Voluntary Clubs: Future Prospects
Voluntary Clubs: Future Prospects
This chapter, which summarizes the conclusions made throughout the whole book, from the theories presented, to the empirical data and examples provided by each chapter on club theory and voluntary programs, reiterates the benefits of the club approach, such as insights toward the betterment of production, provision, and distribution. It raises the fact that while some voluntary programs, such as the ISO 14001, are used to improve a firm’s appropriate reputation, the Global Compact, others such as the Kimberley Process are aimed to respond to collective reputational issues. It is important to note that voluntary program membership is also able to create positive social externalities between firms and within their labor force, although there remain certain shortcomings of this approach. To conclude, voluntary clubs can be employed to address certain issues within each industry that require a kind of regulatory framework.
Keywords: voluntary programs, club theory, club approach, ISO 14001, Global Compact, Kimberley Process, reputational issues, positive social externalities, voluntary program membership
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