Responsible Corporate Social Responsibility Research Articles

The role of options markets in corporate social responsibility

We explore the relationship between options trading and corporate social responsibility (CSR). We find that options trading can enhance CSR by (i) fostering shareholder activism, as indicated by increased long-term and socially responsible institutional ownership and CSR proposals and (ii) intensifying product market competition, which spurs green innovation and product-related CSR initiatives. The positive effects are more pronounced in well-governed firms but diminished in firms with managerial entrenchment. Moreover, CSR improvements driven by options trading positively influence firm value, with notable enhancements in environmental performance. Our results underscore that options markets play a crucial role in promoting responsible corporate practices.

A Meta-Analysis of the Relationship Between Corporate Social Responsibility and Consumer Response in the Chinese Context

Consumers’ attitudes toward corporate social responsibility (CSR) and their response levels can significantly affect a firm’s behaviors. Based on 61 research papers addressing CSR responses to consumers in China, this study conducted a meta-analysis on three variables: CSR type, CSR characteristics, and CSR publicity behavior, which impact the CSR relationship. The following conclusions are drawn: Corporate social responsibility (encompassing private and public moral dimensions) elicits a positive consumer response, with private moral behavior having a greater positive effect compared to public moral behavior. The four dimensions of CSR characteristics (CSR commitment, CSR level, CSR correlation, and CSR timing) all lead to positive consumer responses. Positive consumer responses also arise from CSR publicity behavior, including publicity initiative and publicity intensity. Additionally, product type, sample time, and sample source have significant moderating effects on these relationships.

Interplay Among Responsible Leadership, Corporate Social Responsibility Perspective and Organizational Citizenship Behaviour Towards Environment: A Study of the Indian IT Sector

The environmental degradation and consequent scarcity of resources have compelled organizations to implement strategies and policies that prioritize the attainment of a sustainable environment. The significance of employees’ pro-environment behaviour is increasingly recognized and is being promoted by organizations that focus on preserving the environment. Considering the importance of pro-environment behaviour, this study investigates the relationship among responsible leadership, corporate social responsibility (CSR) perspective and organizational citizenship behaviour towards environment (OCBE). This employee-level study adopted social cognitive theory to examine the context–behaviour framework. The data are collected from information technology (IT) professionals using a stratified sampling technique. The analysis of 503 respondents using PLS-SEM concludes that responsible leadership and CSR perspective have a positive relationship with OCBE. The study also confirms the partial mediating role of the CSR perspective in the relationship between responsible leadership and OCBE. The study identifies organizational-level contextual factors such as responsible leadership and CSR perspective that promote an environment-friendly behaviour among employees, i.e., OCBE. The paper extends the context–behaviour framework literature and highlights the benefits of OCBE in the organization.

The Use of Management Control System in Corporate Social Responsibility (CSR) Strategy Implementation and CSR Activities on Sustainability Reporting

Objective: This study aims to investigate the impact of the relationship between CSR activities and the strategies employed to ensure their proper management in line with company objectives. Global surveys consistently rank the mining, gas and other sectors at the bottom of all sectors in terms of social and environmental performance. Therefore, companies in these sectors have no choice but to change their approach through a comprehensive understanding of their business impacts.
 
 Methodology: The method used in this study is purposive sampling, where the sample criteria include companies featured in sustainability reports, as well as companies that have incurred environmental costs in the form of environmental development program costs.
 
 Result and Conclusion: The study found that the strength of a company's management control system (MCS) plays a significant role in moderating the relationship between CSR activities and sustainable reporting. When the t-value is greater than 2.055 and the significance level (sig) is less than 0.05, the MCS variable acts as a moderator, indicating that a strong control system reinforces the relationship between CSR activities and sustainable reporting. Conversely, when the MCS is weak, the relationship between CSR strategy and sustainability reporting is also weakened.

