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This study aims to help develop “business principles for stakeholder capitalism” in two steps. First, the study defines internal logic of three theories of capitalism and two variants within each theory. Second, it examines approaches to integration into modern democratic capitalism. Treating the three theories as substitutes identifies relative strengths and weaknesses; complementarity and partial overlap approaches to integration study the institutional settings within which stakeholder capitalism operates. Empirical outcomes reflect competition between market and stakeholder businesses for participants, with institutional conditions determining the scope of collective action.

The approach aligns three typologies in a unique conceptual arrangement defining the three theories of capitalism: forms of capitalism, potential failures of each form and associated types of goods. The first method examines the internal logic of each theory of capitalism. The second draws on traditional narrative review of references documenting each theory of capitalism and variants together with modern Marxist anti-capitalism.

Three typologies align uniquely with the theories of capitalism, each having two variants. Both variants of stakeholder capitalism are compatible with compassionate capitalism, constitutional government or polycentric governance but not with self-interest capitalism, dictatorship or Marxism. A theory of modern democratic capitalism allocates roles for private, club and social goods with empirically variable mixes occurring across countries. Competition among different types of enterprises provides an empirical test for comparative advantages of stakeholder capitalism. Future research should consider approaches for testing the proposed conceptual scheme in practice concerning capacity to deal with grand challenges, wicked problems and black swan events.

Research approach is limited to logical examination of theories and literature documentation without direct empirical confirmation. The study does not address practical implications for managers and public officials or social implications concerning private incentives, stakeholder cooperation or collective action.

Originality lies in shifting terms of debate about stakeholder capitalism from advocacy of substitute theories to understanding of its relationship to market capitalism and collective action capitalism. Value lies in explaining desirability of theoretical integration of three types of capitalism into a comprehensive framework for modern democratic capitalism.

This article offers some brief reflections on the relationship between culture and the potential development within the field of Corporate Social Responsibility in Mexico. Thoughts expressed are necessarily subjective and set within the wider context of organisational communication and community relations in Mexico City. The focus is on the significance of open communication, participation and closer relationships with the Other.

Corporate social responsibility is one of the earliest and key conceptions in the academic study of business and society relations. This article examines the future of corporate social responsibility. Bowen's (1953) key question concerned whether the interests of business and society merge in the long ran. That question is assessed in the present and future contexts. There seem to be distinctly anti‐responsibility trends in recent academic literature and managerial views concerning best practices. These trends raise significant doubts about the future status of corporate social responsibility theory and practice. The vital change is that a leitmotif of wealth creation progressively dominates the managerial conception of responsibility. The article provides a developmental history of the corporate social responsibility notion from the Progressive Era forward to the corporate social performance framework and Carroll's pyramid of corporate social responsibilities. There are three emerging alternatives or competitors to responsibility: (1) an economic conception of responsibility; (2) global corporate citizenship; and (3) stakeholder management practices. The article examines and assesses each alternative. The article then assesses the prospects for business responsibility in a global context. Two fundamentals of social responsibility remain: (1) the prevailing psychology of the manager; and (2) the normative framework for addressing how that psychology should be shaped. Implications for practice and scholarship are considered.

This chapter assembles the key literature on value creation for consideration in relationship to stakeholder theory. The literature review identifies and explains the core topics concerning value creation and related ideas. The purpose is to stimulate research into the theory, practice, and social consequences of value creation in a stakeholder management framework. The construct of “value” lacks theoretical precision and empirical verification. The most fundamental and disputed question addressed is which value approach for the firm best contributes to overall (aggregate) social welfare. The vital issue is whether the managerial stakeholder theory is superior, at long-run value creation for multiple stakeholders including society at large, to the conventional agency theory. Business executives and directors are the ones who choose between agency and stakeholder approaches to management. Their actions influence organizational and social outcomes. Research is limited to a literature review, followed by a discussion of the likely role of value creation theory in future stakeholder research. The chapter first defines value. The basic approach is then to focus on key topics in the relevant literature. The last section addresses the role of value creation theory in future stakeholder research.

