Reputational Penalties in Financial Markets: An Ethical Mechanism?

Peter-Jan Engelen () and Marc van Essen ()
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Peter-Jan Engelen: Universiteit Utrecht / Utrecht University [Utrecht]
Marc van Essen: Erasmus University Rotterdam (The Netherlands, Rotterdam) - EUR

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Abstract: Responsible investment (RI) and responsible corporate behaviour received a lot of attention during the last decade in the corporate social responsibility (CSR) literature (McWilliams and Siegel 2001, 2006). After the U.S. and European financial markets were being troubled in the early 2000s by several major scandals like Enron, Worldcom, Tyco and Parmalat, financial ethics received a lot of attention by the public as well. Irresponsible corporate behaviour can occur in different ways such as corruption, market abuse, fraud, insider trading, ecological harm, racial or sexual discrimination. Examples include foreign briberies to get supply contracts (Volkswagen), insider trading ahead of a profit warning (EADS), lower salaries for female employees (Wal-Mart), and worker's conditions in Indonesia (Nike).

Keywords: Corporate Social Responsibility; Responsible investment (RI); responsible corporate behaviour; financial ethics (search for similar items in EconPapers)
Date: 2011-04-01
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Published in Responsible Investment in Times of Turmoil, Springer, pp.55 - 74, 2011, Issues in Business Ethics, 9789048193189. ⟨10.1007/978-90-481-9319-6_4⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-05690317

DOI: 10.1007/978-90-481-9319-6_4

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