Internalization Theory

Internalization Theory

            The ownership advantage theory only partly explains why PDl accrue 10 does not explain why a firm would choose to enter a foreign market via FDI rather then exploit its ownership advantages internationally through other means, such as exporting its products, franchising a brand name, or licensing technology to foreign firms. For example, McDonald's has successfully internationalized by franchising its fast-food operations outside the United States, while Boeing has relied on exploring to serve its foreign customers.

Initialization theory addresses this question. In doing so, it relies heavily on the concept of transaction costs. Transaction costs are the costs of entering into a transaction, that is, those connected to negotiating, monitoring, and enforcing a contract. A firm must decide whether it is better to own and operate its own factory overseas or to contract with a foreign firm to do this through a franchise, licensing, or supply agreement. Internalization theory suggests that FDI is more likely to occur-that is, international production will be internalized within the firm when the costs of negotiating, monitoring, and enforcing contracts with a second firm are high.

For example, Toyota’s primary competitive advantage sale its reputation for high quality and its sophisticated manufacturing techniques, neither of which is easily conveyed by contract. As a result, Toyota has chosen to maintain ownership of its overseas automobile assembly plants. Conversely, internationalization theory holds that when transaction costs are low, firms are male likely to contract with outsiders and internationalize by licensing their brand names or franchising their business operations. For example, McDonald's is the premier expert in the United States in devising easily enforceable franchising agreements. Because McDonald's is so successful in reducing transaction costs between itself and its franchisees, it has continued to rely on franchising for its international operations.

 

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The Influence of Agency Theory within Corporate Governance

The Influence of Agency Theory within Corporate Governance

Agency theory has a number of manifestations. Jensen and Meckling’s (1972) innovation was to insist that organisations should be seen as no more than a set of implicit and explicit contracts with associated rights. Alchian and Demsetz (1972) by contrast focused on the ‘team production process’ and the problem of free riding and monitoring within this. Fama (1980) looked to the potential of the managerial labour market to constrain and channel individual executive opportunism. These varied models of the nature of organisational relationships are constructed around a few simple assumptions that Donaldson (1990) characterises as a ‘theory of interest, motivation and compliance’. As with neoclassical economics more generally the basic unit of analysis is taken as the ‘individual’ who is preoccupied with maximising or at least satisficing their utility; conceived typically in terms of a trade-off between work and leisure. It is this combination of assumed autonomy and self-interested motivation that creates the problems within agency relationships; the relationship between a principal and those employed as ‘agents’ to serve their interests.

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As applied to corporate governance it is the shareholder who is cast as the ‘principal’ and the problem, following the separation of ownership and control (Berle and Means 1932), is how the principal can ensure that his ‘agents’ – company directors – serve the shareholders interests rather than their own. Either in the form of ‘shirking’ which in the governance context can be seen in terms of a lack of attention to maximizing shareholder returns, or in terms of ‘self-interested opportunism’ – accruing wealth to themselves rather than shareholders – the principal is vulnerable to the self-interest of their agents. The remedies to this conception of the agency problem within corporate governance involves the acceptance of certain ‘agency costs’ involved either in creating incentives/sanctions that will align executive self interest with the interests of shareholders, or incurred in monitoring executive conduct in order to constrain their opportunism.

As these assumptions have been read onto corporate governance, and informed its reform in recent decades, they have resulted in what are now an almost universal set of techniques and practices designed to control the conduct of executives both within the corporation and externally (Walsh and Seward 1990). Inside the company, boards have essentially two means to exercise control over executives; they can fire them and they can give them incentives – share options, long-term incentive plans. For these levers to work, however, boards must be populated with ‘independent’ non-executives who are willing and able to monitor executive performance, particularly where there are potential conflicts of interest. The growth and development of both the number of non-executives on boards as well as the increased specification of their role and conditions of ‘independence has characterized board reform around the world. 

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The separation of the role of chief executive from that of the non-executive chairman has been part of this; in the language of Cadbury it is intended that this ensures that no one individual has ‘unfettered’ powers of decision. The creation of audit, remuneration, and nominations committees all staffed by independent non-executives, is also common and ideally ensures both the proper use of incentives and a high degree of monitoring of executive performance and decision-making. To these internal controls are added a range of external controls. Foremost here has been the focus on enhanced ‘disclosure’, and the ‘transparency’ that this allows, principally of financial performance but recently also of social and environmental performance.

