Book Title: Strategic Horizons in the Modern Management
Editors: Dr. D. Kinslin, Dr. S. Edmund Christopher, Dr. K. Sankar Ganesh, and Dr. S. Fenin Samuel
ISBN: 978-81-69297-58-5
Chapter: 4
DOI: https://doi.org/10.59646/715/4
Author: Dr. Thanga Durai
Abstract
This chapter examines the growing importance of corporate social responsibility (CSR) and sustainability in the business world. It outlines how businesses have shifted from viewing CSR as an optional initiative to integrating it into core strategies for long-term success. The chapter explores the evolution of CSR, highlighting its role in addressing global challenges such as climate change, inequality, and poverty. Environmental, social, and governance (ESG) factors are discussed, emphasizing how businesses are now evaluated based on their environmental responsibility, social equity, and ethical governance practices. Key CSR practices like reducing carbon footprints, ethical sourcing, and community development initiatives are highlighted, along with the role of leadership in driving CSR efforts. The chapter also covers the financial benefits of CSR, such as improved brand reputation, customer loyalty, and risk mitigation, while addressing criticisms like “greenwashing.” Finally, it looks at how sustainability reporting is becoming essential, linking CSR efforts to financial performance and stakeholder accountability.