Bachelor Thesis, 2004
70 Pages, Grade: Very good - swedish grade: A
1.3 Research Purpose
2.1 Case Study Approach
2.2 Creditability of the Results
3. Theoretical framework
3.1 Integration of Values in Business
3.1.1 Stakeholder Approach
3.1.2 Values and Sustainability
3.2 Corporate Social Responsibility
3.3 Corporate Citizenship
3.3.1 Differentiating CSR and CC
3.3.2 A definition of Citizenship
3.3.3 The Three-Level-Model of Corporate Citizenship
3.3.4 Benefits from Being a Corporate Citizen
3.4 A Service Perspective
3.4.1 Relationship Marketing and a Customer Perspective
3.4.2 Service Quality
3.5 Brand Cultivation
3.5.1 The brand concept
3.5.2 Branding and Brand Cultivation
3.6 Summarizing the theoretical framework
4. Empirical Study, Analysis and Interpretation
4.1 Facts about Deutsche Bank
4.2 Deutsche Bank’s Sustainability Report 2002
4.2.1 Chapters about Deutsche Banks’ areas of concern
4.2.2 Information about Deutsche Bank
4.3 Deutsche Banks Sustainability Report 2003
4.3.1 Chapters about activities towards Society
4.3.2 Chapters focusing on the corporation
The objective of this thesis is the integration of ethical aspects in value based management, examined by the case of Deutsche Bank’s concept of Corporate Responsibility. To introduce the reader, the introduction at first describes the authors’ background and motivation concerning this thesis. After a short outline of the problem, the research purpose is defined. Then the structure of the thesis is outlined.
At the department of business administration of Karlstad University the authors participated in the course “Service Management and Marketing” in the spring semester 2004. This course was held by the course coordinator Bo Enquist and his assistant Mikael Johnson. Both were able to rouse the interest of the authors in these issues, which resulted in the intensive involvement with Service Management and Marketing, the concept of Sustainability and the idea of Brand Cultivation. One of the final requirements to pass the class was a group work paper that had to analyze Swedbank’s approach to the Service Perspective and Sustainability.
As during the lectures not only Swedbank was pointed out to take a sustainable approach but also other bank’s as the Dutch Rabobank, the authors started to ask themselves if also banks from there home country were taking comparable approaches. Being German citizens they hence started to research this issue and found Deutsche Bank’s sustainability report 2002. As this bank is from an economical perspective the most important German bank, Deutsche Bank proved to be a suitable research object. During the work with this thesis the bank also published its second report to this issue and the authors discovered some differences between the reports. So also the sustainability report of 2003 became included as an object of analysis. The development of the theoretical framework was a reasonable, consequent and enriching continuation of the studies on corporate responsibility.
Nowadays the public demand for an acceptance of the responsibilities of corporations is increasing. There is a huge variety of scientific ideas, approaches, and theories that are concerned with this issue. Often they are describing very similar ideas by using different labels and are difficult to differentiate from each other. In contrast they are also often contradictory, as the research and theoretical discussion about corporate responsibility is still continuing and in progress. The first concern of the authors was therefore to develop a consistent theoretical framework that should include the essence of the state-of-the-art research results but also grant a view on the broad spectrum of ideas in corporate responsibility. The second concern was the proper outline, analysis and interpretation of the sustainability reports regarding this theoretical framework. Taking a total of approximately 180 pages of sustainability reporting into account the authors had to compromise between summarizing and still preserving the essential structure and information of the reports, to allow an evidential underlined discussion. The third concern was whether the authors should combine the analysis and interpretation of the report with a dialogue to the bank or not. Due to the problematic and long-term creation of a trustworthy and open relationship with a bank’s executives, that would be a prerequisite of valuable and valid insights, this was excluded from the research. Further the expected extent of the paper with the analysis and interpretation of the two sustainability reports was quite substantial.
Considering a proper defined research aim was the last concern.
While doing theoretical studies, the desire for the appliance of the theories in the Corporate Responsibility was aroused. For a more detailed overall impression this work will start with a general introduction of the theories and models in the Corporate Responsibility context. The purpose of this is that this thesis is supposed to give a wide-ranging overview of the definitions of relevant terms in the literature and the meaning of these for companies and its stakeholders. This broader theoretical framework within the Corporate Responsibility context will be used for the analysis and interpretation of a concrete and actual case. The case of Deutsche Bank is chosen due to the outstanding commercial relevance of this bank in the German financial sector. Accordingly, the research purpose of this thesis is the critical analysis, evaluation and interpretation of the activities of Deutsche Bank within the theoretical Corporate Responsibility context. In other words it can be stated, how and why the bank has its corporate responsibility approach, how and why Deutsche Bank sees and communicates this approach, and how and why the bank integrates ethical aspects in value based management. The description and explanation of, and the distinction between the theory and its’ application into a practical context is a major aim of this work.
