Weitere Artikel dieser Ausgabe durch Wischen aufrufen
The online version of this article (doi:10.1007/s10551-017-3705-1) contains supplementary material, which is available to authorized users.
The idea that socially responsible investments can be viewed in terms of real options is relatively new. We expand on this notion by demonstrating how real option theory, within a Bayesian decision-making framework, can be used by managers to help when making green technology investment decisions. The Bayesian decision framework provides a more flexible approach to investment decision making because it adjusts for new information. Responding to a call for multidisciplinary and multifaceted research in environmental sustainability, this paper integrates ethics, finance, and information technology by viewing investments in environmentally friendly technology as a profit-driven CSR real option. Our model provides managers with the analytic tool needed to make the business case for CSR initiatives providing an opportunity for firms to create economic, social, and ecological solutions that benefit all stakeholders. The practical applicability of our model is demonstrated in an illustrative case scenario based on real data.
Bitte loggen Sie sich ein, um Zugang zu diesem Inhalt zu erhalten
Sie möchten Zugang zu diesem Inhalt erhalten? Dann informieren Sie sich jetzt über unsere Produkte:
Supplementary material 1 (DOC 531 kb)10551_2017_3705_MOESM1_ESM.doc
Aguinis, H., & Glavas, A. (2012). What we know and don’t know about corporate social responsibility: A review and research agenda. Journal of Management, 38(4), 932–968. CrossRef
Arrow, K. J., & Fisher, A. C. (1974). Environmental preservation, uncertainty, and irreversibility. In Classic papers in natural resource economics (pp. 76–84). UK: Palgrave Macmillan.
Ba, S., & Nault, B. R. (2017). Emergent themes in the interface between economics of information systems and management of technology. Production and Operations Management, 26(4), 652–666. CrossRef
Babin, R., & Nicholson, B. (2009). Corporate social and environmental responsibility in global IT outsourcing. MIS Quarterly Executive, 8(4), 123–132.
Bansal, P., & Roth, K. (2000). Why companies go green: A model of ecological responsiveness. Academy of Management Journal, 43(4), 717–736. CrossRef
Bean, M. A. (2001). Probability: The science of uncertainty with applications to investments, insurance, and engineering (Vol. 6). Providence, RI: American Mathematical Society.
Berns, M., Townend, A., Khayat, Z., Balagopal, B., Reeves, M., Hopkins, M., et al. (2009). The business of sustainability, imperatives, alternatives and actions. Boston, MA: Boston Consulting Group. http://www.bcg.com/documents/file29480.pdf. Accessed December 15, 2016.
Bose, R., & Luo, X. (2011). Integrative framework for assessing firms’ potential to undertake green IT initiatives via virtualization–A theoretical perspective. The Journal of Strategic Information Systems, 20(1), 38–54. CrossRef
Brooks, S., Wang, X., & Sarker, S. (2012). Unpacking green IS: A review of the existing literature and directions for the future. In Green business process management (pp. 15–37). Berlin, Heidelberg: Springer.
Buchholz, R. A. (1991). Corporate responsibility and the good society: From economics to ecology. Business Horizons, 34(4), 19–31. CrossRef
Buchholz, R. A. (1993). Principles of environmental management: The greening of business. Englewood Cliffs, NJ: Prentice-Hall.
Carbonrally.com (2010). Give your computer a rest. http://www.carbonrally.com/challenges/10-save-energy. Accessed December 2016.
Carroll, A. B. (1979). A three-dimensional conceptual model of corporate performance. Academy of Management Review, 4(4), 497–505.
Cassimon, D., Engelen, P.-J., & Van Liedekerke, L. (2016). When do firms invest in corporate social responsibility? A real option framework. Journal of Business Ethics, 137(1), 15–29. CrossRef
Chand, M., & Fraser, S. (2006). The relationship between corporate social performance and corporate financial performance: Industry type as a boundary condition. The Business Review, 5(1), 240–245.
Chen, A. J. W., Boudreau, M.-C., & Watson, R. T. (2008). Information systems and ecological sustainability. Journal of Systems and Information Technology, 10(3), 186–201. CrossRef
Chheda, R., Shookowsky, D., Stefanovich, S., & Toscano, J. (2008). Profiling energy usage for efficient consumption. In Microsoft (Ed.), The Architecture journal: Green computing issue. https://msdn.microsoft.com/en-us/library/dd393312.aspx. Accessed December 15, 2016.
