A conceptual framework for corporate sustainability and responsibility

Abstract

This paper deliberates on the business case for CSR. It contends that corporations could implement responsible behaviours as they pursue their profit-making activities. A thorough literature review suggests that there is a link between corporate social responsibility (CSR) or corporate social performance (CSP) and financial performance. In addition, there are relevant theoretical underpinnings and empirical studies that have often used other concepts, including corporate citizenship, stakeholder management and business ethics. In this light, this contribution reports on how CSR is continuously evolving to reflect contemporary societal realities. Therefore, it raises awareness of key latest constructs representing strategic CSR, creating shared value and corporate sustainability and responsibility (CSR2.0) perspectives. This conceptual paper posits that responsible business practices (corporate responsibility) could be re-aligned with improvements in corporate sustainability (in terms of economic performance, operational efficiency, higher quality, innovation and competitiveness).