The structure of this work follows strictly the research purpose. After a methodological discussion, the theoretical framework with the necessary definitions and explanations follows. This part is divided into several sections as Integration of Values in Business, Corporate Social Responsibility, Corporate Citizenship, Service Perspective and Brand Cultivation. This part rounds off with a short summary of the theoretical framework.
In the following chapter including the analysis, evaluation and interpretation of the Corporate Social Responsibility Report of Deutsche Bank, this theoretical framework is used.
This thesis ends with a concluding chapter where the main findings are summarized.
It is crucial to consider different research methods before starting a scientific research project and the major aim of the research has to be kept in mind. The methodological approach of this thesis is based on the fundamental reflections in the following chapter.
“The choice between different research methods should depend on what you are trying to find out.” Different research strategies are mentioned in the literature. Besides the case study, methods as experiments, surveys, archival analyses, histories etc. are used.
For choosing the research strategy three main conditions must be reviewed:
1. The type of research question.
2. The investigator’s control over actual behavioural events.
3. The degree of focus on contemporary events.
Research questions can be who, what, where, how, why, how much and how many. For the questions how and why the case study design is seen as the appropriate research method. The case study is the preferred design for examining contemporary events over which the investigator has no control. A case study is the empirical inquiry about contemporary phenomena which are examined in regards to the real-life context.
The aim of this work is to demonstrate why and how the Deutsche Bank has its corporate responsibility approach and why and how the Deutsche Bank sees, perceives and communicates this approach. The theoretical framework of Corporate Responsibility will be linked to this and used for the examination of the integration of ethical aspects in value based management in an exemplary real life case.
A case study can be exploratory, descriptive or explanatory. The design of a case study has to follow the purpose of the thesis. The contours between the different case study designs are sometimes blurred. In exploratory case studies the data collection and fieldwork is used for the confirmation of the research questions and the hypothesis. In descriptive case studies it is required that the researcher begins with a descriptive theory and compares the research object with this theoretical background. This is called a pattern-matching procedure. Explanatory case studies are suitable for the study on causal relationships.
According to the aim of this work, the analysis, evaluation and interpretation of the activities of Deutsche Bank within the theoretical Corporate Responsibility context, this research has a qualitative character, since the outcomes of these activities are not directly measurable. The results of Corporate Social Responsibility, Corporate Citizenship, Relationship Management, Service Perspective and Brand Cultivation, or the integration of ethical aspects in value based management in general, are complicated to quantify and due to this a quantitative research would be inadequate and insufficient for the research aim.
The case of the Deutsche Bank is because of its size and its commercial relevance from general interest. The research for the why and how Deutsche Bank has its Corporate Responsibility approach has a qualitative character and investigates causal relationships. The critical comparison and evaluation of the Corporate Responsibility approach of the research object with the theoretical framework can be seen as a descriptive and explanatory research aim. Due to this, this work is designed as a descriptive and explanatory single case study and the linear-analytic structure follows strictly the research aim.
It is important to take creditability and reliability into consideration when conducting a research. Reliability is concerned with the accuracy of the measuring instrument or procedure and the study should be able to be repeated with the same result. Due to this, the authors of this thesis considered these factors during the design of the study and during the whole research process.
Validity refers to the degree to which a study accurately measures the specific concept that the researcher sets out to measure. The validity of this work can be separated into three parts.
The construct validity is especially problematic in case study research. It has been a source of criticism because of potential investigator subjectivity. The authors of this thesis were aware of the problems which occur from the disuse of multiple sources of evidence. The single source for the empirical chapter in this work is the Deutsche Bank. However, the authors tried to establish a chain of evidence by using both the 2002 report and the 2003 report. The analysis and evaluation of the empirical data is conducted with a high degree of literary and theoretical background and by this means it avoids subjectivity as much as possible.
Internal validity refers to alternative explanations for the results within the study itself. The results of a case study should reflect the reality. The pattern-matching method within this thesis is used in order to increase the internal validity.
