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Book part
Publication date: 28 January 2015

W. Travis Selmier

This chapter discusses the influence of the United Nations Global Compact (UNGC) 10 Principles on multinational mining companies’ (mining multinational enterprise (MNE)…

Abstract

Purpose

This chapter discusses the influence of the United Nations Global Compact (UNGC) 10 Principles on multinational mining companies’ (mining multinational enterprise (MNE)) corporate social responsibility (CSR) activities and strategies.

Design/methodology/approach

Business ethics, mining management, CSR, stakeholder, and social contracting literatures are integrated with case vignettes to examine the UNGC’s role in motivating efficacious, benevolent CSR in mining.

Findings

Mining industry groups and some mining MNEs have adopted and fully implemented UNGC principles while other mining MNEs have not. The variation manifests as a gap between CSR form and CSR substance. Mining industry bodies such as International Council for Mining and Minerals, stakeholders, and private monitors have increased pressure to narrow this gap. The UNGC acts as a catalyst to create and codify valid hypernorms and to build trust and managerial buy-in in mining MNEs’ CSR.

Research limitations/implications

Reliance on selected cases and extant literature indicates, but does not fully support, conclusions.

Practical implications

Mining MNEs are advised to pursue CSR activities which integrate social contracting and precepts of the UNGC. The results would be happier, less antagonistic to stakeholder communities, and less questioning of mining MNEs’ legitimacy.

Originality/value of the chapter

This chapter integrates above-mentioned literature and cases to advise academics, governance officials and private monitors, and mining MNE managers on effective integration of the UNGC into mining through social contracting.

Details

The UN Global Compact: Fair Competition and Environmental and Labour Justice in International Markets
Type: Book
ISBN: 978-1-78441-295-1

Keywords

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Book part
Publication date: 12 November 2016

W. Travis Selmier

Much of the criticism directed toward banking in China revolves around self-dealing in relationships between bankers and their clients. Corruption, nepotism, high levels…

Abstract

Purpose

Much of the criticism directed toward banking in China revolves around self-dealing in relationships between bankers and their clients. Corruption, nepotism, high levels of non-performing loans, and the inefficiency of government-directed lending have all been laid at the door of embedded guanxi networks. While valid to an extent, this criticism ignores two important, related points: guanxi networks bring disciplining mechanisms as well as the potential for corruption, and those mechanisms may improve banking governance.

Methodology/approach

Employing theory from relationship banking, information economics, and the business ethics of guanxi, I examine how monitoring by netizens will lead to greater disclosure.

Findings

Relationship banking in a Chinese context – with the influence of guanxi in banking – further increases reputational costs when self-dealing is uncovered. Costs of bad banking behavior are increasing just as benefits from staying rich increase. Increased disclosure affects chances of staying rich as disclosure increases the chance that a corrupt relationship will lead to loss of wealth and reputation.

Research limitations/implications

This paper presents a theoretical construct informed by selected examples. An empirical analysis of netizen monitoring leading to improved banking governance would provide additional support for the theoretical construct.

Practical implications

Bankers, financiers, and government officials must be aware of monitoring by netizens, which forces more ethical financial contracting.

Social implications

Rather than weakening financial system governance, guanxi may begin to strengthen the disciplinary measures inherent in relationship banking as information disclosure increases and private sector monitoring grows.

Originality/value

This paper provides an extension to private monitoring theory in financial contracting which may be applied to netizen monitoring in other regions and countries.

Details

The Political Economy of Chinese Finance
Type: Book
ISBN: 978-1-78560-957-2

Keywords

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Book part
Publication date: 12 November 2016

Abstract

Details

The Political Economy of Chinese Finance
Type: Book
ISBN: 978-1-78560-957-2

To view the access options for this content please click here
Book part
Publication date: 28 January 2015

Abstract

Details

The UN Global Compact: Fair Competition and Environmental and Labour Justice in International Markets
Type: Book
ISBN: 978-1-78441-295-1

To view the access options for this content please click here
Book part
Publication date: 28 January 2015

Abstract

Details

The UN Global Compact: Fair Competition and Environmental and Labour Justice in International Markets
Type: Book
ISBN: 978-1-78441-295-1

To view the access options for this content please click here
Book part
Publication date: 12 November 2016

Jongmoo Jay Choi, Michael R. Powers and Xiaotian Tina Zhang

The paper provides an overview of material helpful in placing the subsequent papers in context, as well as a summary of the research contributions made by the individual…

Abstract

Purpose

The paper provides an overview of material helpful in placing the subsequent papers in context, as well as a summary of the research contributions made by the individual papers themselves.

Methodology/approach

We begin with a timeline of China’s Economic Reform, including both major events that permitted the opening and expansion of the nation’s economy, and important milestones of the historical movement. We then consider the impact of philosophy and culture (particularly, Confucianism and socialism) on China’s society and government, which leads naturally to certain observations regarding the political-economic model in which state-owned enterprises play a central role. In the final section, we briefly summarize the contents of the remaining papers.

Details

The Political Economy of Chinese Finance
Type: Book
ISBN: 978-1-78560-957-2

Keywords

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Article
Publication date: 29 January 2020

Chensheng Xu, Feng Yao, Fan Zhang and Yonghong Wang

This study aims to investigate the influence of the Confucius Institute (CI) on outward foreign direct investment (OFDI) by China and its potential interaction with…

Abstract

Purpose

This study aims to investigate the influence of the Confucius Institute (CI) on outward foreign direct investment (OFDI) by China and its potential interaction with cultural difference and institutional quality in host countries.

Design/methodology/approach

In the empirical study, the gravity model is adopted as the benchmark to investigate the effects of CI on China's OFDI using the ordinary least squares or Poisson Pseudo Maximum Likelihood estimators. Panel data on China's OFDI from 2004 to 2015 are used. Cultural difference and institutional quality are included explicitly as control variables to examine the effects of CI on China's OFDI.

Findings

CI has a significant positive effect on China’s OFDI, and this effect depends on the cultural difference and institutional quality of the host country. The impact of CI on China’s OFDI is more prominent in host countries with a smaller cultural difference or lower institutional quality.

Originality/value

CI is a comprehensive platform for foreign cultural exchange and signifies the rebirth of Confucianism in China. The present study shows that CI can stimulate the growth of China’s OFDI, with implications for other Asian countries influenced by Confucianism. Based on the results of the study, strategies for “Going Global” and encouraging economic growth based on cultural exchange and the recognition of host country heterogeneities are proposed.

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