Morality as a factor of production: Moral commitments as strategic risk management

Stefan Hielscher

No 2009-14, Discussion Papers from Martin Luther University of Halle-Wittenberg, Chair of Economic Ethics

Abstract: Through an analysis of Alfred Krupp's 19th-century social welfare program, this paper employs an ordonomic perspective on how morality can be employed as a factor of production. The paper's main argument is that corporate social responsibility (CSR) can be conceptualized as a corporate strategy of moral commitments to manage the relationship- based risks that arise out of social dilemma situations between the company and its stakeholders. Focusing primarily on relationship-based social risks that emerge from antagonistic cooperation, this paper also develops an ordonomic contribution to corporate risk management.

Keywords: corporate risk management; ordonomics; corporate social responsibility; corporate citizenship; morality as a factor of production; strategic commitments; Strategisches Risikomanagement; Ordonomik; Corporate Social Responsibility; Corporate Citizenship; Moral als Produktionsfaktor; strategische Bindungen (search for similar items in EconPapers)
JEL-codes: A12 D02 M13 M14 (search for similar items in EconPapers)
Date: 2009
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:zbw:mlucee:200914

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