Copeland, T., & Antikarov, V. (2001). Real options—A practitioner’s guide. Fort Lauderdale, FL: TEXERE Publishing.
Cordano, M., & Frieze, I. H. (2000). Pollution reduction preferences of US environmental managers: Applying Ajzen’s theory of planned behavior. Academy of Management Journal, 43(4), 627–641. CrossRef
Curtis, L. (2008). Environmentally sustainable infrastructure design. The Architecture Journal, 18(1), 2–8.
Dao, V., Langella, I., & Carbo, J. (2011). From green to sustainability: Information technology and an integrated sustainability framework. The Journal of Strategic Information Systems, 20(1), 63–79. CrossRef
Davis, K. (1973). The case for and against business assumption of social responsibilities. Academy of Management Journal, 16(2), 312–322. CrossRef
DiMaggio, P., & Powell, W. W. (1983). The iron cage revisited: Collective rationality and institutional isomorphism in organizational fields. American Sociological Review, 48(2), 147–160. CrossRef
Dixit, A. K., & Pindyck, R. S. (1994). Investment under uncertainty. Princeton, NJ: Princeton University Press.
Du, W., Pan, S. L., & Zuo, M. (2013). How to balance sustainability and profitability in technology organizations: An ambidextrous perspective. IEEE Transactions on Engineering Management, 60(2), 366–385. CrossRef
Elias, G. (2014, November 13). Carbon tax creates energy stability. Citizens’ Climate Lobby.
Elliot, S. (2011). Transdisciplinary perspectives on environmental sustainability: A resource base and framework for IT-enabled business transformation. MIS Quarterly, 35(1), 197–236.
Epstein, M. J., & Roy, M.-J. (2003). Making the business case for sustainability. Journal of Corporate Citizenship, 9(1), 79–96. CrossRef
Francis, K., & Richardson, P. (2009). Green maturity model for virtualization. The Architecture Journal, 18(1), 9–15.
Frederick, W. C. (1998). Moving to CSR: What to pack for the trip. Business and Society, 37(1), 40–59. CrossRef
Galli, A., Armstrong, M., Dias, G., & Antonio, M. (2004). The value of information: A Bayesian real option approach. In SPE annual technical conference and exhibition, 2004: Society of petroleum engineers.
Gardiner, S. M. (2004). Ethics and global climate change. Ethics, 114(3), 555–600. CrossRef
Gholami, R., Sulaiman, A. B., Ramayah, T., & Molla, A. (2013). Senior managers’ perception on green information systems (IS) adoption and environmental performance: Results from a field survey. Information & Management, 50(7), 431–438. CrossRef
Godfrey, P. C., & Hatch, N. W. (2007). Researching corporate social responsibility: An agenda for the 21st century. Journal of Business Ethics, 70(1), 87–98. CrossRef
Gordon, L. A., Loeb, M. P., & Zhou, L. (2016). Investing in cybersecurity: Insights from the Gordon-Loeb model. Journal of Information Security, 7(02), 49. CrossRef
Grenadier, S. R., & Malenko, A. (2010). A Bayesian approach to real options: The case of distinguishing between temporary and permanent shocks. The Journal of Finance, 65(5), 1949–1986. CrossRef
Griffin, J., & Mahon, J. (1997). The corporate social performance and corporate financial performance debate: Twenty-five years of incomparable research. Business and Society, 36(1), 5–31. CrossRef
Griffy-Brown, C., & Palanisamy, B. (2009). IT solutions for SMBs in an economic downturn. Graziadio Business Review, 12(4), 1–8.
Harmon, R. R., & Auseklis, N. (2009). Sustainable IT services: Assessing the impact of green computing practices. In PICMET’09- 2009 Portland international conference on management of engineering & technology, 2009 (pp. 1707–1717). IEEE.
Hayes, R. H., & Garvin, D. A. (1982). Managing as if tomorrow mattered. Harvard Business Review, 60(3), 70–79.
Hays, W. L., & Winkler, R. L. (1971). Statistics: Probability, inference and decision. New York: Holt, Rinehart, and Winston.
