Multinational Companies and Corporate Social Responsibility Challenges in Developing Countries: Towards a New CSR Approach

Abstract

Corporate social responsibility (CSR) has taken a Centre stage of many for many multinational companies operating in developing countries. The concept of corporate social responsibility mandates corporations to pay not to pay attention only to economic profits but also the social problems within their environment. It emphasizes the social dimensions of business activities in the society. The article analyses the challenges multinational companies face in implementing CSR in developing African countries in the global south. The article examines strategies to overcome these challenges and move towards a new CSR approach for developing African countries. The article argues that the current global trade liberation affords multinational companies the opportunity to contribute positively through the current CSR agenda in developing African countries. Multinational companies must reassess the pursuit of economic profits in these regions if their CSR framework seeks to contribute to development and governance goals. Finally, the article concludes that multinational companies through CSR can contribute positively to development and governance goals of developing African countries.