Abstract
AbstractBackground: Globalization, strong development of information-communication technologies and the emergence of new burning challenges for the global communities enabled the concept of corporate social responsibility to be perceived as a business model that allows for successful differentiation of companies, as well creating sustainable competitive advantage. Objective: The goal of the paper is to offer a short overview of the role of internal and external stakeholders within the concept of corporate social responsibility and point out the importance of quality relationships between the company and its stakeholders with the aim of improving the standard of living of all community members. Methods/approach: The paper is based on a systematic analysis of previously published relevant international scientific papers in the field of corporate social responsibility, stakeholder theory and information-communication technologies. Results: This paper demonstrates that the concept of corporate social responsibility has gone, in its several decades of existence, from the "unnecessary dependency" phase to the critical business model phase. Conclusions: As there is a natural connection between the concept of corporate social responsibility and the stakeholders, it can be concluded that the quality of the relationship between the company and its stakeholders represents a key factor that affects the success of the company in its notion of differentiating itself from competitors and creating sustainable competitive advantage.
Highlights
The modern world presents many different and burning challenges to the entire population of the world, as well as profit and non-profit organizations every day
The method of deduction has been used in order to reach conclusions about the importance of the concept of corporate social responsibility for the business result of the company, and in order to ascertain the importance of stakeholders within the concept itself
Development of the Internet and accessible global media space allowed the external stakeholders to not have to rely only on the media and non-government organizations when expressing attitudes about corporate social responsibility of companies, but by using websites and social media they can send short informative posts which can set off an avalanche of events that can shake the company to its core, as well as society in general (Lyon, Montgomery, 2012)
Summary
The modern world presents many different and burning challenges to the entire population of the world, as well as profit and non-profit organizations every day. The increase of stakeholder concern for societal and environmental challenges has caused the emergence of the concept of corporate social responsibility in the 1950s as well as its strong development within scientific and business circles from 1960 onwards. Globalization, strong development of information-communication technologies and the emergence of new burning challenges for the global communities enabled the concept of corporate social responsibility to be perceived as a business model that allows for successful differentiation of companies, as well creating sustainable competitive advantage. Conclusions: As there is a natural connection between the concept of corporate social responsibility and the stakeholders, it can be concluded that the quality of the relationship between the company and its stakeholders represents a key factor that affects the success of the company in its notion of differentiating itself from competitors and creating sustainable competitive advantage
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