Journal of Global Responsibility
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Developing an understanding of the determinants,
disclosures, and outcomes of CSR practices, a focus on
developed and developing countries: A review of past ten
years
Journal: Journal of Global Responsibility
Manuscript ID JGR-03-2021-0032.R3
Corporate social responsibility, Global responsibility, Stakeholder
Management, determinants of CSR, Outcomes of CSR, CSR disclosure
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Keywords:
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Manuscript Type: Research Paper
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Journal of Global Responsibility
Full title:
"Developing an understanding of the determinants, outcomes and disclosures of CSR
practices, a focus on developed and developing countries: A review of past ten years"
Abstract:
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Purpose: The increased awareness among consumers and strong competition have forced
companies to put extra efforts and fulfill their social responsibility along with earning profits.
The research aims to review CSR related literature specifically determinants, outcomes and
disclosure of CSR while adapting a comparative approach for developing and developed
countries.
Design/methodology: Based on theoretical frameworks of CSR, the authors have reviewed
past studies conducted in last 10 years. While using keywords and synonyms, the databases
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such as JStor, Emerald, springer Link, and science direct were used for searching impact factor
and Scopus journals. Thematic analysis has been used as a method in the paper while
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identifying the key themes in study and presented them separately. Only those articles have
been included which have key words in abstract. The review has been done while using logical
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process to improve inter-rater reliability. The key databased have been used to cover articles
from multiple and diverse domains. The authors studied the key themes of literature found and
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identified the gaps. The paper has also incorporated the comments of authors who conducted
credible studies.
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Findings. It has been found that there are different determinants which lead the companies to
involve in CSR practices in developing and developed countries. It has also been found that
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consumers are more aware about CSR in developed countries which effects the CSR decisions
by firms. There is lack of literature available in developing states and researchers have been
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focused to conduct studies mainly developed countries like in Europe and US. Mostly the CSR
behavior of companies has been linked with their financial and reputational benefits in
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empirical studies. There is large gap in literature on CSR involvement in small companies. The
authors have developed and presented model which provides comparison of determinants
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A REVIEW OF CSR PRACTICES
leading towards CSR involvement by companies in developed and developing countries.
Another framework has been developed which summarized all the factors which force the
company to take part in CSR activities.
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A REVIEW OF CSR PRACTICES
Research limitations/implications: The study has made significant contribution towards
research field and summarized the determinants based on social and economic factors of
countries. The study also presented the comparison between CSR in developing and developed
country which is valuable contribution by the authors. The study has also found lack of progress
in theory development in this area which needs further attention by researchers. The authors
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have developed a model and framework which will contribute in field of CSR.
Originality/value: This is the review article which provides integrated view of literature
regarding determinants, outcomes and disclosure of CSR in developing countries, while using
a comparative approach.
Key words: Corporate social responsibility, Determinants of CSR, Outcomes of CSR, CSR
disclosure, benefits of CSR
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Funding: This research did not receive any specific grant from funding agencies in the public,
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commercial, or not-for-profit sectors.
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Journal of Global Responsibility
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Journal of Global Responsibility
Introduction:
Over the last three decades, the role of corporations has been under discussion. Several
corporate scandals have drawn more attention to corporate social responsibility. Though the
idea that it is the role of corporations to contribute to the well-being of society came in the
19th century, the discussion on this phenomenon began in 1930 (Hadj, 2020). For the first
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time, the notion that CSR includes ethical and moral responsibilities was cemented by Caroll
in 1979 which was later recognized as the most accepted and established model of CSR
(Caroll, 2008).
While looking at different notions, definitions, and development, the term 'Corporate Social
Responsibility' can be explained (Hamidu et al., 2015). For many years, companies believed
that they are only liable to fulfill the rights of shareholders but in the last few decades,
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academic and business experts have realized the importance of CSR practices and their
obligations towards other stakeholders and the environment (Khan, 2010). There are various
factors which leads towards active involvement in CSR actions which depends on economic,
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social and cultural wellbeing of the country. The determinants and outcomes of CSR
practices are an important matter which can change organizational behavior. Moreover, the
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CSR disclosure behavior is also different in developing and developed countries.
Kao et al (2018) said that though there have been several studies conducted in past to observe
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the CSR efforts by the companies, the results of the studies have been inconsistent. Research
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by Wang (2016) analyzed the mediation effect of CSR outcomes and found positive
relationship between the financial performance of business and CSR. Basu and Palazzo
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(2008) did research and aimed to analyze the impact of ownership and top management
characteristics on a firm's decision to perform corporate social responsibilities activity.
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It is important to understand CSR from various perspectives and notions over time and how
researchers have done academic discussions on its concepts. It has been observed that most of
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the studies on CSR are conducted in developed countries and there is a serious need for doing
more studies in developing and underdeveloped countries (Servaes & Tamayo, 2013). It has
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A REVIEW OF CSR PRACTICES
also been observed the most of the studies were only focused to analyze CSR practices by
firms in specific country. The factors which lead the companies towards Corporate Social
Responsibility (CSR) disclosure in developed and developing countries are different which
have been a point of discussion in past. Moreover, the outcomes of CSR practices also hold
significance as they can act as motivating factors for the companies to actively engage
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A REVIEW OF CSR PRACTICES
themselves in CSR initiatives. It is important to understand the motivations for local
companies which can lead them to CSR practices and how to achieve strategic objectives.
Helping companies and policy makers to understand the significance of CSR involvement
can result in improving their financial and non-financial performance. The study has used
comparative approach while identifying the key themes. The study has aimed to fulfill the
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gap in previous studies and has provided key information regarding determinants, outcomes
and disclosures of CSR practices in developing and developed countries.
There is a limited number of studies that show the CSR efforts of companies in Pakistan. It
has been observed that only multinational companies are taking limited initiatives for
improving their image and reputation in the industry. The study aims to understand and
analyze CSR and its various dimensions while looking at past studies and evidences available
in research while making key contribution along with providing future research directions.