Responding to COVID‐19: The impact of corporate social responsibility on consumer behavior

AbstractFirms responded to the COVID‐19 pandemic by participating in an unprecedented level of corporate social responsibility (CSR). The authors build on the existing CSR and crisis response and disaster relief literatures by examining nine CSR types employed during the pandemic (donating in‐kind, donating money, creating content, free products, free services, communication of operational changes, employee support, financial support, and shifting production). Then, they test the impact of starting versus stopping each CSR type on consumer perceptions of authenticity, attitude, and purchase intentions in two experiments, replicated in 2020, 2021, and 2022. Consumers distinguish between CSR types and rate employee and financial support most favorably and creating content and communication of operational changes least favorably. Starting (vs. stopping or no) CSR increases authenticity and subsequent attitude and purchase intentions. Interestingly, stopping CSR is worse than no CSR in 2020, but no CSR is worse than stopping CSR in 2022. This indicates that consumers discredit firms for stopping CSR during the acute phase of the pandemic but discredit firms for not engaging in any CSR after the acute phase ends. Finally, consumers rate small (vs. large) firms more favorably for engaging in some CSR types. Taken together, these results help inform how firms should engage in CSR activities in response to crises and disasters.

The two sides of corporate social responsibility and the quality of internal control audit opinions

Although corporate social responsibility (CSR) activities provide a strong signal of management integrity, the involvement of the client in irresponsible CSR should alert the auditor to the risk of material misstatement. Framing management integrity assessments by relying on responsible CSR activities can lead to auditors' unintended alignment with their clients' preferred outcomes. Motivated by the increasing frequency of clean internal control opinions (ICOPs) regarding clients that subsequently misstate, we explore whether auditors' overreliance on responsible CSR influences the quality of ICOPs. We find that clients' CSR involvement is associated with fewer adverse ICOPs, but this CSR effect is asymmetric because it is only explained by responsible CSR activities and not by irresponsible CSR activities. Importantly, the ‘good side of CSR’ is associated with fewer adverse opinions being issued to misstated clients. Additional analyses show that only irresponsible CSR activities increase the risk of financial misstatements. Our findings provide support for the Public Company Accounting Oversight Board's warning that certain conditions inherent in the audit environment, such as the assessment of management integrity, can lead to auditors unconsciously favouring confirming evidence (represented by responsible CSR activities) instead of relying on disconfirming evidence (represented by irresponsible CSR activities) that could raise issues about management's integrity and ethical commitment.

CSR initiatives and stakeholder engagement amidst COVID-19 pandemic: insights using content analysis and literature review

PurposeThe coronavirus disease (COVID-19) has impacted all economies, businesses and societies. The purpose of this paper is to analyze and present a case for corporate social responsibility (CSR) in terms of its relevance amidst the turmoil caused by the pandemic.Design/methodology/approachThe authors use a directed content analysis approach to retrieve relevant information from news articles using Thomson Reuters’ Eikon® and Bloomberg® databases. Based on stakeholder theory, the authors evaluate some of the CSR initiatives undertaken by organizations around the world. The authors then undertake a systematic literature review using the preferred reporting items for systematic reviews and meta-analyses standard to provide possible implications for organizations.FindingsThe findings suggest that in response to the pandemic, corporations from both developed and developing countries have been pursuing CSR measures for stakeholder engagement. The systematic literature review signals positive outcomes that companies might expect at the organizational level. The paper concludes by suggesting research propositions that indicate effective CSR at a time of crisis like COVID-19 encourages stakeholder partnerships and helps to gain a competitive advantage.Originality/valueThe authors present an overview of the CSR responses taken by firms globally in response to the pandemic by way of stakeholder engagement. The authors analyze the stakeholders targeted through such initiatives and report possible implications based on the extant literature. The findings of the study can be used to understand the various transitions that happen in an unprecedented situation like COVID-19 at all levels of business and society.

