Year: 2024
Type: article
Abstract: The recent withdrawal of the New York Stock Exchange’s (NYSE) proposal of a new asset class prompted a revisit to the purpose of Corporate Social Responsibility (CSR). The asset class, known as the Natural Asset Company (NAC), exemplifies a stakeholder primacy model that has become popularized by large multinationals working toward a sustainable future. This model has been criticized for serving more optics than actual impact, leading to questions about the purpose of the NAC. Following concerns raised by several attorneys general, the NYSE withdrew its proposal. Among the concerns cited by the attorneys general was the ambiguous language used to explain the NAC’s business model and the threat of private enterprises owning public land. This paper presents an analysis of the underlying pseudo-CSR articulated by the NAC and its impact on the landscape of CSR. The paper concluded that in order to achieve true CSR, companies themselves should not be upheld to a CSR standard, but rather, the employees themselves through their own decision-making.
Author: Holly Zhang
Language: English
Subfield: Strategy and Management
Domain: Social Sciences
Open Access status: hybrid
OpenAlex ID: W4405591525