John M. Conley and Cynthia A. Williams (2005), 'Engage, Embed, and Embellish: Theory versus Practice in the Corporate Social Responsibility Movement', Journal of Corporation Law, 31, pp. 1-38

III. THE PRACTICE OF CORPORATE SOCIAL RESPONSIBILITY 8 A. The Language and Culture of the Movement 8 B. The Substance ofCSR Discourse 111. Who Counts as a Stakeholder? 11 2. What Is "Stakeholder Dialogue"? 12 3. How Serious Are the Participating Corporations? 13 4. What is the Attitude of the NGOs? 18 5. The Role ofGovernment 20C. The Investor Perspective 21IV. ANALYZING THE DISCOURSE OF CSR REPORTING 23V. THE CSR MOVEMENT AS AN EXPERIMENT IN THE NEW GOVERNANCE 31VI. CONCLUSION 36I. INTRODUCTIONOne of the most striking developments in the business world over the last decade has been the emergence of a coherent and energetic "corporate social responsibility" (CSR) movement. 1 This Article reports the results of an empirical study of that movement. "CSR," as it is universally referred to, has as its theoretical base the notion that the responsibility of a corporation extends beyond the traditional Anglo-American objective of providing financial returns to its shareholders. Instead, CSR proponents have argued, the legitimate concerns of a corporation should include such broader objectives as sustainable growth, equitable employment practices, and long-term social and*William Rand Kenan, Jr. Professor, University of North Carolina School of Law. **Richard W. And Marie L. Corman Scholar, Professor of Law, University of Illinois College of Law.