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Corporate Social Responsibility and Corporate Governance

  • 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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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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  1. Lorenzo Sacconi, 2004. "A Social Contract Account for CSR as Extended Model of Corporate Governance (Part II): Compliance, Reputation and Reciprocity," Department of Economics Working Papers 0411, Department of Economics, University of Trento, Italia.
  2. Lorenzo Sacconi & Marco Faillo, 2010. "Conformity, reciprocity and the sense of justice. How social contract-based preferences and beliefs explain norm compliance: the experimental evidence," Constitutional Political Economy, Springer, vol. 21(2), pages 171-201, June.
  3. Binmore, Ken, 2005. "Natural Justice," OUP Catalogue, Oxford University Press, number 9780195178111.
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