Corporate Social Responsibility in Developed as opposed to Developing Countries and the Link to Sustainability

Abstract

This article reviews and incorporates the findings of academic Corporate Social Responsibility (CSR) and sustainability studies to guide hotels in achieving sustainability through CSR initiatives. To date, limited empirical research on CSR in developing countries is available. A triple-bottom-line approach employs companies to balance the needs of stakeholders, allowing them to give back to society while still prospering. Organisations follow CSR activities for a number of reasons, including enhancing the organisational image and strengthening relationships with consumers and stakeholders. CSR is most widely used in developed countries, such as the USA, Canada, and the UK. Consequently, given the lack of progress in CSR implementation in the developing world, this article illustrates some of the gaps identified in developing countries. This is significant because, for the first time, scholars in developing countries are exploring deeply into the concept of CSR. Thus, the article clearly sets the stage for businesses to participate in CSR activities by identifying the return and advantages of making investments for CSR activities within its relevant sectors. In other words, investigating the relationship between CSR and company performance. This article fills the gap and is unique in that it analyses existing CSR practices and offers guidance to business organisations. Keywords: Corporate Social Responsibility; Company Performance; Sustainability; Circular Economy; Hospitality industries