Corporate Social Responsibility as a Strategic Tool for Sustainable Development

Abstract

Corporate Social Responsibility (CSR) has now emerged as a central strategic tool for aligning business practice with the global objective of sustainability. This research provides a comprehensive analysis of the strategic role of CSR in corporate governance systems to develop sustainability strategies in the environmental, social, and economic realms. Using comparative analysis of more than 15 studies, this paper outlines industry and geographic comparisons of CSR strategies. The literature review identifies the theoretical perspectives and contextual applications of CSR with a focus on triple bottom line (TBL), stakeholder theory, and the framework of the SDGs. The mathematical modelling captures optimization and cost-benefit formulas for assessing outcomes of CSR investments. The modelling demonstrated the results of using MATLAB for simulation and Simulink for modelling the dynamic effects of deployment of CSR strategies on sustainability indices over time. The results and discussion section highlights the opportunities for alignment and synergies encountered when comparing past and current models to the advancements proposed in this research. This paper considers CSR as more than an act of philanthropy, but a strategic operation that could have an impact on the long-term value of the firm, stakeholder trust, and ultimately sustainability of environmental performance. Finally, the paper provides a technical, analytical, and simulation-based pathway for embedding the strategies of CSR into the core business strategies for continual real, sustainable development