Methodology:
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The following review article is based on the findings of previous studies on Corporate Social
Responsibilities. Thematic analysis has been used as method of analysis which was suggested
by King and Brooks (2018). This is reliable and recognized method of analysis in which the
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articles are studied well and key themes are identified. At the initial step, by using the
keywords of variable, the impact factor and Scopus articles were searched on various
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databases. The synonyms of key words have also been used to find the articles. We used
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databases such as JStor, Emerald, springer Link, and Science direct for reliable studies. After
research, articles published in the last 10 years, 157 articles were found which were then
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filtered after studying the summaries of all articles. Only those articles have been included
which have key words in their abstract. The key information of articles is included in excel as
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per themes and their key findings. The period of last 10 years has been selected as in the last
decade as firm and consumer’s knowledge has been increased and recognition of CSR has
been enhanced leading towards significant research by experts. Only those articles were
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included which had key words in their title. The abstract of all the shortlisted articles were
read and only those included which fall in our set boundaries. The inclusion of recent
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Journal of Global Responsibility
literature will help us to understand what significant progress has been made in these 10
years. The shortlisted articles which were most relevant to the study area were then filtered
on the basis of impact factor and Scopus journals. The criteria have been set to increase the
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Journal of Global Responsibility
reliability of study. Moreover, it will also provide high quality content to potential
researchers.
Table 1
Overview of the systematic review process
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Steps
1: Selection of Database
Emerald, JSTOR, Science Direct, and Springer link
2: Search words used to find articles in databases
Corporate Social Responsibility, Determinants of
CSR, Outcomes of CSR, CSR disclosure, benefits of
CSR
3: Specification of the Time Period
Papers published between 2010 - 2020
4: Screening of articles
Went through abstracts of all 157 papers and
shortlisted 67 which were relevant to the topic and
had keywords in abstract.
Only impact factor and Scopus indexed papers were
shortlisted
Only 45 impact factor and Scopus indexed papers
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5: Categorization of papers
6: Filtered articles
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included
Quantitative studies have been incorporated conducted across the globe during the period of
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(2010-2020). All these studies discussed each factor separately and no article discussed all
the key elements of the concept in one study. In the following review article, three-step
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model has been followed: Stage 1 was about planning where few main research areas of the
concept were decided and the boundaries of research have been defined. At stage 2 which
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was the review phase, the relevant studies were collected and reviewed. At stage 3 the
reporting was done where the results of studies and their findings were presented. While
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conducting the review the focus has been to find the studies on three main issues which
include the determinants of CSR, outcomes of CSR, and how CSR practices are different in
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developing countries as compared to developed countries. Determinants in this study are the
result that leads the companies towards engaging themselves in CSR initiatives. Whereas the
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outcomes are the means of active involvement in CSR related activities. While discussing
CSR outcomes, CSR disclosures have also been presented. In each aspect of CSR, we have
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focused to discuss the relationship among variables and their comparison at organizational
and country-level.
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Journal of Global Responsibility
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Literature review:
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The Research field of CSR has evolved in past years and many researchers and scholars have
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addressed that specific research questions regarding CSR practices (Aguinisb & Glavas, 2012).
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As per Friedman (2007) CSR is the discretionary corporate activity that aims to contribute
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towards society and its welfare. Friedman (2007) argued in research that CSR initiatives are
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taken by companies to increase the firm's efficiency and improve their image in society.
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The theoretical perspective of CSR:
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There have been a handful of recognized and impactful theories given by the researchers
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which explain the corporation's relationship with society and what are their duties towards
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society. These theories can help the researchers to establish theoretical base for CSR and
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understand evolvement of concept in past.
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Table 2
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Theories linked to CSR
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Presented by Year Explanation
31 Theory
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Eisenhardt
1989 Agency theory has provided a framework which determines the implicit or
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explicit contractual arrangement which also aligns the interests of agent and
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principal.it suggests that both should cooperate actively in the presence of
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hidden action and hidden information that the principal cannot observe or can
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do so at a cost but may still not be able to prevent opportunistic behavior by
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the agent. In case of CSR the firm and its stakeholders are two parties which
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can be explained with regard to agency theory.
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41 Carrol CSR Pyramid. Caroll
1983 This theory has provided the explanation regarding interaction of firms with
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society and other stakeholders. There are four main obligations in Carrol’s
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pyramid which includes economical, legal, ethical and philanthropic
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obligations of firm. It suggests that firms should fulfill these obligations for
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its long term survival.
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47 The Triple Bottom
Elkington
1993 BLT has been considered as CSR framework which has incorporated three
48 line Theory
main dimensions of business performance which includes social, economic
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and environmental. The author has suggested the firms must obtain the
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sustainable results for three dimensions. The theory suggest that companies
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should apply TBL to achieve long term success.
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53 Legitimacy theory
Burlea and
2013 The theory states that companies should disclose CSR related information to
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show they are working as socially responsible firm. It suggests that firms can
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legitimize their behaviors. The base of theory is that there must be social
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contract between businesses and society.
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Journal of Global Responsibility
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3 The stakeholder
Freeman et
2007 A Stakeholder theory suggests that organizations can be only successful when
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they pay attention towards all the relationships and it is vital for the
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companies to do stakeholder management as it is pragmatic concept.
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Regardless of the content of the purpose of a firm, the effective firm will
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manage the important relationships.
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Determinants of CSR:
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CSR has been relatively a new concept in the business world and it took several years for
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organizations to realize that their actions can affect the stakeholders who are an important
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part of their business.
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Table 3
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Determinants of CSR
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Sr.n Authors
Year
Determinants of CSR
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Tang, Hull, and Rothenberg
2011
Aims to achieve better financial performance
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2
Nikolaeva and Bicho
2011
Involvement in PR (Media) efforts
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3
Zhao
2012
Company's political strategy
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4
Dieza et al
2013
Ownership structure, Manager's role and Management
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profiles
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Park and Ghauri
2014
Internal management, Competitor's strategies Corporate
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behavior
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Atig et al.
2014
Firm's internationalization
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Batres et al.
2016
Stakeholder pressure, Resource availability
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Khan (2016)
2016
Voluntary CSR activities by firms
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9
Ali, Frynas, and Mahmood
2017
Social factors, Political factors
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Jiang, Jung, and Makino
2018
Geographic remoteness
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Yuan, Lu, and Tiang
2019
Peer firm's performance
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HUZ khan
2019
Governmental regulations
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Pizzi, Simone; Caputo, Andrea;
2020
Sustainable development goals
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Corvino,
Antonio;
Venturelli,
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Andrea
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14
Chang and Chuang.
2020
Twitter presence and Social media engagement
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Aguinis and Glavas (2012) indicated that companies engage in CSR action due to
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organizational, institutional, and individual reasons. Moreover, companies face pressure from
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Page 8 of 33
their stakeholders at the intuitional level and organizational level, internal factors such as
legitimacy and competitiveness can lead to CSR activities by companies.
