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Shareholder Value Maximization-Is There a Role for Corporate Social Responsibility?

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  • John Martin
  • William Petty
  • James Wallace
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    Abstract

    Although often viewed as inconsistent with the corporate goal of value maximization, the corporate social responsibility (CSR) movement can add value by helping companies develop and maintain their reputations for fair dealing with each of their important non-investor stakeholder groups, including employees, suppliers, and local communities. Such "reputational capital" in turn helps reinforce the commitment of those stakeholders through what amount to informal or implicit contracts-contracts that are often critical to a company's long-run success. Copyright Copyright (c) 2009 Morgan Stanley.

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    File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/j.1745-6622.2009.00232.x
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    Bibliographic Info

    Article provided by Morgan Stanley in its journal Journal of Applied Corporate Finance.

    Volume (Year): 21 (2009)
    Issue (Month): 2 ()
    Pages: 110-118

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    Handle: RePEc:bla:jacrfn:v:21:y:2009:i:2:p:110-118

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