…Managers continually encounter demands
from multiple stakeholder groups to devote
resources to corporate social responsibility
(CSR). These pressures emerge from customers, employees, suppliers, community groups, governments, and some stockholders, especially institutional shareholders. With so many conflicting goals and objectives, the definition of CSR is not always clear. Here we define CSR as actions that appear to further some social good, beyond the interests of the firm and that which is required by law.
This definition underscores that, to us, CSR means going beyond obeying the law.
Thus, a company that avoids discriminating against
women and minorities is not engaging in a
socially responsible act; it is merely abiding
by the law.