Purpose – The purpose of this paper is to outline a set of propositions for the Greek business sector concerning the value of strategically adopting a responsible business behaviour. The recent economic downturn of the Greek economy stresses the need for redefining current business models, attitudes and practices. Design/methodology/approach – The authors draw from prior literature on strategic corporate responsibility and build their arguments on the value of social responsibility as an important component of an exit strategy from the domestic economic crisis. Findings – Promoting the social responsibility of business could yield win–win opportunities for Greek firms and have a positive effect on the regeneration of the national economy’s dynamics. Connecting the well-established strategic CSR literature with the specific handicaps of an economy under pressure, we point out that the current deep crisis can be alleviated by regaining the trustworthiness, supporting the competitiveness potential and enhancing the extroversion of the Greek economy. Practical implications – Strategic options from which policymakers and managers can endorse the development of a CSR agenda as an exit strategy component are set forth. Such practical implications pertain to the creation of an enabling environment for strategic CSR implementation, an emphasis on CSR-related amelioration of competitiveness parameters and a redefinition of market orientation of domestic firms under the scope of socially responsible business behaviour. Originality/value – An economic–business environment under extreme pressure is discussed; problems relevant to the Greek case are outlined while a new approach in the way of doing business is proposed.

We analyze the problem of asymmetric information between buyers and sellers in cattle auctions, using the problem of revaccinations as the point of departure. We present a simple model to show that if buyers do not know and cannot verify whether sellers have vaccinated their animals, then they may consider revaccination. Revaccination is only a part of the broader problem of information asymmetry that includes other quality issues and costs that can be saved, thereby affecting the welfare of both buyers and sellers. We consider structural characteristics of ranching, traditions, and consumers' preferences as well as proposals regarding third-party certification to argue that the problem of asymmetric information in cattle auctions is a persistent one. We also argue for a comprehensive empirical study of the incidence and impacts of buyer revaccination. Copyright 2007 International Association of Agricultural Economists.

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