期刊
GENEVA PAPERS ON RISK AND INSURANCE-ISSUES AND PRACTICE
卷 30, 期 3, 页码 387-409出版社
PALGRAVE MACMILLAN LTD
DOI: 10.1057/palgrave.gpp.2510037
关键词
corporate social responsibility; CSR; risk management; socially responsible investment; SRI; environmental responsibility
I analyze corporate social responsibility (CSR) from economic and financial perspectives., and suggest how it is reflected in financial markets. CSR is defined as a programme of actions to reduce externalized costs or to avoid distributional conflicts. It has evolved in response to market failures, a Coasian solution to problems associated with social costs. The analysis suggests that there is a resource-allocation role for CSR programmes in cases of market failure through private-social cost differentials, and also where distributional disagreements are strong. In some sectors of the economy private and social costs are roughly in line and distributional debates are unusual: here CSR has little role to play. Such sectors are outnumbered by those where CSR can play a valuable role in ensuring that the invisible hand acts, as intended, to produce the social good. It can also act to improve corporate profits and guard against reputational risks.
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