- "Corporate social responsibility (CSR) or corporate social impact is a form of international private business self-regulation which aims to contribute to societal goals of a philanthropic, activist, or charitable nature..." - "engaging in, with, or supporting professional service volunteering through pro bono programs, community development, administering monetary grants to non-profit organizations for the public benefit, or to conduct ethically oriented business and investment practices."
The practice of integrating social and environmental concerns into business operations and decision-making, and contributing to sustainable development goals.
Sustainability: Sustainability is the practice of meeting the needs of the present without compromising the ability of future generations to meet their own needs. Companies that integrate sustainability into their operations strive to minimize their environmental impact and maximize social and economic benefits.
Ethical Business Practices: Ethical business practices are ethical standards that promote ethical business behavior. These standards help businesses conduct fair and honest transactions, protect their reputation, and build trust with customers and stakeholders.
Socially Responsible Investing: Socially responsible investing (SRI) is an investment strategy that considers both financial return and social responsibility. SRI investors seek to invest in companies whose activities are compatible with their social and environmental values.
Environmental Stewardship: Environmental stewardship is the responsible use and protection of the natural environment through conservation and sustainable practices. Companies that practice environmental stewardship aim to reduce their negative impact on the environment and promote sustainable practices.
Corporate Governance: Corporate governance is the set of processes, principles, and values that guide the management and decision-making of a company. It includes the mechanisms by which companies are directed and controlled and involves balancing the interests of stakeholders such as shareholders, employees, customers, and communities.
Stakeholder Engagement: Stakeholder engagement is the process of involving individuals or groups who have an interest or a stake in a company's operations or outcomes. Companies that practice stakeholder engagement seek to understand the perspectives and needs of their stakeholders and involve them in decision-making processes.
Social Impact: Social impact refers to the effect that a company's activities have on society and the environment. Companies that focus on social impact seek to create positive change by addressing social and environmental issues through their business activities.
Corporate Social Responsibility Reporting: Corporate social responsibility reporting is the practice of disclosing a company's environmental, social, and governance performance to stakeholders. CSR reports can provide valuable information that can help stakeholders make informed decisions about a company's activities and their impact.
Community Engagement: Community engagement is the act of involving and collaborating with local communities in order to promote social and economic development. Companies that practice community engagement seek to develop positive relationships with the communities in which they operate and address their needs and concerns.
Human Rights: Human rights are the basic rights and freedoms that are entitled to all human beings. Companies that respect human rights seek to prevent and address human rights abuses that may result from their activities, including those that occur within their supply chains.
Environmental CSR: Companies take responsibility for their impact on the environment and implement programs and initiatives to minimize their carbon footprint, conserve resources, and reduce waste.
Philanthropic CSR: Involves donating money, goods, or services to support charitable causes and organizations, which can include disaster relief efforts, social welfare programs, and educational initiatives.
Employee-based CSR: Companies focus on their employees' wellbeing by providing a safe work environment, fair and ethical treatment, employee development, and other benefits.
Community-based CSR: A company's social responsibility towards the local community by facilitating dialogues, engaging in community outreach initiatives and contributing to community development.
Supplier-based CSR: Companies go beyond their operations and hold the suppliers accountable for their CSR initiatives' practices and ethical considerations.
Consumer-based CSR: When a company creates policies or initiatives, keeping in mind the customer's interest, such as providing ethical products and services, safe products, and quality customer service.
Human Rights CSR: Companies are responsible for ensuring that they do not harm any group of people or society in the pursuit of profits. It could mean avoiding suppliers or business partners involved in human rights abuses and exploitation.
Governance-based CSR: Compliance with legal requirements, following industry norms and regulations, and creating policies and procedures that promote transparency and accountability.
- "While once it was possible to describe CSR as an internal organizational policy or a corporate ethic strategy similar to what is now known today as Environmental, Social, Governance (ESG); that time has passed as various companies have pledged to go beyond that..." - "or have been mandated or incentivized by governments to have a better impact on the surrounding community." - "In addition national and international standards, laws, and business models have been developed to facilitate and incentivize this phenomenon."
- "professional service volunteering through pro bono programs" - "community development" - "administering monetary grants to non-profit organizations" - "conducting ethically oriented business and investment practices"
- "while it has been considered a form of corporate self-regulation for some time, over the last decade or so it has moved considerably from voluntary decisions at the level of individual organizations to mandatory schemes at regional, national, and international levels."
- "Moreover, scholars and firms are using the term 'creating shared value', an extension of corporate social responsibility, to explain ways of doing business in a socially responsible way while making profits."
- "CSR is generally understood as a strategic initiative that contributes to a brand's reputation." - "social responsibility initiatives must coherently align with and be integrated into a business model to be successful."
- "CSR can contribute to firm profits, particularly if brands voluntarily self-report both the positive and negative outcomes of their endeavors." - "these benefits accrue by increasing positive public relations and high ethical standards to reduce business and legal risk by taking responsibility for corporate actions."
- "some businesses will adopt CSR policies and practices because of the ethical beliefs of senior management" - "the CEO of outdoor-apparel company Patagonia, Inc. argues that harming the environment is ethically objectionable."
- "Proponents argue that corporations increase long-term profits by operating with a CSR perspective."
- "A 2000 study compared existing econometric studies of the relationship between social and financial performance, concluding that the contradictory results of previous studies reporting positive, negative, and neutral financial impact, were due to flawed empirical analysis and claimed when the study is properly specified, CSR has a neutral impact on financial outcomes."
- "Critics questioned the 'lofty' and sometimes 'unrealistic expectations' in CSR." - "CSR is merely window-dressing, or an attempt to pre-empt the role of governments as a watchdog over powerful multinational corporations."
- "political and sociological institutionalists became interested in CSR in the context of theories of globalization, neoliberalism, and late capitalism."