Wie man durch Moral ins "Geschäft" kommt: Ein ordonomischer Beitrag zum betrieblichen Risikomanagement

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Through an analysis of Alfred Krupp's 19th-century social welfare program, this paper develops an ordonomic contribution to corporate risk management. The paper argues that companies can employ 'morality as a factor of production' by a differentiated business strategy of moral commitments. In this way, companies can not only considerably reduce their exposure to the undesirable risks of losing core business relationships with important stakeholders. But at the same time, businesses may increase their readiness to take desirable innovation risks that are pivotal for long-term value creation. Ultimately, the paper develops an argument for how companies can better live up to the role of being an agent of societal value creation, often articulated by concepts such as "corporate social responsibility" or "corporate citizenship".

Original languageGerman
Pages (from-to)155-183
Number of pages29
JournalZeitschrift fur die gesamte Versicherungswissenschaft
Issue number2
Publication statusPublished - 1 Jun 2010

ASJC Scopus subject areas

  • Accounting
  • Finance
  • Economics and Econometrics

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