According to Arevalo and Aravind (2015), the major scandals in the world became the reason
for establishing the guidelines for businesses, the development of self-regulation, and selfimposed codes of conduct. Consequently, there are few self-regulatory measures taken by the
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companies which have been observed in the last few decades (Arevalo & Aravind, 2015).
Oeyono, Juanita; Samy, Martin; Bampton and Roberta (2011) investigated the relationship
between CSR and firm’s financial performance (EBITDA and EBIT), the empirical study
was conducted in top 48 Indonesian firms. The authors found positive relationship between
CSR involvement by companies and their profitability.
According to Fan et al., (2012), there has been significant behavioral and organizational
difference between developed and developing countries leading towards different motives
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behind engagement in CSR actions. Another research by Khao (2018) has that external
pressure, intervention, and government encouragements in China have played a role-taking
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CSR initiatives. Ali et al., (2017) have claimed in research some of the most important factors
which result in CSR disclosure are industry sector, size of company, profitability, and
corporate governance mechanism. Other than these factors social, political, and cultural
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factors also influence the CSR disclosure by the companies. The companies disclose CSR
information to gain the trust of their stakeholders (Ali et al, 2017). As per Pizzi, Simone;
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Caputo, Andrea; Corvino, Antonio; Venturelli and Andrea (2020), greater number of
economic, social and competitive challenges force the companies to look for sustainable
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development goals(SDG) and look for the strategies which helps them improving their FDI’s,
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achieving value creation while CSR involvement can be one of the key factor. The research
by Park and Ghauri (2014) attempted to analyze the key factors that drive the firms towards
CSR practices in multinational companies. The authors found that consumers, 'internal
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managers and employees', competitors, and non-governmental organizations are primary
determinants considerably influencing corporate citizenship behavior, particularly in
emerging markets.
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According to Atig, Boubarkri, and Ghoul (2014), there is a strong positive correlation
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Journal of Global Responsibility
between a firm's internationalization and CSR rating. The research also found that companies
with more foreign subsidiaries have better CSR ratings. Table 4 has summarized the studies
which have been focused to identify the determinants of CSR. All the studies were
quantitative studies which came up with different determinants of CSR depending upon the
country location and its social economic factors.
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1
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Sr. no.
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Journal of Global Responsibility
A REVIEW OF CSR PRACTICES
Table 4
Summary of Conceptual and Empirical Research on Determinants of CSR
Year
Author Name
2012
Tang, Hull and
Rothenberg
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Journal name and impact
factor
Journal of management
(8.63)
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Article Title and country
Research findings and future directions
How Corporate Social Responsibility
Engagement Strategy Moderates the
CSR–Financial Performance
Relationship (China)
The results of the study found that those companies who follow CSR engagement
strategy are successful in enhancing their financial performance. A future investigation
of the relationship among different aspects of CSR engagement will be able to provide a
comprehensive picture of its pattern. Moreover, examining this issue can provide more
directions for managers in making sound decisions regarding engaging in CSR
depending on whether their goal is to improve accounting-based performance or boost
the market value of the company.
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2011
Nikolaeva and Bicho
Journal of the Academy of
Marketing Science (7.59)
The role of institutional and reputational
factors in the voluntary adoption of
corporate social responsibility reporting
standards (Global)
The research found the companies that engage in PR efforts to disseminate their
sustainability activities and are more visible in the media are the more likely adopters of
the GRI (Global reporting initiative) principles. The research has recommended
studying market orientation as it is an important determinant of corporate citizenship.
2012
Zhao
Journal of Business Ethics
(4.14)
CSR-Based Political Legitimacy
Strategy: Managing the State by Doing
Good in China and Russia (China and
Russia)
The study found that CSR serves the company's political strategy in various ways. The
study has provided the base for a starting point that foregrounds the business-CSR-state
relationship as a fruitful space for employing the legitimacy perspective to study the
institutional change in an emerging market. Future research can further specify CSR as
an arena of business-state interaction.
Journal of Finance and
Accounting
(1.275)
Determinants of CSR practices: analysis
of the influence of ownership and the
management profile mediating effect
(Spain)
Journal of World Business
(5.194)
Determinants influencing CSR practices
in small and medium-sized MNE
subsidiaries: A stakeholder perspective
(UAE)
The article has important implications from a business perspective as it has explained
the relevancy of the CEO's role in the achievement of organizational goals. Future
research can combine the ownership concentration variable with others such as the
nature of the largest shareholder (family firms, institutional investors, etc.) – which may
have implications for their objectives and for the way power is exercised – or the degree
of their portfolio diversification – as greater diversification may mean that their
reputation would no longer be affected by the social actions of any one of the portfolio
companies
The research has found that consumers, 'internal managers and employees', competitors,
and non-governmental organizations are primary determinants considerably influencing
corporate citizenship behavior, particularly in emerging markets. Future research can
be done to explore whether proactive stakeholders' influence MNE subsidiaries' CSR
practices particularly in an emerging economy context.
2014
2014
Díez et al
Park and Ghauri
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Journal of Global Responsibility
A REVIEW OF CSR PRACTICES
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2016
Atig, Bourbaki, and
Ghoul
Journal of Business Ethics
(4.874)
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Firm internationalization and Corporate
Social Responsibility (USA)
The research has found strong evidence that firm internationalization is positively
related to the firm's corporate social responsibility (CSR) rating. future research can
explore the implications of the internationalization-CSR link on other corporate
outcomes while taking into account the institutional and political environments in which
subsidiaries of multinational firms operate. Future research may also seek to improve
our understanding of how social responsibility standards of host countries affect the
CSR behavior of multinational firms.
2012
Batres, Doh, Miller
and Pisani
Journal of Business Ethics
(4.14)
Stakeholder Pressures as Determinants
of CSR Strategic Choice: Why do Firms
Choose Symbolic Versus Substantive
Self-Regulatory Codes of Conduct
(USA)
The results of the study have indicated that the reaction towards stakeholders varies
among companies and industries along with the availability of resources and the ability
to handle the pressure. An interesting avenue for future research derives from the role of
size-related variables. There is a strong need to further examine the greenwashing
concept.
2016
Khan H.Z
International Journal of
Law and Management
(1.314)
The effect of corporate governance
elements on CSR reporting (Bangladesh)
The results of the study demonstrate that though voluntary, overall CSR reporting by
Bangladeshi PCB are rather moderate, however, the varieties of CSR items are
impressive. The results of the study can be used by researchers to analyze the benefits
of including the non‐executive directors and foreign nationals on different types of CSR
initiatives and standard setters to set the suitable CSR policy guidelines with a view to
reinforcing such initiatives.
