Strategic corporate social responsibility practice in private commercial banks in Bangladesh

Abstract

Corporate Social Responsibility (CSR) is a subject of much current interest within the managerial world. Generally, CSR is understood to be the way firms integrate social, environmental and economic concerns into their values, culture, decision making, strategy and operations in a transparent and accountable manner, and thereby establish better practices within the firm, create wealth and improve society. On the contrary, many scholars and management thinkers proclaimed that such type of CSR activities seemingly concerning each and every social problems were neither doing good to business nor was doing good to the society. Strategic CSR, the latest emergent thought in CSR literature, means that CSR, apart from bettering the society, should make business sense. In light of the known positive effects, CSR strategies have been embraced by the international banking Community. Strategic CSR should help in attaining the CSR initiative that should lead to better effectiveness and efficient in business function activities by enhancing reputation and should differentiate the firms’ products in the socially responsible features or environmentally friendly performance dimension. Thus strategic CSR should help in attaining strategies for achieving competitive advantage. However, the implication of this study is to explore the business benefits of strategic CSR that has been seen as an intervention which can truly enhance company’s business performance while attending to social causes, a sustainable win-win proposition for both business and society as in the long run.