Effective corporate social responsibility practices in Bangladesh through prioritizing social issues

Abstract

In this thesis we examine how corporations deal with corporate social responsibility (CSR) in Bangladesh. We also consider how the western-led concept has come to be framed within business in our country, which is gradually more globalized and seems to be lost its link with ethics. The discussion made here is basically based on an in-depth study through both the qualitative and quantitative methodological approach and techniques which includes a questionnaire survey, various interviews, different exploratory study, observations and analysis of relevant published reports. In looking at how CSR practice is being adopted and adapted by corporations in Bangladesh, we show in our study that Bangladesh can be thought to be lagging behind in its understanding and adoption of CSR, in part because corporations of our country select a wide range of area for their CSR programs from the standpoint of publicity. This results to a confused uncoordinated CSR and philanthropic activities, detached from the company’s philosophical and ethical standpoints that neither make any meaningful social impact nor strengthen the firm’s long term competitiveness. It seems that the inner philosophy of CSR is still far reaching here and companies have no specific CSR policy guidelines to make their contribution sustainable. In our study we suggest corporate owners to originate their social responsibility from the sense of duty which is intended to ensure social justice and to take social responsibility as an end to address society’s need, not as a mean for profit maximization or mere reputation. We also suggest that if corporations classify the major social issues and prioritize one or two issue as their long-term concerning CSR area as per their ability in terms of potential impacts, in that case it would be easy for the corporations to make their initiatives successful. As Bangladesh is densely populated country with limited resources, we suggest, CSR could be another alternative source of fund to supplement government’s efforts towards achieving various national policies to bring the underprivileged to the mainstream and to improve country’s socio-economic condition. CSR could also be act as a main catalyst for solving the prioritized core social issues of the country through hand in hand public private partnership (PPP).