This is not to say, however, that the strategic approach to CSR does not have its advantages. As noted, by tying CSR into an organization’s strategy, and hence potentially leading to a competitive advantage, it encourages the attention of managers, and potentially legitimizes the activity in the eyes of shareholders. This has been encouraged not only by this ‘instrumental’ stakeholder approach51 (that stakeholders are means to the end of conventional organizational objectives such as, in the case of business, the maximization of shareholder value), but also by influential papers in the
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