Purpose – This chapter examines the corporate social responsibility (CSR) of international businesses to combat commercial and governmental corruption. The focus is on multinational enterprises (MNEs) as key business actors globally.Design/methodology/approach – The methodology of the chapter is a combination of literature review, summary of international anticorruption accords, and analysis of available data sources. The literature review is not a systematic survey of academic literature but rather citation of key works bearing on the chapter's purpose. Greater emphasis rests on anticorruption accords and data sources to provide practical guidance to business managers and public officials.Findings – Corruption is global and ubiquitous although varying markedly by country and industry. Corruption occurs in multiple forms such as bribery, entertainment, extortion, facilitating payments, favors, gifts, gratuities, and travel. International anticorruption accords now constitute a formal global norm against bribery and extortion in commercial or governmental transactions. Economic and political costs of corruption are high. Active national enforcement is gradually increasing.Practical implications – The needed corporate policy is not to pay bribes, large or small, in any form for any reason. Such policy will in future extend to prohibit even minor facilitating payments. Businesses should define and enforce broadly applied anticorruption norms. The chapter cites key examples of prosecutions and anticorruption efforts.Originality/value of chapter – This chapter marshals available information from literature, anticorruption accords, and corruption data sources. The chapter is intended to be a useful guide for business managers and public officials.

Widely accepted forecasts expect globally networked virtual teams cutting across firms and disciplines to become the dominant enterprise form of the 21st century. This chapter critically reviews concepts, experience, and evidence bearing on this new approach to business in the digital and global economy. Key aspects of the available literature (academic, consulting, and practice) are identified. It is important not to conflate an evolutionary theory of the firm with an interpretation of the causes, logic, and effects of a particular stage of that evolution. While recent forecasts are reasonable projections of the opportunities opened by advanced communication technologies and likely falling prices for communication, the projections tend to be general inform. Detailed knowledge concerning forming, maintenance, and use of global virtual teams is slender. How to address global networking and virtual teamwork should be considered in light of various cautions being published about various kinds of change management approaches. Technology and human skill and motivation development investment are essential.

This conceptual chapter addresses identification, development, and application of change management competencies directed at creating more collaborative work systems through transformation of existing businesses. The chapter draws on, and assesses, selected key ideas and works in the available literatures on change management and collaboration (applied both internally and externally), including reported cases of revealing successful and failed change efforts. Improved collaboration is posited to be desirable and feasible, in certain circumstances. Change management and organizational transformation are big and broad topics, with large conceptual and empirical literatures, as is the topic of collaborative work systems. There is here a deliberate narrowing of focus on how to obtain more collaboration in and between existing organizations, where desirable but not occurring naturally. Attention is explicitly directed to transformation of existing businesses as distinct from the relative managerial freedom afforded in startup situations and the almost natural change processes inherent in successful innovation firms. Any shift from conventional to collaborative work approaches is a transformational problem drawing on change management competencies. A fundamental difficulty is the absence of empirically verified theories immediately relevant to management practice. Useful knowledge on these important matters has been built up piecemeal and experientially.

An interdependent global economy increases the practical and scholarly importance of international business ethics. This paper examines the relationship between transnational moral activism and international value harmonization in this context. Moral activism, while often grounded in mixed motives, is some effort to correct a perceived wrong in outcomes and/or the values and/or conduct of others. Economic interdependence increases contact among arguably very different cultures and values. The paper focuses on two specific examples: (1) increasing international cooperation for the suppression of bribery and other forms of corruption in private and governmental conduct; and (2) actual or proposed U.S. economic sanctioning of countries regarded as oppressive or terroristic. The role of the U.S. as a first or sole mover in such issue arenas is examined. The U.S. government and business sectors appear to be coming into increasing disagreement over foreign sanctions, as such sanctions affect business opportunities exploited by other members of the OECD. The practical importance for U.S. firms resolves into three key dimensions: (1) relaxation of U.S. policy controls affecting U.S. business activity abroad; (2) implications for corresponding business activity by foreign firms into the U.S.; and (3) what is typically characterized as global corporate citizenship.