Examining the role of responsible management, CSR, and TQM in enhancing renewable energy projects: An empirical analysis

PurposeThis article aims to investigate the significance of responsible management, corporate social responsibility (CSR), and total quality management (TQM) in relation to sustainability in renewable energy projects. The purpose is to fill the existing knowledge gap regarding the role and consequences of these variables, and to examine the mediating effect of TQM on the relationship between responsible management, CSR, and sustainability in renewable energy projects. Explanation of segmentsResponsible Management (RM) encompasses the strategic approaches and practices employed by organizations to integrate sustainability principles into their operations, ensuring the efficient utilization of resources and minimizing environmental impact. Corporate Social Responsibility (CSR) involves organizations taking responsibility for their social and environmental impacts by engaging in ethical practices, contributing to the well-being of society, and promoting sustainable development. Total Quality Management (TQM) focuses on continuous improvement, efficiency, and customer satisfaction, emphasizing the importance of effective management practices to enhance organizational performance and achieve sustainable outcomes in renewable energy projects. Design/methodology/approachThe researchers employed a data collection process involving 420 individuals engaged in renewable energy projects. The data was analyzed using partial least squares structural equation modeling (PLS-SEM), which allowed for the examination of the relationships between responsible management, CSR, TQM, and sustainability in renewable energy projects. FindingsThe findings indicate that TQM plays a significant role as a partial mediator between responsible management, CSR, and sustainability in renewable energy projects. The study reveals that organizations that prioritize the efficiency of responsible management, CSR, and TQM are more likely to achieve sustainability goals in the context of renewable energy projects. Research limitations/implicationsIt is important to acknowledge the limitations of this research. The study is based on a specific sample size and may not fully represent the entire population of organizations involved in renewable energy projects. Additionally, the findings may be influenced by contextual factors and the specific research approach employed. Future research should consider expanding the sample size and incorporating a broader range of variables to further explore the complexities of sustainability in renewable energy projects. Social implicationsThe results of this study have practical implications for both public and private organizations engaged in renewable energy projects. By prioritizing responsible management, CSR, and TQM, organizations can assess the feasibility of sustainability efforts and make informed decisions to enhance sustainability outcomes. This can contribute to the overall well-being of society by promoting environmentally friendly and socially responsible practices in the renewable energy sector. Originality/valueThis research contributes to the existing body of knowledge by uncovering the mediating effect of TQM and emphasizing the significance of responsible management and CSR in achieving sustainability in renewable energy projects. The study provides valuable insights for decision-makers in the public and private sectors, offering guidance on strategic approaches to effectively address sustainability goals in the context of renewable energy projects. The findings add to the originality and value of research in the field of sustainability and renewable energy.

Using this DEMATEL Corporate social responsibility CSR

When discussing Corporate Social Responsibility (CSR) in developing nations, academics and policymakers frequently ignore the perspectives of local producers. This paper fills a void in the literature by explicitly adopting a phenomenological approach and mapping the justifications offered by regional manufacturers to CSR programs in the West. To investigate this topic, data from two qualitative studies on CSR programs in Sialkot, Pakistan’s soccer ball industry were used. Previous research has presented technologies related to managing a green aircraft fleet, including retrofits, fleet renewal, and alternative biofuels, as well as opportunities to carry out retrofits and value emissions. An alternative integer program model has also been developed to optimize fleet replacement strategies within budgets. The Intergovernmental Panel on Climate Change has noted the ineffectiveness of airplane operations. Since 2005, IATA’s Green Teams have been working with airlines to reduce this inefficiency. Improved operational practices are expected to reduce emissions by 2020. Thus, more efficient operations can reduce CO2 emissions and conserve fuel. Any financial benefits from an international plan to cut airplane emissions should be set aside for environmental causes, and these profits must be partially reinvested. Only a few of the additional measures being taken to lower the emissions profile of the global aviation industry include supporting the development and use of more fuel-efficient aircraft and low-carbon, sustainable jet fuels. The Program in Science and Human Affairs at the Battelle Memorial Institute in Geneva was established between 1972 and 1976 to conduct research and address complex and interrelated problem groups using the DEMATEL (Decision-making Testing and Evaluation Laboratory) system. DEMATEL is one of the decision-making tools that employs several criteria to extract the complex structure of a problem. The DEMATEL method is widely used to identify the cause-and-effect relationships among different elements of a complex problem. The objective of DEMATEL is to scale from a complex system and the relationship between causal dimensions it is to model the understandable structure of that system. When measuring complexity, the cause-and-effect relationship of the criteria can be clearly seen. From the result it is seen that Technology (TE) the first rank where as is the infrastructure (IN) is having the lowest rank. Resulting in Technology (TE) ranked first, There Infrastructure (IN) has low rank.