The intention is that the share market is thereby better informed such that all relevant information is impacted into the share-price (Fama 1980, Barker 1998). There is also a market for corporate control that ideally allows for weak management teams to be displaced by strong teams that will run companies to better effect for shareholders. In recent years at least at a policy level there has also been concern that shareholders – in the form of the large institutional investors – taking on their responsibilities as owners through exercising proper scrutiny and influence both publicly and through their private contacts with investors (Roberts et al 2003).

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The model described here of a combination of internal and external controls is what characterises Anglo-American corporations and by early 2001 there was a growing confidence that this model was the best means of ensuring effective governance, and that corporate governance practices in other jurisdictions should and indeed were beginning to converge upon this model (OECD). At this point the scandals of Enron, Worldcom and Tyco broke and these have at least temporarily shaken the confidence in and complacency about the Anglo-American model, and been the stimulus of yet further reform. In the USA the Sarbannes-Oxley act can be read almost as a perfect mirror of the collapse of Enron and perhaps suggests a loss of faith in the self-regulatory capacities of both boards and markets by increasing the criminal liabilities of directors.

In the UK the response has been more muted but has involved the further strengthening of the role of the non-executive within boards (Higgs 2003) and of the monitoring responsibilities of investors in relation to voting and remuneration and activism. I would argue that in many respects these latest reforms merely repeat and reinforce the core assumptions of agency theory – that the problem lies in the self-interested opportunism of executives and can be remedied only through a mixture of increased independent monitoring, sharper sanctions and more appropriately targeted incentives that avoid ‘reward for failure’. In what follows I want to question these assumptions and suggest that they are better seen not as the solution but rather the source of the governance problem.

 

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References

Alchian, A. & Demsetz, H. Production, Information Costs and Economic Organization, The American Economic Review, 1972, 62 ; 777-95.

Fama, E. Agency problems and the theory of the firm. Journal of Political Economy, 1980, 88 288-307.

Jensen, M. and Meckling W. 1976 Theory of the Firm: Managerial Behaviour, Agency Costs and Ownership Structure The Journal of financial Economics, 3 ,305-360.

Donaldson, L. The Ethereal Hand; organisational economics and management theory, Academy of Management Review, 1990 15(3) 369-81.

Barker, R. (1998) The Market for Information – Evidence from finance directors, Analysts and fund managers, Accounting and Business Research. 29(1):3-20.

Higgs, D. (2003) Review of theRole and Effectiveness of the Non-executive Director, DTI:London.

Walsh, J & Seward, J.(1990) On the efficiency of internal and external corporate control mechanisms. Academy of Management Review, 15(3) 421-58.

Roberts, Barker, R, Sanderson, P and Hendry, J. (2003) “In the Mirror of the Market; the disciplinary effects of company shareholder meetings. IPA conference paper Madrid.

Confucius

Confucius

            Confucius was China’s most well-known Theorist and/or Philosopher. He resided in Ancient China in the Zhou Dynasty (Freedman, 2003). Confucius was a regime official, and in his lifetime (551 to 479 B.C.) he saw growing chaos and turmoil in the system. Perhaps due to the chaos and prejudices he saw, he set himself to establish a new moral code based on reverence, honesty, education, benevolence and strong family bonds. His teachings later became the foundation for spiritual and ethical life all over the China (Freedman, 2003).

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            Confucius’ main beliefs gained broad acceptance primarily because of their basis in common Chinese tradition and belief. He obtained strong familial allegiance, ancestor worship, reverence of elders by their kids, and the family as a foundation for a model administration (Freedman, 2003). Although Confucianism is often pursued in a spiritual manner by the Chinese, arguments carry on over whether it is a religion. Confucianism does not lack a life after death; the texts explain simple views about Paradise, and are comparatively unconcerned with some religious matters often measured necessary to spiritual thought, such as the nature of the soul (Freedman, 2003).

