Ghillyer (2015) describes corporate social responsibility (or management strategies) as ways an organisation ensures positive, sustainable relationships with its stakeholders. The concept is suitable for any company operating in a competitive market to increase its market share while complying with all corporate legal obligations like payment of taxes and production of consumer-safe products, among others (Boulouta & Pitelis, 2013). The concept is based on the belief that all companies have social responsibilities. These responsibilities go far beyond profit maximization. It gives businesses a competitive advantage, and helps them avoid potential legal liability.
The major types of corporate social responsibility include philanthropic efforts, environmental conservation, diversity, fair labor practice, and volunteer efforts (Boulouta & Pitelis, 2013). Some activities might result in increased company expenses. Others, however, are less costly. Society’s expectations should dictate that sustainable organizations be financially sound, without any pollution or environmental destruction. Corporate Social Responsibilty encourages sustainability.
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