Informatics. Economics. Management

Corporate social responsibility in the new normal era: review

Kanagasabai Nirojan

DOI: https://doi.org/10.47813/2782-5280-2024-3-1-0201-0212

Keywords: corporate social responsibility, globalization, business, society

---

Abstract

A business theory known as "corporate social responsibility" (CSR) places an emphasis on an organization's social and ethical responsibilities in addition to maximizing profits. It entails incorporating social responsibility, moral decision-making, and sustainable practices into the foundation of corporate operations. CSR essentially seeks to strike a balance between financial performance and a favorable influence on the environment and society, demonstrating a dedication to ethical business practices and stakeholder well-being. Businesses are realizing the value of corporate social responsibility (CSR) in the face of changing global issues in the "new normal" period. Corporate Social Responsibility (CSR) becomes more important in the new normal era as companies deal with previously unheard-of difficulties. Global events have brought about a paradigm change that requires robust and socially responsible corporate strategies. CSR provides businesses with a strategic framework to meet demands in society, gain the trust of stakeholders, and adjust to shifting expectations. It fosters long-term sustainability in a constantly changing global landscape by positioning firms as responsible contributors to community and environmental well-being, in addition to aligning them with ethical imperatives. A critical analysis of corporate social responsibility (CSR) in the new normal age reveals a dynamic business environment where companies adjust their approaches to meet changing needs. Important discoveries highlight how crucial CSR is to boosting long-term sustainability, stakeholder trust, and resilience. The literature emphasizes the value of moral behavior, environmental stewardship, and social contributions while highlighting successful CSR implementations during global upheavals. All things considered, the assessment shows how important corporate social responsibility (CSR) is in helping companies become not just financially sustainable but also socially and environmentally conscious in the face of enormous shifts.

---

Author Biography

Kanagasabai Nirojan

Kanagasabai Nirojan, Project Accountant, Finolhu Maldives Pvt Ltd, Sri Lanka

---

References

Aguinis H., Glavas A. What we know and don’t know about corporate social responsibility: A review and research agenda. Journal of Management. 2012; 38(4): 932–968. https://doi.org/10.1177/0149206311436079 DOI: https://doi.org/10.1177/0149206311436079

Bowen H. R. Social responsibilities of the businessman. New York: Harper, 1953.

Carroll A. B. A three-dimensional conceptual model of corporate performance. The Academy of Management Review. 1979; 4(4): 497–505. https://doi.org/10.2307/257850 DOI: https://doi.org/10.5465/amr.1979.4498296

Porter M. E., Kramer M. R. Creating shared value. Harvard Business Review. 2011; 89(1/2): 62–77.

United Nations Global Compact. (2000). The Ten Principles of the UN Global Compact. https://www.unglobalcompact.org/what-is-gc/mission/principles

Carroll A. B., Shabana, K. M. The business case for corporate social responsibility: A review of concepts, research and practice. International Journal of Management Reviews. 2010; 12(1): 85–105. https://doi.org/10.1111/j.1468-2370.2009.00275.x DOI: https://doi.org/10.1111/j.1468-2370.2009.00275.x

Lee K. H., Heo Y. Corporate social responsibility in the post-COVID-19 era: Lessons from corporate responses to the Middle East respiratory syndrome. Sustainability. 2019: 11(15): 3984. https://doi.org/10.3390/su11153984

Mithas S., Tafti A., Mitchell W. How a firm’s competitive environment and digital strategic posture influence digital business strategy. MIS Quarterly. 2013; 37(2): 511–536. https://doi.org/10.25300/MISQ/2013/37:2.9 DOI: https://doi.org/10.25300/MISQ/2013/37.2.09

Dahan N. M., Doh J. P., Guay T. R. The role of multinational corporations in the global context: A synthesis. Business and Society Review. 2006; 111(3): 201–228. https://doi.org/10.1111/j.0045-3609.2006.00011.x

Ditlev-Simonsen C. D., Midttun A., Schie Ø. Corporate social responsibility in the 2020s: What is new, and what is old? Business & Society. 2020; 59(3): 422–442. https://doi.org/10.1177/0007650318778465

Carroll A. B., Buchholtz A. K. Business & Society: Ethics, Sustainability, and Stakeholder Management. Cengage Learning, 2019.

Treviño L. K., Weaver G. R., Gibson D. G., Toffler B. L. Managing ethics and legal compliance: What works and what hurts. California Management Review. 2014; 56(3): 43–63. https://doi.org/10.1525/cmr.2014.56.3.43