Corporate Social Responsibility (CSR) and Shareholder’s Value

-Theoretical Comparison between Stakeholder Theory and Positive Agency Theory-

Abstract

　Today, the long-term survival of a firm needs sustainable relations with a broad range of stakeholders. This is result of CSR construction since 1920’s. CSR becomes more importance with increasing of company’s scale and role in society. However, CSR has opposing views, positive view and negative view ([1] p.37), Former is based on assumption of companies that have multi-objectives and latter based on assumption of companies have single objective. These two competing views contrast each other and additionally, affected other two opposite theories, stakeholder theory and positive agency theory, have supported each theory since 1970-80’s. Since outbreak of this conflict, these two conflicts, that are conflict between positive view and negative view in CSR and conflict between stakeholder theory and positive theory, have long been entrenched. The purpose of this study clarifies conflictive point in adopting and practicing CSR by tracking process of conflict spreading. It also reveals that not only shareholder’s value and positive agency theory, CSR and stakeholder theory also have problems.