Article2013

Strategic Corporate Social Responsibility Activities and Corporate Governance in Imperfectly Competitive Markets

Constantine Manasakis · Evangelos Mitrokostas · Emmanuel Petrakis

92 citations0/0 files storedManagerial and Decision Economics

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Corporate Social Responsibility Reporting Merger and Competition Analysis Corporate Social Responsibility and Sustainability

Abstract

We investigate the incentives of firms' owners to commit voluntarily to corporate social responsibility (CSR) activities in an oligopolistic market. The socially responsible attributes attached to products are considered as credence goods, with consumers forming expectations about their existence and level. We show that hiring an ‘individually’ socially responsible CEO and delegating to him the CSR effort and market decisions acts as a commitment device for the firm's owners and credibly signals to consumers that the firm will undertake the ‘missioned’ CSR activities. We also find that CSR activities are welfare enhancing for consumers and firms and thus, they should be encouraged. Copyright © 2013 John Wiley & Sons, Ltd.

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References

2007Strategy and society: the link between competitive advantage and corporate social responsibility 2003Misery Loves Companies: Rethinking Social Initiatives by Business 2000Corporate social responsibility and financial performance: correlation or misspecification?2006Incentives and Prosocial Behavior 2009Individual and Corporate Social Responsibility 2002The competitive advantage of corporate philanthropy.2013The competitive advantage of corporate philanthropy 2011Corporate Governance and Firm Value: The Impact of Corporate Social Responsibility

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