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Cited by 154Corporate Social Responsibility ReportingSustainable Finance and Green BondsManagement and Organizational Studies

The DOI matches its Crossref record; 64 of the 65 references it cites were found in a registry or an index.

Stakeholder perspectives on a financial sector legitimation process: The case of NGOs and the Equator Principles

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O'Sullivan, Niamh, O'Dwyer, Brendan·2009·Accounting, Auditing & Accountability Journal
DOI 10.1108/09513570910955443
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Abstract

Purpose: The purpose of this paper is to present an in‐depth, context rich, and stakeholder‐focused perspective on the legitimation dynamics surrounding the initiation and evolution of one of the key financial sector environmental and social responsibility initiatives in recent years, the Equator Principles. Design/methodology/approach: The paper draws on a combination of in‐depth interviews with non‐governmental organization (NGO) leaders, extensive documentary analysis and participant observation in order to understand and explain, from an NGO perspective, the use of the Equator Principles as a central element in an attempt to legitimise financial institutions' project finance activities. Key aspects of legitimacy theory are used to theoretically frame the analysis. Findings: The paper reveals and analyses the process through which campaigning NGOs conferred a nominal level of legitimacy on financial institutions' project finance activities. It proceeds to unveil how and why this attained legitimacy unravelled. A perceived lack of accountability at an institutional, organisational and individual project level is identified as a central reason for this reduction in legitimacy. Research limitations/implications: The paper primarily focuses on one side of the story of the dynamics of the legitimation process underpinning the evolution of the Equator Principles until 2006. Future research could focus on obtaining and theorising financial institution perspectives on the Equator Principles' development, implementation, and progression as well as analysing developments beyond 2006. Originality/value: The paper advances our understanding of the dynamics of legitimation processes. These dynamics are studied from the perspective of a key “relevant public” thereby prioritising perceptions that are largely absent from corporate social accountability research seeking to empirically inform legitimacy theory.

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Citations

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Research works printed but not linked: 6

  1. Ethical Corporation (1984), “What happened, and when”, Special Report: Financial Sector Responsibility, London, November, pp. 18‐21.
  2. Friends of the Earth Netherlands (Milieudefensie) (2006), People, Plant, Palm Oil? A Review of the Oil Palm and Forest Policies adopted by Dutch Banks, Amsterdam.
  3. Hogner, R.H. (1982), “Corporate social reporting: eight decades of development at US steel”, Research in Corporate Performance and Policy, Vol. 4, pp. 243‐50.
  4. Newton, A. (2006), “A convenient truce”, Ethical Corporation, Special Report: Financial sector responsibility, London, November, pp. 14‐15.
  5. Ostrovsky, A. (2006), “Russia to extend probe of Sakhalin 2”, The Financial Times, Vol. 26, p. 17.
  6. Webb, T. and Russell, J. (2006), “A point of principle”, Ethical Corporation, Special Report: Financial sector Responsibility, London, November, pp. 34‐5.

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Metadata

Authors
O'Sullivan, N., & O'Dwyer, B.
Venue
Accounting, Auditing & Accountability Journal
Publisher
Emerald
Published
2009-05-08
Volume
22
Issue
4
Pages
553-587
ISSN
0951-3574 (ISSN-L)
DOI
10.1108/09513570910955443
OpenAlex
W1587407128
Cited by
154
References
65
Citations by year
2026: 2 · 2025: 7 · 2024: 8 · 2023: 5 · 2022: 3 · 2021: 6 · 2020: 8 · 2019: 15 · 2018: 7 · 2017: 17 · 2016: 11 · 2015: 15 · 2014: 11 · 2013: 15 · 2012: 9
FWCI
23.03
Type
journal article
Language
en
Open access
Licence
Locations
  • Accounting Auditing & Accountability Journal (publishedVersion)
  • UvA-DARE (University of Amsterdam) (publishedVersion, other-oa)
  • Data Archiving and Networked Services (DANS) (submittedVersion, other-oa)
  • Research Explorer (The University of Manchester) (submittedVersion)
Topics
  • Social Sciences › Business, Management and Accounting › Strategy and Management › Corporate Social Responsibility Reporting
  • Social Sciences › Economics, Econometrics and Finance › Finance › Sustainable Finance and Green Bonds
  • Social Sciences › Business, Management and Accounting › Organizational Behavior and Human Resource Management › Management and Organizational Studies
Keywords
Equator Principles, legitimation, legitimacy theory, stakeholder perspectives, non-governmental organizations, project financing, financial institutions, environmental and social responsibility, accountability

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