Corporate social responsibility in the economic crisis

Abstract

The global financial crisis has a direct impact on corporate social responsibility. The global recession has brought companies to a crossroad, depending on how to go on with their CSR activities. One possible direction - to cut budgets especially for CSR. But the numerous and wide-ranging past crises have increased the awareness of many companies for the need of serious and genuine CSR. This way for companies to go, namely to integrate CSR even more into their core business so that it will be accepted as responsible business practice and therefore critical to business success. CSR is important for business and must not be abandoned if times get tough.