Corporate Social Responsibility Reporting as an Important Communication Tool: Some Evidence from Latvia

Abstract

The relevance and importance of Corporate Social Responsibility (CSR) have long been recognised in the business sector. Firms, communities, and individuals must shift their perspectives on CSR from voluntary actions to almost obligatory initiatives, especially in terms of corporate communications. This study aims to review the corporate sustainability framework from the perspective of CSR reporting and communication with some evidence from Latvia. The study has used secondary qualitative research methods, reviewing previously published scholarly literature and studies on the selected topic. Environmental impact and measures, society benefits and economic gains are the most important parts of CSR reporting, internal and external communication. In light of the recently experienced environmental, societal and economic challenges, this study advocates concentrating on CSR reporting and increased inquiry into the role of building efficient communication with relevant stakeholder groups – selecting the right channels, frameworks and report verification tools, to improve transparency and credibility. Researchers and practitioners must consider the role of CSR communication in a broader context, given the difficulties connected with economic, environmental and societal challenges, as good communication is critical for mobilisation and deciding on goals through consensus.