A Systematic Review of Corporate Social Responsibility Practices in Emerging Markets

A K M Abu Zafor; Md Mofassel; Md Miraj Hossen; Solaiman Islam; Md. Baki Billah

doi:10.25163/business.3110211

Business and social sciences

REVIEWS (Open Access)

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A Systematic Review of Corporate Social Responsibility Practices in Emerging Markets

A K M Abu Zafor Shakil^1*, Md Mofassel Hossain², Md Miraj Hossen Khan³, Solaiman Islam Noyon⁴, Md. Baki Billah Ripon⁵

+ Author Affiliations

Business & Social Sciences 3 (1) 1-8 https://doi.org/10.25163/business.3110211

Submitted: 20 January 2025 Revised: 20 January 2025 Published: 20 January 2025

Abstract

Corporate Social Responsibility (CSR) has evolved into a strategic necessity, particularly within emerging markets where socio-economic disparities, institutional weaknesses, and regulatory gaps present both challenges and opportunities for businesses. This systematic review explores the diversity, motivations, and outcomes of CSR practices across emerging economies in Asia, Africa, Latin America, and Eastern Europe. Drawing from peer-reviewed literature, industry reports, and case studies published before 2018, the study categorizes CSR initiatives into key themes, including environmental sustainability, community development, employee welfare, and ethical governance. The review highlights how the complexities of emerging markets such as political instability, corruption, and social inequality have encouraged firms to develop adaptive, hybrid CSR models that blend global standards with local realities. It also explores the significant roles played by multinational corporations, local enterprises, and public-private collaborations in advancing CSR agendas. Beyond philanthropic gestures, CSR in these regions often fills gaps left by state institutions, enhancing corporate legitimacy and long-term competitiveness. Despite facing challenges like greenwashing, limited stakeholder engagement, and inconsistent reporting standards, CSR remains a powerful vehicle for institutional reform and inclusive growth. The findings suggest that CSR in emerging markets is neither uniform nor static but a dynamic and evolving practice shaped by both global pressures and local imperatives. This review offers valuable insights for scholars, policymakers, and business leaders aiming to harness CSR as a tool for sustainable development and social transformation in the global south.Keywords: Corporate Social Responsibility, Emerging Markets, Sustainable Development, Institutional Challenges, Ethical Governance.

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