Abstract
Most studies of corporate social responsiveness (CSR) focus on the relationship between CSR and profit. Here, we use three perspectives (institutional theory, economic theory and agency theory) to explain CSR. Industry norms, market share and indicators of management reputation predict variance in CSR. The combined perspectives improve understanding of both CSR and the CSR-profit relationship in two ways. First, they suggest that CSR levels and their relationship with profit will vary by industry. Second, they suggest that stock market measures and accounting measures will respond differently to CSR measures. Stock market measures lead, while accounting measures lag, CSR.
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Dr. Barbara Beliveau is an Assistant Professor of Finance at the University of Connecticut. She has published inThe Journal of Risk and Insurance andThe Journal of Insurance: Issues and Practices. Her current research deals with efficient market theory and other issues in applied microeconomics and finance.
Dr. Melville Cottrill is an Associate Professor of Management at Southern Connecticut State University, where he is also director of the school's small business outreach efforts. In addition to teaching, Dr. Cottrill remains a member of State and Federal Bars.
Dr. Hugh O'Neill is an Associate Professor of Strategy in the Kenan-Flagler School of Business at the University of North Carolina, Chapel Hill. He has also served at Grand Valley State University and the University of Connecticut. His current research included investigations of management decision making, downsizing, and Board of Director involvement in CSR.
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Beliveau, B., Cottrill, M. & O'Neill, H.M. Predicting corporate social responsiveness: A model drawn from three perspectives. J Bus Ethics 13, 731–738 (1994). https://doi.org/10.1007/BF00881333
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DOI: https://doi.org/10.1007/BF00881333