Model of corporate social responsibility management in a quasi-public sector company of the republic of Kazakhstan

The authors substantiate the human factor in the management of corporate social responsibility (CSR) in the quasi-public sector of the economy. The purpose of the study: to identify patterns between the quality of CSR management in a quasi-public sector company and the level of CSR managers competence. The development of CSR at the level of a single quasi-public sector company is a complex, ambiguous, but very relevant and in-demand task for the Kazakhstan Republic. In practice, CSR is implemented in the format of projects (programs, initiatives), the effectiveness of which depends on the external and internal environment factors. One of the most significant is the human factor, manifested in the competencies and involvement of personnel involved in CSR projects. However, the influence of the human factor on the effectiveness of CSR projects remains poorly understood. The present study is aimed at filling this gap. Therefore, the designated topic of work is relevant. The question of managers' competencies in relation to CSR (research gap) remains open. That is, the question of what competencies managers developing CSR should have is subject to elaboration. Research methodology: general scientific methods of cognition: comparison, analysis and synthesis. In the applied part of the work, the method of correlation analysis using computer data processing tools, as well as the method of expert assessments, was used. A model for assessing the quality of CSR management in the format of BSC-metrics for fulfilling CSR management tasks has been developed. An analysis of the competences of CSR management was carried out on the example of CSR projects of a company in the quasi-public sector. A correlation analysis was carried out between the degree of fulfillment of CSR management tasks and the average score for the sum of all significant competencies of CSR management. The value of the study is that a close direct correlation has been established between the degree of fulfillment of CSR management tasks and the competencies of responsible CSR management. This can be applied to solve applied problems of managing CSR projects. Keywords: quasi-public sector, corporate social responsibility, corporate social responsibility management, principles of corporate social responsibility, CSR manager, CSR manager competencies

CSR communication and international marketing: Insights from the COVID-19 pandemic

PurposeThe purpose of this study is to analyze the corporate social responsibility (CSR) communication of the Fortune top-100 companies during the coronavirus disease 2019 (COVID-19) pandemic. Specifically, the authors examine the messages of international companies' CSR communication to customers during the pandemic, focusing particularly on the companies' posts on Twitter. In addition to identifying what international companies communicate, the authors determine the motives of companies' COVID-19-related CSR communication as well as how companies strategically approach CSR communication.Design/methodology/approachUsing Nvivo, the authors carried out content analysis of the COVID-19-related tweets of the Fortune top-100 companies using Twitter's ‘advanced search’ tool. The analysis included tweets posted between 1 February 2020 and September 2021, a period that represents the peak of the pandemic.FindingsStudy findings indicate that COVID-19-related CSR responses of international companies are driven by commitment to organizational values, attainment of recognition for timely response to COVID-19, altruistic motives to combat COVID-19 and congruence with social movements that create expectations from customers to respond to the COVID-19 pandemic. Most companies adopt a response strategy to CSR communication, by informing customers of their COVID-19 responses in relation to several issues such as alterations in companies' processes and the impacts of the pandemic on health.Practical implicationsThe study suggests that the CSR practices of companies should be strategically embedded in organizations' international marketing plans and not remain just on-off responses to crises should marketing-related benefits be obtained. Several recommendations are made to strengthen companies' adoption of a proactive, engagement-oriented approach to CSR communication.Originality/valueThe CSR communication of international companies during external crises has not been sufficiently studied in relation to international marketing, as most studies considered internal corporate crises. Focusing on an external crisis (COVID-19 pandemic) with global impacts, this study advances existing knowledge on international companies' CSR communication to their customers. Additionally, this study offers new insights on the role of integrated, coordinated and consistent CSR messages and strategies, which are targeted to the needs and expectations of domestic and international customers in response to COVID-19 pandemic.

