Turning values into valuation: Can corporate social responsibility survive hard times and emerge intact?

Abstract

Purpose

This article aims to explore the recent evolution of corporate social responsibility (CSR) from fringe philosophy to corporate buzzword.

Design/methodology/approach

For the period 2008 to mid‐2009, the author surveyed articles in mainstream media and business periodicals focusing on corporate social responsibility; reviewed polls for methodology and results; searched press releases for mention of corporate social responsibility; and interviewed professionals employed in the field. The author sought quantifiable examples of corporate financial support for programs in light of the recessionary economy. The author also looked to define today's corporate social responsibility as a philosophy reflecting the values of environmentalism, corporate transparency, community investment, diversity programs and other social benefits.

Findings

CSR is a wide‐ranging global movement advocating good corporate citizenship through such values as sustainability, corporate transparency, business ethics, workforce diversity, philanthropy, quality, service to community and workforce education. Even as corporations shed costs by the billions, CSR programs are thriving. The reasons are complex, but involve the conflation of CSR with environmentalism, and the apparent genuineness of corporate executives' commitment to its principles.

Research limitations/implications

Research found fewer in‐depth articles on the topic than might be expected, particularly articles providing or examining hard data.

Practical implications

For those seeking to develop, sustain or evaluate a corporate social responsibility program, this article offers context, insight, and caution.

Originality/value

The article suggests there is resilience to corporate social responsibility, in light of the durability it has shown in the current economic downturn.

Citation

Strugatch, W. (2011), "Turning values into valuation: Can corporate social responsibility survive hard times and emerge intact?", Journal of Management Development, Vol. 30 No. 1, pp. 44-48. https://doi.org/10.1108/02621711111098352