PurposeThe objective of this paper is to investigate the benefits arising from various corporate social responsibility (CSR) approaches, to determine which approach generated the most sustainable mutual benefit accruing both to the focal firm, as well as to society and the firm's stakeholders.Design/methodology/approachThe ethnographic case studies are based on interviews with senior managers from six companies which are members of Business in the Community Ireland, a not‐for‐profit organization comprised of companies which are active about CSR initiatives.FindingsResults show that for the companies interviewed, CSR initiatives that are voluntary and strategic, as opposed to coerced and/or non‐strategic, generate the most sustainable mutual benefit to the firm itself and its social beneficiaries.Originality/valueThe paper presents a framework to analyze approaches to CSR, using the dimensions of strategic/non‐strategic, voluntary/coerced. The study discovers ways to reconcile the conventionally competing shareholder and stakeholder mindsets. The paper concludes that if firms pursue CSR activities in a voluntary and strategic manner they can satisfy both shareholders' and stakeholders' demands.