The Role of Corporate Social Responsibility (CSR) in Sustainable Development: An Explorative Study for Increasing reality of an Economic Slowdown

Abstract

CSR and Sustainable development are interrelated. Companies are practicing Corporate Social Responsibility manner that generates significant returns to their businesses. Well – Known Companies have proven that they can differentiate their Brands and reputations, if they take responsibility for the well being of society and environment in which they operate. Sustainability and CSR have taken something of a back seat in the past few months thanks to the increasing reality of a global economic slowdown. In this tough economic climate, tough decisions have to be made. With everyone focused on delivering value for money to the customers there is likelihood that people will see CSR as a fringe activity and not a business essential. Recession is a time of uncertainty and corporate should try to focus on the long term benefits from CSR activities rather than focusing on immediate cost cutting at the risk of forgoing their responsibilities towards the community.