According to Riahi (2009), organizations (FirstGroup plc, etc.) can actually be considered as social units deliberately constructed to pursue a specific objective. In this regard, it provides a further catalyst for pro- and pessimistic dialogue: Milton Friedman argued in a 1970 New York Times article that the only “social responsibility of business” is to “increase their profits.” “The company,” he writes in his book Capitalism and Liberty, “is an instrument of the shareholders who own it; if the company makes a contribution, it prevents individual shareholders from deciding for themselves how they should dispose of their funds. » (M. Porter, M. Kramer, 2003). They say companies such as FirstGroup plc and Emerlad Energy plc are undeniably misusing the resources entrusted to them as they engage in corporate social responsibility. In contrast, Heilbroner, on the other hand, suggests that shareholders are no longer an important source of risk capital, "simply a passive holder of certificates with varying degrees of risk and potential return, with little knowledge of the real performance of “its” capital. corporation. Surely other stakeholders deserve feedback? (N. Smith, 1990) provide greater incentives for businesses and their owners to conform to societal values ​​and play an active role in society, as this is consistent with the long-term interest of businesses (P Griseri, N. Seppola , 2009), for example while this might be suggested as a £1.8 million community contribution from FirstGroup, in particular the training of the local indigenous population can, in some sense, be seen as an integral part of the company's strategic CSR – central objective of the company's differentiation strategy. Furthermore, studies linking strategic investment to CSR (particularly the resource-based view) have already suggested that specialized skills or capabilities linked to CSR investment can lead to company-specific competitive advantages. business (J. Frynas, 2009). responsible practices have a higher valuation and lower risk, as investments in improving responsible employee relations, environmental policies and product strategies significantly contribute to reducing companies' cost of equity capital (Ghoul et al 2010). Merton's (1987, p. 500) capital market equilibrium model implies that increasing the relative size of a firm's investor base will result in a lower cost of capital and a higher market value for the company. In the same spirit, Heinkel et al. (2001) develop an equilibrium model which implies that when fewer investors hold a company's shares, the opportunities for risk diversification are reduced and therefore the company's cost of capital will be higher..