External validity describes the generalizability of results beyond the immediate case. The generalizability of the findings of this thesis is limited since the single-case of Deutsche Bank with its Corporate Responsibility approach is the research object. However, an analytical transfer can be made by using the design of this study for the research of similar cases.
The following chapter will set up a theoretical framework and will be used for the analysis and interpretation of the Corporate Responsibility activities of the Deutsche Bank.
The beginning of this section is focused on the integration of values in business. After this, one of the major questions in the theoretical framework will be answered: Is Corporate Responsibility synonymous with Corporate Social Responsibility and Corporate Citizenship? While doing the literature research for this paper the authors found a big melting pot labeled with Corporate Social Responsibility (CSR), Corporate Citizenship (CC), Sustainable Management or Corporate Sustainability, used in the same context and in some cases even synonymous. The terms CSR and CC turned out to be the most important ones as the majority of the authors referred to this terms more regularly. The issue of this chapter is therefore to find out whether there are differences between CSR and CC and to put the concepts in their contextual place.
As the Deutsche Bank is a competitor in global banking services, based on a strong brand identity and clearly defined guiding values it is also necessary to include the brand cultivation and the customer perspective in services, which effects perception of the company and thereby the brand, into the theoretical framework. This follows in the last part of this chapter.
To understand the corporate social responsibility approach it is necessary to give some explanations why and how ethical values are integrated in the value-based management of a company. This section starts with some general explanations of the framework of the corporate social responsibility approach. After the definition of stakeholders follow a characterization of ethical values and a sustainability approach in management.
In today’s business the stakeholder approach becomes more and more important. The background of this approach is that the company is not only owned by the shareholders. The shareholders own the capital while the other stakeholders supply in addition different resources to the companies and the companies perceive that it is necessary to consider the needs of all the stakeholder groups because of the fact that these other groups create profits and increase the shareholder value. In contradiction to the shareholder-value theory that puts the needs and expectations of the owners of a company into the core of the managerial directive, the stakeholder approach attempts to recognize the enterprise in its entire social context and try to bring the needs of the different claim groups into accordance. Significant stakeholders can be identified by following criteria: Stakeholders supply the assets that are significant for successful business, place something of value at risk (e.g. capital, their job, environment etc.) that is directly affected by the company and they are endowed with sufficient power to affect the performance of the company. Especially in a world of increasing globalisation it is becoming more and more important to manage these relationships for becoming more profitable and achieving sustainable success in business because there is a correlation between value-based management and the stakeholder approach.
The main stakeholder groups such as investors, employees, customers, business partners, unions, value chain associates, regulatory authorities, governments, local communities and citizens and private organizations are potential sources of shareholder value because the company needs the interaction with the stakeholders for running the business and making profit. A company that develops good relationships with its stakeholders can obtain and maintain considerable business success. For instance a company can, by its stakeholder approach, access investor capital with a potentially comparable lower interest rate from investors which invest only in companies with commitment towards sustainability. Another example can be that this approach can make it easier to hire and to keep high potential employees with a higher productivity because of a better company image and working conditions. Both examples show that the stakeholder approach can create value for the shareholder by increasing the company’s profits. These examples demonstrate that the stakeholder and the shareholder approach can promote the same management strategy. Potential sources of shareholder value by considering the needs of the different stakeholder groups of a company can be summarized in following figure:
illustration not visible in this excerpt
Figure 1: Potential Sources of Stakeholder Value (Laszlo 2003)
There is also a need of consideration of the society in general. It concerns also the global environment, sustainable resources and the standard of living of the population. This demonstrates that there is no contradiction between value-based and values-based management and that significant value can be added to a conventional business strategy by collaborative stakeholder relationships.
For describing values and respectively moral and ethical standards in business it is necessary to consider that a company itself cannot be moral or immoral and cannot be responsible. Only people can act with responsibility. A company is an artificial person and because of this fact it may have artificial values. The managers in a company have responsibilities because of their own moral standards and they transfer these standards to the company.
The manager’s ethical responsibility toward the major stakeholder groups can be divided into three different major groups: Immoral management, amoral management and moral management. An immoral management can be characterized by management decisions that are conflicting with accepted ethical standards. They see ethical or legal standards as impeding barriers in business. The amoral management is neither immoral nor moral but not sensitive to the company’s effects on stakeholders in its daily business. Moral management can be described by considering the moral standards and the effects of the business toward the major stakeholder groups. Moral managers want to be profitable but only within the moral, ethical and legal standards in the society. For managers and for any other person the categorical imperative by Immanuel Kant can be the directive for a moral behaviour: “Act according to that maxim only, which you can wish, at the same time to become a universal law.”
