A Social Contract Account for CSR as an Extended Model of Corporate Governance (I): Rational Bargaining and Justification

A Social Contract Account for CSR as an Extended Model of Corporate Governance (I): Rational Bargaining and Justification

This essay seeks to give a contractarian foundation to the concept of Corporate Social Responsibility (CSR), meant as an extended model of corporate governance of the firm. It focuses on justification according to the contractarian point of view (leaving compliance and implementation problems to a r...

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Veröffentlicht in:Journal of Business Ethics. - Springer Science + Business Media. - 68(2006), 3, Seite 259-281
1. Verfasser: Sacconi, Lorenzo (VerfasserIn)
Format: Online-Aufsatz
Sprache:English
Veröffentlicht: 2006
Zugriff auf das übergeordnete Werk:Journal of Business Ethics
Schlagworte:Fiduciary duties Stakeholder theory Theory of the firm Incompleteness of contracts Social contract Bargaining games Distributive justice Impartiality Political science Business mehr... Philosophy Mathematics Economics Law
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520 |a This essay seeks to give a contractarian foundation to the concept of Corporate Social Responsibility (CSR), meant as an extended model of corporate governance of the firm. It focuses on justification according to the contractarian point of view (leaving compliance and implementation problems to a related article, [Sacconi 2004b, forthcoming in the Journal of Business Ethics]). It begins by providing a definition of CSR as an extended model of corporate governance, based on the fiduciary duties owed to all the firm's stakeholders. Then, by establishing the basic context of incompleteness of contracts and abuse of authority, it analyses how the extended view of corporate governance arises directly from criticism of the contemporary neo-institutional economic theory of the firm. Thereafter, an application of the theory of bargaining games is used to deduce the structure of a multi-stakeholder firm, on the basis of the idea of a constitutional contract, which satisfies basic requirements of impartial justification and accordance with intuitions of social justice. This is a sequential model of constitutional bargaining, whereby a constitution is first chosen, and then a post-constitutional coalition game is played. On the basis of the unique solution given to each step in the bargaining model, the quest for a prescriptive theory of governance and strategic management is accomplished, so that I am able to define an objective-function for the firm consistent with the idea of CSR. Finally, a contractarian potential explanation for the emergence of the multi-fiduciary firm is provided. 
540 |a Copyright 2006 Springer 
650 4 |a Fiduciary duties 
650 4 |a Stakeholder theory 
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650 4 |a Bargaining games 
650 4 |a Distributive justice 
650 4 |a Impartiality 
650 4 |a Political science  |x Political philosophy  |x Social contract 
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650 4 |a Business  |x Business administration  |x Corporate governance 
650 4 |a Philosophy  |x Applied philosophy  |x Applied ethics  |x Professional ethics  |x Fiduciary responsibility 
650 4 |a Mathematics  |x Applied mathematics  |x Game theory 
650 4 |a Business  |x Business administration  |x Business management  |x Contract management  |x Contract negotiations 
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650 4 |a Law  |x Legal rights  |x Property rights 
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650 4 |a Economics  |x Economic disciplines  |x Financial economics  |x Finance  |x Financial investments 
650 4 |a Political science  |x Political philosophy  |x Social contract 
650 4 |a Business  |x Business structures 
650 4 |a Business  |x Business administration  |x Corporate governance 
650 4 |a Philosophy  |x Applied philosophy  |x Applied ethics  |x Professional ethics  |x Fiduciary responsibility 
650 4 |a Mathematics  |x Applied mathematics  |x Game theory 
650 4 |a Business  |x Business administration  |x Business management  |x Contract management  |x Contract negotiations 
650 4 |a Economics  |x Economic disciplines  |x Financial economics  |x Finance  |x Financial investments  |x Investment value 
650 4 |a Law  |x Legal rights  |x Property rights 
650 4 |a Economics  |x Macroeconomics  |x Economic power  |x Managerial authority  |x Delegation of authority 
650 4 |a Economics  |x Economic disciplines  |x Financial economics  |x Finance  |x Financial investments 
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