            The Confucian philosophy of morals as represented in Li is based on three significant conceptual features of life: ceremonies related with give up to ancestors and deities of different kinds, social and political foundations, and the manners of everyday behavior. It was considered by some that li originated from the paradises (Freedman, 2003). Confucius’s philosophy was more nuanced. His style stressed the development of li through the actions of intellectual leaders in human history, with less stress on its link with paradise. His negotiations of li seem to redefine the term to refer to all actions committed by an individual to establish the ideal community, rather than those simply in compliance to canonical standards of rite (Freedman, 2003). In the early Confucian custom, li, though still connected to conventional types of action, came to point towards the balance between keeping these standards so as to perpetuate a moral social structure, and infringing them in order to do moral good. These theories are about doing the appropriate thing at the appropriate time, and are related to the belief that training in the li that past philosophers have devised develops in people virtues that contain moral decision about when li must be implemented in light of situational contexts (Freedman, 2003).

            Confucius’ political concept is based upon his moral thought. He disputes that the best administration is one that principles through “rites” and people’s natural ethics, rather than by employing corruption and coercion. He described that this is one of the most significant analects. “If the individuals be led by rules, and uniformity sought to be provided them by sentences, they will attempt to evade the sentence, but have no sense of embarrassment. If they be led by good quality, and uniformity sought to be provided them by the laws of politeness they will have the sense of the embarrassment, and furthermore will become good” (Freedman, 2003). This “sense of shame” is an internalisation of responsibility, where the sentence precedes the sin action, instead of subsequent it in the type of rules as in Legalism.

            Eventually, Confucius’s works are researched by several scholars in several other Asian nations, specifically those in the Sinosphere, such as Korea, Japan and Vietnam. Several of those nations still hold the conventional memorial ceremony every year (Freedman, 2003). His methods, preserved in the Lunyu or Analects, shape the base of much of following Chinese speculation on the education and behavior of the perfect man, how such a person should reside his live and communicate with others, and the forms of community and regime in which he should contribute. Fung Yu-lan, one of the great twentieth century powers that be on the history of Chinese thought, evaluates Confucius’ affect in Chinese history with that of Socrates in the West.

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Reference

Freedman, Russell. (2003). Confucius: The Golden Rule. New York: Arthur A. Levine Books.

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Global Warming

Global Warming

            Global Warming or Climate Change is quantifiable boost in the average temperature of Earth’s oceans, landmasses, and atmosphere. Scientists consider Earth is presently facing an era of rapid warming brought on by increasing levels of heat-trapping gases, known as greenhouse gases, in the ambiance. Greenhouse gases keep the radiant energy (heat) supply to Earth by the Sun in a procedure known as the greenhouse effect (Silver, 2008). Greenhouse gases appear naturally, and without them the earth would be too cold to continue life as we know it. Since the starting of the Industrial Revolution in the mid year 1700, though, human being actions have added increasingly of these gases into the atmosphere. For instance, levels of carbon dioxide, an influential greenhouse gas, have increasing by thirty-five percent since year 1750, largely from the burning of fossil fuel such as oil, coal, and natural gas. With extra greenhouse gases in the merge, the ambiance acts like a congealing blanket and ensnare more heat. (Silver, 2008)

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            Planet Earth has warmed and cooled lots of times since its formation approximately 4.6 billion years ago. Global climate changes were owing to lots of factors, comprising massive volcanic emissions, which boost carbon dioxide in the ambiance; changes in the strength of energy released by the Sun; and changing in Earth’s position relation to the Sun, both in its orbit and in the leaning of its rotate axis. Changing in Earth’s position, recognized as Milankovitch cycles, unite to produce cyclical variations in the global temperature. These cycles are supposed to be accountable for the repeated move forward and move away of glaciers and ice layers throughout the Pleistocene Era, when planet Earth went from side to side rather usual cycles of colder “glacial” era and heater “interglacial” era. Glacial era occurred at approximately 100,000-year gaps. (Archer, 2006)

An interglacial era began approximately 10,000 years ago, when the last glacial period came to an end. Earlier to that glacial period, an interglacial period happened approximately 125,000 years ago (Silver, 2008). Throughout interglacial periods, greenhouse gases such as methane and carbon dioxide naturally boost in the ambiance from boosted animal and plant life. But since year 1750 greenhouse gases have boosted radically to levels not observed in hundreds of thousands of years, owing to the quick growth of the human being population joint with growth in agriculture and technology. Human being actions now are a powerful issue effecting Earth’s vigorous temperature. (Silver, 2008)
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The ice of the Polar area provides clues to the structure of planet Earth’s early atmosphere. Ice cores that scientists have bored from the ice layers of Antarctica and Greenland provide natural records of both atmospheric and temperature greenhouse gases leaving back hundreds of thousands of years. Sheets in these ice cores shaped by regular snowfall patterns let scientists to decide the glacial period in each core. By calculating small air bubbles trapped in the ice and properties of the ice itself, scientists can approximation the temperature and quantity of greenhouse gases in planet Earth’s earlier period atmosphere at the time every sheet shaped. Stand on this data, scientists identify that greenhouse gases have now raised to higher levels than at any period in the last 650,000 years.(David, 2007)      

