage firms to adopt more socially responsible behavior as it not only prevents them from distress but also comes with better investment behavior, minimize bankruptcies and make economies more strong and stable. Second, results suggest corporate managers emphasize socially responsible behavior as its benefits are beyond the “societal benefits” as it lessens financial distress through lower cost of debt, lesser financial constraints and reduced cost of information asymmetry, and it minimizes the cost of capital. Lastly, investors make risk premium assessments related to future earnings by determining the likelihood of financial distress in the future. Originality/value The study extends the body of existing literature on CSR and the likelihood of financial distress in Pakistan, which is according to the best knowledge of the authors, not yet studied before. The results suggest that policymakers may pay special attention to the quality of CSR while predicting corporate financial distress.

To B or not to B: Etsy’s decision whether to re-incorporate as a public benefit corporation and maintain its B Lab certification

2019 ◽  
Vol 15 (6) ◽  
pp. 510-527
Author(s):  
Gabriele Lingenfelter ◽  
Ronnie Cohen
Keyword(s):  
Corporate Social Responsibility ◽  
Social Responsibility ◽  
Regulatory System ◽  
Business Law ◽  
Publicly Traded ◽  
Socially Responsible ◽  
Content Type ◽  
Benefit Corporation ◽  
Academic Level ◽  
Corporate Social

Theoretical basis As the regulatory system begins to recognize the role of social responsibility reporting, reliable disclosure measures will be required. Issues of transparency, reliability and assurance are likely to arise as securities regulators consider whether and how to require disclosure of non-financial information. Various reporting models are presented in the case to illustrate different ways that these issues can be addressed by privately held and publicly traded corporations. Research methodology The case uses the company, Etsy, Inc., which has established itself as a publicly traded, socially responsible corporation. Etsy must decide whether it will re-incorporate as a benefit corporation in order to maintain its B Lab certification. This decision introduces students to the various measures of corporate social responsibility, the interests of the stakeholders of a corporation and the regulatory environment in which socially responsible, publicly traded corporations operate. The case uses only publicly available information. Case overview/synopsis This teaching case addresses the decision faced by Etsy, Inc. when it became a publicly traded corporation. In order to maintain its certification as a socially responsible corporation by B Lab, it would have to re-incorporate as a Delaware Benefit Corporation. In making this decision, the company had to consider various measures used for corporate social responsibility reporting and transparency and how these might affect Etsy’s stakeholders. Complexity academic level Undergraduate or masters level case that could be used in a business law, commercial law, legal environment or auditing course.

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