CSR is often defined as activities that go beyond the firms interest. This is true only if interest is defined narrowly. The key result from this thesis is that enlightened firms, with a sufficient long-term horizon for the maximisation of profits, manage their resources in such way that the society perceives them to be Socially Responsible. To obtain this result, first a distinction is made between CSR as differentiation strategy and efficient resource management. Despite a rapidly increasing number of publications, the economic literature on CSR has only dealt with the former...