This paper reviews the definitions of Corporate Social Responsibility (CSR) as they have evolve over time. It traces the origins of the concept and creates a theoretical framework for international use, thus having the benefit of applicability in both developing as well as developed economies. The models of Carroll and Visser are integrated to produce The International Pyramid Model of CSR, which acknowledges the relative importance of economic, glocal, legal and ethical, and philanthropic aspects of the CSR concept. The primary innovation in the International Pyramid is the development of 'glocal' responsibilities, relating to the environment, socio-cultural matters, technology users, and political rights. Additionally, the International Pyramid condenses Carroll (Business Horizons 34(4):39-48, 1991) pyramid such that the separate legal and ethical responsibilities are merged into one 'legal and ethical' obligation. Furthermore, it offers flexibility by acknowledging that the various responsibilities it embodies can shift up or down the pyramid as priorities change, which is inevitable as businesses and economies differ cross-sectionally, and over time.

PurposeThe purpose of this paper is to provide a theoretical framework that integrates the endogenous growth and functions of financial markets and institutions theory in order to investigate how the financial market and the banking sector develop indicators that affect economic growth in these countries.Design/methodology/approachThis paper is an empirical analysis of the relationship between financial development and economic growth for 42 emerging markets, over 12 years, using endogenous growth model.FindingsFirst, the results suggest that stock market development has a significant effect on economic growth, and this effect remains strong even after the influence of banking sector and other control variables using a growth model. Second, the research findings largely support the view that there is a stable, long‐term equilibrium relationship between the evolution of the stock market and the evolution of the economy.Originality/valueThe evidence supports the view that the relation between stock market development and economic growth in emerging economies is bi‐directional. The findings describe that the stock market and the banking sector in emerging economy are complementary rather than substitutes in providing financial services to the economy.

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