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E. Fama, “Efficient Capital Markets: A Review or Theory and Empirical Work,” Journal of Finance, Vol. 25, No. 2, 1970, pp. 383-417. doi:10.2307/2325486

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• TITLE: Corporate Social Responsibility from Friedman to Porter and Kramer

  AUTHORS: Maria Teresa Bosch-Badia, Joan Montllor-Serrats, Maria Antonia Tarrazon

  KEYWORDS: Corporate Social Responsibility; Corporate Financial Performance; Real Options; Stakeholders

  JOURNAL NAME: Theoretical Economics Letters, Vol.3 No.3A, June 18, 2013

  ABSTRACT: We analyze, from the viewpoint of value creation, the evolution of Corporate Social Responsibility (CSR) thought from Friedman critical view of CSR to Porter and Kramer “shared-value” proposition, emphasizing, at the same time, its parallelism with the evolution of asset valuation models from the viewpoint of common stocks value. On this basis, we show how CSR has adapted to value creation, the corporate goal that has substituted the old goal of profit maximization. A review of the studies about the impact of CSR on corporate financial performance complements this analysis.