This paper presents a positive theory of corporate social responsibility set in a managerial capitalism context in which managers instead of markets allocate resources, including social expenditures. The theory focuses jointly on the operational management of the firm and on its social...

We explore the relation between certain multiple-sender cheap-talk signaling games and the corresponding screening or mechanism design games. The existence of fully-revealing equilibria in the signaling game implies the existence of implementable mechanisms that mechanisms that yield a...