Is Corporate Social Responsibility (CSR) Agenda Losing Momentum with Recession?

Abstract

This research paper explores the concept of Corporate Social Responsibility (CSR) in a recession and suggests a CSR strategic management agenda. The article is informed by a literature review of CSR. Specifically, challenges corporations are facing in staying ethical in the face of the global economic meltdown are discussed, best practice corporate social responsibility responses/approaches to recession are identified and a case made to uphold CSR agenda even in the face of recession. There seems to be some mixed responses to CSR agenda in the face of recession amongst corporations, with some cutting down on their CSR agenda while others are staying the course. The degree of CSR embedment within a 156 corporation, extent of exposure to recession, and management perspective about the role of CSR in a recession seems to determine the course. Overall, there is a strong appetite amongst industry leaders or those who see a business case in CSR to stay the course at least in the short run. The paper captures glimpses of the current CSR trend in the prevailing global economic meltdown, which is insightful and suggests a strategic management approach that has practical utility.