International Journal For Multidisciplinary Research
A Widely Indexed Open Access Peer Reviewed Multidisciplinary Bi-monthly Scholarly International Journal
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Volume 5 Issue 6
Sustainable Business Practices: Integrating Environmental and Social Responsibility into Corporate Strategy
|Author(s)||Wang Pengchao, Lu Chenglin, Liu Mian, Amiya Bhaumik|
|Abstract||This study makes a valuable contribution to the ongoing scholarly discourse surrounding the incorporation of formal instruments in the management of corporate social responsibility (CSR) initiatives and their potential impact on the integration of CSR into corporate strategy. The primary objective of this study is twofold: firstly, to examine the necessity of a significant level of formalization in corporate social responsibility (CSR) activities in order to achieve a substantial level of integration of CSR into corporate strategy; secondly, to comprehend the functions and contributions of formal CSR instruments in facilitating this integration process. To address the research inquiries, a set of eleven case studies were conducted on prominent multinational corporations that are engaged in business operations within Italy. The findings of the empirical research indicate that there is a strong correlation between a high level of integration and a significant reliance on formalization, although there are notable exceptions to this trend. The observed outcome can be elucidated by the significant contribution of nearly all elements of CSR formalization in facilitating the incorporation of CSR within the broader framework of corporate strategy.|
|Keywords||Circular Economy, Corporate Strategy, Corporate Sustainability Reporting, Environmental Stewardship, Ethical Supply Chain, Green Innovation, Regulatory Compliance, Social Responsibility, Sustainability Integration, Stakeholder Engagement.|
|Published In||Volume 5, Issue 6, November-December 2023|
|Cite This||Sustainable Business Practices: Integrating Environmental and Social Responsibility into Corporate Strategy - Wang Pengchao, Lu Chenglin, Liu Mian, Amiya Bhaumik - IJFMR Volume 5, Issue 6, November-December 2023. DOI 10.36948/ijfmr.2023.v05i06.8098|
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