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Corporations in Evolving DiversityCognition, Governance, and Institutional Rules$
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Masahiko Aoki

Print publication date: 2010

Print ISBN-13: 9780199218530

Published to Oxford Scholarship Online: May 2010

DOI: 10.1093/acprof:oso/9780199218530.001.0001

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Political and Social Games Corporations Play

Political and Social Games Corporations Play

(p.64) 3 Political and Social Games Corporations Play
Corporations in Evolving Diversity

Masahiko Aoki

Oxford University Press

This chapter formulates political-exchange and social-exchange games that corporations and their stakeholders play along with other agents in society. Multiple equilibria of the political exchange game are identified as discrete forms of political states, and institutional complementarity of each of them with a particular corporate governance form is discussed. Agents, including corporations, also engage in social-exchange games using social symbols to derive social payoffs, and strategically calculate tradeoffs between social and materialistic payoffs. CSR is understood as a means for corporations to accumulate their own social capital in this game. The chapter then inquires why the value of corporate social capital is partially internalized by share markets and what its implications are to stakeholders' interests, corporate governance, and social welfare.

Keywords:   political-exchange game, institutional complementarities, social exchange game, social capital, social payoff, CSR

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