According to Friedman (1970), “In a free society, there is one and only one social responsibility of business—to use its resources and engage in activities designed to increase its profits so long as it stays within the rules of the game, which is to say, engages in open and free competition without deception or fraud.” He asserted that engaging in CSR is symptomatic of an agency problem or a conflict between the interests of managers and shareholders and argued that managers use CSR as a means to further their own social, political, or career agendas, at the expense of shareholders as did Mcwilliams and Siegel (2001).