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CORPORATE SOCIAL RESPONSIBILITY AS A PANACEA FOR SUSTAINABLE BUSINESS GROWTH: A LITERATURE REVIEW
Authors
Asikhia Olalekan U,Olagunju, Ayoola O.,Adeoye, Isaiah O.,Ebe, Cletus O
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Keywords
Business Growth, Corporate Social Responsibility, Firm Performance, Sustainability,
Abstract
There is no organization that can exist in Isolation, the success, growth, and sustainability of a business is impossible without interacting with its environment. Corporate social responsibility (CSR) has become an increasingly vital aspect of doing business in the 21st century and the satisfaction of stakeholders is germane to the success of any business. Business activities especially that of large companies and multinational companies have affected normal daily activities in some environments that host them. There is the need for these corporate entities to have concern for human rights, social justice, and economic interests of societies by trying to empower the society in general through accountability and transparency of organizational operations. This study through review of extant literatures sort to establish how corporate social responsibility can drive sustainable business growth.
Exploratory resign design was adopted for the study, as several extant literatures related to corporate social responsibility and sustainable business growth were reviewed.
Findings revealed that CSR is seen as a key factor in attaining economic goals and wealth generation. CSR has four dimensions: economic dimension, legal dimension, ethical dimension, philanthropic dimension, internal CSR has a non-significant impact on the firm's future value, when measured by Tobin's q and CSR can play a role in promoting ?rm performance indirectly through enhancing customer satisfaction, reputation and competitive advantage.
The study concluded that CSR activities adopted by any company must aim at achieving a particular solution to problem in the host environment. Even though some literature stated that cost of engaging in CSR activities might increase cost there by causing a reduction in the short term profitability level of the company, however, there is a bigger picture of the strategic sustainability of corporate entities.
IJCRT's Publication Details
Unique Identification Number - IJCRT2101382
Paper ID - 202586
Author type - Foreign Author
Page Number(s) - 3091-3106
Pubished in - Volume 9 | Issue 1 | January 2021
DOI (Digital Object Identifier) -
No Of Downloads - 1318
Author Country - Nigeria, 01, Ilishan-Remo, , Ilishan-Remo, , 01, Management All
Publisher Name - IJPUBLICATION | www.ijcrt.org | ISSN : 2320-2882
E-ISSN Number - 2320-2882
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Asikhia Olalekan U,Olagunju, Ayoola O.,Adeoye, Isaiah O.,Ebe, Cletus O, "CORPORATE SOCIAL RESPONSIBILITY AS A PANACEA FOR SUSTAINABLE BUSINESS GROWTH: A LITERATURE REVIEW", International Journal of Creative Research Thoughts (IJCRT), ISSN:2320-2882, Volume.9, Issue 1, pp.3091-3106, January 2021, Available at :http://www.ijcrt.org/papers/IJCRT2101382.pdf
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