In consideration of the development of the
technology industry and the issue of global warming caused
by the environmental pollution and deterioration,
“Corporate Social Responsibility (CSR)” has become the
subject of attention. Therefore, this paper will explore how
enterprises evaluate the relationship between the additional
cost for protecting the environment and the intangible firm
value generated from investing in CSR in order to obtain the
maximum firm value under the consideration of
environmental economics. This paper introduces the utility
function to analyze the intangible benefits generated from
investing in CSR and uses the real options approach to
construct a mathematical model to find out the optimal time
point for investing in CSR. The result can provide the
reference of decision-making for managers in consideration
of the profits under the financial economics and the
corporate social responsibility under the environmental
economics.