Greenhouse gases are increasing and hotness are following. Before the late year 1800, the normal surface hotness of planet Earth was approximately 15°C (59°F). More than the past hundreds years, the normal surface temperature has increased by about 0.7°C (1.3°F) with largely of the boost occurring since the year 1970. Scientists have connected even this quantity of temperate to various changes taking place round the globe, comprising melting polar ice and mountain glaciers, rising sea level, additional strong and longer droughts, additional strong storms, additional numerous heat waves, and changes in the life cycles of lots of animals and plants. (Archer, 2006)Temperate has been largely dramatic in the Arctic, where warmth have increased roughly twice as much as the worldwide average.

Global Warming Causes

Planet Earth absorbs largely of the heat spread out by the sun and reproduces back the remaining part. Greenhouse gases such as methane, carbon dioxide, ozone and water vapor trap the reflected warmth (Silver, 2008). Therefore prohibited from escaping, the reflected warmth insert to the heat of surface air. An irresistible majority of our scientific society agrees that human being activities have an important influence on global warming. Fossil-fuel-burning, vehicles Factories emitting smoke and even the burning of firewood direct to boosts releases of carbon dioxide gas. Carbon dioxide gas is one of the “greenhouse” gases that catch the warmth from the sun. The heater air direct to boost water desertion, and water vapor is one more greenhouse gas that catch the heat. Another human being activity that direct to global warming is the cut downing of trees for firewood and timber. (David, 2007)

Global Warming Effects

Warmer air warmth causes glaciers to melt, with the resulting water running into the oceans. This directs to increase in sea levels that can go under water populated areas, including entire countries such as the Maldives (Stow, 2007). Global warming directs to alter in temperature. Climate alters decrease agricultural yields and boosts the strength of severe weather measures such as cyclones and flooding. Tree cut downing has its own influence. Except every tree felling is replaced by planting one or more trees in its area, once wooded areas become deserts. Trees absorb carbon dioxide gas in the ambiance. Smaller numbers of trees mean higher absorption of carbon dioxide gas. Alters in weather, rainfall levels and land use patterns can direct to extermination of species, and boosts in the occurrence of mosquito-borne and other types of illness. Global warming results are therefore different and extremely troublemaking to human being survival. (Houghton, 2009)

Reducing Global Warming

Global warming costs are therefore is too grave to be unnoticed. Corrective action is making difficult by the truth that some human being scientists differ with the consensus. According to a number of, the cyclical weather patterns are nothing new. The planet earth has gone from side to side such cycles and endured several glacial periods. Planet earth may have survived, but not planet earth inhabitant such as dinosaurs. (Houghton, 2009)

Regardless of the argument, governments are taking steps to defend the atmosphere. An effort is being made to decrease greenhouse gas releases, and to penalize the releases. In numerous countries, the law necessitate that each felled tree have to be replaced by planting two new seeding. At an individual level, we too can contribute (Silver, 2008). For instance, we can:

·        Burn fewer fossil fuel by going in for fuel-competent small cars, or even improved, using community transport

·        Decrease energy expenditure by switching off electrical devices while not wanted

·        Utilize energy-competent light bulbs and heating devices

·        Reduce the utilize of wood-based yields such as paper, and fossil-based yields such as plastic

·        Recycle plastic and paper products

Lastly the general agreement is that human being activity such as tree-felling and fossil-fuel burning, other practices direct to global warming. Global warming has numerous trouble making effects as sketch above. In calculation to governments, we as persons can do much to decrease global warming.

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References

David, Laurie. (2007). Down-to-Earth Guide To Global Warming. New York: Orchard Books.

Archer, David. (2006). Global Warming: Understanding the Forecast. New York: Wiley-Blackwell.

Houghton, John. (2009). Global Warming: The Complete Briefing. New York: Cambridge University Press.

