Literature Review of Corporate Social Responsibility from the Perspective of Stakeholder Theory

Abstract

The primary purpose of this research is using theoretical and empirical methods to provide better understanding of the relationship between corporate social responsibility (CSR) and stakeholders. The findings illustrate three main aspects. Firstly, both primary and secondary stakeholders affect differently on CSR practices Besides, internal CSR practices are more accounting based but External CSR practices aim to take more market share. Secondly, the effects of CSR activities require to investigate how different stakeholders react to such initiatives. For example, customers and the general public was not influenced by stand-alone CSR information. The intangible aspects of CSR actions needed to be treated separately. Thirdly, CSR in a specific environment background (ie. at different level in the corporate) can guide and influence the stakeholders and the corporate differently. This research examines both the CSR and stakeholders, considering a battery of indicators, to furnish a more in-depth understanding of CSR practices and stakeholders.