Question

Journal article summary on corporate social responsibility

Peer Reviewed Journal article from past 3 years. Please include Article Title and Journal name

Answer 1

Corporate Social Responsibility : A paradigm of Business Ethics

Corporate Social Responsibility (CSR) is a concept whereby organizations consider the interests of society by taking responsibility for the impact of their activities on customers, employees, shareholders, communities and the environment in all aspects of their operations.The companies on whom the provisions of the CSR shall be applicable are contained in Sub Section 1 of Section 135 of the Companies Act, 2013. The Corporate Social Responsibility (CSR) is one of the newest and most modern concepts identified in the society and companies level from worldwide.

The main contribution of this journal article is a structured historical review that is accompanied with a chronological timeline of the evolution of CSR. Accordingly, the article contributes to the literature by exploring how the societal expectations of corporate behavior of each period have influenced the understanding and definitional construct of CSR.

The companies not only have economical responsibilities, but especially in conjunction of undesirable phenomena occurrences like environmental pollution, unhealthy social concerns, waste of resources, etc. Hence, the importance of concept is derived from the fact that CSR is presented as an innovative factor at the global level.

The concept of CSR has a long and varied history. CSR can play a role in building customer loyalty based on distinctive ethical values. Several major brands and companies are built on ethical values.

It is apparent that in today’s business practice, CSR is entwined in many multinational organizations strategic planning process. The reasons or drive behind social responsibility towards human and environmental responsibility is still questionable whether based on genuine interest or have underlining ulterior motives. Also, Ethical consumerism can certainly be linked in shaping the methodologies of corporate processes and responsibility.

There are many ways in which companies may manifest their CSR in their communities and abroad. Most of these initiatives would fall in the category of discretionary, or philanthropic activities, but some border on improving some ethical situation for the stakeholders with whom they come into contact. Common types of CSR initiatives include corporate contributions (or philanthropy), employee volunteerism, community relations, or becoming an outstanding employer for specific employee groups (e.g., women, older workers, or minorities), making environmental changes and improvements etc.

CSR has a bright future, and the drivers and trends that have appeared over the past couple of decades are expected to continue. The future of CSR will also have to take into consideration the latest technological advances and their role as part of new business frameworks and strategies. The adoption and adaptation to new digitalization processes and tools, as well as the incorporation of Artificial Intelligence into the business environment are relevant challenges not only for the CSR debate, but for corporations in general. Also, there is a link between social expectations of corporate behavior and the way in which CSR is understood and implemented and opens room for future research.

Whether it is framed as CSR, corporate citizenship, ethical business, stakeholder management, sustainability etc, the heart and soul of CSR is solidly intact and has an optimistic future as countries, businesses, and executives around the world accept and promote its basic tenets.