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.