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This chapter considers how higher education has enticed and interacted with corporations. This chapter explores how higher education behaves, in the aggregate, with a set of external partners, including businesses. It concludes with a discussion of how higher education should behave, given its external partners, in the modern context in which it finds itself. Discussion topics in this chapter include expectations of external partners; tactics to attract and retain business engagement and support; and internal organization by higher education to address corporate relations, ethics, and effective strategic planning. The Network of Academic Corporate Relations Officers' (NACRO) ideas and models are discussed. A set of guiding principles focused on Strategic Corporate Alliances by the American Association of University Professors (AAUP) is highlighted.

Twenty-first century concerns are explored given today's high levels of accountability, transparency, and social media. Ideas from Crow and Dabars (2015), Rhodes (2001), and Saul (2011, 2012) are expounded. This chapter discusses the pros and cons with the higher education engagement with the business and corporate world. Best practices, benefits, and perils are elaborated as tools for practitioners in both types of organizations. This chapter includes an open discussion of the pros, cons, heroes, villains, and various challenges with these complicated interorganizational relationships including preparation for ethical behavior.

This chapter highlights the roots of corporate philanthropy from Frishkoff and Kostecka's (1991) concern for community, Young and Burlingame's (1996) Paradigm Lost, Saiia's (2001) strategic philanthropy, and Bruch and Walter's (2005) Four Types of Corporate Philanthropy.

A discussion of three key articles will highlight this chapter on corporate social responsibility: van Marrewijk's (2003) concepts and definitions of CSR and corporate sustainability, Munilla and Miles's (2005) CSR continuum as a component of stakeholder theory, and Garriga and Melé's (2004) CSR theories. The chapter discusses stakeholder value chains and a reactive approach to dealing with community needs, employee volunteerism, and strict strategic behaviors.

This interorganizational discussion covers Astley and van de Ven's (1983) Organizational Analysis Matrix and key information to understand a broader, macro discussion including the purpose of organizations in society as well as overview the interorganizational relationships between the for-profit sector (i.e., businesses and corporations) and the specific sector of higher education. A consideration of motives, return on investment expectations, and interorganizational behavior is explored. This chapter highlights the complex nature of higher education and the for-profit realm, including inconsistent third-party support and intermingling from the government. Highlights from Sethi's (1975) seminal article serves as the basis for measurement and future expectations in a three-state schema for classifying corporate behavior.

This chapter explores the mindset inside companies and how they plan and interact in society. Corporate strategy and leadership are discussed. Specific models illustrate a process of engagement including the sustainable livelihoods approach, The Partnership Continuum by Johnson (2011), Stages of Corporate Citizenship by Mirvis and Googins (2006), and Saul's (2012) social value spectrum and social innovation quartile. Finally, to illustrate best practices with highly driven corporate efforts, a case study at Campbell Soup Company in Camden, New Jersey, illuminates a broad range of perspectives and strategies that foster, manage, and report corporate practices in action.

Functionality of generating human capital of educated workers and citizens is core to higher education. This chapter explores the long-term relationship for the academy to support the needs for advanced degree and certificate programs, executive education, career preparation, and lifelong service opportunities focused on companies and their needs.

This chapter explores the role of colleges and universities supporting regional and national economic development with emphasis on leveraging innovation and entrepreneurship. Key focuses for economic development support from higher education include human resources development, technical assistance, capacity building, economic research and analysis, research, technology transfer, and new business development.