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In consideration of the development of the technology industry and the issue of global warming caused by the environmental pollution and deterioration, Â¿corporate social responsibility (CSR)Â¿ has become the subject of attention. Therefore, this paper will explore how enterprises evaluate the relationship between the additional cost for protecting the environment and the intangible firm value generated from investing in CSR in order to obtain the maximum firm value under the consideration of environmental economics. This paper introduces the utility function to analyze the intangible benefits generated from investing in CSR and uses the real options approach to construct a mathematical model to find out the optimal time point for investing in CSR. The result can provide the reference of decision-making for managers in consideration of the profits under the financial economics and the corporate social responsibility under the environmental economics.