For multinational companies there are two different approaches to apply responsibilities to the adopted country. The ethnocentric approach applies the ethical and moral standard of the home country of a company to the stakeholders in other cultures. The ethical relativism approach means an adaptation to the cultures of the countries in which the company has its stakeholders. The stakeholder in the home country of a company may not accept if the company acts in a different way in other countries even if the company follows the ethical and moral or legal standards in the host country. A “moral universalism” is important. Otherwise the different ethical and moral standards in different countries cause problems. This demonstrates that there is a need for an increasing universality of ethical and moral standards in the world.
Based on these ethical values environment, business and social sustainability affects all stakeholders of a company. Nowadays it is getting more known that values-based management can be a different way of managing. Future generations should have the same chances and living conditions then the actual generation, and due to this, a holistic sustainability approach is developed for companies and the society in general. This means a "development which allows people to meet the needs of the present without compromising the ability of future generations to meet their own needs." The idea that business activity can simultaneously deliver financial, social and environmental benefits is seen as a triple bottom line approach and can be such a values-based driving force. The Global Compact and the Global Reporting Initiative are two different initiatives in sustainability and Corporate Social Responsibility, but to be more globally accepted they strengthened their collaboration. When companies communicate in a good way for instance on the web, the sustainability approach can help to construct the relationship between business firms and the main stakeholder groups: customers, employees, stockholders and society. For a firm the commitment to sustainability is directly connected to the long-term profitability because of the benefits of increasing customer loyalty and confidence. Furthermore, sustainable initiatives are seen as a contribution to the identification of new business possibilities and the reduction of risk and operating costs.
Values are closely related with the responsibility of the companies. These values are also used to make marketing strategies and are appearing in the mission statements of the companies and are becoming part of the company culture. In the creation of an image by corporate social responsibility it has to be considered that the image communicates expectations together with the marketing communication tools and impact expectations. Image can also be seen as a filter which influences the technical and functional quality. But it also has to be recognized that a strong brand can and will be destroyed by malfunctioning business processes. Because of this the setup of a corporate social responsibility is only then reasonable if the quality of the products or services of a company is granted. Companies increasingly emphasise the importance of relationships with external parties, ranging from consumers to investors to community groups, as key to their business success. This creation of a long-term relationship with the customers and other stakeholders takes time and can be disrupted by shareholders who expect quarterly results and force in this way the management to short-term and transaction orientated value-creating decisions.
The environmental and social performance of companies can have significant effect on intangible assets such as brand image, which is recognised as key to company reputation and trust. Especially nowadays where sustainability is not only focussed on the environment anymore and sustainability is seen holistically, the corporate social responsibility approach seems to be an interesting way to create values. However it is essential to live this approach, communicate it and built-up a trust-based relationship with the customers and the other stakeholders worldwide.
The corporate social responsibility (CSR) approach with the triple bottom line of environment, business and social sustainability affects all stakeholders of a company. The literature determines many different definitions of the term “Corporate Social Responsibility”. Carroll presented the following definition which will be used in this work:
“… the total corporate social responsibility of business entails the simultaneous fulfillment of the firm's economic, legal, ethical, and philanthropic responsibilities. Stated in more pragmatic and managerial terms, the CSR firm should strive to make a profit, obey the law, be ethical, and be a good corporate citizen.”
These four factors can be arranged in “The pyramid of corporate social responsibility”.
illustration not visible in this excerpt
Figure 2: The Pyramid of Corporate Social Responsibility (Carroll, 1991)
The bottom of this pyramid is the economic responsibility. A successful company is a company that is profitable and produces the products and services that consumers need. A company can only act responsibly if it is profitable and it is the task of a company to act in a profit-orientated fashion and maximise its earnings because there is also the need to sustain a strong competitive position and maintain a high efficiency in working operations. The second step of the pyramid is the legal responsibility. The successful company is defined as one that fulfils the legal obligations and should comply with the laws and regulations promulgate by federal, state and local governments and within the codification of the ethical and moral standards of a society. The basis of the social responsibility is the consideration of the laws and regulations in a society and the companies have to fulfil their economic mission within the framework of the law and the products and services of a company have at least to meet the minimal legal requirements. The third step of the pyramid of corporate social responsibility is the ethical responsibility and its obligation to do what is right and the company should avoid harming the stakeholders. There is a connection between ethical and legal responsibility because the laws in a society are based on its ethical standards and the ethical and moral standards or values of a society are the driving forces behind the creation of new laws and regulations. It is important to recognize that the corporate integrity and the ethical standards of a company have to go further than the legal aspects. The companies should act according to the ethical and moral standards of the society within its business operations and should adapt towards new impending developments in the moral and ethical standards. The last step of the pyramid is philanthropy, meaning that a firm should act as a good corporate citizen and contribute financial and human resources to society. A company should operate in the framework of the philanthropic and charitable expectations of the society. The company with its managers and employees should participate in voluntary and charitable activities and promote arts, education, environmental, humanitarian and other projects that enhance the quality of living in a society. The difference between ethical and philanthropic responsibility is that the society does not insist on the latter in an ethical or moral sense despite the fact that according to societal expectations the company should provide these activities.