Fifty Shades of Corporate Social Responsibility: A Conceptual Synthesis via a Decision Frame Lens

To address the question of why corporate executives adopt diverse corporate social responsibility (CSR) strategies, this conceptual paper proposes a decision-frame model to explain how differences in executives’ information-processing templates can lead to different strategic choices concerning CSR. Drawing on managerial cognition research and CSR literature, the CSR decision frame is conceptualized as a three-dimensional configuration. Each dimension depicts a continuum of responses to each of the three fundamental issues related to CSR (i.e., corporate’s objectives, corporate’s stakeholders, and leader’s responsibilities). The key premise is that the specific content and structure of a CSR decision-frame configuration define a leader’s unique stance on environmental and social issues, which, in turn, influence their sense-making process and shape CSR responses and strategies. This CSR decision-frame approach provides a process lens that highlights the cognitive mechanisms of how executives make critical CSR strategic decisions. Furthermore, this paper advances the understanding of the diversity in CSR strategy with a nuanced mental-configuration perspective: CSR means many different things to different leaders depending on the unique content and structure of his or her CSR decision frame; these varying subjective representations of CSR principles contribute to the diverse CSR responses across firms.

Competition, Market Institutions, and CSR Specialization

Does competition foster or stifle corporate social responsibility (CSR)? The current corporate social responsibility (CSR) literature featuring this debate mainly centers on the two opposing mechanisms of competition with respect to CSR—declining resources available for CSR and increasing strategic incentives for differentiation from CSR. Moreover, this debate also largely rests on a dichotomous assumption that firms only increase or decrease CSR under competitive pressure. Relaxing this assumption, in this study, we develop a finer-grained concept—CSR specialization—to describe to what extent a firm is focused on a selective few CSR dimensions under competition. Further, we posit that the two opposing mechanisms coexist and interact, leading to an inverted U-shaped relationship between competition and CSR specialization. We further predict that market institutions, namely, market openness and capitalism type moderate this relationship through strengthening the differentiation mechanism. Employing Multilevel Linear Modeling (MLM) estimation technique on a global dataset that includes 1,586 firms in the year 2002 to 2017, our findings support our hypotheses with robustness tests. Our study points to reconciling the debate in firms’ CSR response in strategic management literature and makes meaningful contributions CSR literature.

What Factors Drive MNEs’ CSR Practices? An Analysis of Subsidiary and Supplier Reputation Risk

We analyze the drivers of corporate social responsibility (CSR) adoption in multinational firms. Building on internalization theory and the view of the multinational as a network, we argue that the reputation risk within the multinational’s portfolio of subsidiaries and suppliers determines its adoption of CSR. Specifically, we propose that multinationals facing higher internal (subsidiary) and external (supplier) reputation risk are likely to adopt more CSR practices, thereby preventing stakeholder backlash and protecting reputational advantages. We also propose that these relationships differ for state-owned firms, because they are created to promote social agendas like employment, public goods, and development. Hence, we argue that state-owned multinationals, in comparison to private ones, have a stronger CSR response to risk in their suppliers and subsidiaries. We find robust support for these ideas in an unbalanced sample of 726 multinationals from 40 home countries during 2008-2018.

