Corporate Social Responsibility and its importance from the general to the hospitality sectors: A Literature Review

Abstract

Corporate Social Responsibility (CSR) policy operates as the self-regulatory system in which a company observes and makes sure it is active in terms of compliance with national norms, ethical standards and the spirit of the law. Williams, Sheridan, and McLean (2019) point out that CSR is a corporate method which is aimed at leading to sustainable development by providing environmental, social and economic benefits for every stakeholder involved. With certain models, a company's implementation of CSR goes beyond compliance, and involves actions which seems to add some social betterment, beyond the benefits of the company and that which is needed by regulation. The motive is to upsurge long-run profits through shareholder trust by taking accountability for business activities, high ethical morals to decrease legal and business risk, and ensure positive public relations. According to Huda et al. (2018), CSR tactics motivate the business to have a fruitful influence on the stakeholders and environment including communities, investors, employees, and consumers. (...)