Corporate social responsibility practices of multinational companies and sustainable development: An economic perspective

Multinational Companies’ (MNCs) commitment toward Corporate Social Responsibility (CSR) practices is gaining attention globally. While the thoughtfulness of MNCs on communal and ecological concerns is increasing since the world is observing environmental damage, decrease in greenhouse gases, exploitation of reserves, and are inclined in poverty. MNCs are considered the key stakeholders to establish policies and activities to deal with these challenges effectively and can play a significant role in the well-being of society where these MNCs are functioning. This connotes the perspective of MNCs as being part of the problem, where at the same time provides a measure of solution through CSR and its implications toward sustainable development. Therefore, the vision of CSR embedding broad objectives of sustainable development, which significantly impact economic progress and establishing communal and environmentally sustainable development concerns. The aim of this chapter is to understand the conception of CSR practices and their contribution to sustainable development through effective utilization of natural reserves by MNCs; it justifies the need of sustainability and environmental change in the society. Therefore, this chapter highlights the crucial connotations of CSR, sustainable development, and its alignment with the agendas of the triple bottom line to achieve the wider impact of CSR.