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Framing corporate social responsibility and contribution to sustainable development
| Content Provider | Semantic Scholar |
|---|---|
| Author | Hediger, Werner |
| Copyright Year | 2008 |
| Abstract | Based on a review of contemporary literature, this paper provides formal definitions of corporate social responsibility (CSR) and corporate sustainability (CS) that are theoretically founded within the body of Paretean welfare economics and the economics of sustainable development. It shows that CS and CSR are distinct, but interrelated concepts that are usefully formalized in terms of capital-theoretic and welfare-economic approaches. CSR can particularly constitute a strategy to cope with externalities and serve as insurance against reputational risks that harm profit prospects and corporate value. But, it is not sufficient for sustainable development. As a consequence, we propagate the use of a sustainability-based social value function that integrates different concepts of sustainability at the aggregate level, and can be used for the evaluation of a company’s CSR performance from a societal perspective. This approach is complementary to the capital-based assessment of a company’s CS and internal CSR evaluation. JEL classification: L21, D62, D64, Q01. |
| File Format | PDF HTM / HTML |
| Alternate Webpage(s) | http://www.cer.ethz.ch/sured_2008/programme/SURED-08_Hediger.pdf |
| Language | English |
| Access Restriction | Open |
| Content Type | Text |
| Resource Type | Article |
