Sustainable Development as a Business Responsibility
J.J. Asongu
Abstract
This paper explores the fact that doing good to society is also good for the business. In opposition to the view that the social responsibility of firms is profit making alone, the paper argues that the two concepts – profit making and sustainability – are not mutually exclusive. The argument is further made that a strategic CSR program might open up more business venues for a company thus improving its bottom line. The paper points to the fact that business and society are interdependent, and there is need to focus on the intersections between them. The mutual dependence of corporations and society implies that both business decisions and social policies must follow the principle of “shared value.” While acknowledging that legislation could put pressure on businesses to be sustainable, the paper prefers to concentrate on the business arguments, and pointing out ways by which the financial value of CSR programs can be determined.
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