Business and Social Sciences
Business and social sciences | Online ISSN 3067-8919
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Volume 3 Number 1 2025
REVIEWS (Open Access)
A Systematic Review of Corporate Social Responsibility Practices in Emerging Markets
A K M Abu Zafor Shakil1*, Md Mofassel Hossain2, Md Miraj Hossen Khan3, Solaiman Islam Noyon4, Md. Baki Billah Ripon5
Business and Social Sciences 3 (1) 1-9 https://doi.org/10.25163/business.3110211
Submitted: 04 November 2024 Revised: 17 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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