Which Firms Leave Multi‐stakeholder Initiatives? An Analysis of Delistings from the United Nations Global Compact

Andreas Rasche*, Wencke Gwozdz, Mathias Lund Larsen, Jeremy Moon

*Corresponding author for this work

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This study analyzes which firms leave multi‐stakeholder initiatives (MSIs) for corporate social responsibility. Based on an analysis of all active and delisted business participants from the United Nations Global Compact between 2000 and 2015 (n = 15,853), we find that small and medium‐sized enterprises are more likely to leave than larger and publicly traded firms; that early adopters are less likely to leave than late adopters; and that the presence of a local network in a country reduces the likelihood of leaving. Based on these findings, we discuss theoretical implications related to MSIs' output legitimacy, the nature of organizational platforms supporting norm entrepreneurs within MSIs, and the occurrence of legitimacy spillover effects in local networks.
Original languageEnglish
JournalRegulation & Governance
Issue number1
Pages (from-to)309-326
Number of pages18
Publication statusPublished - Jan 2022

Bibliographical note

Published online: 25 May 2020.


  • Corporate social responsibility
  • Delisting
  • Legitimacy
  • Multi-stakeholder initiatives
  • UN Global Compact

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