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Corporate social responsibility (CSR) is fast becoming a social demand and
standard of behaviour in terms of the equitable treatment of corporate stakeholders to
which all businesses feel they are expected to conform. Increasingly governance of
corporations is viewed as accountable not just to shareholders but to multiple
stakeholders, requiring an extension of the firm's fiduciary duties. Such ideas are even
more topical after the last global financial crisis.
This volume addresses the question: what does the rise of corporate social
responsibility mean for economic theory? It considers, in particular, microeconomic theory
and the theory of the firm alongside new-institutional and behavioural theories, game
theory, stakeholder theory, incomplete contracts and law and economics.
Drawing on the contributions of outstanding scholars like the Nobel laureate Oliver
Williamson among others, it is shown that corporate social responsibility forces the
economic theorist to engage with ideas emanating from other disciplines, including ethics,
political philosophy and the law. The result is a set of essays that is perhaps more
interdisciplinary than is usual for books on economic theory. This volume looks certain to
establish itself as an invaluable text for scholars of economic theory, as well as their
students in both advanced undergraduate and postgraduate courses.
LORENZO SACCONI Professor of Economics, University of Trento and
EconomEtica, Inter-University Research Centre, Milan, Italy.
MARGARET BLAIR Professor of Law, Vanderbilt University Law School,
USA.
R. EDWARD FREEMAN University Professor and Olsson Professor of Business
Administration, Darden School of Business, University of Virginia, USA.
ALESSANDRO VERCELLI Professor of Economics, University of Siena,
Italy.
Contents
Introduction
PART I: PERSPECTIVES ON THE NATURE OF THE FIRM AND CORPORATE GOVERNANCE:
TRANSACTION COSTS, TEAM PRODUCTION AND STAKEHOLDER THEORY
Corporate Governance: A Contractual and Organizational Perspective
Human-Asset Essentiality and Corporate Social Capital in a Stakeholders-Society
Perspective
Stakeholder Theory as a Basis for Capitalism
Behavioral Economics, Federalism and the Triumph of Stakeholder Theory
Specific Investment and Corporate Law
PART II: THE CONSTITUTIONAL CONTRACT AND NORMATIVE RATIONAL CHOICE MODELS OF
CORPORATE GOVERNANCE, AND CSR
Corporate Social Responsibility in a Market Economy: The Perspective of Constitutional
Economics
A Rawlsian View on CSR and the Game Theory of its Implementation (Part I): The
Multi-stakeholder Model of Corporate Governance
A Rawlsian View on CSR and the Game Theory of its Implementation (Part II): Fairness and
Equilibrium
When Reputation is not Enough: Justifying Corporate Social Responsibility
Rational Association and Corporate Responsibility
PART III: CSR, REGULATION AND SELF-REGULATION
The Sustainable Corporation and its Governance: Long Run Performance and Social
Responsibility
The Role of Standardization, Certification and Assurance Service in Global Commerce
PART IV: MODELS OF NON-PURELY SELF-INTERESTED ECONOMIC AGENTS AND THE
INTRINISIC MOTIVATION FOR THE SOCIALLY RESPONSIBLE GOVERNANCE OF THE ORGANISATIONS
Voluntary Co-determination Produces Sustainable Competitive Advantage
Corporate Trust Games in Modern Knowledge Economies
Effects of Different Stakeholder Groups' Strategic Control on Organizational Effectiveness
and Well-being of Customers and Employees: An Empirical Investigation
Trusting, Trustworthiness and CSR: Some Experiments and Implications
488 pages, Hardcover