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2018
Tang, Yang and
Boehe (2018)
Journal of Cleaner
Production (7.264)
Ownership and Corporate Social
Performance in China: Why geographic
remoteness matters (China )
The research has important implications for China and possibly for other emerging
economies with similar unbalanced regional and ownership characteristics. The study
provides future directions for future studies to investigate useful insights for other
emerging economies, especially those suffering from significant government
intervention and unbalanced development
2019
Khan, Bose, and
Johns
Critical Perspectives on
Accounting
(2.684)
Regulatory influences on CSR practices
within banks in an emerging economy:
Do banks merely comply? (Bangladesh)
The findings indicate that CSR activities are prompted by CSR regulations by the
central bank. Moreover, CSR practices become decoupled from regulatory expectations,
and that managers 'dress up' reported information by bypassing regulatory guidelines
when responding to demands from powerful stakeholders, such as board members and
political elites. Further research can be done to expand the theme of this study. Future
research can also explore reasons why banks in the industry do not avail themselves of
their legitimate tax exemption benefits
Journal of Business Ethics
(4.14)
Twitter Presence and Experience
Improve Corporate Social Responsibility
Outcomes (USA)
The results of the study have indicated that firms with Twitter account significantly
outperform industry peers in CSR rating, after controlling for firm and industry
characteristics. Future studies can be done on CSR co-creation efforts involving the
public and a given firm. As the results of the current study are independent of the
quality of communication on Twitter, hence future studies can account for this issue.
2020
Balasubramanian,
Fang, and Yang
on
sib
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y
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Page 11 of 33
Journal of Global Responsibility
Outcomes and disclosures of CSR:
Companies follow CSR practices as a part of their corporate strategy to fulfil their
responsibilities towards their stakeholders. Active involvement in CSR activities help them
attain certain outcomes which are beneficial for them from economic and social aspects. Table
5 has listed some of the outcomes identifies by the authors which firms successfully achieve
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through active CSR involvement.
Table 5
Outcomes of CSR
Authors
Year
Outcomes of CSR
Chang and Chuang
2010
Consumer's purchase intentions
Gimenez, Sierra, and Rodon
2012
Environmental, Social and economic performance
Zhu et al.
Arevalo and Aravind
Better image enhanced financial performance and improved
reputation
2013
Achievement of organizational goals
2015
Reputational benefits
2016
Consumer trust and engagement
al
Alhouti and Johnson
2013
lob
Rodríguez et al.
fG
Shoukat and Kanwal
2016
Increase community involvement
Better financial performance
Consumer engagement
Uzunoğlu, Türkel, and Akyar
2017
Hadj.T
2019
John, Qadeer, Shahzadi, and Jia
2019
Wan, Chen, and Ke
2020
CSR performance, CSR behaviors
Sardana et al
2020
Firm's performance
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Responsible innovation, Environmental management and
competitiveness
Employees organizational pride
Organizational identification
sib
on
sp
As per Shoukat and Lubna (2018), it is the expectation of society from companies that they
ilit
should disclose CSR related information in their annual reports. As per Waller and Lanis
(2009) adversity at a corporate level has changed the business practices and community by
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17 Sr.
18
19 no
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1
21
22 2
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24
3
25
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27 4
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29 5
30
31 6
32
33 7
34
35
8
36
37 9
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39 10
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42 11
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44 12
45
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A REVIEW OF CSR PRACTICES
raising the significance of CSR action and disclosure of its information which keeps its
stakeholders aware. John et al., (2019) researched to see the mediating role of organizational
identification and pride between CSR and positive behaviors of employees. The positive
behaviors included OCB and performance. The results of the study found that employees see
the CSR initiatives by the companies in a positive way. Giminiz et al., (2012) analyzed the
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A REVIEW OF CSR PRACTICES
Page 12 of 33
impact of social and environmental programs on the triple bottom line. As per the results of the
study, there are certain industries that respond very quickly to the triple bottom line approach.
Moreover, there is a positive impact on environmental and social performance. As per Carrol
and Shabana (2010) companies use CSR disclosure as a marketing tool as it helps to boost their
sales. The author has also discussed how disclosure of CSR information also helps the firms to
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gain a competitive advantage. The empirical evidence in research has suggested that effective
integration of corporate strategy and CSR can be a source of competitive advantage. As per the
study, many firms used the concept of CSR for 'Green Washing', therefore it is important to
understand the intention of firms. As per Iyamabo et al., (2013) there is a lack of studies
available that are focused to analyze the internal factors which lead towards CSR disclosure.
Stakeholder
pressure

Firms presence in
international
markets
CSR Disclosure
al

Customer
expectations
Governmental
regulations
Society and
community
lob

Financial benefits
fG
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Image and Reputational benefits
sp
Figure 1: Factors leading towards CSR disclosure
Source: Authors
on
Figure 1 has summarized the factors leading a firm towards active CSR development and
summarizes the key determinants of CSR. Similarly, Mathew (1997) also highlighted the fact
sib
that companies should disclose their vision regarding CSR and display their past performance
records. Moreover, the author mentioned that the disclosed information should contain all the
ilit
initiatives by the firms which contribute towards the wellbeing of the environment, protection
of human rights, energy conservation, and community involvement.
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Malik and Kanwal (2018) aimed to understand the impact of CSR disclosure on the financial
performance of pharmaceutical companies and the results indicated that in the pharmaceutical
industry, GSK Pakistan is the most active company in CSR activities. The authors also
indicated that there has been an increase observed in
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Page 13 of 33
Journal of Global Responsibility
CSR disclosure in the industry. Most of the companies follow CSR practices as it has been
observed that it is positively correlated with their brand image and ultimately increases
profitability. This is one of the outcomes which motivates the companies to take CSR
initiatives and disclosure. Islam et al., (2020) conducted a study to analyze the relationship
between CSR, organizational commitment, organizational identification and organizational
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citizenship behavior. The study was done in Malaysia in hotel industry. The results of study
indicated that there is strong relation between organizational commitment and organizational
identification. Moreover, organizational identification and organizational commitment are also
positively co-related with each other.
