The strategic value of corporate social responsibility CSR: the present and future of its management

Abstract

Corporate social responsibility (CSR) has become the central theme of many debates on the role of organizations in society in recent years. The voluntary incorporation of strategies that influence economic profitability and in turn social and environmental issues is already a reality in companies. This article has several aims: (1) to analyse whether CSR is strategic and cross-cutting for companies and whether there exists a true dialogue between companies and stakeholders; (2) to identify the functions, relationships and quality of CSR or sustainability directors; (3) to determine the main challenges for the future; (4) to reflect on the impact that Covid-19 has had on the development of CSR in businesses. The study was based on the Delphi method and employed a sample of 20 experts: 10 academics (lecturers and researchers) and 10 professionals (communication and CSR directors, and CSR and reputation consultants). The results reveal that: (1) with the exception of SMEs, CSR management in companies is strategic and cross-cutting; (2) there is no reciprocal dialogue between companies and stakeholders; (3) the functions carried out by CSR directors can be classified as analytical, strategic, tactical and communicative; (4) the most outstanding qualities of the CSR director are communication skills, deep knowledge of the company and a willingness to work as part of a team; (5) the main challenge for senior management for the future is to be more strategic; (6) Covid-19 has changed the focus in CSR areas of action and in the prioritization of stakeholders. In short, we conclude that CSR management is well rooted in companies and represents a true transformation for businesses as social entities.

Sustainable development goals and corporate strategy: A map of the field

“…Also from the stakeholder perspective, reporting is addressed for the sake of their communication and participation (Carmo & Miguéis, 2022; das Chagas et al, 2022; Jun & Kim, 2021) or could be a requirement of some stakeholders (Ivic et al, 2021). Likewise, Barrio‐Fraile and Enrique‐Jiménez (2021) analyze corporate social responsibility as a voluntary and transversal strategic initiative that allows a true transformation of companies as social agents. García‐Sánchez et al (2020a, 2020b, 2022, 2022b, 2022c) or ElAlfy et al (2020) address the growing interest of institutional investors since the CSR strategy of companies is in line with the purposes of the 2030 Agenda and, have a positive impact on sustainable supply chain management (Khan et al, 2021).…”

“…SDGs are also analyzed from the leadership perspective, studying, among others, the impact of their decisions (Barrio‐Fraile & Enrique‐Jiménez, 2021; Naciti, 2019) or the effects of gender (Martínez‐Ferrero et al, 2020; Selmier II & Newenham‐Kahindi, 2017; Yaram & Adapa, 2021) within companies CSR approach, thereby pursuing equal opportunities for women in management positions (Gallego‐Sosa et al, 2021; Martínez‐Ferrero et al, 2020) or inclusive growth (Jansen et al, 2018) and seeking to distance themselves from accusations such as greenwashing (Gider & Hamm, 2019) or improving their corporate image (Hengboriboon et al, 2022) through the implementation of good practices (Nguyen et al, 2020; Pachar & Garg, 2020; Singhania & Saini, 2022; Sorribes, Celma, & Martínez‐García, 2021).…”

“…These standards provide guidelines to building a strong business model that would help firms to navigate adverse contexts, as well as addressing social and development gaps(Hosein et al, 2018). Along the same lines,Barrio-Fraile and Enrique-Jiménez (2021) propose that in a context defined by a health crisis, organizations have increasingly seen how their CSR programs take center stage, becoming part of the solution to the crisis. investigate the pattern of CSR budget spent in the health and sanitation areas by top companies in the context of the UN SDGs, including trade union issues(Yu et al, 2022).Firstly, through external CSR, companies must do everything possible to ensure their operation does not adversely affect the human right to the health of communities, and especially universal health systems(Coleman & Ho, 2017), and contribute positively to the wellbeing of society.…”

Business and society in the age of COVID‐19: Introduction to the special issue

“…In particular, the pandemic encouraged businesses to strategically use CSR during a pandemic to effectively communicate with internal and external stakeholders, build trust, and create a competitive advantage (Ashraf et al, 2021 ). Businesses appeared to adopt CSR efforts (Barrio‐Fraile & Enrique‐Jiménez, 2021 ; Ramya & Baral, 2021 ; Wu & Kong, 2021 ), integrate CSR in their marketing efforts (He & Harris, 2020 ), and the pandemic even interacted with the typeface chosen in CSR marketing that companies used (Huang & Liu, 2020 ). The pandemic also acted as a litmus test of the company's true character (Yohn, 2020 ) and offered insight into corporate governance, ESG, and CR behavior (Koutoupis et al, 2021 ).…”

CSR During Pandemic COVID-19: Why Quality of Stakeholder Relationships Matters to Company's Business Sustainability?

“…In contrast, studies show that CSR does not affect the company's performance during a crisis [8]. Several studies were conducted on CSR during the COVID-19 pandemic, including social action and philanthropy in providing food, health, social and technological support to affected communities [9][10], protection of employees and work environment [10], supply chain, product, and customer service [11] and emergency and rehabilitation activities as well as the production of products needed during the COVID-19 pandemic [12]. However, the company's efficiency measures such as the tight budget control policy taken by the company during the COVID-19 pandemic also affect how quickly the company can recover its performance [13].…”