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  1. Corporate Social Responsibility as a Conflict Between Shareholders.Amir Barnea & Amir Rubin - 2010 - Journal of Business Ethics 97 (1):71 - 86.
    In recent years, firms have greatly increased the amount of resources allocated to activities classified as Corporate Social Responsibility (CSR). While an increase in CSR expenditure may be consistent with firm value maximization if it is a response to changes in stakeholders' preferences, we argue that a firm's insiders (managers and large blockholders) may seek to overinvest in CSR for their private benefit to the extent that doing so improves their reputations as good global citizens and has a "warm-glow" effect. (...)
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