THE INTERNATIONAL LIBRARY OF CRITICAL WRITINGS IN ECONOMICS

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1 Economics of Corporate Social Responsibility Edited by Abagail McWilliams Professor of Strategie Management University of Illinois at Chicago U&4 THE INTERNATIONAL LIBRARY OF CRITICAL WRITINGS IN ECONOMICS An Elgar Research Collection Cheltenham, UK Northampton, MA, USA

2 Contents Acknowledgements Introduction Abagail McWilliams ix xiii PART I PART II THEORETICAL PERSPECTIVES 1. Lee E. Preston (1975), 'Corporation and Society: The Search for a Paradigm', Journal of Economic Literature, 13 (2), June, Kenneth J. Arrow (1973), 'Social Responsibility and Economic Efficiency', Public Policy, XXI (3), Summer, Daniel Kahneman, Jack L. Knetsch and Richard Thaler (1986), 'Fairness as a Constraint on Profit Seeking: Entitlements in the Market', American Economic Review, 76 (4), September, Werner Hediger (2010), 'Weifare and Capital-Theoretic Foundations of Corporate Social Responsibility and Corporate Sustainability', Journal of Socio-Economics, 39 (4), August, Timothy Besley and Maitreesh Ghatak (2007), 'Retailing Public Goods: The Economics of Corporate Social Responsibility', Journal of Public Economics, 91 (9), September, Roland Benabou and Jean Tirole (2010), 'Individual and Corporate Social Responsibility', Economica, 77 (305), January, Markus Kitzmueller and Jay Shimshack (2012), 'Economic Perspectives on Corporate Social Responsibility', Journal of Economic Literature, 50 (1), March, Abagail McWilliams and Donald Siegel (2001), 'Corporate Social Responsibility: A Theory of the Firm Perspective', Academy of Management Review, 26 (1), January, Biyan W. Husted and Jose de Jesus Salazar (2006), 'Taking Friedman Seriously: Maximizing Profits and Social Performance', Journal of Management Studies, 43 (1), January, Tommy Lundgren (2011), 'A Microeconomic Model of Corporate Social Responsibility', Metroeconomica, 62 (1), Februaiy, CSR AND FINANCIAL PERFORMANCE 11. Kenneth E. Aupperle, Archie B. Carroll and John D. Hatfield (1985), 'An Empirical Examination ofthe Relationship between Corporate Social Responsibility and Profitability', Academy of Management Journal, 28 (2), June,

3 vi Economics of Corporate Social Responsibility 12. Abagail McWilliams, Donald Siegel and Siew Hong Teoh (1999), 'Issues in the Use of the Event Study Methodology: A Critical Analysis of Corporate Social Responsibility Studies', Organizational Research Methods, 2 (4), October, Abagail McWilliams and Donald Siegel (2000), 'Corporate Social Responsibility and Financial Performance: Correlation or Misspecification?', Strategie Management Journal, 21 (5), May, Edward Meiling and Elizabeth Webb (2009), 'Corporate Social Responsibility and Financial Performance: The "Virtuous Cycle" Revisited', Review of Quantitative Finance and Accounting, 32 (2), February, Geoffrey Heal (2005), 'Corporate Social Responsibility: An Economic and Financial Framework', Geneva Papers on Risk and Insurance, Special Issue on Corporate Governance and Corporate Social Responsibility, 30 (3), July, Michael L. Barnett (2007), 'Stakeholder Influence Capacity and the Variability of Financial Returns to Corporate Social Responsibility', Academy of Management Review, 32 (3), July, Alison Mackey, Tyson B. Mackey and Jay B. Barney (2007), 'Corporate Social Responsibility and Firm Performance: Investor Preferences and Corporate Strategies', Academy of Management Review, 32 (3), July, Henri Servaes and Ane Tamayo (2013), 'The Impact of Corporate Social Responsibility on Firm Value: The Role of Customer Awareness', Management Science, 59 (5), May, PART III SOCIALLY RESPONSIBLE INVESTING (SRI) 19. Sally Hamilton, Hoje Jo and Meir Statman (1993), 'Döing Well While Döing Good? The Investment Performance of Socially Responsible Mutual Funds', Financial Analysts Journal, 49 (6), November-December, David A. Sauer (1997), 'The Impact of Social-Responsibility Screens on Investment Performance: Evidence from the Domini 400 Social Index and Domini Equity Mutual Fund', Review of Financial Economics, 6 (2), Rob Bauer, Kees Koedijk and Rogär Otten (2005), 'International Evidence on Ethical Mutual Fund Performance and Investment Style', Journal of Banking and Finance, 29 (7), July, Todd Shank, Daryl Manullang and Ron Hill (2005), '"Döing Well While Döing Good" Revisited: A Study of Socially Responsible Firms' Short-Term versus Long-Term Performance', Managerial Finance, 31 (8),

