The concept of Corporate Social Responsibility (CSR) and its role in business sphere

Abstract

CSR is becoming an essential initiative and a significant sign in the development of business companies throughout the world. Over the last decade CSR has witnessed important progress which addresses environmental sensitivities and societal challenges directly (European Commission 2006). Another important point is that this concept has been widely accepted in the developing countries through adoption of various regulatory documents by the business participants. The purpose of this project is to identify the role and importance of CSR initiatives in terms of socially responsible business. The study reveals a close connection between CSR initiatives and business activity. Following this, an argument against CSR and difficulties with the implementation of CSR initiatives are also embodied in this project. Th is paper will explore the concept of CSR and its role in the business sphere, wherein a more favorable climate for all business actors, discussions on contrast arguments and at last, summation of the main points will be emphasized too.