The Role of Hard Law and Soft Law in Developing CSR

Abstract

AbstractThis article investigates the stringency of the hard law continuum as well as the flexibility of the soft law in the development of CSR. The effectiveness of both the soft law and hard law in making CSR a mandatory part of global business has also been described in this study. Soft law being flexible has helped in many ways to make the CSR approach accessible to the consumer, shareholder and the stakeholders as well. However, the softness that this ideology of the soft law provides in some cases has posed itself to be a challenge in the path of developing CSR. Similarly, hard law and its strictness and biding factor is an effective way to make CSR a prominent factor to enhance various factors in business. The occupation of health and safety, sustaining natural resources that are being used in a business, effective corporate governance, upholding social responsibility and saving climate are part of the CSR activities. This study demonstrates various characteristics of the soft and hard law that has changed CSR and helped portray itself in the global business forum. It has also analysed the multiple issues both the soft and hard law possesses and the way mitigating which the CSR has developed its effectiveness and performance gradually.