French Endowment Fund, a CSR Tool for French Firms

Nicolas Bréard ()
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Nicolas Bréard: OpenStudio

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Abstract: A modern definition of corporate social responsibility (CSR) was given in the 1980s. It consists of 4 main principles: Be profitable, be law-abiding, be ethical, and improve quality of life of the community. Firms that apply this business model have experienced 51% to 81% higher profits. Willard's researches aims to show how CSR reduces risks but also increases productivity of work. This can be done by developing sustainable supply chains or avoiding scandals in public opinion by observing moral rules to manage certain risks and improving company's reputation by communicating philanthropic endowments. These actions permits to attract new partners and customers. Also by giving meaning to the work of employees it leads to reduce turnover and increase engagement. Since 2017, publication of an additional financial report is mandatory for French companies and thus, CSR issues are becoming more often present in country's business environment. In 2008, the French concept of the endowment fund appeared and gave to companies a tool to finance non-profit initiatives by collecting and managing funds with flexibility, that allows them to manage projects with ethical rather than financial goals. In this presentation, we will first recall the CSR's definition and the effect of this business model, then we will define what is the French conception of an endowment fund,and how it helps to achieve the CSR policy in a company. Finally we will conclude by showing how endowment fund is a growth lever for French companies.

Date: 2022-06-11
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Published in 10th International Multidisciplinary Conference on Economics, Business, Technology and Social Sciences, Jun 2022, Batumi, Georgia

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-03817347

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