Silver, Jerry. (2008). Global Warming and Climate Change Demystified. New York: McGraw-Hill Professional, 2008.

Stow, Dorrik. (2007). “Climate control: ocean and atmosphere are intricately linked. Dorrik Stow explores some of the facts, effects and challenges of global warming”. London: Thomson Gale.

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Academic Standards and ELL Proficiency Standards

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Academic Standards and ELL Proficiency Standards

            Federal law, as specified in NCLB or (The No Child Left Behind Act), needs states to contain ELL learners in state evaluations and assess learners’ language proficiency with valid, trustworthy evaluations in the areas of oral language and reading and writing expertise, more particularly command, speaking, listening, reading and writing (Davies, 2008). These evaluations must also help in learners’ achievement of the state’s academic attainment standards. Said in a different way, these evaluations are to be intended to evaluate “Academic English” (Davies, 2008). As a consequence, there needs to be a connection between English language proficiency standards and a state’s academic content standards.

            English language proficiency standards must, at a minimum, is connected to the State academic content and attainment standards. States are supported, but not needed, to align English language proficiency standards with academic content and attainment standards (Klingner, 2008). Annual assessable attainment objectives for English language proficiency work as targets for attainments of the English language proficiency standards. English language proficiency evaluations must be aligned with English language proficiency standards and give a means of illustrating progress towards encountering the English language proficiency annual measurable attainment goals.

            The alignment of evaluation systems to state standards has obtained importance in recent years. The No Child Left Behind Act of 2001 (NCLB) needs alignment of state evaluations to state standards (HSP, 2007). The idea of alignment is not new. Alignment sand has been a mechanism for promising a test’s content validity. In years past, nevertheless, alignment was often assessed in a very ad hoc fashion. Generally, alignment activity was carried out during a test’s item review. Content professionals reviewed evaluation items and decide if items matched test requirements, test framework documents, or standards. The major purpose in this kind of alignment was to make sure that a test item matched a requirement, framework or standard. Observers have argued that there is more to alignment then just identical (Davies, 2008).

Alignment refers not only to matching items to standards but also to ascertaining the breadth and the cognitive depth of items comparative to standards (Klingner, 2008). A number of alignment policies and methodologies exist. One of the most famous techniques used nowadays is that created by Dr. Norman Webb of the Wisconsin Center for Educational Research. The Webb approach to alignment assesses item match, cognitive difficulty or depth and breadth of coverage. Each alignment element (match, depth, breadth) has related statistics (Klingner, 2008).

To assess match, the statistic Categorical Concurrence issued. Categorical Concurrence refers to the standard number of items raters allocate to particular standards or curricular objectives. Raters select particular standards, objectives or aims that match every individual test item on rated tests (Lenski, 2010). The number of coded items is averaged across al raters and reported a Categorical Concurrence. Think of this statistic as a proxy for standard numbers of items raters believe address a particular standard or goals. With this method, items can address more than one standard, and raters are permitted to code accordingly (HSP, 2007).

To assess depth, raters evaluate the Depth of Knowledge of standards, objectives and/or goals and the Depth of Knowledge of test items. Depth of knowledge can be described in a number of methods. Webb argues that, Standards differ on the difficulty of what learners are anticipated to recognize and do (Lems and Miller, 2009). Some standards simply anticipate learners to reproduce a factor complete a series of steps while others anticipate learners to reason, extend their thinking, synthesize information from different sources, and make considerable work over time. Alignment on depth-of-knowledge is obtained when the evaluation and standards agree on the cognitive level learners are anticipated to illustrate and are asked to execute (Lenski, 2010).

The final element evaluated in a Webb alignment is breadth. Two statistics are related with breadth: Range and Balance. The Range “standard is met if a similar span of knowledge anticipated of learners by a standard is the same as, or corresponds to, the span of knowledge that learners need in order to correctly answer the evaluation items/activities” (Davies, 2008). If test items are recognized with most, if not al, pertinent goals in a standard, then it is said that there is good Range. In essence, Range evaluates whether all goals within an objective or standard are sufficiently covered. The second statistic evaluating breadth is Balance. Balance refers to the “degree to which one goal is given emphasis on the evaluation is similar to the emphasis given to the other goals within a standard” (Davies, 2008).

