Beyond Profits: The Rise and Role of CSR in Modern Business
Corporate Social Responsibility (CSR) has reshaped how companies approach their roles, emphasizing their impact beyond mere profitability. With shifting societal expectations, businesses are increasingly recognizing their broader influence on society, community, and the environment. In this exploration, we'll delve into the progression of CSR, spotlight two dominant models guiding its application, and discuss the challenges and opportunities companies face in embracing these principles. The Roots: Stakeholder Model At the heart of CSR's foundation lies the stakeholder model, which expands the scope of responsibility beyond shareholders to a more inclusive framework. This model emphasizes that corporations owe duties not just to shareholders, but to a broader spectrum of stakeholders, such as employees, suppliers, customers, and the environment. It envisions businesses as entities integrated within their communities, necessitating a consideration of the broader ramifications of ...