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--> Contact Us Sitemap Access 日本語 ENGLISH About RIEB Message Outline History Former Directors Organization Staff Accounts Internatinal Exchange Faculty Global Economy Unit Corporate Competitiveness Unit Corporate Information Unit Global Finance Unit Integrated Center for Corporate Archives Office of Promoting Research Collaboration Visiting and Adjunct Researcher Faculty Awards (in Japanese) Research Fellow Emeritus Professor Research Research Projects Publications Integrates Center for Corporate Archives Early Moden DataBase Seminars at RIEB Seminar Schedule All Seminars RIEB & Kanematsu Seminars Latin America Seminars Monetary Economics Seminar of Kobe University (in Japanese) Kanebo Seminar of Kobe University (in Japanese) Past Seminars Education & Society Symposia Social Contribution & Education Kanematsu Prize Sections Integrated Center for Corporate Archives United Nations Depository Library RIEB Library Computer Laboratory Local Page--> HOME Research Publications Discussion Paper Series（English） RIEB Discussion Paper Series No.2021-20 RIEB Discussion Paper Series No.2021-20 RIEB Discussion Paper Series No.2021-20 Title Socially Responsible Investment: Ex-ante Contracting or Ex-post Bargaining? Abstract This paper shows how a socially and environmentally aware firm principal can motivate a profit-oriented manager to pursue positive environmental, social, and governance (ESG) outcomes. In the model, the manager produces a verifiable output that is detrimental to ESG but also engages in an unverifiable output that promotes ESG. I show that an ex-post bargaining contract is preferred to an ex-ante commitment contract if the unverifiable output substantially improves ESG or if there is a large negative externality. The paper also demonstrates how social impact bonds can be more effective than short-term debt when used to finance social programs. Keywords Socially responsible investment; ESG; Multitask; Holdup; Incomplete contracts; Social impact bonds JEL Classification D86, G11, G23, M12, M14 Note The original version is RIEB Discussion Paper Series No.2021-14 Inquiries Meg ADACHI-SATO Junior Research Fellow, Research Institute for Economics & Business Administration, Kobe University Faculty of Business Administration and Accountancy, Khon Kaen University E-mail: &＃109;&＃101;&＃103;&＃97;&＃115;&＃97;&＃116;&＃111;&＃64;&＃100;&＃105;&＃97;&＃109;&＃111;&＃110;&＃100;&＃46;&＃107;&＃111;&＃98;&＃101;&＃45;&＃117;&＃46;&＃97;&＃99;&＃46;&＃106;&＃112;&＃46; Site Top About RIEB Faculty Research Seminars at RIEB Education & Society Sections Site Policy Sitemap Access Contact Information © Research Institute for Economics and Business Administration, Kobe University. All Rights Reserved. Contact Us Site Policy (in Japanese) Sitemap Access 日本語 ENGLISH