The Moral Responsibility of Firms

Eric W. Orts is the Guardsmark Professor at the Wharton School of the University of Pennsylvania. He is a professor in the Legal Studies and Business Ethics Department with a joint appointment in the Management Department. He directs the Initiative for Global Environmental Leadership (IGEL) and serves also as an academic co-director of the FINRA at Wharton Institute for securities compliance and regulatory professionals. His primary research and teaching interestsare in corporate governance, environmental law and policy, and professional ethics. His scholarly work is widely published in academic journals and books. Prior to joining Wharton's faculty in 1991, Orts practiced law at Paul, Weiss, Rifkind, Wharton & Garrison in New York City. Orts is a member ofthe bar of New York and the District of Columbia, and an elected member of the American Law Institute.N. Craig Smith is the INSEAD Chaired Professor of Ethics and Social Responsibility at INSEAD, France and the Academic Director of the Corporate Social Responsibility and Ethics Research Group in the INSEAD Social Innovation Centre. He was previously on the faculties of London Business School, Georgetown University, and Harvard Business School. His research is at the intersection of business and society, encompassing business ethics, corporate social responsibility, and sustainability. As wellas a broad interest in organizational or managerial good and bad conduct, at the core of much of his research is a focus on developing understanding of corporate accountability. His current research projects examine the purpose of the firm, social contract theory, stakeholder theory, strategic driversof CSR/sustainability, marketing ethics, and sustainable consumption. He is the author, coauthor or coeditor of six books and over thirty academic journal articles.