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Can CSR, Market Efficiency, and Financial Rewards Interact Positively in Periods of Crisis?

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Part of the Ethical Economy book series (SEEP,volume 41)

Abstract

Muslim scholar Youssef El-Khalil, senior CFO Bank of Lebanon, Lebanon, and visiting professor at the LSE, focuses upon the importance of corporate social behavior: its changing nature, its recent greater efficacy, and the role it may play in the future. In this chapter, El-Khalil examines an idea of corporate social behavior (CSR) as integral to the market. This approach is a method of dealing with externalities in order to promote the social good without government intervention. The drive to realize the social good is found not only in economics but also in the desire for truth and charity and justice as understood by Catholic and Muslim believers, respectively, as well as philosophers who depict altruism as a means of realizing humanity. Thus, CSR should no longer be viewed as mere philanthropy; besides the contribution it makes on the human level, CSR aids businesses in avoiding reputation risks and encourages research and development in specific fields. As CSR becomes more effectively integrated into decision-making, it also takes on the character of alliances between different structures with different forms, such as corporations, NGOs, governments, and elected bodies. If CSR can avoid being treated as merely a trend, in the future it can become an essential component of business throughout the world.

Keywords

  • Corporate Social Responsibility
  • Fair Trade
  • Corporate Citizenship
  • Corporate Behavior
  • British Petroleum

These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Notes

  1. 1.

    A biennial survey of CEOs from small, medium, and large size companies in the USA, funded by the Hitachi Foundation. For a presentation of the survey results, see Veleva (2009).

  2. 2.

    ADR introduced to Lebanon the practice of delivering microfinance through the country’s postal system/LibanPost.

  3. 3.

    Hashim Sarkis from the Harvard School of Design was responsible for the architectural design of the project which has won several awards. It has received the Cityscape certificate for public housing, was selected for the PHAIDON Atlas of Contemporary Architecture, received a design award from the Boston Society of Architects, and was one of 11 projects selected by the MoMA Small Scale Big Change exhibition, besides being published in several architectural journals, including Harvard Design Magazine, Architectural Record, and Metropolis.

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Correspondence to Youssef El-Khalil .

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© 2012 Springer Netherlands

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El-Khalil, Y., El-Khalil, Y. (2012). Can CSR, Market Efficiency, and Financial Rewards Interact Positively in Periods of Crisis?. In: Schlag, M., Mercado, J. (eds) Free Markets and the Culture of Common Good. Ethical Economy, vol 41. Springer, Dordrecht. https://doi.org/10.1007/978-94-007-2990-2_15

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