The Strategic Use of Corporate Social Responsibility in Contemporary Business Literature Review 2022

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The Strategic Use of Corporate Social Responsibility in Contemporary Business
Management
Critical Literature Review
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Abstract
Inarguably, Corporate Social Responsibility (CSR) is one of the most trending issues in the
contemporary business environment. Classical and traditional businesses did not consider the
need to have models that require ensure social accountability in their business activities.
Classical business models required managers and leaders to employ models that will help
their businesses to attain profits by minimizing costs as well as ensure stable growths that
will facilitate the sustainability of their businesses in the long term. At the beginning of the
twentieth century, CSR would be synonymized to "giving back to the community"- a practice
that was uncommon in classical business models. Social accountability was considered to be
the practice of non-profit and humanitarian organizations. However, at present, the success
and sustainability of many for-profit organizations can be attributed to social accountability.
As evident from the many sources in this critical literature review, many businesses use the
CSR model as a powerful strategy to ensure a ceaseless loyal customer base. Literature
affirms that CSR is known for forming effective liaisons between business enterprises and
their respective societies. In the modern business environment, it is very difficult, if possible,
for firms to survive without engaging their neighboring societies as well as their stakeholders.
In modern business, profits and sustainability are seen as functions of CSR. For a company to
thrive and enjoy profits, "giving back to society" has proven to be a working strategy. This
critical literature review aims at rendering a considerable number of literature sources that
will serve as arguments for the use of CSR in the contemporary corporate environment. The
literature used in this review discusses theoretical and practical insights of the CSR concept
as seen in the world today. The background, history, and rationale for CSR are also succinctly
described in this literature review. Moreover, the literature reviews capture some of the
insights that critique the use of CSR in modern-day business practices. This literature review
acts as a rich source of information to researchers that may need to get a grip on what CSR

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entails. The secondary sources used in this critical literature review are not only credible but
also recent, thus providing researchers with updated insights regarding the concept of CSR.
The literature review is also commendable to business managers that may wish to ensure
business growth, prosperity, and sustainability. Strategists, managers, advocates, and
policymakers may count on this literature review.

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Introduction and Background
In the modern competitive business environment, many business managers, leaders
and strategists have greatly benefitted from the concept of corporate social responsibility
(CSR). Business organizations reap the benefits attributed to using CSR models and
strategies by ensuring that their practices and activities are in line with their respective social
environments. Essentially, CSR models and strategies require companies, organizations, and
institutions to embrace a self-regulating culture where social accountability is highly
venerated. Business managements using the CSR models ascertain that their companies are
accountable to themselves, their stakeholders, and the public. Such management strategists
recognize the impact of the external social environment on the internal business environment.
The concept of CSR is very fundamental in new and existing business firms because it
ensures that business practices are aligned as per their communities’ demands. The concept
eliminates unnecessary conflicts and antagonism between businesses and their respective
societies. Furthermore, good CSR practices ensure business sustainability because firms are
poised to exploit a loyal customer base.
This critical literature review aims at examining, assessing and analyzing the existing
literature surrounding the concept of CSR in our contemporary business environments. The
literature review borrows from a significant number of articles and books that delve into the
concept of CSR. Therefore, this literature review may serve as a credible source of
information to businesses that aim at exploiting CSR models. The literature review mainly
serves to illustrate how businesses can take advantage of ensuring social accountability
throughout their business activities. The main research question in this literature review is:
How do CSR models help contemporary businesses to earn profits and benefit from
sustainability? Links between business social accountability and customer trust and loyalty
are stressed throughout this literature review. This critical literature review optimizes a large