Abstract
Corporate social responsibility (CSR) is the sacrificing of profits in the social interest of the public for sustainable management in an economical, ecological and social manner. It is the use of assets responsibly to create a competitive advantage and promote sustainable development. It is a series of interventions by companies to ameliorate externalized impact or the avoidance of conflicts. This article argues that CSR could be used as a tool for the attainment of sustainable development in the global south. Our aim is that companies should understand the critical role that CSR could play and adopt a corporate strategy that would use CSR to advance and enhance the value of the organization, thereby positively to impact the society.
Highlights
Introduction and BackgroundThe impacts on society and environment by activities of Oil Producing Companies (OPC) are core to sustainability debates
This paper contributes to the growing literature on Corporate social responsibility (CSR) as a means of fostering sustainable development by providing a review of the concept, and associated concepts
CSR has the potential to promote sustainable development through the planning, implementing, monitoring, reviewing and controlling companies’ sustainability activities. This suggests an awareness of the role companies’ can play in sustainable development and the need for companies to consider the different pillars of sustainable development while implementing their CSR business strategies
Summary
The impacts on society and environment by activities of Oil Producing Companies (OPC) are core to sustainability debates. The preceding arguments notwithstanding, this paper is not attributing the sole responsibilities to corporations in developing nations but rather that these organizations could ensure that sustainability underpins their operations They could use their influence to change government policies that would deliver sustainable development to rural communities in developing nations. Donaldson and Dunfee’s emphasis on Macrosocial contract and Microsocial contract (Donaldson & Dunfee, 1994) are especially useful to our analysis as it allows us to think through the interconnectivity between the normative contract and the implicit contract existing in the relationships within the Niger Delta Such an understanding helps to comprehend the normative justification for business decisions by corporations within the region.
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