Corporate social responsibility: why bother?

Abstract

Corporate Social Responsibility (CSR) is not a new concept, but unfortunately has been defined in so many ways, it is often misinterpreted. In fact it has had 40 years to evolve from a somewhat infant concept to a successful managerial tool to build a company's reputation in the global market arena. Corporate social responsibility has become corporate strategic responsibility - an imperative element of corporate global business strategies. Many leaders, entrepreneurs, investors, executives and politicians now recognize CSR's potential for differentiation and positioning in the global marketplace. In the 21st century, we find CSR to have a remarkable acceptance among practicing managers; publicly traded corporations especially label CSR an essential tool for their long-term legitimacy and profitability. CSR has matured from its infancy, becoming a corporate reputational adding value strategy for firms.