In contradiction to this definition stands the article by Milton Friedman “The Social Responsibility of Business is to Increase its Profits”. He stated in this article that it is the only task of a company to increase its profits and that the social responsibility is merely the issue of governmental organizations but he also stated that the company should conform to the basic rules of the society which includes the law and the ethical customs. These are the three first components of the corporate social responsibility pyramid. Friedman’s opinion is based on strict role allocation in the economic sciences. It is necessary to separate the principal and the agent from each other. The role allocation of the principal and the agent is set by the ownership of the enterprise. Accordingly the enterprise owners and stockholders are the principals and the managers are their agents. In their agent role the managers fulfil the mandate of the enterprise owners by making profit. The expensive consideration of the philanthropy in the enterprise strategy is seen in his argumentation as a planned pecuniary detriment – in form of an expropriation – for the owner of the company. Today the approach by Carroll or other authors is more accepted in the literature. The needs of stakeholders are integrated in the management process and eventual impacts are evaluated. A proactive, anticipating and preventive corporate social responsibility approach with the philanthropic component is seen as a tool for long-time profitability and sustainable success.
After having build up a proper understanding of CSR this thesis now focuses on the Corporate Citizenship (CC) and how it can be distinguished from the CSR approach. A theoretical framework of CC will be developed in the following section.
Whether the concept of Corporate Citizenship and the concept of Corporate Social Responsibility can be clearly differentiated from each other or not, is covered with a great deal of controversy in scientific literature. The German author Ulf Schrader has recently been dedicating his dissertation to the issue “Corporate Citizenship – The enterprise as a good citizen?”. He summarizes the contemporary discussions and research on CC and points out a few different directions. One question for him is the evolutional relationship between CSR and CC. Here he makes out three different orders: CC as subordinated by CSR, as equal, or as superordinated. Based on this recognition Schrader develops a Three-Level-Model of CC which will be explained later on. In the first understanding of the relationship CSR subordinates CC. Here CC is seen in a narrow sense, meaning the bare reduction of CC on Corporate Giving and Corporate Volunteering. This understanding of CC is, according to Schrader, prominent in German Literature. The international literature regards CC as an equal concept of CSR or as superordinated.
Equal means that CSR and CC are used synonymously in many sources, whereas it is seldom explained that and why these two terms describe the same concept of responsibility of corporations towards the society. Svedberg Nilsson for example discusses the literature of CSR and CC without putting any effort into the division of these two terms. When seeing CC as a superordinated concept on CSR, there are a few different reasons this view is based on. One is emphasizing the political direction of CC, highlighting the responsibility corporations take in the design of political frame works. In this perspective CSR is reduced on the management of social and ecological issues in its core business and the beneficial commitment towards the civil society. Of course this can not be generalized, for this responsibility is also considered in the CSR. Another viewpoint is the reduction of CSR on the issue of social responsibility, which is not including the society as a whole. Here the extension to CC would be the consideration of ecological and political issues.
A last view on the differences of CSR and CC is the emphasis CC places on economical issues. After a development towards philanthropy the idea of profitability seems to become more popular again. In the emphasis of economical issues CC focuses more on profitability, the orientation on the so called business case of economic activities, and the economical payout of CC, whereas CSR takes a more philanthropic approach, emphasizing the moral responsibility and moral aspects of entrepreneurship. So CSR would be limited on the voluntary activities that exceed the behavior demanded by standards and regulations. The Center for Corporate Citizenship at Boston College is dedicating its work to the research of the business of Corporate Citizenship. Its researches express the strategic application of CC in the term “strategic philanthropy – the business value of contributions” and give clear guidelines on which actions to take and what benefits result. So CC is not philanthropic just for the meaning of it, but used as a strategic tool.