As per McWilliams and Siegel (2001), active CSR practices can be one of the reasons behind
changed consumer behavior. The research has highlighted the fact that consumers are willing
to pay a higher price for the products which have social characteristics and prefer to buy that
fG
instead of the identical product with the same features. The research found that the social
features of products enhance their optimal value and helps firms to gain a competitive
lob
advantage over other companies in the industry. Saeednia and Sohani (2013) also investigated
the impacts of CSR on the perception of stakeholders especially customers and it has been
found in their research that companies engaged in CSR practices can improve their reputation
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in the industry. According to Malik and Kanwal (2018) companies are increasingly adapting
the strategies which incorporate social initiatives as they have learnt that their actions are
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reflected in the perception of external and internal stakeholders.
According to Micheal and Gruning (2018), the corporate identity of firms is one of the most
sp
significant factors which lead them towards CSR disclosure. Moreover, few other dimensions
on
of corporate identity are CSR application, strategic integration, attitude awareness, and
employee integration.
Sardana et al., (2020) conducted a study in India to understand the impact of environmental
sib
sustainability on the performance of the business. The research emphasized that firms should
monitor the sustainability-related activities by suppliers to make sure that their products are
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according to already set standards. In this context, governmental regulation also performs a
strong role and enhance environmental compliance by the companies. As per Ahmed et al
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A REVIEW OF CSR PRACTICES
(2020), there is strong need of CSR research in Pakistan as it is vital for making corporations
realize how they can use CSR to increase organizational commitment. Moreover, it is also
important to establish trust based foundation for academia as it is one of ways to enhance
citizen behavior in educational institutes.
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A REVIEW OF CSR PRACTICES
Page 14 of 33
Table 6 has summarized the key outcomes identified from past studies and also provides the
information regarding studies which found different outcomes of CSR and their future research
directions.
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Page 15 of 33
1
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5
6 Sr. No.
7 1
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14 2
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21 3
22
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Journal of Global Responsibility
A REVIEW OF CSR PRACTICES
Table 6
Jo
Summary of Conceptual and empirical research on Outcomes of CSR
Year
Author name
2012
Gimenez, Sierra,
and Rodon
2013
Zhu, Yun Sun,
Alicia and Leung
urn
Journal name and impact factor
International Journal of
Production Economics (5.134)
al
of
Asia Pacific Journal of
Management (3.064)
Article title and country
Research findings and future directions
Sustainable operations: Their impact on
the triple bottom line
Glo
Corporate social responsibility, firm
reputation, and firm performance: The role
of ethical leadership (China)
ba
lR
2013
Díeza, Gagoa,
Garcíaa &
Campilloa
Journal of Finance and
Accounting (1.275)
Determinants of CSR practices: analysis of
the influence of ownership and the
management profile mediating effect
(Spain)
2015
Arevalo and
Aravind
Journal of Business Ethics (4.14)
Strategic Outcomes in Voluntary CSR:
Reporting Economic and reputational
benefits in principles of based incentives
(USA)
2015
Alhouti et al
Journal of Business Research
(4.874)
The study found that internal environmental programs have a positive
impact on the three components of the triple bottom line, whereas internal
social initiatives have a positive impact on only two components: Social
and environmental performance. Future studies can be done measuring
environmental, social, and economic performance. Different types of
environmental measures, social initiatives and economic factors can be
included for analysis.
The study has found that ethical leadership moderated its indirect effect on
firm reputation via CSR. It had an indirect and positive effect on firm
reputation through CSR when ethical leadership was strong but not when it
was weak. future studies can include potential costs of CSR that might
decrease firm performance which has been included in this study.
Moreover, future research can be done using other qualitative
methodologies to analyze the same phenomenon.
esp
Corporate social responsibility
authenticity: Investigating its antecedents
and outcomes (United Kingdom)
The article has important implications from a business perspective as it has
explained the relevancy of the CEO's role in the achievement of
organizational goals. future research can be done to combine the ownership
concentration variable with others such as the nature of the largest
shareholder (family firms, institutional investors, etc.) – which may have
implications for their objectives and for the way power is exercised.
on
sib
The results of the study confirmed how firms are achieving economic and
reputational benefits while establishing a CSR network and frameworks.
Future research can be done to find the factors which can help the firms to
demonstrate their leadership in CSR and improve their image in the eyes of
external stakeholders, an important motivation for many firms to engage in
a CSR initiative.
ilit
y
The findings indicate that CSR authenticity has a mediating influence on
important consumer outcomes. Future research can determine how the type
of motive can affect consumers' perceptions of the authenticity of CSR
initiatives. There is also an opportunity for future research to further
explore the complex process whereby consumers form judgments about the
corporate motives behind CSR investments
15
Journal of Global Responsibility
A REVIEW OF CSR PRACTICES
1
2
6
3
4
5
6
7
8 7
9
10
11
12 8
13
14
15
16
17 9
18
19
20
21
22
23
24 10
25
26
27
28
11
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31
32
33 12
34
35
36
37
38
39
40
41
42
43
44
45
46
2016
Shoukat and
Kanwal
Journal of Business Ethics (4.14)
2017
Uzunoğlu, Türkel,
Burcu Akyar
2020
Hadj
2019
John, l Qadeer,
Gulnaz Shahzadi
and Jia
Journal of Cleaner production
(7.264)
2020
Wana, Chenb and
Yun K
Journal of Cleaner Production
(7.264)
Does corporate integrity culture matter to
corporate social responsibility? Evidence
from China (China)
2020
Sardana et al.
Journal of Cleaner Production
(7.246)
CSR 'sustainability' practices and firm
performance in an emerging
economy(India)
2020
Chang and Chuang
Corporate Social Responsibility
and Environmental Management
(4.52)
Encourage stakeholder engagement in
sustainable development: Drivers of
consumers themselves benefits and society
welfares (Taiwan)
Jo
urn
Public Relations Review (2.32)
al
of
Journal of Cleaner Production
(7.264)
Page 16 of 33
Impact of Corporate Social Responsibility
Disclosure on Financial Performance: Case
Study of Listed Pharmaceutical Firms of
Pakistan (Pakistan)
Future research can be done on the area which can be studied is that the
firms with the strong financial position may be compared to other firms and
measure the level of CSR and disclosure made by these firms to know
whether they are at a higher level or at low level to observe a phenomenon
that more profitable firms may disclose more or not.
Engaging consumers through corporate
social responsibility messages on social
media: An experimental study (Global)
The study results have suggested that there is the limited impact of CSR
messages on social media on consumer outcomes. Future studies can extend
the understanding of the importance of CSR message formulation when
particularly aimed to be delivered through social media.
Effects of corporate social responsibility
towards stakeholders and environmental
management on responsible innovation
and competitiveness (North Africa)
The research found that the competitiveness of SMEs in North Africa was
highly dependent and significantly conditioned by the CSR approach and
the environmental protection policy. Future research can be done on the
development of a RI-based competitiveness model.
