The governance of corporate social responsibility

Abstract

Purpose – This paper aims to examine the limitations of promoting corporate social responsibility (CSR) regulation and suggests a model for improving accountability in CSR practices through stakeholder engagement-based inclusive regulation framework that is effective, coherent and responsive. Design/methodology/approach – This conceptual paper uses desk-based research to analyse extant literature on the concept of regulation of CSR by looking at examples, benefits and limitations before proposing a framework for improving CSR regulation. Findings – The paper finds that the system of promoting CSR through self-regulation or introducing prescriptive regulation without sustainable stakeholder engagement is ineffective and inefficient. Originality/value – The paper is original in its development of a new framework of “Inclusive Regulation” as a strategy for limiting the shortcomings of prescriptive regulation and enhancing self-regulation as CSR tools. It thus contributes to both theoretical and policy perspective in the enhancement of prescriptive and self-regulation in CSR-regulation discourse.