Analysis of stakeholder value derivation through corporate social responsibility for business growth and society's collateral benefits

Corporate social responsibility (CSR) is considered an important element in business dynamics, associated with value creation, corporate image, business growth, satisfaction, and social wellbeing, among others. If CSR is a function executed for society and by society, then, how does the convergence of societal and business growth and development influence stakeholder value? A deductive approach was adopted for the study to analyse stakeholders' perspectives on stakeholder added value provided the firm's engagement in CSR. Findings suggest that stakeholders consider CSR to be an important trait, prefer to purchase from socially responsible firms, and are willing to pay more if a firm is properly engaging in CSR. However, the latter is conditioned to stakeholder perspectives of added value and therefore, the firm's proactive engagement in CSR. This paper contributes to the understanding of stakeholder perceptions of CSR and their behaviour and decision-making. Further, it illustrates the importance of CSR for the achievement of sustained business and societal growth and development.