Abstract
According to both scholars and society, Corporate Social Responsibility (CSR) plays a controversial role in terms of corporate management towards sustainability. The business has presently become an integrated with the society and takes in a complex form of global demand for sustainability management. Due to the globalization of business, it is difficult to form a common sustainability model for CSR while its approach could be an opportunity for achieving sustainability. Evidently, a strong connection is found between the CSR approach and achieving urban sustainability since a smart urbanization requires a well-planned industrialization process that could be accelerated by the proper application of CSR. However, the CSR concept has already been initiated and developed in Western developed countries. Nowadays, it is being widely practiced by the developing countries as well. The developing country Bangladesh takes CSR issues seriously. Therefore, the study seeks the sustainability prospects of CSR by considering sustainability challenges in the rapid development of the “Ready-made Garments (RMG)” industry and corporate sector in Bangladesh. Finally, this paper explores some strategic paths to initiate sustainable development by framing the conditions and challenges of CSR.
Highlights
IntroductionCorporate Social Responsibility (CSR) is an umbrella term which recognizes several issues such as companies’ responsibility for their impact on society and the natural environment, sometimes excluding legal compliance and the accountability of individuals; companies’ responsibility for the behavior of others with whom they do business (e.g., within supply chains); and the obligation to control its bonding with the wider community
Corporate Social Responsibility (CSR) is an umbrella term which recognizes several issues such as companies’ responsibility for their impact on society and the natural environment, sometimes excluding legal compliance and the accountability of individuals; companies’ responsibility for the behavior of others with whom they do business; and the obligation to control its bonding with the wider community.Whether for motives of economic viability or to add value to the society, CSR calculates to various social initiatives ranging from community development and environmental protection to various socially responsible business practices [1,2]
The aim of this study is to find out the challenges of CSR and seek for sustainability prospects of CSR by considering those challenges in the Bangladeshi ready-made garments (RMG) industry
Summary
Corporate Social Responsibility (CSR) is an umbrella term which recognizes several issues such as companies’ responsibility for their impact on society and the natural environment, sometimes excluding legal compliance and the accountability of individuals; companies’ responsibility for the behavior of others with whom they do business (e.g., within supply chains); and the obligation to control its bonding with the wider community. Whether for motives of economic viability or to add value to the society, CSR calculates to various social initiatives ranging from community development and environmental protection to various socially responsible business practices [1,2]. CSR theories try to address four dimensions related to revenue, such as social aspects, political demand and ethical values, wherever it takes into consideration in a company. There is a dearth of CSR studies, and the significance of dealing with CSR as a strategy has already been executed, but in the developing countries such as Bangladesh, the concept is still an emerging one, especially in the ready-made garments (RMG) industry [4]
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