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Corporate Social Responsibility (CSR) has emerged as one of the most significant aspects of modern business practice and ethics. It refers to the responsibility of corporations to operate in ways that enhance society and the environment, instead of simply focusing on generating profits for shareholders. Over the years, several theories of CSR have developed, offering different perspectives on why and how organizations should engage in socially responsible activities. These theories provide a framework to understand the motivations, obligations, and impacts of CSR in organizational practices. The key theories of CSR include the Shareholder Value Theory, the Legitimacy Theory, the Stakeholder Theory, the Social Contract Theory, the Triple Bottom Line Theory, and the Institutional Theory. Each of these theories interprets the role of businesses in society differently, giving rise to diverse approaches in implementing CSR strategies. The Shareholder Value Theory, often associated with economist Milton Friedman, argues that the primary responsibility of a business is to maximize profits for its shareholders. According to this perspective, CSR activities are seen as legitimate only when they contribute directly or indirectly to financial gains. For example, a company might engage in philanthropic initiatives not purely for altruistic reasons but to enhance its reputation, attract better employees, or improve customer loyalty, all of which ultimately boost profitability. Critics of this approach argue that such a narrow focus ignores the broader responsibilities businesses have towards society and the environment. The Legitimacy Theory emphasizes that businesses operate within a “social contract” with society, which grants them legitimacy to exist and function. According to this view, CSR is a way for businesses to demonstrate that they are acting in accordance with societal values, norms, and expectations. For example, when companies adopt environmentally sustainable practices, they are ___ __________ ______ ____ __________ ________.
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