Understanding and Developing Strategic Corporate Social Responsibility
Organizational Dynamics, Vol. 37, pp. 125-144, 2008
20 Pages Posted: 21 Jun 2008
Over the last decade, there has been considerable debate over whether organizations have a corporate social responsibility (CSR), as well as whether socially responsible initiatives predict subsequent financial performance. Business leaders are increasingly concerned with how their organizations can grow and thrive from addressing societal challenges. Strategic CSR can benefit organizations through growth in market share and organizational learning, as well as more committed and engaged employees, supportive external stakeholders, and positive investor relations. We discuss how organizations around the world are prospering by proactively engaging with social and environmental challenges. Seven strategic CSR principles, illustrated by 21 exemplars of strategic CSR initiatives, are outlined. These principles should not be interpreted as a checklist of best practices, but rather as a stimulus for designing financially viable and prudent CSR initiatives, given each organization's combination of mission, resources, challenges, and opportunities.
Keywords: Corporate social responsibility (CSR), sustainability
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