Glo
ba
Getting paid to be good: How and when
employees respond to corporate social
responsibility? ( China and Pakistan)
lR
esp
Studies revealed that the link between employees' perceived CSR and their
workplace behaviors is serially mediated by organizational pride and
identification and moderated by employees' desire to have a significant
impact through work. the study has provided future direction for companies
should improve employees' perceptions of CSR activities as they help to
develop positive feelings and constructive attitudes and behaviors of
employees at the workplace.
The research is very helpful to broaden understanding of the factors
influencing CSR and provides a possible solution to the problem of CSR
fulfillment. Moreover, how integrity-oriented cultures can motivate firms to
place more emphasis on their social responsibilities.
on
sib
The study determined that environmental sustainability had a direct impact
on firm performance. Future studies may potentially seek to question senior
managers on their specific motivations for implementing sustainability
principles in their companies.
ilit
y
Future studies can be done to investigate the levels of socio-demographic
variables that may have different perceptions of sustainable activities.
Measuring and including socio-demographic variables in the research
model may be helpful in more deeply understanding consumer's ethical
decision making toward sustainable development.
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Page 17 of 33
Journal of Global Responsibility
CSR in developing and developed countries:
There have been different patterns observed for CSR practices in developed and developing
countries (Sharma & Jain, 2019). The reasons behind this variation include economic, social,
or cultural factors. Internal factors such as management orientation and leadership
preferences can be the reasons behind this. As per United Nations (2006), the CSR practices
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in developing countries is a challenging issue which needs to be aligned with Millennium
Development Goals. As per these goals, the companies should contribute towards social
issues such as poverty, education, health, equal opportunities for gender, and better living
environment.
As per Sharma and Jain (2019), CSR practices in developed countries have been considered
an indispensable way of doing business. Furthermore, the CSR practices have become part of
the company's business policy and core strategies. Companies also focus on these activities to
fG
'do-gooding' for their image in media and industry. The research also found that CSR is
reflected in the firm's mission so they can compete in the industry as they use media
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management and public relations for a better reputation. Sharma and Jain (2019) also stated
that due to intense competition in developed countries the companies are looking for ways to
attain sustainability and retain customer loyalty.
al
As per Ali et al (2017), the most prominent issues for developed countries include control of
pollution and improvement of the environment. Therefore, companies strive to reveal their
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efforts towards these issues and CSR initiatives while focusing on greener production. The
author also gave the example of the German Automobile industry which went through
sp
immense pressure for the emission of carbon dioxide and overexploitation of fossil fuels. The
on
issues forced the companies to initiate discussions for the potential ban of diesel vehicles in
cities.(Ali et al., 2017). According to Oster (2014), CSR action in developed countries has
been increased due to the elevation of society groups also known as people-powered
sib
campaigns. To build a compassionate reputation and brand image, the companies operating in
developed countries try to appeal to the public through altruistic and emotional facets of
human nature.
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As per Frynas and Yamahaki, (2016) awareness in companies regarding CSR has increased a
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A REVIEW OF CSR PRACTICES
lot and this phenomenon is evident in developed countries. Though there has been a slight
emergence of the concept in developing countries developed nations are more aware of the
ethical and moral responsibilities of a corporation which force them to make efforts towards
society. The companies which religiously follow CSR practices have been successfully
engaging their customers and attained their loyalty. The authors also stated that due to easy
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A REVIEW OF CSR PRACTICES
Page 18 of 33
access to the internet and instant use of social media connectivity, the companies amplify
their contributions towards society and try to outcry against their competitors (Frynas &
Yamahaki, 2016). As per literature, most of the studies were focused on CSR practices in
Asia when it came to studying this phenomenon in developing countries China has been the
most significant focus of maximum studies (Cai & Wheale, 2004).Other countries studies
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have been focused include India (e.g. Balasubramanian et al., 2005), Malaysia (Zulkifli &
Amran, 2006), Indonesia (e.g. Blowfield, 2004), Pakistan (Thomsen, 2004) and Thailand
(e.g. Kaufman et al., 2004). Less focus has been given to Bangladesh (Nielsen, 2005).
As per Eberle (2013) companies operating in developed countries are following formal CSR
practices and successfully attain aspiring global status along with recognized international
brands. It has also been observed that CSR is mostly linked with charity or philanthropy in
developing countries and corporations are involved in health, environment, sports
fG
development, and community services. The research also found that issues that are being
highlighted under the umbrella of CSR are different in developing and developed countries as
they have different priorities.
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Figure 2: Similarities between corporate social responsibility (CSR) trends in developed
and developing countries
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Journal of Global Responsibility
Denni, Arli, and Lasmono (2019) did research to understand the impact of CSR on consumer
perception in developing countries and it has been found that most consumers in developing
countries are still unaware of CSR. Lack of information or understanding of the concept is
one of the reasons behind low efforts by companies towards CSR activities in developing
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Page 19 of 33
counties. The research found that consumers in developing countries are still struggling to
buy the necessary products despite the firm's involvement in CSR activities.
The results of study suggested that one of the main reasons behind the lack of efforts by the
companies towards CSR in developing countries is the customer's low interest in this
phenomenon.
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The Study by Zhao (2012) examined the relationship between CSR and state i.e. political
context. The research found that as compared to developing countries, companies operating
in developed countries take the benefits from active involvement in CSR. The benefits can be
of various types and companies use CSR as a tool in developed countries to deal with stare
and tap the opportunities (Muthuri and Gilbert, 2010; Zhao,2012). The author gave the
example of Russia and China where companies are involved in CSR-related activities based
on political legitimacy strategies.



Determinants of CSR





Corporate identity
Stakeholder pressure
Governmental
regulations
Customer engagement
Crisis response
Socio-economic
Political reforms
Presence in the
international market
on
sp
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Stakeholder pressure
Corporate identity
Political objectives
Competitive advantage
Ownership structure
Reputational benefits
Financial objectives
Cultural factors
Financial resources
Firm size
al










Developing countries
lob
Developed countries
fG
Figure 3: Determinants of CSR in developed and developing countries
Source: Authors
sib
Figure 3 has summarized the key determinants of CSR in developing and developed countries
which are based on their social, cultural, legal and economic factors.