Webb alignments concentrate on state assessments and state academic content standards, generally in the areas of reading and math. Federal connecting or alignment guidance explained above varies. Instead of evaluating tests-to-standards (i.e., Webb’s approach), needs recommend conducting standards-to- standards investigations, be they connecting or alignment. A number of processes have been developed to align syllabus in education (HSP, 2007). A very famous instance is the Surveys of Enacted Curriculum. With this method, observers examine connections between standards, instructional practices, and evaluations. The authority of this method is to unveil how standards-based, evaluation assessed systems are realized in the classroom. This method is very comprehensive and informative. It does not solely concentrate on examining two sets of standards perse (HSP, 2007).

On the other hand, a number of statistics are generated as a consequence of the ELP alignment procedure. Four areas are assessed in this kind of alignment: coverage, linguistic complexity, breadth, and linkage to state academic standards. Each area has related statistics. As declared earlier, this alignment procedure is very alike to the Webb alignment model—although not matching and gives similar kinds of statistics. ELP alignment varies from academic content based alignments in a few significant ways (Lems and Miller, 2009). First, English language development standards cover skill-based content and language proficiency. That is, the standards integrate content and linguistic difficulty. To ascertain alignment, both components need to be examined. Therefore, statistics related with ELP alignment give measures of coverage, linguistic complexity, and breadth for skill-based content and for language proficiency standards. The subsequent paragraphs explain each area and the statistics used to assess that element of alignment (Lems and Miller, 2009).

No one statistic can decide the alignment of a test to a state’s standards. All statistics should be utilized in concert to get a complete image of alignment (Lenski¸ 2010). In some situations, a state may intentionally target particular standards on its evaluations, containing more items for some standards than for others. In this situation, the criteria for satisfactory alignment recommended above will not adequately depict the alignment. Nevertheless, criteria should be set before an alignment research is carried out and a justification for each standard should be expressed (Lenski, 2010).

The procedure explained above has been employed in three states with a number of evaluations and English language development standards with achievement. Experience recommends that careful planning and clear vision of the purpose and expected result of the alignment process leads to success.

 

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References

Lems, Kristin and Miller, Leah D. (2009). Teaching Reading to English Language Learners: Insights from Linguistics. New York: The Guilford Press.

Davies, Alan. (2008). Assessing Academic English: Testing English proficiency. Cambridge: Cambridge University Press.

Lenski, Susan. (2010). Writing Instruction and Assessment for English Language Learners K-8. New York: The Guilford Press.

HSP. (2007). Ell Proficiency Assessment. New York: Hmh School.

Klingner, Janette Kettmann. (2008). Why Do English Language Learners Struggle With Reading: Distinguishing Language Acquisition From Learning Disabilities. New York: Corwin Press.

Agency Theory, Corporate Governance and Ethics

Agency Theory, Corporate Governance and Ethics

            As academics we are perhaps unused to seeing a direct impact from our abstract theorizing but in the case of agency theory one can point to the profound impact that its assumptions have had in both characterizing and seeking to reform corporate governance practices. One of the reasons for the success of this theory is that it has kept a similar distance from actual board practices as those who are keen to understand and influence what goes on in boards – investors and those regulatory authorities who act principally on their behalf. Its negative assumptions about human nature, I would suggest, have a natural consonance with those who monitor boards remotely and who, as a result of this distance, are fearful that their interests are being abused.

We could suggest that the value of the dismal assumptions of self-interested opportunism is that one’s confidence in others is seldom misplaced. Better to assume the worst than to become disillusioned by having one’s trust in distanced others abused. But in the paper that follows I want to argue that such fail safe pessimism is much more productive that it imagines itself to be. Rather than merely observe some truth about the opportunism of human nature, as this belief has become embodied in boards in the attempt to constrain and align self interest towards investor interests, it has had the effect of producing or a least promoting the very self interested opportunism that it fears.

In order to explore corporate governance, not as a theory about how to constrain and align a given ‘self interested’ human nature, but rather as a site for the production and reproduction of self-interested opportunism, the paper shifts the focus of attention away from assumptions about human nature to practices and their effects both objective and subjective. In this way I attempt to offer an alternative account of the production and reproduction of self-interested opportunism both in directors and in investors. Performance measurement both within and beyond the corporation, and the visibility it creates is argued to have the effect of individualizing the director; effects that are most evident in the effects both of sackings and of share-options. But investors distrust of remote directors has as its correlate, I suggest, a certain attachment to self-interested opportunism – the self-interest of the investor. To acknowledge both agency theory’s deficiency and productiveness as a theory of the motives of the other would perhaps open the door to a questioning of the other half of the equation – the assumed sovereignty of the property rights of owners and those who represent these.