Impact of COVID-19 on corporate social responsibility in India – a mixed methods approach

PurposePrior research studies have discussed the role of corporate social responsibility (CSR) during crisis situations in increasing the resilience and sustainability of the companies. There are two basic models of crisis management – reactive and proactive. When a crisis occurs, suddenly firms tend to act reactively and progressively take proactive steps to manage the crisis. CSR can also be reactive and proactive during crisis situations. Against this backdrop, this paper aims to explore whether CSR during the COVID-19 pandemic moved from a reactive to a proactive stance, with specific focus on CSR legislation, corporate CSR response and corporate thinking about CSR.Design/methodology/approachThis paper adopts a mixed methods approach, using both qualitative and quantitative research designs. This study draws upon both primary and secondary data.FindingsThe results highlighted the change in the CSR approach from being reactive to being proactive as the pandemic progressed. This was observed through the increase in frequency of CSR legislation, and the shift in the intent of CSR legislation from “prompting to donate” to “prompting to volunteer.” Similarly, the shift in reactive to proactive CSR corporate response was observed through the increased spending on CSR and improved COVID-related CSR reporting.Practical implicationsThis study recommends companies to manage crises by becoming more proactive. CSR activities need to be closely aligned with national developmental objectives, and collaborate with various stakeholders to achieve the intended outcomes of the activities.Originality/valueTo the best of the authors’ knowledge, this research paper is one of the few to study the impact of COVID-19 pandemic on CSR in India at a time when India went through three waves of the pandemic. This study corroborates with other studies in terms of managing crisis.

Corporate social responsibility, marketing capabilities and consumer behavioral responses

PurposeThe purpose of the study was to examine the effect of corporate social responsibility (CSR) and marketing capability on consumer behavioral responses in the mobile telecommunication industry in Ghana. Particularly, the study estimated the moderating effect of marketing capability on the relationship between CSR and consumer behavioral responses.Design/methodology/approachBoth customers and employees of three major mobile telecommunication companies were sampled for this work. A mixed linear regression technique was used to examine the relationship between corporate responsibility, marketing capability and customer behavioral responses.FindingsThe empirical results revealed that marketing capabilities moderate the relationship between CSR and consumer responses in the telecommunication industry.Research limitations/implicationsThe study proposes practical dimensions to the mobile telecommunication companies that the extensive development of strong marketing capabilities serves a conduit for CSR to achieve favorable consumer responses.Originality/valueThe results have opened up rather a limitation studies on the moderation role marketing capabilities in relationship between CSR and consumer behavioral responses in the telecommunication industry.

How increased foreign competition motivates domestic firms to do good: an examination of foreign entry mode and domestic CSR response

PurposeWe examine whether domestic firms react differently to foreign direct investment (FDI) entry modes –mergers and acquisitions (M&A) versus greenfield. Specifically, we ascertain whether the entry mode of foreign competition motivates different corporate social responsibility (CSR) responses from domestic firms and when such relationships hold.Design/methodology/approachWe employ fixed-effects models using 1,331 US firm-year observations for 2015–2018. Furthermore, we examine the interactive effects of industry concentration to examine a key boundary condition.FindingsForeign entry via greenfield mode has no effect on domestic firm CSR. Entry through M&A has a significantly positive effect. We attribute these findings to the increased threat to domestic firms from foreign M&A whereas foreign entry through greenfield mode is less threatening as entrants face significantly more challenges in host countries. We identify industry concentration as a boundary condition of our findings. The effect of foreign M&A entries on domestic firms' CSR becomes weaker as industries are more concentrated.Originality/valueThis study offers novel insights on FDI by parsing out different reactions to entry mode by domestic firms. We add to our understanding of CSR as a mechanism to stave off foreign competition, offer insights into a key boundary condition of such actions and demonstrate the robustness of our findings.

