Beyond Corporate Social Responsibility (CSR): Democratizing CSR Towards Environmental, Social and Governance Compliance

Abstract

The Corporate Social Responsibility (CSR) concept evolved from a commonly-doubted understanding to a measurable framework. It compensates for negative socio-economic externalities emulated by consumerist societies. Its progressive takeover on market mindsets set the pathway for Environmental, Social, and Governance (ESG) factors implementation in alignment with global plans for greener practices like the Kyoto Protocol. Ultimately, CSR-driven initiatives under democratic rules enable a swift Green Ocean Strategy and a dynamic integration from the business environment to the business ecosystem. So far, CSR and ESG transitions have been criticized for their labor and cost intensiveness, not necessarily translating into shareholder's short-term financial interests. This paper explores the efficient implementation and execution of a strategy that extends CSR to ESG. It provides transitional frameworks for organizations to transform their CSR activities into achieving ESG compliance using shared intellectual capital in a structured and profitable way.