Corporate Governance of Socially Responsible Enterprises: Evolution towards a Hybrid Model

Abstract

In the current context, the governance of socially responsible companies has become a critical issue. This article examines how traditional governance models can evolve into a hybrid model incorporating social and environmental issues. The adopted methodology is a state-of-the-art literature review, aiming to synthesize contemporary knowledge on corporate governance and corporate social responsibility (CSR). The main theoretical conclusions reveal that, although traditional governance and CSR theories converge on the importance of integrating stakeholder expectations and environmental concerns, significant divergences remain regarding practical approaches to this integration. Some theories propose a gradual adaptation of existing models, while others advocate for a radical transformation towards new governance frameworks. Points of convergence include the recognition of the broadened responsibility of companies and the necessity for active engagement with stakeholders. However, divergences persist concerning specific mechanisms and performance indicators to be used. The main theoretical limitations identified in this review are the lack of consensus on social and environmental performance measures and indicators, as well as the scarcity of empirical research validating the proposed hybrid governance models. These theoretical gaps underscore the need to deepen empirical and theoretical research to develop more robust and inclusive governance frameworks.This article highlights the necessity of continuing studies on responsible governance to better understand its implications and promote an evolution of governance practices towards more sustainable and responsible models. Such an evolution is essential to meet the growing expectations of stakeholders and to effectively integrate social and environmental issues into corporate governance strategies.

Keywords : CSR, governance models, shareholder, stakeholder, responsible governance

Classification JEL : G34 Q01

Paper type : Theoretical Research