Definitions of Corporate Social
Responsibility
The term ‘Corporate Social Responsibility’ has been defined in many different ways by academics; however, there is still no common and absolute
definition of this term, despite extensive research by academics. According
to Rizk, Dixon and Woodhead the term ‘Corporate Social Responsibility’
‘is a brilliant one: it means something, but not always the same thing, to
everybody’ (2008, p 309). Definitions of Corporate Social Responsibility have
also changed over a number of decades. These are summarized in Table 9.1.
According to these definitions, two different points of view about Corporate Social Responsibility have been highlighted by academics:
● The only responsibility of a business is towards its shareholders and
to maximize profits (such as the definition of Friedman, 1982).
● Business has a responsibility towards society as a whole and not just
to its shareholders who are interested in profit maximization
(supported by most academics in the definitions in Table 9.1).