Key Term

What is Corporate Social Responsibility (Csr)?

Definition

Corporate Social Responsibility (CSR) refers to a business model that holds companies accountable for their social and environmental impact alongside their financial performance. It encompasses voluntary initiatives and practices that companies implement to benefit society, including charitable giving, environmental sustainability efforts, ethical labor practices, and community engagement programs.

Significance

CSR plays a crucial role in modern philanthropy by creating a structured framework for businesses to contribute to social causes while potentially benefiting from tax incentives and enhanced public image. It has transformed how companies approach charitable giving, moving from simple donations to strategic partnerships with nonprofits and long-term community investment programs. This shift has resulted in more sustainable funding for charitable organizations and has encouraged businesses to integrate social responsibility into their core operations, ultimately leading to more resources and support for charitable causes.