Henry, C. (1974). Investment decisions under uncertainty: The “irreversibility effect”. The American Economic Review, 64(6), 1006–1012.
Herath, H., & Herath, T. (2009). Investments in information security: A real options perspective with Bayesian post-audit. Journal of Management Information Systems, 25(3), 337–375. CrossRef
Herath, H., & Park, C. (2001). Real option valuation and its relationship to Bayesian decision-making methods. The Engineering Economist, 46(1), 1–32. CrossRef
Husted, B. W. (2005). Risk management, real options, corporate social responsibility. Journal of Business Ethics, 60(2), 175–183. CrossRef
Husted, B. W., & Allen, D. B. (2007). Strategic corporate social responsibility and value creation among large firms: Lessons from the Spanish experience. Long Range Planning, 40, 594–610. CrossRef
Jamieson, D. (1992). Ethics, public policy, and global warming. Science, Technology and Human Values, 17(2), 139–153. CrossRef
Jindal, G., & Gupta, M. (2012, December). Green computing “future of computers.” International Journal of Emerging Resource Management and Technology, 14–18.
Jones, A. (2016). Ontario Chamber of Commerce urging province to delay cap-and-trade plan. Toronto: The Canadian Press.
Klassen, R. D., & McLaughlin, C. P. (1996). The impact of environmental management on firm performance. Management Science, 42(8), 1199–1214. CrossRef
Koomey, J. G., Belady, C., Patterson, M., Santos, A., & Lange, K.-D. (2009). Assessing trends over time in performance, costs, and energy use for servers. Technical Report. Lawrence Berkeley National Laboratory, Stanford University, Microsoft Corporation, and Intel Corporation.
Kurp, P. (2008). Green computing. Communications of the ACM, 51(10), 11–13. CrossRef
Luckow, P., Stanton, E. A., Fields, S., Biewald, B., Jackson, S., Fisher, J., et al. (2015). 2015 Carbon dioxide price forecast. Cambridge, MA: Synapse Energy Economics.
Luehrman, T. A. (1997). What’s it worth? A general manager’s guide to valuation. Harvard Business Review, 75(3), 132–142.
Lund, D. (Ed.). (1991). Financial and non- financial option valuation (Contributions to Economic Analysis: Stochastic Models and Option Values—Applications to Resources, Environment and Investment Problems). North-Holland.
Malhotra, A., Melville, N. P., & Watson, R. T. (2013). Spurring impactful research on information systems for environmental sustainability. MIS Quarterly, 37(4), 1265–1274. CrossRef
McCarthy, S., & Leblanc, D. (2016, October 3). Liberal government’s carbon tax plan provokes anger from provinces. The Globe and Mail.
McWilliams, A., & Siegel, D. (2001). Corporate social responsibility: A theory of the firm perspective. Academy of Management Review, 26(1), 117–127.
Melville, N. P. (2010). Information systems innovation for environmental sustainability. MIS Quarterly, 34(1), 1–21.
Menguc, B., & Ozanne, L. K. (2005). Challenges of the “green imperative”: A natural resource-based approach to the environmental orientation–business performance relationship. Journal of Business Research, 58(4), 430–438. CrossRef
Menon, A., & Menon, A. (1997). Enviropreneurial marketing strategy: The emergence of corporate environmentalism as market strategy. The Journal of Marketing, 61(1), 51–67. CrossRef
Molla, A., Pittayachawan, S., Corbitt, B., & Deng, H. (2009). An international comparison of Green IT diffusion. International Journal of e-Business Management, 3(2), 3–23. CrossRef
Morrow, A., & Keenan, G. (2016, May 16). Ontario to spend $7-billion on sweeping climate change plan. The Globe and Mail.
Moura-Leite, R. C., & Padgett, R. C. (2011). Historical background of corporate social responsibility. Social Responsibility Journal, 7(4), 528–539. CrossRef
Murugesan, S. (2008). Harnessing green IT: Principles and practices. IT Professional, 10(1), 24–33. CrossRef
Orlitzky, M. O., Schmidt, F. L., & Rynes, S. L. (2003). Corporate social and financial performance: A meta-analysis. Organizational Studies, 24, 403–442. CrossRef
Pohle, G., & Hittner, J. (2008). Attaining sustainable growth through corporate social responsibility. IBM Institute for Business Value (Vol. 20). https://www-935.ibm.com/services/us/gbs/bus/pdf/gbe03019-usen-02.pdf. Accessed December 15, 2016.
