Is Corporate Social Responsibility only a splendid expression or also of fundamental importance? This introduction is devoted to define this term on an objective level. Corporate social responsibility (CSR) applies to efforts of companies which go beyond what is required by the environment. Companies take responsibility for their environment and also for the impact on social welfare. The costs which can be caused by CSR promote usually positive social and environmental change. The aim is to achieve sustainable development while including also the company`s stakeholders (Mallen Baker, 2010).
Four statements will be discussed in the following four paragraphs. They have been explored from various angles to get to a realistic conclusion and recommendation while answering the stated research question. 2.1Relevance of CSR in times of the economic crisis
CSR is especially relevant in times of the economic crisis. Difficult economic times require many companies or businesses which feel responsible for their environment and which help in this way to build more trust in their fields. The economic crisis has destroyed a great deal of trust, therefore economic operators and also individual persons should be highly motivated to participate more actively in economic life. Trust and confidence will soften the tight situation and will indicate in this context a good way out of the economic crisis. This is why corporate social responsibility has got a very important role in times of the economic crisis and is therefore particularly relevant in such times (ec.europa.eu, 2010). 2.2CSR as a way to improve sustainable financial performance CSR is one possible way to improve sustainable financial performance. In such cases companies invest in social or environmental projects and benefit some time afterwards. These companies enhance their reputation and gain an authentic appearance. There is only one argument...