Socially Responsible Innovations (SRI) from a Transactional Cost Perspective - A Chance for Growth and Development or a Waste of Time and Money?

 I BUSINESS AND NON-PROFIT ORGANIZATIONS AS THE OBJECT OF RESEARCH

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SOCIALLY RESPONSIBLE INNOVATIONS (SRI) FROM A TRANSACTIONAL COST

PERSPECTIVE - A CHANCE FOR GROWTH AND DEVELOPMENT OR A WASTE OF TIME

AND MONEY?

Abstract

This article is devoted to looking at innovations from the perspective of Transaction Cost Economics (TCE) and Corporate Social Responsibility (CSR). In analyzing the substance of the theory the author intends to show the potential challenges that will create socially responsible innovation, especially in combination with transaction costs arising from the need to build relationships with stakeholders. The author puts forward a number of proposals in an attempt to integrate presented solutions indicating the objective of the development and implementation of responsible innovation in modern organizations.

Key words: Socially Responsible Innovations (SRI), Corporate Social Responsibility (CSR), innovation, Transaction Cost Economics (TCE), open innovation

1. Introduction

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2. The uncertainty of transaction and its new social conditioning

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Proposition 1

Regardless of the type of transaction regulation, the organization must take into account the regulatory environment associated with ante and ex-post in administering the transaction, to consciously shape the social context and interactional justice in order to build the level of trust and commitment resulting in a decrease in the level of uncertainty and opportunistic actions as well as the cost of transactions.



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Proposition 2

Creating innovation in line with CSR forces a company to develop relationships with the competitive context in order to use the value chain to seek shared value, which can positively influence the reduction of uncertainty and opportunistic actions, although it can increase transaction costs related to the coordination and monitoring of co-operation with stakeholders.

Proposition 3

The use of CSR in the process of human resource management (i.e. motivating employees), allows the use of new tools such as building relationships, employee volunteering, which can reduce the cost of creating innovative solutions.

3. Perceptions of innovation and socially responsible principles in their design process

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Proposition 4

There is no single correct instruction for creating successful innovation, because it can be either slightly modified products, as well as breakthrough changing the entire industry. Equally important is the process of systematic and multi-dimensional search for innovations, although the more radical innovation becomes, the higher uncertainty and transaction costs, making it necessary to increase the vertical integration.

Proposition 5

The level of transaction costs can be reduced by generating innovations with the use of "collective mind" i.e. alternative forms of acquisition, through open innovations and croudsourcing, using a unique knowledge and skills and increase the relevance of innovation on the market (the level of acceptance and sales of innovative products / services / business models).

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Proposition 5

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4. Conclusions

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