Corporate Social Responsibility and Its Role in Enhancing Competitiveness and Growth of the Private Sector in Developing Economies: Implications for Policy and Practice

Abstract

Corporate Social Responsibility (CSR) is a double-edged sword which can benefit both organizations and the public. However, although several studies enumerate the advantages associated with organizations engaging in CSR activities, many organizations especially in the developing countries continue to pay little attention to it, thereby missing out on the advantages that come with it. The aim of this paper was to assess the role of CSR in increasing the competitiveness and growth of private sector organizations as well as the transformation of society. Specifically, this paper examined the role of CSR in enhancing the competitiveness and growth of private sector organizations as well as the effect of the involvement of organizations in CSR activities on the transformation of society. The researchers conducted a systematic review of secondary data sources to inform the paper. This involved an extensive review of both published and unpublished literature which links CSR to organizational competitiveness, growth and community or societal transformation. Data was analyzed thematically, and findings written accordingly. Findings revealed that corporate organizations view CSR activities as those which are out to drain their resources, which kills societal expectations of organizations generating shared values. It also emerged that CSR increases organizational competitiveness and growth of the organization and facilitates community transformation. It is an effective window and strategy that private sector organizations can grab and exploit to enhance their visibility and improve their corporate image, accountability, and acceptability by the public.