From within such an individualized subjectivity ethics is at best what I have described as ‘the ethics of narcissus’; a concern to be seen and to represent the self/corporation as ethical. But ethics and the construction of ethical appearances I argue are very different and in the final part of the paper I draw upon the work of Levinas to offer a counter view of the ethical capabilities of the person which is the complete antithesis of the assumed individualism of agency theory.

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Impact and Criticism of The Concept Of Corporate Citizenship

Impact and Criticism of The Concept Of Corporate Citizenship

Looking at the definitions, it seems that the only one that adds a fresh perspective to the concept of company in society is the extended view, since it emphasizes the political role of the corporation therefore the importance of its accountability. It also provides perspectives on the organisation as a global participant, having to cope with different concepts of citizenship worldwide.

Corporate citizenship and corporate social responsibility have been attacked for introducing concepts that are counter to good order in the free market. The underlying idea is that economic self-interest and allocative efficiency ensure maximum economic growth and hence maximum social welfare.

On the other hand other critics of corporate citizenship argue that it often tends to be restricted to what should be disclosed in the accounts that organisations themselves prepare, and that the range of concerns and stakeholders to which organisations are accountable is limited. More fundamentally critics claim that its supporters operate and hence acquiesce in the free market and take attention away from the need for fundamental structural change in economies.

Nevertheless supporters argue that corporate citizenship and corporate social responsibility reporting can be extended to illuminate inequalities in distribution in society and limitations of traditional accounting methods. Reporting has a major role in making organisations more visible and transparent.

Examples

            Scottish Power's corporate social responsibility programme has been developed from multi-stakeholder consultation. The stakeholders emphasized the need for the company to prioritize its most significant social and environmental impacts. This consultation identified 12 impacts, and Scottish Power's 2005/06 report detailed what had been done to address these:

Provision of energy: Scottish Power was the largest developer of onshore wind in the UK, and second largest in the US, and planned to invest £170 million in Flue Gas Desulphurization to reduce S02 emissions.

Health and safety: The Lost-Time Accident rate fell and the company improved its occupational health risk registers that assess potential health impacts and help to assess health monitoring requirements. More widely, over 50,000 children attended its Child Electrical Safety Education programmes.

Customer experience: Internal and external surveys showed high and improving levels of customer satisfaction, and a flat volume of complaints; two other key performance measures, customer minutes lost and customer interruptions, improved during the year.

Climate change and emission to air: Scottish Power reduced emissions of carbon dioxide per unit of electricity and burned 100,000 tonnes of waste derived fuel and Biomass to reduce the amount of coal used.

Waste and resource usage: An increased volume of ash was resold to avoid landfill and internal energy usage was reduced, although the power stations did use an increased amount of water.

Biodiversity: The company set aside further wind farm habitat management areas and supported research into golden eagle and hen harrier interaction with wind turbines and blanket bog restoration.

Sites, siting and infrastructure: Scottish Power continued to develop wind farms.

Employee experience: The company attempted to minimize the number of employees leaving the business through restructuring and planned to measure employee satisfaction through the 100 best companies model.

Customers with special circumstances: Scottish Power contributed £2 million to the Scottish Power Energy People Trust.

Community: The company's overall community investment increased, and it won awards for its community activity. Scottish Power acknowledged that its presence can affect local communities by providing jobs or sharing resources, or on the other hand, works traffic or noise. 'It is important that our communities trust us, as we often need their cooperation to do our job effectively. Our relationship with local communities is something we can never take for granted, and as a result we must work hard to maintain that trust.'

Procurement: Procurement activities were accredited to the environmental standard ISO 14001. An action plan was ready for implementation across UK procurement activities, aiming to ensure a consistent and proactive approach to the environment and working with suppliers. Scottish Power also stressed that many suppliers are seen as an extension of its business, and must be expected to adhere to acceptable, social, environmental and business performance standards.

Economic: The decision to invest in FGD technology at its Longannet plant would extend the life of the plan that secure existing jobs, improve environmental performance and provide additional construction.

