1 . “There is one and only one social responsibility of business,” wrote Milton Friedman, a Nobel Prize-winning economist, “that is, to use its resources and engage in activities designed to increase its profits.” But even if you accept Friedman’s statement and regard corporate social responsibility (CSR) policies as a waste of shareholders’ money, things may not be absolutely clear-cut. New research suggests that CSR may create monetary value for companies at least when they are charged with corruption (腐败).
The largest firms in America and Britain together spend more than $15 billion a year on CSR, according to an estimate by EPG, a consulting firm. This could add value to their businesses in three ways. First, consumers may take CSR spending as a “signal” that a company’s products are of high quality. Second, customers may be willing to buy a company’s products as an indirect way to donate to the good causes it helps. And third, through a more diffuse (分散的) “halo effect” its good deeds earn it greater consideration from consumers and others.
Previous studies on CSR have had trouble distinguishing these effects because consumers can be affected by all three. A recent study attempts to separate them by looking at bribery prosecutions (起诉) under American’s Foreign Corrupt Practices Act (FCPA). It argues that since prosecutors do not consume a company’s products as part of their investigations, they could be influenced only by the halo effect.
The study finds that, among prosecuted firms, those with the most comprehensive CSR programmes tend to get more lenient punishments. Their analysis rules out the possibility that it is the firm’s political influence, rather than its CSR stance, that accounts for the leniency: Companies that contribute more to political campaigns do not receive lower fines.
In all, the study concludes that whereas prosecutors should only evaluate a case based on its merits, they do seem to be influenced by a company’s record in CSR. “We estimate that either eliminating a substantial labor-rights concern, such as child labor, or increasing corporate giving by about 20% result in fines that generally are 40% lower than the typical punishment for bribing foreign officials.” says one researcher.
Researchers admit that their study does not answer the question at how much businesses ought to spend on CSR. Nor does it reveal how much companies are relying on the halo effect, rather than the other possible benefits, when companies get into trouble with the law, evidence of good character can win them a less costly punishment.
1. The author views Milton Friedman’s statement about CSR with___________.| A．uncertainty | B．interest | C．approval | D．tolerance |
| A．guarding it against malpractices | B．protecting it from consumers |
| C．winning trust from consumers | D．raising the quality of its products |
| A．less debatable | B．more lasting | C．more effective | D．less severe |
| A．comes across as reliable evidence | B．has an impact on their decision |
| C．is considered part of the investigation | D．increases the chance of being punished |
