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Economics and Corporate Social Responsibility

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Author Info
Markus Kitzmueller

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Abstract

Corporate Social Responsibility (CSR) is an important economic phenomenon with broad implications for .rms, employees, consumers, investors, governments and NGOs alike. This paper collects, structures and combines scattered pieces of economic theory and empirical evidence in novel ways that shed light on various fundamental economic questions related to CSR. The main conjecture presents individual preferences as the ultimate driving force behind any form of CSR. In the presence of social stakeholder preferences, firms may use strategic CSR to maximize profits, while not-for-profit CSR may satisfy shareholders. social ambitions. Only if managers take CSR beyond strategic levels or shareholder preferences, does CSR constitute moral hazard. Incentives and mechanisms underlying for-profit CSR will be outlined in greater detail. Six frameworks for the analysis of strategic CSR are proposed and analyzed. Finally, some empirical issues related to measurement and estimation of CSR are briefly discussed.

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Publisher Info
Paper provided by European University Institute in its series Economics Working Papers with number ECO2008/37.

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Date of creation: 2008
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Handle: RePEc:eui:euiwps:eco2008/37

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Related research
Keywords: Corporate Social Responsibility; Public Goods Provision; Preferences; Strategic CSR;

Find related papers by JEL classification:
D21 - Microeconomics - - Production and Organizations - - - Firm Behavior
D6 - Microeconomics - - Welfare Economics
H11 - Public Economics - - Structure and Scope of Government - - - Structure and Scope of Government
L21 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Business Objectives of the Firm
L22 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Organization and Market Structure
M14 - Business Administration and Business Economics; Marketing; Accounting - - Business Administration - - - Corporate Culture; Social Responsibility

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  16. J Videras & A Alberini, 2000. "The appeal of voluntary environmental programs: which firms participate and why?," Contemporary Economic Policy, Western Economic Association International, vol. 18(4), pages 449-460, October. [Downloadable!] (restricted)
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  18. Stavins, Robert & Reinhardt, Forest & Vietor, Richard, 2008. "Corporate Social Responsibility through an Economic Lens," Working Paper Series rwp08-023, Harvard University, John F. Kennedy School of Government. [Downloadable!]
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  22. Samuel Bowles, 1998. "Endogenous Preferences: The Cultural Consequences of Markets and Other Economic Institutions," Journal of Economic Literature, American Economic Association, vol. 36(1), pages 75-111, March. [Downloadable!] (restricted)
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  24. Besley, Timothy & Ghatak, Maitreesh, 2007. "Retailing public goods: The economics of corporate social responsibility," Journal of Public Economics, Elsevier, vol. 91(9), pages 1645-1663, September. [Downloadable!] (restricted)
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    Other versions:
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