Strategic corporate social responsibility (CSR) efforts that are directly related to a hospitality company's core business operations and competencies can help companies create both social and business value, according to researchers.
Strategic corporate social responsibility efforts that are directly related to a hospitality company's core business operations and competencies can help companies create both social and business value, according to researchers.
The research team's strategic CSR framework consists of four components: shared value, enlightened stakeholder theory, resource-based theory and CSR-fit perspective. The final two components of the framework consist of CSR fit and resource-based theory. CSR fit ensures a company's CSR positioning is aligned with its operations or competencies. Resource-based theory demonstrates how strategic CSR can improve a company's relationship with various stakeholders, such as when CSR engagement improves brand image and thus enhances the company's relationship with its consumer base.
Lee said the survey results indicate people perceive CSR to be more effective when a company's activities strategically relate back to its core operations and competencies, which supports the researchers' four-component framework.
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