Porter, M. E., & Van der Linde, C. (1995). Green and competitive: Ending the stalemate. Harvard Business Review, 73(5), 120–134.
Preston, L., & Post, J. (1975). Private management and public policy: The principle of public responsibility. Englewood Cliffs, NJ: Prentice-Hall.
Principled Technologies Test Report. (2012). Server consolidation and TCO: Dell Poweredge R720 vs. Dell Poweredge R710. http://www.principledtechnologies.com/Dell/R720_vs%20_R710_0312.pdf. Accessed December 2016.
Russo, M. V., & Fouts, P. A. (1997). A resource-based perspective on corporate environmental performance and profitability. Academy of Management Journal, 40(3), 534–559. CrossRef
Sanchez, R. (1993). Strategic flexibility, firm organization, and managerial work in dynamic markets: A strategic options perspective. Advances in Strategic Management, 9(1), 251–291.
Sanders, M., Fuss, S., & Engelen, P.-J. (2013). Mobilizing private funds for carbon capture and storage: An exploratory field study in the Netherlands. International Journal of Greenhouse Gas Control, 19, 595–605. CrossRef
Sarkis, J., Koo, C., & Watson, R. T. (2013). Green information systems & technologies—this generation and beyond: Introduction to the special issue. Information Systems Frontiers, 15(5), 695–704. CrossRef
Seidel, S., Bharati, P., Fridgen, G., Watson, R. T., Albizri, A., Boudreau, M.-C., et al. (2017). The sustainability imperative in information systems research. Communications of the Association for Information Systems (CAIS), 40(3), 40–52.
Sharfman, M. P., & Fernando, C. S. (2008). Environmental risk management and the cost of capital. Strategic Management Journal, 29(6), 569–592. CrossRef
Suchman, M. C. (1995). Managing legitimacy: Strategic and institutional approaches. Academy of Management Review, 20(3), 571–610.
Syracuse University Green Data Center. Research Computing Green Data Center website. http://researchcomputing.syr.edu/resources/green-data-center/. Accessed March 27, 2017.
Trigeorgis, L. (1996). Real options: Managerial flexibility and strategy in resource allocation. Cambridge, MA: MIT Press.
van Marrewijk, M. (2003). Concepts and definitions of CSR and corporate sustainability. Journal of Business Ethics, 44(2), 95–105. CrossRef
vom Brocke, J., Watson, R. T., Dwyer, C., Elliot, S., & Melville, N. (2013). Green information systems: Directives for the IS discipline. Communications of the Association for Information Systems (CAIS), 33(30), 509–520.
Waddock, S. A., & Graves, S. B. (1997). The corporate social performance–financial performance link. Strategic Management Journal, 18(4), 303–319. CrossRef
Watson, R. T., Boudreau, M.-C., & Chen, A. J. (2010). Information systems and environmentally sustainable development: Energy informatics and new directions for the IS community. MIS Quarterly, 34(1), 23–38.
Watson, R. T., Boudreau, M.-C., Chen, A. J., & Sepúlveda, H. H. (2011). Green projects: An information drives analysis of four cases. The Journal of Strategic Information Systems, 20(1), 55–62. CrossRef
Wood, D. J. (1991). Corporate social performance revisited. Academy of Management Review, 16(4), 691–718.
World Commission on Environment and Development UN. (1987). Our common future. World Commission on Environment and Development. Oxford: Oxford University Press.
Zarrella, E. (2008). Sustainable IT: The case for strategic leadership. KPMG IT Advisory. http://www.greenprof.org/wp-content/uploads/2010/05/Sustainable-IT-The-case-for-strategic-leadership.pdf. Accessed December 15, 2016.
- Profit-Driven Corporate Social Responsibility as a Bayesian Real Option in Green Computing
Hemantha S. B. Herath
Tejaswini C. Herath
- Springer Netherlands
Journal of Business Ethics
Print ISSN: 0167-4544
Elektronische ISSN: 1573-0697
Neuer Inhalt/© Stellmach, Neuer Inhalt/© Maturus, Pluta Logo/© Pluta