Does Corporate Social Responsibility Vary by Real Estate Asset Types? Evidence from Real Estate Investment Trusts

This paper investigates how real estate investment trusts’ corporate social responsibility (CSR) (REITs) varies by two intrinsic firm factors: real estate asset types and REITs’ financial aspirations. We develop a conceptual model to demonstrate the theoretical role of these intrinsic firm factors in moderating CSR. Using a database containing the Morgan Stanley Capital International CSR rating index, we test REITs from 19 countries for variations of their CSR performance across each of the three pillars of CSR: environment, social, and governance (ES&G) by real estate asset types from 2009 to 2016. The results show that REITs focusing on less market-transparent real assets relying heavily on intensive human-based services and physical capital in property management like hotels and hospitals exhibit a poorer performance in environmental responsibility, social responsibility, and overall CSR score. We found no significant difference between the REITs in their governance responsibility with respect to the real estate asset types. We found that moderation by financial aspiration in establishing their CSR strategies varies by the types of real estate asset that REITs focus on, with the maximum positive impact on REITS with hotel holdings and negative impact on REITs with office and retail assets.

Empowerment of rural young people in informal farm entrepreneurship: the role of corporate social responsibility in Nigeria’s oil producing communities

Purpose The purpose of this paper is to critically examine the corporate social responsibility (CSR) initiatives of multinational oil companies in Nigeria. Its main focus is to investigate the impact of the global memorandum of understanding (GMoU) on equipping rural young people with essential farming skills and knowledge for the adoption and application of modern agricultural inputs in the Niger Delta region. Design/methodology/approach This paper adopts a survey research technique, aimed at gathering information from a representative sample of the population, as it is essentially cross-sectional, describing and interpreting the current situation. A total of 800 rural young people were sampled across the oil producing region. Findings The results from the use of combined propensity score matching and logit model indicate that the GMoU model has a significant impact on the development of informal farm entrepreneurship generally, but somewhat undermined rural young people in the targeted agricultural clusters. Practical implications This suggests that youth-specific CSR farm projects can be effective in providing young people with the extra push needed to tackle the knowledge gap and poor agronomic that erect the below-per yield and lack of competitiveness of small-holder farmers in the region. Social implications It implies that a coherent and integrated CSR response from the business would be necessary to unlock investment opportunities on young people in farms for agricultural competitiveness and food security in Africa. Originality/value This study adds to the literature on informal farm entrepreneurship and rural communities’ debate in sub-Saharan Africa. It concludes that business has obligation to help in solving problems of youth unemployment in developing countries.

The strategic value of corporate social responsibility CSR: the present and future of its management

Corporate social responsibility (CSR) has become the central theme of many debates on the role of organizations in society in recent years. The voluntary incorporation of strategies that influence economic profitability and in turn social and environmental issues is already a reality in companies. This article has several aims: (1) to analyse whether CSR is strategic and cross-cutting for companies and whether there exists a true dialogue between companies and stakeholders; (2) to identify the functions, relationships and quality of CSR or sustainability directors; (3) to determine the main challenges for the future; (4) to reflect on the impact that Covid-19 has had on the development of CSR in businesses. The study was based on the Delphi method and employed a sample of 20 experts: 10 academics (lecturers and researchers) and 10 professionals (communication and CSR directors, and CSR and reputation consultants). The results reveal that: (1) with the exception of SMEs, CSR management in companies is strategic and cross-cutting; (2) there is no reciprocal dialogue between companies and stakeholders; (3) the functions carried out by CSR directors can be classified as analytical, strategic, tactical and communicative; (4) the most outstanding qualities of the CSR director are communication skills, deep knowledge of the company and a willingness to work as part of a team; (5) the main challenge for senior management for the future is to be more strategic; (6) Covid-19 has changed the focus in CSR areas of action and in the prioritization of stakeholders. In short, we conclude that CSR management is well rooted in companies and represents a true transformation for businesses as social entities.