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Taking Friedman Seriously: Maximizing Profits and Social Performance

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Author Info
Bryan W. Husted
José de Jesus Salazar
Abstract

This paper examines the situation of firms that have two objectives: profit maximization and social performance. By looking comparatively at the cases of altruism, coerced egoism, and strategy, this paper uses the tools of microeconomics to define the optimal level of social output that should be produced in each case. We show that it is wiser for the firm to act strategically than to be coerced into making investments in corporate social responsibility. In addition, we argue that greater overall social output will be achieved by the strategic approach, than by the altruistic approach. Copyright Blackwell Publishing Ltd 2006.

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File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/j.1467-6486.2006.00583.x
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Article provided by Blackwell Publishing in its journal Journal of Management Studies.

Volume (Year): 43 (2006)
Issue (Month): 1 (01)
Pages: 75-91
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Handle: RePEc:bla:jomstd:v:43:y:2006:i:1:p:75-91

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  1. Minna Halme & Juha Laurila, 2009. "Philanthropy, Integration or Innovation? Exploring the Financial and Societal Outcomes of Different Types of Corporate Responsibility," Journal of Business Ethics, Springer, vol. 84(3), pages 325-339, February. [Downloadable!] (restricted)
  2. Wim Dubbink & Frans Putten, 2008. "Is Competition Law an Impediment to CSR?," Journal of Business Ethics, Springer, vol. 83(3), pages 381-395, December. [Downloadable!] (restricted)
  3. Sylvia Maxfield, 2008. "Reconciling Corporate Citizenship and Competitive Strategy: Insights from Economic Theory," Journal of Business Ethics, Springer, vol. 80(2), pages 367-377, June. [Downloadable!] (restricted)
  4. Adam Lindgreen & Valérie Swaen & Wesley Johnston, 2009. "Corporate Social Responsibility: An Empirical Investigation of U.S. Organizations," Journal of Business Ethics, Springer, vol. 85(2), pages 303-323, April. [Downloadable!] (restricted)
  5. Donald Siegel, 2009. "Green Management Matters Only If It Yields More Green: An Economic/Strategic Perspective," Working Papers 8, Jerusalem Institute for Market Studies (JIMS). [Downloadable!]
  6. James Hine & Lutz Preuss, 2009. "“Society is Out There, Organisation is in Here”: On the Perceptions of Corporate Social Responsibility Held by Different Managerial Groups," Journal of Business Ethics, Springer, vol. 88(2), pages 381-393, August. [Downloadable!] (restricted)
  7. Ian Worthington & Monder Ram & Harvinder Boyal & Mayank Shah, 2008. "Researching the Drivers of Socially Responsible Purchasing: A Cross-National Study of Supplier Diversity Initiatives," Journal of Business Ethics, Springer, vol. 79(3), pages 319-331, May. [Downloadable!] (restricted)
  8. Luis Gomez - Mejia, 2008. "Strategic use of CSR as a signal for good management," Working Papers Economia wp08-25, Instituto de Empresa, Area of Economic Environment. [Downloadable!]
  9. Yu-Chiang Hu & Chia-Ching Fatima Wang, 2009. "Collectivism, Corporate Social Responsibility, and Resource Advantages in Retailing," Journal of Business Ethics, Springer, vol. 86(1), pages 1-13, April. [Downloadable!] (restricted)
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