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.