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Value–Based Management with Corporate Social Responsibility$
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John D. Martin, J. William Petty, and James S. Wallace

Print publication date: 2009

Print ISBN-13: 9780195340389

Published to Oxford Scholarship Online: September 2009

DOI: 10.1093/acprof:oso/9780195340389.001.0001

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Corporate Social Responsibility: Putting the S in Value(s)-Based Management

Corporate Social Responsibility: Putting the S in Value(s)-Based Management

Chapter:
(p.103) Chapter 6 Corporate Social Responsibility: Putting the S in Value(s)-Based Management
Source:
Value–Based Management with Corporate Social Responsibility
Author(s):

John D. Martin

J. William Petty

James S. Wallace

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780195340389.003.0006

This chapter presents many economic arguments in support of value(s)-based management, the idea that CSR fits in well within a VBM framework because CSR appears to make good business sense. Corporate social responsibility follows from the premise that it is important for a firm to operate in a socially responsible manner that considers the importance of all of its stakeholders and how they contribute to the company's long-term, sustainable creation of value. Economic arguments that support the business purpose of CSR include the fact that it can help recruit and retain employees, provide reputational risk management, assist in differentiating firm branding, and help avoid governmental scrutiny and interference. The existing academic evidence is consistent with the economic arguments supporting a firm's development of a CSR program.

Keywords:   value-based management, corporate social responsibility, value(s)-based management, Red Mountain Retail Group, Southwest Airlines, Herman Miller Inc, Whole Foods Market Inc, Sony

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