Book ChapterDOI
The Social Responsibility of Business Is to Increase Its Profits
Milton Friedman
- pp 173-178
TLDR
When I hear businessmen speak eloquently about the social responsibilities of business in a free-enterprise system, I am reminded of the wonderful line about the Frenchman who discovered at the age of 70 that he had been speaking prose all his life as mentioned in this paper.Abstract:
When I hear businessmen speak eloquently about the “social responsibilities of business in a free-enterprise system”, I am reminded of the wonderful line about the Frenchman who discovered at the age of 70 that he had been speaking prose all his life. The businessmen believe that they are defending free enterprise when they declaim that business is not concerned “merely” with profit but also with promoting desirable “social” ends; that business has a “social conscience” and takes seriously its responsibilities for providing employment, eliminating discrimination, avoiding pollution and whatever else may be the catchwords of the contemporary crop of reformers. In fact they are — or would be if they or anyone else took them seriously -preaching pure and unadulterated socialism. Businessmen who talk this way are unwitting puppets of the intellectual forces that have been undermining the basis of a free society these past decades.read more
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Journal ArticleDOI
Shaped by their daughters: Executives, female socialization, and corporate social responsibility
Henrik Cronqvist,Frank Yu +1 more
TL;DR: For example, this article found that when a firm's chief executive officer (CEO) has a daughter, the corporate social responsibility rating (CSR) is about 9.1% higher compared to a median firm.
Journal ArticleDOI
A New Look at the Corporate Social–Financial Performance Relationship: The Moderating Roles of Temporal and Interdomain Consistency in Corporate Social Performance
Heli Wang,Jaepil Choi +1 more
TL;DR: In this paper, the authors developed the argument that the establishment of good stakeholder relations is influenced not only by a firm's having a high level of corporate social performance but also by its ability to deliver consistent social performance.
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Corporate Environmental Responsibility and Firm Risk
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TL;DR: This paper examined the relation between corporate environmental responsibility (CER) and risk in U.S. public firms and found that CER engagement inversely affects firm risk after controlling for various firm characteristics.
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Do Lenders Value Corporate Social Responsibility? Evidence from China
Kangtao Ye,Ran Zhang +1 more
TL;DR: In this article, the authors examined whether the improvement of firms' social performance reduces debt financing costs (CDFs) in China, the world's largest emerging market, and found that improved corporate social responsibility (CSR) reduces the CDF when firms' CSR investment is lower than an optimal level.
Journal ArticleDOI
Determinants of corporate environmental reporting: the importance of environmental performance and assurance
TL;DR: The authors explored the relationship between the level and nature of voluntary corporate environmental reporting (CER) practices, multiple corporate environmental performance metrics and external assurance and found that legitimacy plays an important role in companies' choices concerning environmental disclosure.
References
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Journal Article
Best Practice for Customer Satisfaction in Manufacturing Firms
TL;DR: In this article, the authors report the results of their investigation into the best practices of four manufacturing firms with reputations for delivering high levels of customer satisfaction, and suggest ways companies can improve their customer satisfaction measures and practices.
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Business marketing management : A Strategic view of industrial and organizational markets
Michael D. Hutt,Thomas W. Speh +1 more
TL;DR: In this paper, the authors provide a complete treatment of business-to-business marketing, including market analysis, relationship management, supply chain management, marketing strategy development and electronic commerce.
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Business marketing management
TL;DR: In this article, the authors present an overview of the business-to-business marketing environment, including how buyers buy, how to identify the customer, and how to make and move the goods.
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Industrial market segmentation
Yoram Wind,Richard N. Cardozo +1 more
TL;DR: A conceptual approach to the segmentation of industrial markets together with results from an exploratory survey of current segmentation practices in industry and two examples to encourage appropriate use of market segmentation in planning and control of marketing strategies are presented.
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