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The chapter acknowledges a broad consensus following the recession of 2008 that ethically challenging practices have permeated the world of today’s businesses. Not only are the developing and emerging economies suffering from unethical corporate practices, they are also plagued by poor leadership. They also note that, in many cases, business leaders and entrepreneurs fail to understand their discretionary responsibilities to care for the ecosystem on which lives and businesses depend in enjoying the fruits of the free market and taking advantage of weak governance mechanisms and poor leadership, especially in the developing and emerging economies. The authors argue that the tenets of sustainability, which emphasizes the purpose of business as economic advancement coupled with concerns for socio-environmental well-being, offers some direction towards filling the ethical gap in management education to ensure sustainable development in the emerging economies. The chapter therefore examines how sustainability education can be more deliberately advanced in business and management education institutions in the emerging and developing countries.
Several sources of today’s pressure on managers operating in developing and emerging economies (DEEs) are arguably more associated with social issues than profit-making concerns. Managers are thus faced with understanding and embedding solutions to societal challenges in their core business strategies in order to be sustainable. Consequently, solutions that go beyond the traditional focus of the CSR discourse on philanthropy in DEMs have become much more imperative as companies strive to use CSR to re-engineer their value chain. As lack of adequate human skills remains a major problem to firms and society, the existing challenges of human capital in many DEMs present businesses (both small and big firms) with the opportunity to use CSR to increase the knowledge, skills and abilities of both their workforce and the society in general. A firm that is able to invest in human capital development across the entire spectrum of its several stakeholders is more likely to achieve a higher competitive advantage and sustainable growth. In this chapter, we present case studies of two different approaches to using CSR as a tool for human capital development in Africa and given the success of the companies, it is recommended that firms operating in DEMs should place emphasis on developing and utilizing CSR policies and strategies for human capital development.
The chapter summarizes the contributions to the book. It identifies suggestions on how to design and implement more effective CSR strategies and models for the institutional contexts of the developing and emerging countries. While it reiterates the importance of stakeholder engagement in sustainable development and the usefulness of CSR as a public governance and inclusive and sustainable development tool in the developing and emerging economies, the chapter highlights some gaps and challenges for future research and resolution.
The chapter sets the stage for the book. It defines the mission, central questions and scope of the book and summarises the content of the other chapters. The chapter shows that the differences between CSR orientations in more advanced countries and developing and emerging economies can be explained by the institutional model. the peculiar institutional contexts of the developing and emerging markets present both challenges and opportunities for CSR, especially as a mechanism for advancing sustainable development.
Corporate social responsibility (CSR) has emerged as a tool for public and private institutions to promote sustainable development in developing and emerging markets. This work brings together contributors from a variety of fields and international perspectives to assess and improve the effectiveness of CSR by addressing the following questions: what are the linkages between CSR and sustainable development? What does CSR mean for developing or emerging economies and in what ways does this deviate from orthodoxies and universalist approaches? What institutional factors and actors influence the effectiveness of CSR in developing and emerging economies? How can developing and emerging economies promote a flexible, diverse and reconstructed form of CSR that leads to inclusive and sustainable development? This book should be read by anyone interested in understanding what normative factors, theoretical models, policy strategies, and corporate practices best facilitate effective CSR and sustainable development.
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