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Corporate Social Responsibility: An Evaluation of Its Relevance in the 21st Century
Finance & Accounting
Pages 27 (6777 words)
The concept of corporate social responsibility (CSR) has been conceptualized already as early as the 1930’s (Carroll, 1979; Hemingway, 2002). Scholars and practitioners had discussed the importance of corporations responding to social demands…
Despite the debates and discourses, corporate social responsibility still requires further clarification (Dahlsrud, 2008). In addition, the current global economic downturn, which begun in 2007, has started the seeds of doubt regarding the relevance of CSR in the current global economic market (Lin-hi, 2009; Ludescher and Mahsud, 2010; Reis, Betton and Petana, 2005). This position has been raised in view of the fact that many large companies who have been involved in illegal activities that have contributed immensely to the global economic downturn were organizations that have been evaluated as socially responsible (Reis et al, 2005; Karnani, 2010). As such, some have asked whether CSR is working for the good of the society and the corporation or corporations have learned to come up with means in furthering their gains out from using CSR (Banerjee, 2008).
On the other hand, not everybody shares the pessimistic view regarding CSR (Kapoor and Sandhu, 2010; Porter and Kramer, 2002). Many scholars still believe that CSR is an essential component of modern organizations and that it authentically contributes to the good of all the identified stakeholders of the firm. ...
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