Corporate social responsibility: the way forward? Maybe not!

Abstract

PurposeThe paper seeks to consider the findings that emerged from a preliminary study into Cypriot businesses and their attitudes and behaviour towards corporate social responsibility (CSR). The overarching aim of the discussion is to explore whether Cypriot businesses have realized the opportunity of using CSR to build a strong reputation, a practice “embraced” and adopted by many successful and profitable corporations, or whether they ignore their social responsibilities and do it at their peril.Design/methodology/approachA total of 4,000 questionnaires were given to the Employers Federation in Cyprus to mail to its members. Two issues were addressed: one dealing with philanthropic and the other with the stewardship CSR projects, covering social responsibility not only towards customers and society at large but also towards employees, suppliers, investors, and the environment.FindingsIt appears that local corporations primarily emphasize the importance of meeting their responsibilities and obligations towards their employees and customers. The majority of respondents postulate that their philanthropic donations are made to approved organizations for tax deduction. So, financial gain appears to be a key motive for the adoption of social responsibility by the business sector in Cyprus.Research limitations/implicationsThe study was characterized by a low response rate, which has implications to the generalization of the research findings. Perhaps future research can focus on certain sectors and their approach to the practice of CSR instead of exploring several sectors in the Cypriot economy, which was the approach adopted in this study.Originality/valueThe paper reports findings from the first nationwide study carried out in the area of CSR.