Corporate Social Responsibility: A Review of the Concept and Analysis of the Business Case for Corporate Social Responsibility in the Twenty-First Century

Abstract

This paper reviews the concept of corporate social responsibility (CSR) with a view toward understanding its meaning and component parts, and examines the business case for corporate social responsibility. The business case for CSR refers to arguments made in support of the reasons businesses should accept and advance CSR activities. The business case is concerned with CSR benefits to corporations, and particularly with the bottom-line financial gains for businesses pursuing CSR activities. In developing this paper, we provided conceptual definitions of CSR as well as arguments that have been made in favor of the notion of business assuming any responsibility to society beyond profit-seeking and maximizing its own financial wellbeing for its shareholders.