When do Firms Invest in Corporate Social Responsibility? A Real Option Framework

被引：29

作者：

Cassimon, Danny ^{[1
]}

Engelen, Peter-Jan ^{[2
]}

Van Liedekerke, Luc ^{[3
]}

机构：

[1] Univ Antwerp, Inst Dev Policy & Management, Stadscampus SS 122,Lange St Annastr 7, B-2000 Antwerp, Belgium

[2] Univ Utrecht, Utrecht Sch Econ, Kriekenpitpl 21-22, NL-3584 TC Utrecht, Netherlands

[3] Univ Antwerp, Fac Econ, Fac Philosophy, Stadscampus SD 419,Grote Kauwenberg 18, B-2000 Antwerp, Belgium

来源：

JOURNAL OF BUSINESS ETHICS | 2016年 / 137卷 / 01期

关键词：

Real options; CSR; Stakeholder management; Reputational risk; Optimal timing; STAKEHOLDER MANAGEMENT; FINANCIAL PERFORMANCE; MODELS; RISK;

D O I：

10.1007/s10551-015-2539-y

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

In this paper, the process for firms to decide whether or not to invest in corporate social responsibility is treated from a real option perspective. We extend the Husted (J Bus Ethics 60:1750-183, 2005) framework with an important extra parameter that allows us to understand the timing of CSR investment and explain why some companies drag their feet over CSR investments. Our model explicitly allows for the impact of the opportunity cost of delaying the CSR investment decision, providing firms with tools to determine the optimal moment of exercising the CSR investment option. We illustrate our timing model through a case study and analyze governmental support strategies for CSR from a real options perspective.

引用

页码：15 / 29

页数：15

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