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According to Mitra (2011), CSR has been critiqued/debated topic for its target audience,
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A REVIEW OF CSR PRACTICES
efficacy, and interests in global perspectives. The author also suggested that companies
operating in emerging economies can play a social role while involving themselves in CSR
activities. Similarly, as per Jamali and Neville (2011), the companies need to engage
themselves in CSR activities while look at the norms and values of developing countries that
are consistent with their strategies. As per Mombeuil et al., (2019) there are significant
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A REVIEW OF CSR PRACTICES
Page 20 of 33
benefits of responsible behavior of companies towards the environment as a better
environment is beneficial for the whole society. Effective leadership can play a great role in
sustainable business operation which also improves the environment. The research has also
discussed why the companies need to satisfy business stakeholders and how this can be done
through substantial visibility and sustainable entrepreneurship.
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In a recent research conducted in Pakistani market focused towards investigating the
relationship between corporate citizenship behavior and desirable customer behavior. It was
found that coffee shops which offer service quality along with CSR actions can improve
customer attitudes and behaviors. The findings of study indicated that customers are
concerned about their CSR investment by Coffee shops and enhances their trust as well.
(Ahmed, Ishfaq; Islam, Talat; Abdul Rasid, Siti Zaleha; Anwar, Farooq; Khalid and Arooj,
2020) Table 7 has provided the key details about CSR practices in developing and developed
fG
countries which are they findings of the studies.
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Page 21 of 33
1
2
3
4
5
6
Sr.no.
7
8
1
9
10
11
12
13
142
15
16
17
183
19
20
21
22
23
244
25
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305
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A REVIEW OF CSR PRACTICES
Table 7
Jo
Summary of Conceptual and Empirical Research on CSR in Developing and developed countries
urn
Year
Author name
Journal name and impact
factor
Journal of Business Ethics
(4.14)
2011
Muthuri and
Gilbert
2010
Arli and
Lasmono
International Journal of
Consumer Studies
(1.538)
2011
Gamerschlag and
Molller
Journal of Managerial Science
(3)
Determinants of voluntary CSR disclosure:
empirical evidence from Germany (Germany)
2011
Farook
Journal of Islamic Accounting
and Business Research
(3.02)
Determinants of corporate social responsibility
disclosure:
the case of Islamic banks (Bahrian, Australia
and USA)
Future research can be done to identify the other factors which
contemporaneously influence CSR disclosure of Islamic banks including sociopolitical pressures and economic incentives. Moreover using a larger sample
and a larger set of information or variables about the operating environment
and individual characteristics of Islamic banks, future research can attempt to
further generalize these results.
2012
Zhao
Journal of Business Ethics
(4.14)
CSR-Based Political Legitimacy Strategy:
Managing the State by Doing Good in China and
Russia (China and Russia)
The study found that CSR serves the company's political strategy in various
ways. The study has provided the base for a starting point that foregrounds the
business-CSR-state relationship as a fruitful space for employing the
legitimacy perspective to study the institutional change in an emerging market.
Future research can further specify CSR as an arena of business-state
interaction.
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Article title and country
Research findings and future directions
An Institutional Analysis of Corporate Social
Responsibility in Kenya (Kenya)
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Consumers' perception of corporate social
responsibility in developing countries
(Indonesia)
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The research has provided future direction that more studies can be done to
identify the key and most effective determinants of CSR in under developed
countries as till now lack of knowledge among stakeholders and absence of
government regulations are the reasons behind less CSR initiatives by
companies.
This research has suggested that CSR is still a concept waiting to be applied in
the developing country as consumers are often unaware and unsupportive
towards CSR. Future studies can identify the key insights of CSR drivers in
developing countries.
Our study has found that CSR practices in developed countries are consistent
with the political cost theory as German companies' disclosures of all CSR
issues are affected by their visibility, shareholder structure, and relationship
with their US stakeholders. Future research can determine the actual
contribution of firms towards society and published reports.
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2013
2014
Rodríguez et al.
Corporate Social Responsibility
and Environmental
Management
(4.52)
Jo
Atig, Boubarkri,
and Ghoul
urn
al
Journal of Business Ethics
(4.87)
Corporate Social Responsibility of Oil
Companies in Developing Countries: From
Altruism to Business Strategy Countries (Spain
and Angola)
The results indicated the potential of CSR, when integrated into MNE business
strategy, to improve the social and environmental situation of such countries.
Further studies into this area of research are warranted, including more
extensive analysis covering other, different locations of oil-related business
activity in developing countries and to test whether the conclusions obtained in
the present work can be extrapolated. Further studies can also be done in other
countries using quantitative studies.
Firm internationalization and Corporate Social
Responsibility (USA)
The research found strong evidence that firm internationalization is positively
related to the firm's corporate social responsibility (CSR) rating. Future
research can explore the implications of the internationalization-CSR link on
other corporate outcomes while taking into account the institutional and
political environments in which subsidiaries of multinational firms operate.
Future research may also seek to improve our understanding of how social
responsibility standards of host countries affect the CSR
behavior of multinational firms.
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2016
Batres et al
Journal of Business Ethics
(4.14)
Stakeholder Pressures as Determinants of CSR
Strategic Choice: Why do Firms Choose
Symbolic Versus Substantive Self-Regulatory
Codes of Conduct (USA)
The results of the study have indicated that the reaction towards stakeholders
varies among companies and industries along with the availability of resources
and the ability to handle the pressure. An interesting avenue for future research
derives from the role of size-related variables. There is a strong need to further
examine the greenwashing concept.
2017
Shoukat and
Kanwal
Journal of Business Ethics
(4.14)
Impact of Corporate Social Responsibility
Disclosure on Financial Performance: Case
Study of Listed Pharmaceutical Firms of
Pakistan (Pakistan)
Use consumer surveys, instead of depending on annual reports and secondary
data, for analyzing the effect of CSRD on financial performance. Future
research can be done on the area which can be studied is that the firms with the
strong financial position may be compared to other firms and measure the level
of CSR and disclosure made by these firms to know whether they are at a
higher level or at low level to observe a phenomenon that more profitable firms
may disclose more or not.
The effect of corporate governance elements on
CSR reporting (Bangladesh)
The results of the study demonstrate that though voluntary, overall CSR
reporting by Bangladeshi PCB are rather moderate, however, the varieties of
CSR items are impressive. The results of the study can be used by researchers
to analyze the benefits of including the non executive directors and foreign
nationals on different types of CSR initiatives and standard setters to set the
suitable CSR policy guidelines with a view to reinforcing such initiatives.
