How is "corporate social responsibility" (CSR) defined?

Corporate social responsibility (CSR) is defined as practices that positively influence society by corporations. This concept emphasizes the importance of businesses taking accountability for their impact on social, environmental, and economic factors. CSR goes beyond the traditional role of businesses to solely generate profit; it encourages companies to engage in ethical practices that contribute to the well-being of communities and the environment in which they operate.

By actively participating in CSR, corporations can help address issues such as poverty, education, health, and environmental sustainability. These practices may include philanthropy, ethical labor practices, environmentally sustainable operations, and community engagement initiatives. Ultimately, CSR reflects a company’s commitment to conducting business in a way that is beneficial to society as a whole, showcasing a holistic approach to business that recognizes the interconnection between profit and social good.