CSR As A Strategy

Abstract

Today in growing competitive business world, it is important for organizations to recognize the need and importance of taking into consideration the concepts such as ethical, social, moral, equity, social responsibility. It is universally accepted that the only way to achieve long-term shareholder value while being a responsible corporate citizen is to incorporate economic, ethical, social and environmental codes of conduct into corporate strategy. Corporations that contravene societal expectations harm, or even destroy its image and reputation among networked stakeholders. By implementing social welfare perspective in strategy, management can optimize firm's value over the longer run. This article has tried to explain the connection between CSR on one hand, and strategy on the other hand. Also, it has attempted to answer why it is important for organizations to implement CSR practices in their strategies.