2016
Habib-Uz-Zaman
Khan
International Journal of Law
and Management
(1.314)
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A REVIEW OF CSR PRACTICES
2019
Mombeuil,
Anestis, and Zhao
Journal of Cleaner Production
(7.62)
2020
Sardana et al
Journal of Cleaner Production
(7.246)
2020
Jo
Yuan, Louise, and
Tian
urn
al
Journal of business Ethics
(4.14)
THE Pandora Box of Corporate Social
Responsibilities: Study within failed states
context (Haiti)
The study has suggested that future research may consider analyzing CSR/ CSI
practices through the lens of a multidisciplinary approach and propose the best
mechanism to increase CSR awareness, and encourage firms to adopt CSR
strategically in developing countries.
CSR 'sustainability' practices and firm
performance in an emerging economy(India)
The study determined that environmental sustainability had a direct impact on
firm performance, whereas the impact of supplier sustainability on firm
performance was found to be positively moderated by plant capability. Future
studies may potentially seek to question senior managers on their specific
motivations for implementing sustainability principles in their companies. The
questionnaire could be structured so that senior managers are asked to specify
and rank based on priority the implementation of any sustainability dimension.
of
Glo
Business Strategy and Corporate Social
Responsibility (China)
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The study suggests that a firm's business strategy has a significantly positive
effect on its CSR performance. But it was only focused on U.S.-listed firms
and the findings provide evidence only for the U.S.; the relationship between
business strategy and CSR performance may not apply to other countries.
Therefore, research based on a non-U.S. setting has been suggested.
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Future Research Directions:
The research has provided several research directions for future researchers in the field of
CSR. The study has also provided suggestions that can address the gaps found in past studies.
Although the subject of CSR has been studied by several researchers in the last few decades
still many areas have been neglected. There are several possible outcomes of CSR and it has
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Jo
been found that most of the studies have been focused towards the macro level consequences
of CSR and there is strong need to focus on micro level consequences in literature such as
group outcomes and employee outcomes (Rupp et al., 2006).
As per Tang, Eiríkur Hull, and Rothenberg (2012) who studied how firms can improve their
financial performance through affective CSR engagement strategy, also provided the future
direction that there are many other aspects of CSR engagement strategies which can be
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studied by authors and understand how managers can use these strategies effectively to gain
the maximum advantage along with improving financial performance. Future research can
investigate the relationship between CSR engagement level and market value of the company
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which would give a clear picture of the relationship with financial evidence.
Nikolaeva and Marta (2012) found that firms who conducted research on how to use PR
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efforts to take the maximum benefits of CSR. Although the study has contributed towards
research it only studied one aspect, it ignored how and why market orientation helps the
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companies to take economic and social benefits and what other determinants lead the
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companies towards better financial performance. The areas need further attention and have
the potential for future research.
on
Similarly, while investigating the determinants of CSR, scholars can research to analyze the
roles of top management especially CEO regarding CSR involvement and if they have any
sib
political objectives to achieve while participating in such activities. Hence there is a strong
need to study these reputational benefits especially in developed countries where firms are
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investing a huge amount of money in social actions (Dieza et al., 2014; Zhao, 2012)
Park and Ghauri (2014) have provided future research direction in their research that
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proactive stakeholders' influence should be studied concerning several subsidiaries of
multinational companies and if they are doing it for the societal or economic benefits or they
are doing for benefit of stakeholders. Future research can be done to understand the different
contextual determinants and behaviors of CSR in different regions.
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Future research can be done while integrating theories and practical conditions in firms, it
will provide both theoretical and conditional base of study. Although the concept of CSR
should be studied at the institutional level in the past few decades, the studies have been more
focused at the organizational level. While looking at the outcomes of CSR It is important to
study the facilitating role by governments and regulation which would enhance the firm's role
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in contribution towards society.
The study on appropriate regulations that would lead firms towards transparent practices
would be helpful for better CSR implications. The motives and outcomes of CSR are
different in developing and developed countries which have been a point of concern but at the
same time research is needed to identify the forces which discourage the companies in certain
regions. At the same time, most of the studies are focused on studying multinational
companies and their strategies whereas national firms have been neglected which should be
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considered in future studies to generalize results.
Discussion and Conclusion:
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The aim of the review study was investigating 'Corporate Social Responsibility' which has
been accelerating rapidly in the last few decades. An increasing number of firms are engaged
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in CSR related activities and scholars to have actively explored this phenomenon from
different perspectives. While serving as a catalyst, the review has been done to know more
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about CSR and synthesize the literature which has been done over the last ten years. The
sp
review also aimed to present the future research directions about CSR dimension which
would be helpful to fill the research gaps in previous studies.
on
The research has been focused to integrate the studies on corporate social responsibility and
its various dimensions. There have been numerous studies conducted on this phenomenon.
sib
After looking at the literature of the last 10 years, the findings of studies have been identified
which includes three main themes. Themes are determinants of CSR, outcomes or implication
for CSR, and what is the difference between CSR practices in developing and developed
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countries. There have been several theories presented by authors in past which explains the
base and need of CSR and still the process is continued. Several organizational theories were
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explained in terms of CSR and how it benefits the society and firms as well.
It has been observed during identifying the determinants and outcomes of CSR, that most of
the studies are conducted in developed countries. It has been found that there are very less
number of studies which provides insights of CSR practices at organizational and individual
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A REVIEW OF CSR PRACTICES
level in developing countries which is surprising as 85.4 population lives in these countries
(Ahmad et al, 2020)
The most common determinant of CSR is stakeholder's pressures, reputational benefits, and
firm's strategies which led them towards active CSR participation. It has been found that in
developed countries, consumers are more aware about CSR and expects the companies to
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take such initiatives, therefore it is one of the most common determinants in developed
countries whereas this determinant does not play any role in developing countries as
consumers are least bothered about CSR and does not consider this factor while making
purchase decision.
Whereas the outcomes of CSR involvement are increased customer engagement, improved
financial performance, and long term competitive advantage in the industry. It has also been
found that maximum firms operating in developing countries do not care about CSR
fG
involvement and there are several social and economic reasons behind this behavior. The
studies have also found that there is lack of legal regulation in developing countries which
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leads towards less contribution by the businesses towards society. The studies have also
found that only those companies are more involved in CSR activities which are operating at
the global level. Although many businesses have acknowledged that corporate social
al
responsibility holds significance but there are only few who are contributing towards society.
The study has provided valuable insights to the concept and its various aspects which helps to
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understand the CSR well. Future directions of these studies have also been described as they
will help the new researchers to study the phenomenon from different and unique
perspectives.
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