[Solution]Importance of CSR

Nowadays, CSR has become an integral part of a business’s strategy. Arguably, businesses have moved from the perspective of strictly satisfying shareholders (Friedman 1982) to…

Nowadays, CSR has become an integral part of a business’s strategy. Arguably, businesses have moved from the perspective of strictly satisfying shareholders (Friedman 1982) to considering the interests of its stakeholders (Freeman 1984), e.g. consumers, employees, environment. This is because much more is expected of business today, as Crane et al. (2014) argued that “with the growing recognition of the failure of governments to solve many social problems and […] the diminished scope of government (at least in the U.S. and Europe), the private sector is increasingly called upon to address social problems and, accordingly, shoulder greater social responsibilities in addition to righting the wrongs for which it is more directly responsible, such as pollutions or inadequate product safety.” This argument builds on Carroll’s (1979 cited by Crane et al. 2014) view that businesses have social responsibilities that encompass the economic, legal and ethical aspects, as shown in Schwartz and Carroll’s (2003) three-domain……..

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