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The Icelandic Banking Crisis: A Reason to Rethink CSR?

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  • David Sigurthorsson

Abstract

In the fall of 2008, the three largest banks in Iceland collapsed, with severe and lasting consequences for the Icelandic economy. This article discusses the ‘Icelandic banking crisis’ in relation to the notion of corporate social responsibility (CSR). It explores some conceptual arguments for the position that the Icelandic banking crisis illustrates the broad problem of the indeterminacy of the scope and content of the duties that CSR is supposed to address. In particular, it is suggested that the way the banks in question conceived of CSR, i.e. largely in terms of strategic philanthropy, was gravely inadequate. It concludes by proposing that the case of the Icelandic banking crisis gives us a reason to rethink CSR. Copyright Springer Science+Business Media B.V. 2012

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  • David Sigurthorsson, 2012. "The Icelandic Banking Crisis: A Reason to Rethink CSR?," Journal of Business Ethics, Springer, vol. 111(2), pages 147-156, December.
    • Handle: RePEc:kap:jbuset:v:111:y:2012:i:2:p:147-156
    DOI: 10.1007/s10551-012-1207-8
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    References listed on IDEAS

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    1. Carroll, Archie B., 1991. "The pyramid of corporate social responsibility: Toward the moral management of organizational stakeholders," Business Horizons, Elsevier, vol. 34(4), pages 39-48.
    2. Schwartz, Mark S. & Carroll, Archie B., 2003. "Corporate Social Responsibility: A Three-Domain Approach," Business Ethics Quarterly, Cambridge University Press, vol. 13(4), pages 503-530, October.
    3. Crane, Andrew & McWilliams, Abagail & Matten, Dirk & Moon, Jeremy & Siegel, Donald S. (ed.), 2009. "The Oxford Handbook of Corporate Social Responsibility," OUP Catalogue, Oxford University Press, number 9780199573943.
    4. Abagail McWilliams & Donald S. Siegel & Patrick M. Wright, 2006. "Corporate Social Responsibility: Strategic Implications," Journal of Management Studies, Wiley Blackwell, vol. 43(1), pages 1-18, January.
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    Cited by:

    1. Heidi Myyryläinen & Lasse Torkkeli, 2022. "Corporate Social Responsibility in Social SMEs: Discourses of Prosocial Behavior in Individual, Organizational, and Societal Levels," Sustainability, MDPI, vol. 14(11), pages 1-20, May.
    2. Edmund Byrne, 2014. "Towards Enforceable Bans on Illicit Businesses: From Moral Relativism to Human Rights," Journal of Business Ethics, Springer, vol. 119(1), pages 119-130, January.
    3. Khurshid Djalilov & Christopher A. Hartwell, 2023. "The spirit is willing, but the institutions are weak: disclosure of corporate social responsibility and the financial sector in transition," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 13(2), pages 385-427, June.
    4. Brian Bolton, 2020. "Internal vs. External Corporate Social Responsibility at U.S. Banks," IJFS, MDPI, vol. 8(4), pages 1-28, October.
    5. Michael A. Urban & Dariusz Wójcik, 2019. "Dirty Banking: Probing the Gap in Sustainable Finance," Sustainability, MDPI, vol. 11(6), pages 1-23, March.
    6. Jaroslav Belás, 2012. "Social Responsibility And Ethics In The Banking Business: Myth Or Reality? A Case Study From Slovak Republic," Economic Annals, Faculty of Economics and Business, University of Belgrade, vol. 57(195), pages 115-138, October -.
    7. Juan J. Nájera-Sánchez, 2019. "A Systematic Review of Sustainable Banking through a Co-Word Analysis," Sustainability, MDPI, vol. 12(1), pages 1-23, December.
    8. Mishra, Paresh & Schmidt, Gordon B., 2018. "How can leaders of multinational organizations be ethical by contributing to corporate social responsibility initiatives? Guidelines and pitfalls for leaders trying to do good," Business Horizons, Elsevier, vol. 61(6), pages 833-843.
    9. José María Agudo-Valiente & Concepción Garcés-Ayerbe & Manuel Salvador-Figueras, 2017. "Corporate Social Responsibility Drivers and Barriers According to Managers’ Perception; Evidence from Spanish Firms," Sustainability, MDPI, vol. 9(10), pages 1-24, October.

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