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Corporate Social Responsibility and Corporate Governance


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  • Lorenzo Sacconi

    (Department of Economics, Universitˆ of Trento)


Corporate social responsibility (CSR) is a model of corporate governance (CG) extending fiduciary duties from fulfillment of responsibilities towards the firmÕs Êowners to fulfillment of analogous Êfiduciary Êduties Êtowards Êall Êthe ÊfirmÕs Êstakeholders. After considering the place of CSR in the debate about alternative CG modes, a full-fledged social contract foundation of the multi-stakeholder and multi-fiduciary model is present. The paper shows that CSR is a social Ênorm Êthat Êwould Êendogenously Êemerge Êfrom Êthe ÊstakeholdersÕ Êsocial Êcontract Êseen Êas Ê the first move in an equilibrium selection process that reaches the equilibrium state of a CG institution. The social contract provides a model of the impartial mediating reasoning performed by a board of directors striving to balance different claims of stakeholders. It also allows deducing the multi-stakeholder objective function that socially responsible firms maximize, and then provides a specification of the particular fiduciary duties owed to each stakeholder according to its position.

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Bibliographic Info

Paper provided by Econometica in its series Econometica Working Papers with number wp38.

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Length: 43
Date of creation: Jun 2012
Date of revision:
Handle: RePEc:ent:wpaper:wp38

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Keywords: Agency theory; fiduciary duties; mediating hierarchy; social contract; social norms; stakeholders;

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  1. Lorenzo Sacconi & Marco Faillo, 2008. "Conformity, reciprocity and the sense of justice. How social contract-based preferences and beliefs explain norm compliance: the experimental evidence," Department of Economics Working Papers, Department of Economics, University of Trento, Italia 0814, Department of Economics, University of Trento, Italia.
  2. Binmore, Ken, 2005. "Natural Justice," OUP Catalogue, Oxford University Press, Oxford University Press, number 9780195178111, October.
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Cited by:
  1. Omazic Mislav Ante & Vlahov Rebeka Danijela & Matesic Mirjana, 2013. "Difference Between Wish And Need -- Evidence Of Building Csr Index In Croatia," Montenegrin Journal of Economics, Economic Laboratory for Transition Research (ELIT), Economic Laboratory for Transition Research (ELIT), vol. 9(2), pages 111-120.
  2. Lorenzo Sacconi, 2011. "From individual responsibility to ÔsharedÕ social responsibilities: concepts for a new paradigm," Econometica Working Papers, Econometica wp27, Econometica.
  3. Lorenzo Sacconi, 2011. "Multi-stakeholder governance for effectively sharing social responsibility 1 (social contracts, deliberative democracy and endogenous conformity)," Econometica Working Papers, Econometica wp26, Econometica.
  4. Lorenzo Sacconi, 2012. "The Economics of Corporate Social Responsibility," Econometica Working Papers, Econometica wp39, Econometica.
  5. Lorenzo Sacconi, 2012. "Ethics, Economic Organisation and the Social Contract," Econometica Working Papers, Econometica wp41, Econometica.
  6. Lorenzo Sacconi, 2010. "A Rawlsian View of CSR and the Game Theory of its Implementation (Part II): Fairness and Equilibrium," Econometica Working Papers, Econometica wp23, Econometica.
  7. Degli Antoni, Giacomo & Sacconi, Lorenzo, 2013. "Social responsibility, activism and boycotting in a firm–stakeholders network of games with players’ conformist preferences," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, Elsevier, vol. 45(C), pages 216-226.


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