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Examples of Corporate Citizenship

Examples of Corporate Citizenship

            Companies have devised a number of different definitions of corporate citizenship.

Abbott Laboratories

Global citizenship reflects how a company advances its business objectives, engages its stakeholders, implements its policies, applies its social investment and philanthropy, and exercises its influence to make reductive contributions to society. At Abbott, global citizenship also means thoughtfully balancing financial, environmental and social responsibilities with providing quality health care worldwide. Our programs include public education; environment, health and safety; and access to health care. These efforts reflect an engagement and partnership with stakeholders in the pursuit of sustainable solutions to challenges facing the global community.

AT&T

For AT&T, corporate citizenship means caring about the communities it is involved with, keeping the environment healthy, making AT&T a safe and rewarding place to work and behaving ethically in all its business dealings.

Coca-Cola

Responsible corporate citizenship is at the heart of The Coca-Cola Promise, which is based on four core values - in the marketplace, the workplace, the environment and the community:

Ø      Marketplace: Coca Cola will follow to the uppermost ethical practices, significant that the excellence of our products, the reliability of our brands and the commitment of our employees develop trust and make stronger relationships. Coca Cola will provide people who enjoy Coca Cola products by way of superb customer service, innovation, and respect for the unique cultures and customs in the societies where Coca Cola do business.

Ø      Workplace: Coca Cola will deal each other with self-respect, respect and fairness. Coca Cola will promote a complete environment that promotes all employees to perform and develop to their fullest potential, coherent with a promise to human rights in Coca Cola workplace.

Ø      Environment: Coca Cola will carry out business in such ways that defend and maintain the environment. Coca Cola will incorporate rules of environmental stewardship and sustainable development into its business processes and decisions.

Ø      Community: Coca Cola will contribute its expertise, time, and resources to assist build up sustainable societies in partnership with national leaders. Coca Cola will try to enhance the quality of life by way of locally-relevant plan wherever Coca Cola do business.

DHL

DHL takes its definition of Corporate Citizenship from the World Economic Forum: Corporate citizen is about the contribution a company makes to society through its core business activities, its social investment and philanthropy programs, and its engagement in public policy.

Texas Instruments

Beyond the bottom line, the worth of a corporation is reflected in its impact in the community. At TI our philosophy is simple and dates back to our founding fathers. Giving back to the communities where « operate makes them better places to live and work, in turn making them better places to do business. TI takes its commitment seriously and actively participates in community involvement through three ways - philanthropy, civic leadership and public policy and grass roots efforts.

Corporate Citizenship And Corporate Social Responsibility

Corporate Citizenship

Corporate citizenship is the business strategy that shapes the values underpinning a company's mission and the choices made each day by its executives, managers and employees as they engage with society. Three core principles define the essence of corporate citizenship, and every company should apply them in a manner appropriate to its distinct needs: minimizing harm, maximizing benefit, and being accountable and responsive to stakeholders.

Much of the debate in recent years about corporate social responsibility has been framed in terms of corporate citizenship, partly because of unease about using words like ethics and responsibility in the context of business decisions. Is has been suggested that there are three perspectives or corporate citizenship.

1 – Limited view

This is based on voluntary philanthropy undertaken in the business's interests. The main stakeholder groups that the corporate citizen engages with are local communities and employees. Citizenship in action takes the form of limited focus projects.

2 – Equivalent view

This is based on a wider general definition of corporate social responsibility that is partly voluntary and partly imposed. The organization focuses on a broad range of stakeholders and responds to the demands of society. Self-interest is not the primary motivation; instead the organization is focused on legal requirements and ethical fulfillment.

3 – Extended view

This view is based round a partly voluntary, partly imposed view of active social and political citizenship Corporations must respect citizens' rights, particularly as governments have failed to provide some of the safeguards necessary for their society's citizens. Corporations are the most powerful institutions in society. Again the focus is on a wide range of stakeholders, with a combination of self interest promoting corporate power (and responding to political campaigns aimed at corporations), and wider responsibility towards society.

Under the extended view, organizations will promote:

Ø      Social rights of citizens by provision (for example provision of decent working conditions)

Ø   Civil rights, by intervening to promote citizens' individual rights themselves or to pressurize governments to promote citizens' rights

Ø  Political rights by channeling (allowing individuals to promote their causes by using corporate power)