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The Business Firm as a Political Actor: A New Theory of the Firm for a Globalized World


Scherer, Andreas; Palazzo, Guido; Matten, Dirk (2014). The Business Firm as a Political Actor: A New Theory of the Firm for a Globalized World. Business & Society, 53(2):143-156.

Abstract

The state governance system seems to be incapable to address sufficiently global public goods problems or to regulate global business so that the public interest is served. At the same time, international governmental organizations are unable to fill the governance gap while nongovernmental organizations(NGOs) criticize the behavior of business firms along their supply chains. Therefore, business firms are confronted with increasing social and environmental demands and are requested to take responsibility for issues of public concern. As a response, some business firms engage with corporate social responsibility (CSR) projects and directly contribute to the production of public goods. These developments challenge the received theory of the firm and its strict separation of public and private domains. Corporations become political actors. In this introductory essay, the guest editors first elaborate on the concept of politics and describe the challenges that lead to the new political role of global business firms and, second, will introduce the articles in this special issue and briefly comment on their contribution.

The state governance system seems to be incapable to address sufficiently global public goods problems or to regulate global business so that the public interest is served. At the same time, international governmental organizations are unable to fill the governance gap while nongovernmental organizations(NGOs) criticize the behavior of business firms along their supply chains. Therefore, business firms are confronted with increasing social and environmental demands and are requested to take responsibility for issues of public concern. As a response, some business firms engage with corporate social responsibility (CSR) projects and directly contribute to the production of public goods. These developments challenge the received theory of the firm and its strict separation of public and private domains. Corporations become political actors. In this introductory essay, the guest editors first elaborate on the concept of politics and describe the challenges that lead to the new political role of global business firms and, second, will introduce the articles in this special issue and briefly comment on their contribution.

Citations

14 citations in Web of Science®
20 citations in Scopus®
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Additional indexing

Item Type:Journal Article, refereed, original work
Communities & Collections:03 Faculty of Economics > Department of Business Administration
Dewey Decimal Classification:330 Economics
Language:English
Date:2014
Deposited On:12 Aug 2014 14:49
Last Modified:05 Apr 2016 18:00
Publisher:SAGE Publications
ISSN:0007-6503
Publisher DOI:https://doi.org/10.1177/0007650313511778
Other Identification Number:merlin-id:8860

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