Stoeckl, Natalie (2004) The private costs and benefits of environmental self-regulation: which firms have most to gain? Business Strategy and the Environment, 13 (3). pp. 135-155.

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Abstract

A (correctly designed) voluntary self-regulatory scheme can - in theory - improve social welfare if the benefits to society outweigh the costs. However, businesses may not choose to participate in a voluntary scheme if their private benefits do not outweigh their costs; external benefits are irrelevant to the profit maximizing firm. This paper reviews literature on self-regulation, primarily focusing on factors that influence the net private benefits of environmental programmes. The literature is summarized in a manner that allows one to identify characteristics of firms that are most likely to accrue positive net benefit from environmental programmes, and to determine ways in which self-regulatory bodies might raise those benefits, thereby increasing participation rates.

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