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Corporate social responsibility
Ankit Sinha
Journal Analysis
Organizational Theory
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Abstract
Businesses that practice corporate social responsibility (CSR) hold themselves, their
stakeholders, and the general public to higher standards of social accountability. Mauricio Latap,
Lára Jóhannsdóttir, and Brynhildur Davdsdóttir are all professors at the University of Iceland in
Reykjavik, Iceland, though Dr. LJ is a professor at the Faculty of Business Administration. We
present a unique historical perspective on CSR's development by reviewing the literature at
length, which reveals that throughout time, the focus of CSR has shifted from the sole pursuit of
profit to the creation of shared value inside an organization. This article provides details from a
unique historical point of view on the development of CSR.
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Corporate Social Responsibility (CSR)
Definition: CSR, or corporate social responsibility, is an approach to business that promotes
social accountability on the part of corporations toward its stakeholders, the general public, and
any other relevant parties. Companies that engage in CSR also known as corporate
citizenship are aware of the economic, social, and environmental impacts they have on society as
a whole (Carroll, 2021).
Summary
Article link: https://jcsr.springeropen.com/articles/10.1186/s40991-018-0039-y?uc=racialjustice
This article's writers are Mauricio Latap, Lára Jóhannsdóttir, and Brynhildur Davdsdóttir. Except
for Dr. LJ, who is a professor at the Faculty of Business Administration, the authors all teach at
the University of Iceland in Reykjavik, Iceland, in the departments of Life and Environmental
Sciences and Economics. A unique historical angle on CSR's development is discussed in this
article. The incorporation of social considerations into business practice can be traced all the way
back to the Roman Laws of antiquity. There are connections between the sustainable
development agenda and the growth of CSR that can be drawn from the information presented in
this article. The paper makes a significant contribution in laying out a timeline that allows the
reader to see the development of the idea over time, an evolution that is made all the more
evident by the accompanying illustrations. There is a correlation between society expectations of
business behavior and how CSR is interpreted and implemented, which provides fodder for
further study, as discovered by the authors.
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Discussion
Through an in-depth literature review, we provide a unique historical perspective on CSR's
development, revealing how the definition and concept of CSR have shifted from an exclusive
emphasis on profit-making to a more broadly held belief that businesses should prioritize the
creation of shared value. Increased morale and output from a more engaged workforce can have
a positive effect on a company's bottom line if it implements a social responsibility program.
Incorporating CSR strategies into business operations has been shown to boost customer
retention and loyalty. Companies have been utilizing CSR (corporate social responsibility) to
improve their image and do good for the community for decades. Management as we know it
now emerged in the early 1950s, hence it is primarily a product of the twentieth century.
Nonetheless, CSR has a long and illustrious history that extends back over two hundred years.
In today's world, companies that do not engage in CSR are falling behind their competitors. It is
now crucial to running a business and heavily influences the decisions of customers. Gains in
risk and supply chain management, revenue, brand credibility, and efficiency are just few of the
upsides to implementing a thorough CSR program. Thus, businesses are learning that CSR is
beneficial not only to society but also to their bottom lines. By the turn of the millennium,
corporate social responsibility (CSR) has established itself as an integral part of many firms'
strategies, being adopted by billion-dollar corporations including Wells Fargo, Coca-Cola, Walt
Disney, and Pfizer. CSR is, in my opinion, here to stay. The incentive to be socially responsible
is rising as new technologies make greater corporate openness and scrutiny possible.
Additionally, businesses that are sustainable and have a tiny carbon impact will be rewarded as
the severity of climate change and impending resource shortages increase. It's safe to assume that
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CSR will keep developing in the years to come, and that its significance will grow in light of the
future's unpredictability.
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References
Carroll, A. B. (2021). Corporate social responsibility: Perspectives on the CSR construct’s
development and future. Business & Society, 60(6), 1258-1278.
Latapí Agudelo, M. A., Jóhannsdóttir, L., & Davídsdóttir, B. (2019). A literature review of the
history and evolution of corporate social responsibility. International Journal of
Corporate Social Responsibility, 4(1), 1-23.