Previous Chapter Chapter 77: Economics and Corporate Social Responsibility Next Chapter

Markus Kitzmueller

In: 21st Century Economics: A Reference Handbook

Chapter 77: Economics and Corporate Social Responsibility

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Economics and Corporate Social Responsibility
Economics and corporate social responsibility

Corporate social responsibility (CSR) constitutes an economic phenomenon of significant importance. Today, firms largely determine welfare through producing goods and services for consumers, interest for investors, income for employees, and social and environmental externalities or public goods affecting broader subsets of society. Stakeholders often take account of ethical, social, and environmental firm performance, thereby changing the nature of strategic interaction between profit-maximizing firms, on one hand, and utility-maximizing individuals, on the other hand.

Hence, CSR is referred to as “one of the social pressures firms have absorbed” (John Ruggy, qtd. in The Economist, January 17, 2008, special report on CSR) and considered to “have become a mainstream activity of firms” (The Economist, January 17, 2008; Economist Intelligence ...

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