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Harnessing CSR for the innovation capacity of the capitalistic firm: A conceptual approach for how to use CSR in and for innovation management

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  • Hielscher, Stefan
  • Vennemann, Till

Abstract

In recent years, the debate over strategic corporate social responsibility (CSR) has shift-ed focus to become more concerned with the innovation capacity of the business firm as the prime agent of the “free market innovation machine.” Drawing on the ordonomic approach, this article demonstrates how taking responsibility for social challenges can help strengthen the process of corporate innovation. Our main thesis is that CSR can foster the innovation capacity of the capitalistic firm if it is developed as a strategy of moral commitments. More specifically, we believe that this ordonomic perspective is especially useful because it identifies four ways how companies can use CSR to im-prove innovation by enabling and strengthening cooperation with important innovation partners.

Suggested Citation

  • Hielscher, Stefan & Vennemann, Till, 2013. "Harnessing CSR for the innovation capacity of the capitalistic firm: A conceptual approach for how to use CSR in and for innovation management," Discussion Papers 2013-10, Martin Luther University of Halle-Wittenberg, Chair of Economic Ethics.
    • Handle: RePEc:zbw:mlucee:201310
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    1. Chen, Wen, 2023. "Bank connections, corporate social responsibility and low-carbon innovation," Energy Policy, Elsevier, vol. 183(C).

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