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The Economics of Corporate Social Responsibility: A Survey

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  • Patricia Crifo

    (X-DEP-ECO - Département d'Économie de l'École Polytechnique - X - École polytechnique - IP Paris - Institut Polytechnique de Paris, UPN - Université Paris Nanterre, CIRANO - Montréal)

  • Vanina Forget

    (X-DEP-ECO - Département d'Économie de l'École Polytechnique - X - École polytechnique - IP Paris - Institut Polytechnique de Paris, AgroParisTech)

Abstract

This article analyzes the economics of Corporate Social Responsible behaviors, namely the voluntary integration of environmental, social and governance factors in firms' strategy. We review theoretical and empirical literature and provide a unified framework of the forces driving corporate social responsibility, relying on three categories of market imperfections: the existence of externalities and public good; consumer heterogeneity; and imperfects contracts. The impacts of corporate social responsibility on corporate performance and society are also surveyed and the lack of knowledge on the latter leads to a research agenda.

Suggested Citation

  • Patricia Crifo & Vanina Forget, 2012. "The Economics of Corporate Social Responsibility: A Survey," Working Papers hal-00720640, HAL.
    • Handle: RePEc:hal:wpaper:hal-00720640
    Note: View the original document on HAL open archive server: https://hal.science/hal-00720640
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    Cited by:

    1. Esther Blanco & Javier Lozano, 2015. "Ecolabels, uncertified abatement, and the sustainability of natural resources: an evolutionary approach," Journal of Evolutionary Economics, Springer, vol. 25(3), pages 623-647, July.
    2. Rachel Croson & Nicolas Treich, 2014. "Behavioral Environmental Economics: Promises and Challenges," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 58(3), pages 335-351, July.
    3. Seung-Leul Kim & Sang-Ho Lee & Toshihiro Matsumura, 2019. "Corporate social responsibility and privatization policy in a mixed oligopoly," Journal of Economics, Springer, vol. 128(1), pages 67-89, September.
    4. Benedict Sheehy, 2015. "Defining CSR: Problems and Solutions," Journal of Business Ethics, Springer, vol. 131(3), pages 625-648, October.
    5. Bostian, Moriah & Färe, Rolf & Grosskopf, Shawna & Lundgren, Tommy, 2016. "Environmental investment and firm performance: A network approach," Energy Economics, Elsevier, vol. 57(C), pages 243-255.
    6. Sylvaine Poret, 2014. "Corporate-NGO partnerships in CSR activities: why and how?," Working Papers 2014-04, Alimentation et Sciences Sociales.
    7. Crifo, Patricia & Forget, Vanina D. & Teyssier, Sabrina, 2015. "The price of environmental, social and governance practice disclosure: An experiment with professional private equity investors," Journal of Corporate Finance, Elsevier, vol. 30(C), pages 168-194.

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    Keywords

    Corporate Social Responsibility; Business Sustainability; En- vironmental; Social and Governance Criteria; Firm Strategy.; Firm Strategy;
    All these keywords.

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