Corporate social responsibility (CSR) refers to the now widespread belief both in business and in social milieus about modern businesses having responsibilities that go beyond their duties to make profit and cater to the demands of the shareholders or the owners of the firm. Those responsibilities extend to society and the firm’s stakeholders, such as employees, customers, the local community, nongovernmental organizations, the media, and others. The idea of CSR is that no business can afford to work isolated from important issues in society or alienated from its stakeholders. The meaning of CSR is defined by stakeholders’ expectations about the “appropriate” behavior of businesses toward society and the natural environment. These expectations are socially constructed and are institutionalized through the stakeholder networks where businesses participate.

CSR ...