Avon's apparent success in using entrepreneurship to help women escape poverty, as well as its staying power in circumstances where similar efforts have failed, has captured the attention of the international development community. This study, the first independent empirical investigation, reports that in South Africa, Avon helps some impoverished women earn a better income and inspires empowerment among them. The authors introduce a new theory, pragmatist feminism, to integrate past work on women's entrepreneurship and argue that feminist scholars should reexamine the histories of the market democracies for replicable innovations that may have empowered women.

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ABSTRACT:Programs aimed at increasing women’s entrepreneurship are a rapidly proliferating class of CSR initiatives across the globe with participation by many of the world’s largest corporations. The gendered nature of this phenomenon suggests that feminist approaches to CSR may offer a particularly salient mode of their analysis. In this article, I argue that insights from feminist economics regarding the historically prevalent—but narrow and gendered—definition of work, which artificially separates production from reproduction, provide fruitful tools for theory building when conceptualizing gender through the lens of CSR. I demonstrate that the gendered separation of production and reproduction is typicallytaken as givenin entrepreneurship, and that mainstream CSR research has not sufficiently challenged this perspective. I present a conceptual framework of what is to be gained by examining the CSR, entrepreneurship, and feminist economics literatures in combination, and demonstrate how researchers might use this framework for future research.

Government bailouts of corporate sectors in the COVID-19 crisis are part of a tripartite arrangement between government, business and institutional investors. Business should respond to the changing preferences of customers, employees and societies by identifying value propositions that justify the provision of risk capital by institutional investors. Critical to this is the determination and implementation of corporate purposes by owners and board directors that focus on inter-generational horizons. Family owners are particularly well placed to do this, but institutional investors need to make it part of their stewardship function as well. Measurement is key and significant reforms are required in the areas of accounting, valuation and reporting. Consistent with these observations, companies that had strong environmental, social and governance records performed better during the initial stages of the crisis, as did family owned firms and those that avoided high levels of leverage prior to the crisis.

The bottom-of-the-pyramid (BOP) approach is championed as a way to deliver both corporate profits and poverty reduction. This article explores how "the poor" are repurposed as the instruments of ethical capitalism through the archetypal BOP model-Avon Cosmetics. A harbinger of "compassionate capitalism, " Avon has long stylized its entrepreneurial opportunity as a channel to a transcendent realm of self-actualization and social transformation. The company pursues this vision through a set of discourses and calculative practices that aim to produce industrious, self-disciplined, and empowered "entrepreneurs. " However, while BOP systems like Avon may provide a viable income stream for "poor" women, the practices through which women are "converted" into enterprising subjects can confound their intended "empowerment" effects. The article suggests that while targeting the "bottom of the pyramid" may elide the distinction between the maximization of profit and the imperatives of sustainable development, devolving corporate social responsibility (CSR) to the "entrepreneurial poor" raises questions about the implications of "making poverty business. "