CONCEPTUAL APPROACHES IN THE EVOLUTION OF CORPORATE SOCIAL RESPONSIBILITY

Marius-Sorin Ciubotariu () and Ana-Maria Sandulachi ()
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Marius-Sorin Ciubotariu: Stefan cel Mare University, Suceava, Romania
Ana-Maria Sandulachi: Stefan cel Mare University, Suceava, Romania

European Journal of Accounting, Finance & Business, 2023, vol. 11, issue 2, 129-137

Abstract: Today, the idea of corporate social responsibility can be seen as an extremely valuable social asset for companies. Thus, in today's complex and competitive economic environment, the role of the CSR concept in attracting potential investors by improving corporate reputation or financial situation is becoming increasingly important, with CSR being considered a key factor in reducing corporate financial crises. The importance and topicality of this concept are also supported by numerous research studies on the impact of corporate social responsibility on issues such as company value, shareholders’ wealth, company risk, share price, or cost of equity. However, the level of CSR disclosure is still a continuing concern in financial research due to the importance of corporate social reporting for investors, shareholders, and capital market analysts. This paper aims to provide a distinctive historical perspective on the evolution of CSR as a conceptual paradigm by reviewing the most relevant factors that have shaped the understanding, definition, and implementation of the concept, while highlighting the shift from CSR understood as a mere voluntary and philanthropic activity, to CSR as a reporting tool that enables the generation of significant competitive advantages for companies. In this sense, the main results of the research are a complex presentation of the evolution of the concept of corporate social responsibility, highlighting the factors that have influenced the development of the concept both in business and academia.

Date: 2023
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