4 Economics of Corporate Social Responsibility vii 23. Eric Girard, Hamid Rahman and Brett Stone (2007), 'Socially Responsible Investments: Goody-Two-Shoes or Bad to the Bone?\ Journal of Investing, 16(1), Spring, Michael Schröder (2007), 'Is There a Difference? The Performance Characteristics of SRI Equity Indices', Journal of Business Finance andaccounting, 34 (1/2), January/March, Harrison Hong and Marcin Kacperczyk (2009), 'The Price of Sin: The Effects of Social Norms on Markets', Journal of Financial Economics, 93 (1), July, PART IV CSR AND ENVIRONMENTAL PERFORMANCE 26. Adam B. Jaffe, Steven R. Petersen, Paul R. Portney and Robert N. Stavins (1995), 'Environmental Regulation and the Competitiveness of U.S. Manufacturing: What Does the Evidence Teil Us?', Journal of Economic Literature, XXXIII (1), March, Seema Arora and Shubhashis Gangopadhyay (1995), 'Toward a Theoretical Model of Voluntary Overcompliance', Journal of Economic Behavior and Organization, 28 (3), December, John W. Maxwell, Thomas P. Lyon and Steven C. Hackett (2000), 'Self-Regulation and Social Weifare: The Political Economy of Corporate Environmentalism', Journal of Law and Economics, XLIII (2), October, Glen Dowell, Stuart Hart and Bernard Yeung (2000), 'Do Corporate Global Environmental Standards Create or Destroy Market Value?', Management Science, 46 (8), August, Shameek Konar and Mark A. Cohen (2001), 'Does the Market Value Environmental Performance?', Review of Economics and Statistics, 83 (2), May, Andrew A. King and Michael J. Lenox (2001), 'Does It Really Pay to Be Green? An Empirical Study of Firm Environmental and Financial Performance', Journal oflndustrial Ecology, 5 (1), January, Matthew J. Kotchen (2006), 'Green Markets and Private Provision of Public Goods', Journal of Political Economy, 114 (4), August, Thomas P. Lyon and John W. Maxwell (2008), 'Corporate Social Responsibility and the Environment: A Theoretical Perspective', Review of Environmental Economics and Policy, 2 (2), Summer, Piet Eichholtz, Nils Kok and John M. Quigley (2010), 'Döing Well by Döing Good? Green Office Buildings', American Economic Review, 100 (5), December,

5 viii PART V Economics of Corporate Social Responsibility STRATEGIC CSR AND COMPETITIVE ADVANTAGE 35. Lee Burke and Jeanne M. Logsdon (1996), 'How Corporate Social Responsibility Pays OflP, Long Range Planning, 29 (4), August, Abagail McWilliams, David D. Van Fleet and Kenneth D. Cory (2002), 'Raising Rivals' Costs through Political Strategy: An Extension of Resource-Based Theory', Journal of Management Studies, 39 (5), July, Mark Bagnoli and Susan G. Watts (2003), 'Selling to Socially Responsible Consumers: Competition and the Private Provision of Public Goods', Journal of Economics and Management Strategy, 12 (3), Fall, Abagail McWilliams, Donald S. Siegel and Patrick M. Wright (2006), 'Guest Editors' Introduction. Corporate Social Responsibility: Strategie Implications', Journal of Management Studies, 43 (1), January, Sylvia Maxfield (2008), 'Reconciling Corporate Citizenship and Competitive Strategy: Insights from Economic Theoiy', Journal of Business Ethics, 80 (2), June, Daniel W. Elfenbein and Brian McManus (2010), 'A Greater Price for a Greater Good? Evidence that Consumers Pay More for Charity-Linked Products', American Economic Journal: Economic Policy, 2 (2), May, Abagail McWilliams and Donald S. Siegel (2011), 'Creating and Capturing Value: Strategie Corporate Social Responsibility, Resource-Based Theory and Sustainable Competitive Advantage', Journal of Management, Special Issue: Twenty Years of Resource- Based Theory, 37 (5), September,

Organizational Effectiveness

Organizational Effectiveness Edited by Kim S. Cameron William Russell Kelly Professor of Management and Organization University of Michigan, USA THE INTERNATIONAL LIBRARY OF CRITICAL WRITINGS ON BUSINESS AND MANAGEMENT An Elgar Research