基于企業(yè)生命周期的社會責(zé)任財務(wù)目標體系的構(gòu)建外文翻譯

1、企業(yè)社會責(zé)任的財務(wù)回報,商界領(lǐng)袖的道德自由與責(zé)任摘要一些理論家提出的機制，表明企業(yè)的社會責(zé)任產(chǎn)生更好的財務(wù)業(yè)績。本文包含這些從進化博弈論與自然的觀察角度的分析?；谏鲜龇治?，可以得出結(jié)論，企業(yè)的社會責(zé)任和不負責(zé)任（csr和csi）的財務(wù)回報是大相徑庭的。對于這個結(jié)論的解釋是，csr和csi驅(qū)動到一個平衡的狀態(tài)，因為如果一個或其他人提供更高的利潤，它會吸引更多的玩家以競爭的最好機會，直到平均利潤沒有差異，。現(xiàn)有的實證研究表明企業(yè)社會責(zé)任和企業(yè)財務(wù)業(yè)績之間呈正相關(guān)。也有人認為，造成這一結(jié)果的可能不是企業(yè)社會責(zé)任，而是管理技能。更多熟練的管理人員，無論是負責(zé)任的或不負責(zé)任的，在不完善的企業(yè)社會責(zé)任體

2、系中也能夠獲得更高的利潤和更大的可信度。接下來，本文將表明，這個公平的回報理論，意味著更大的道德自由，以及企業(yè)領(lǐng)導(dǎo)者的責(zé)任感。本文的結(jié)論是在大力倡導(dǎo)社會責(zé)任的企業(yè)，這種洞察力可以加強商界領(lǐng)袖們的利益。引言一個已超過35年的研究已經(jīng)正在進行，以確定企業(yè)社會責(zé)任（csr）是否會產(chǎn)生較高的財務(wù)回報（馬戈利斯和沃爾什2003年，第273）。例如，馬戈利斯認為在小的社會團體中一個企業(yè)為該團體付出更多的資源，也可能會獲得更好的長期利益，這種做法可能會使企業(yè)更容易吸引想要工作的雇傭者，可能會降低雇傭者的薪酬。carroll (1999)將企業(yè)社會責(zé)任分為四個部分：經(jīng)濟、法律、道德以及判斷力。這種說法也就是，

3、只有在遵守法律、社會道德習(xí)俗和誠實謹慎的條件下才能最大化企業(yè)的利益。社會責(zé)任改善企業(yè)財務(wù)回報的爭論csr會導(dǎo)致更強的財務(wù)回報的解釋主要圍繞創(chuàng)建利益相關(guān)者來進行展開（瓊斯1995年，1992年科特和赫斯克特普費弗1998年; reichheld 1996年，烏爾曼1985 waddock和格雷夫斯1997年）。各個角度的描述，包括利益相關(guān)者理論（瓊斯1995年），良好的管理理論（waddock格雷夫斯1997年），智能化、適應(yīng)性管理（科特和赫斯克特1992年），以及忠誠度的影響（reichheld 1996）。一個廣泛的特定優(yōu)勢已被描述。通過更大的滿意度和自豪感向客戶提供卓越的價值，以增加員工的

4、忠誠度，（reichheld 1996）。此外，csr可能會使其更容易吸引更好的員工（waddock格雷夫斯1997年）。長期雇員獲得對待客戶所需求的專業(yè)知識（reichheld 1996）。賦予更多的控制他們的工作的員工較高水平的承諾，使得管理他們的成本較低（普費弗1998年）。這些員工的卓越價值的提供會產(chǎn)生更大的客戶忠誠度（reichheld 1996）。例如，一個客戶忠誠度增加百分之五，是強勁增長的結(jié)果。此外，每個客戶的利潤也逐年增加，在某些情況下，從第一年的負利潤，這些影響也使客戶忠誠度非常寶貴的。此外，如果管理者關(guān)心他們的選區(qū)是否切合市場動態(tài)變化，并及時采取有效的行動（1992年科特

5、和赫斯克特）。此外，有責(zé)任的公司可能會在建立網(wǎng)站時，由社區(qū)和政府官員的批準所需的費用降低，或避免造成環(huán)境問題（waddock 1997年和graves）的罰款成本。此外，如果一個企業(yè)試圖通過對社會不負責(zé)任的行為，如產(chǎn)品質(zhì)量等方面的隱性成本降低，這可能導(dǎo)致某些利益攸關(guān)方懷疑其履行義務(wù)的能力，從而導(dǎo)致更高的費用，如向債券持有人支付的費用（waddock和格雷夫斯1997年）。 （亦見麥奎爾，sundgern和烏爾曼1985施內(nèi)魏斯1988年。）因此，該理論認為，csr提高關(guān)鍵利益相關(guān)者的忠誠度。這有助于自我強化系統(tǒng)的積極影響。遵從一個負責(zé)任的宗旨，以真誠的態(tài)度行事，有助于提高企業(yè)的聲譽。而這往往也