This view is supported by the argumentation of the authors of this thesis, although Schrader concludes that one can not really delimit CSR from CC. He states that this would only be possible if one would consider CC as CC in a narrow sense, which would be against the nature of CC. The concept of citizenship would contradict this by the peculiar meaning of the concept of citizenship.. A generous behavior towards NGO’s would not make somebody a good citizen, while treating the people surrounding him with hatred. To be called a good corporate citizen, corporations have to integrate the aspects of corporate citizenship in their corporate identity and live it in their daily performance.
 See: Silverman, David, 2000, Doing Qualitative Research, London, p. 1.
 Compare: Yin, Robert K., 2003, Case Study Research, Sage publications, London.
 Compare: Tellis, Winston, 1997, Introduction to case study, The Qualitative Report, Volume 3, Number 2.
 Compare: Yin, Robert K., 2003, Case Study Research, Sage publications, London.
 See Brink, Alexander, 2002, Value-Based-Responsibility, Hampp, München, p. 34 et seq..
 Compare: Kochan, Thomas & Saul Rubenstein, 2000, Toward a Stakeholder Theory of the Firm: The Saturn Partnership, Organizational Science 11(4), p. 383.
 Compare: Laszlo, Chris, 2003, The Sustainable Company, Island Press, Washington D.C., p. 107 et seq..
 Compare: Friedman, Milton, 1970, The Social Responsibility of Business is to Increase its Profits, The New York Times Magazine, September 13, 1970.
 See: Carroll, A. B., 1991, The Pyramid of Corporate Social Responsibility: Toward the moral management of organizational stakeholders, Business Horizons 34, p. 44 et seq..
 See: Kant, Immanuel,  1965, Grundlegung zur Metaphysik der Sitten (Foundations of the metaphysics of morals), Meiner, Hamburg, p. 42.
 See: Nill, Alexander, 2003, Global Marketing Ethics: A Communicative Approach, Journal of Macromarketing, Vol. 23, No. 2, 90-104.
 See: World Commission for Environment and Development, 1987, Our common Future, Oxford: Oxford University Press, p.8.
 For a further description of the triple bottom line approach see: Elkington, John, 1999, Cannibals with Forks, Capstone Publishing, Oxford, p. 69 et seq..
 See: The Global Compact, http://www.unglobalcompact.org, 26 September 2004 (accessed 26 September 2004).
 See: Global Reporting Initiative, http://www.globalreporting.org, 2004 (accessed 26 September 2004).
 Compare: Berry, L.L., Discovering the soul of service – the nine drivers of sustainable business success, Free Press, New York, 1999, p. 123 et seq..
 See: Carroll, A. B., The Pyramid of Corporate Social Responsibility: Toward the moral management of organizational stakeholders, Business Horizons 34, 1991, p. 43.
 See: Carroll, A. B., The Pyramid of Corporate Social Responsibility: Toward the moral management of organizational stakeholders, Business Horizons 34, 1991, pp. 39-48.
 For another critical reflection see: Freeman, Edward R. & Jeanne Liedtka, Corporate Social Responsibility: A Critical Approach, Business Horizons 34, 1991, pp. 92-96.
 Compare: Friedman, Milton,1970, The Social Responsibility of Business is to Increase its Profits, The New York Times Magazine, September 13, 1970.
 See for instance: Laszlo, Chris, 2003, The Sustainable Company, Island Press, Washington D.C..
 Schrader, 2003. Translation by the authors of this paper.
 Schrader, 2003. Compare p. 65 et seq..
 Svedberg Nilsson, Karin, 2004, The (Ir)responsible Organisation – Argumentative Themes in the Literature on Corporate Social Responsibility and Corporate Citizenship, SCORE Rapportserie 2004:1, Stockholm.
 Schrader, 2003. p. 39 et seq..
 See for example Zadek, Simon, 2001, The Civil Corporation. The new economy of corporate citizenship, Earthscan Publications, London and Sterling, VA.
 The Center for Corporate Citizenship at Boston College, 2003: Strategic Philanthropy: The Business Value of Contributions, http://www.bc.edu/centers/ccc/Media/FactSheet_%20StratPhil.pdf
 Schrader, 2003. p. 64 et seq..
 Schrader, 2003. p. 125 et seq..
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