The research question is how home country corruption and nationalism may affect operations of BRIC multinational enterprises. BRIC composition permits a comparison of two authoritarian regimes and two constitutional democracies. Each BRIC features a different combination of corruption and nationalism. The chapter adds South Africa information for two limited reasons. First, from 2010 South Africa is a member of the BRIC summit process. South Africa is an important entry point to Africa, for BRIC multinationals and particularly for China. Second, concerning corruption and nationalism South Africa is analytically useful as a control context that helps illustrate but does not appear to change highly exploratory BRIC findings.

The chapter draws on limited literature and information concerning corruption and nationalism in BRICs to suggest tentative possibilities. Transparency International provides bribe payers index estimates for 28 large economies, with important multinational enterprises, and corruption perceptions index estimates including those 28 countries. These estimates include the four BRICs and South Africa. The available sources suggest some suggested findings about varying impacts of home country corruption and nationalism on operations of BRIC multinationals.

China and Russia are authoritarian regimes in transition from central planning-oriented communist regimes. They are global military powers, expanding influence in their respective regions. Brazil, India, and South Africa are constitutional democracies. India, a nuclear-armed military power, seeks a regional leadership role in South Asia. Brazil and South Africa are key countries economically in their regions. BRIC multinationals are positioned between home country and host country conditions. Chinese and Russian multinationals may reflect a stronger nationalistic tendency due to home country regimes and ownership structure.

The chapter is an original but highly exploratory inquiry into impacts of corruption and nationalism on BRIC multinationals. Extant BRIC literature tends to understudy effects of home country corruption and nationalism on managerial mindset and incentives in either commercial or state-owned enterprises.

A proposed typology of moral exemplars in business highlights instances selected to illustrate standards for inclusion. The typology distinguishes among champions, heroes, and saints as different kinds of business exemplars. The typology reflects variations in both specific decision conditions and moral value emphases of business actors. The typology also differentiates moral exemplars from moral neutrals (i.e., amoral actors) and moral sinners (i.e., moral value scofflaws). The objective is to advance understanding of moral character and moral courage in business settings.

The methodology combines original conceptual argument and brief case summaries taken from available literature. The chapter is not a systematic survey of literature but cites key works. Construction of the typology involved iteration between conceptual development and case interpretation.

The chapter separates business cases into private business and public business, and applies Adam Smith’s distinction between citizenship and good citizenship. An additional distinction is made between extreme conditions and normal conditions. Moral heroism in business is restricted to life-and-death or strongly analogous situations in extreme conditions such as hazardous whistleblowing. Moral sainthood in business involves extreme maximization of a single value going far beyond simple compliance with legal requirements and typical ethical norms – Smith’s definition of citizenship. Moral championing in business concerns some degree of lesser self-sacrifice in defense of important values reflecting Smith’s definition of good citizenship.

The chapter is a selection of literature undertaken in iteration with the conceptual development effort. The original research aspect of the chapter is thus quite limited. The author is not positioned to judge the accuracy of published information, for or against a particular instance. The classifications thus depend on whether the instance would, if the generally reported facts are basically accurate, serve as a reasonable illustration of standards for inclusion. Criticisms have been made concerning some of the instances discussed here.

The emphasis is on providing standards for defining moral exemplars for business to suggest how much can be accomplished in business through moral influence.

The conceptual contribution is original, although drawing on the philosophical literature debate about saints and heroes. The chapter treats exemplar as the overarching construct, separated into three kinds: heroes, saints, and champions. Sinner is implicit in the notion of saint. The chapter adds moral champions and moral neutrals to isolate moral heroism. The cases exist in the literature, but have been combined together here for the first time.