Global firms and new standards of corporate social responsibility

In global firms, corporate responsibility is aimed at pursuing partial and overall business results characterized by high levels of profitability and efficiency with a focus on sustainable development. For this reason, CSR represents an action that a firm chooses to take and potentially affecting the social welfare of stakeholders. Promoting the effectiveness of a CSR-oriented strategy requires enterprises to govern their costs and benefits, and develop dynamic relationships with stakeholders. This chapter highlights the new standards of sustainability and the cost drivers of CSR strategies that favour the correct balance between content knowledge requirements and stakeholder engagement.