6、會增加員工的忠誠度，增加他們的工作動機生產(chǎn)更有價值的產(chǎn)品。這些產(chǎn)品，提高客戶忠誠度，從而增加利潤。強勁的財務(wù)表現(xiàn)出負責(zé)的目的，在財政上是可行的，從而增強了企業(yè)的運營。未來研究的建議平等回報理論研究假設(shè)，csr和財務(wù)回報是正相關(guān)的，也就是說，增加或減少csr不增加或減少財務(wù)而表現(xiàn)平均。雖然開展上面討論的方面的研究比較困難，但是，它可能被證明更富有成效的關(guān)于csr和csi的財務(wù)表現(xiàn)相對其他主題的研究將更加重視。 研究還可以關(guān)注的csr公司之間和csi公司之間的比較，而不是將csr公司與csi公司進行。相對于前者，例如，在利益相關(guān)者戰(zhàn)略管理領(lǐng)域的研究（seefreeman 1984和菲利普斯2003

7、）研究企業(yè)社會責(zé)任的機制，以達到利益最大化，增加了解csr公司實現(xiàn)高回報的具體措施。financial returns of corporate social responsibility, and the moral freedom and responsibility of business leadersabstracta number of theorists have proposed mechanisms suggesting that corporate social responsibility produces better financial results. this a

8、rticle contains an analysis of these perspectives drawing on observations from evolutionary game theory and nature. based on these analyses, it is concluded that the financial returns of corporate social responsibility and irresponsibility (csr and csi) are equal on average. the explanation is that

9、csr and csi are driven to a state of equilibrium, because if one or the other were to offer higher profits, it would attract more players who would compete for the best opportunities until there was no difference in average profit. existing empirical research generally shows a positive correlation b

10、etween csr as measured and corporate financial performance.it is argued that what is actually causing that finding is probably not csr but management skill. more skillful managers, whether actually responsible or irresponsible, are able to obtain both higher profits and greater credit in imperfect m

11、easures of csr. next it is shown that this theory of equal returns implies greater moral freedom and therefore responsibility for business leaders. it is concluded that this insight can intensify the interest of decent business leaders in vigorously championing csr.introductionfor more than 35 years

12、 a quest has been underway to determine whether corporate social responsibility (csr) produces higher financial returns (margolis and walsh 2003, p. 273). for example, a number of theorists have developed a substantial literature arguing that socially responsible practices are part of a constellatio

13、n of management behaviors that contribute to better financial performance. also, more than 127 empirical studies have been conducted on the subject (margolis and walsh) 2003.as an example, milton friedman says that it may be in the long-term interest of a company in a small community “to devote reso

14、urces to providing amenities to that community . . . that may make it easier to attract desirable employees, it may reduce the wage bill or lessen losses from pilferage and sabotage or have other worthwhile effects”carroll (1999) divides csr into a hierarchy of four components: economic, legal, ethi

15、cal, and discretionary. by saying that the firm must maximize profits while obeying the law and following the ethical customs of society, without deceit or fraudarguments that csr improves financial returnsexplanations of why csr should result in stronger financial returns center around the benefits

16、 of creating goodwill on the part of stakeholders (jones 1995; kotter and heskett 1992; pfeffer 1998; reichheld 1996; ullmann 1985; waddock and graves 1997). variations of this perspective have been described using terms including instrumental stakeholder theory (jones 1995), good management theory

17、(waddock and graves 1997), intelligent, adaptive management (kotter and heskett 1992), and a loyalty effect (reichheld 1996).an extensive range of specific advantages has been described. delivering superior value to customers increases loyalty of employees through greater satisfaction and pride in t

18、heir work (reichheld 1996). in addition, csr may make it easier to attract better employees (waddock and graves 1997). long-term employees gain expertise regarding customer needs (reichheld 1996). employees who are entrusted with more control over their work have higher levels of commitment, and the

19、 costs of managing them are lower (pfeffer 1998). delivery of superior value by such employees yields greater customer loyalty (reichheld 1996). a five percent increase in customer retention, for example, results in much stronger growth. in addition, profit per customer increases each year, in some

20、cases starting from a negative profit in the first year. these effects also make customer retention very valuable. in addition, if managers care about their constituencies, they are attuned to changes in market dynamics and take effective action promptly (kotter and heskett 1992). also, responsible

21、companies may experience reduced costs of approval for sites by communities and government officials, or avoid costs resulting from fines for environmental problems (waddock and graves 1997). in addition, if a firm tries to lower its implicit costs in areas such as product quality through socially i

22、rresponsible actions, it may cause certain stakeholders to doubt its ability to honor its obligations, resulting in higher explicit costs such as payments to bondholders (waddock and graves 1997). (see also mcguire, sundgern and schneeweis 1988; ullmann 1985.)so the theory suggests that csr increase

23、s loyalty of key stakeholders. that contributes to a self-reinforcing system of positive effects. articulating a responsible purpose, made more credible by sincere-manner cues, contributes to a positive reputation. that tends to increase loyalty of employees, increasing their motivation to make wort

24、hwhile products. such products promote customer loyalty, which boosts profits. strong financials demonstrate that the responsible purpose is financially viable, which reinforces the system.recommendations for future researchthe theory of equal returns leads to the research hypothesis that csr and financial returns are orthogonal, that is, that increasing or decreasing csr does not increase or decrease financial performance, on average. because of the difficulties of conducti