Legal perspective on global csr practices-Case based approach

The diversity in the laws and regulations and the cultural milieu in which firms operate across the globe led to the differences in Corporate Social Responsibility (CSR) practices worldwide. This paper aims to evaluate and compare the legal and regulatory frameworks of CSR practices of firms in major regions of the world namely-U.S.A, Europe, India and South Africa. In particular, the focus of the paper is on conceptualization of the CSR, broad activities under CSR and its reporting in these regions. While focus of CSR activities is shifting from philanthropy to sustainability, the CSR movement in most of the nations is yet to gain the mainstream acceptance as it enjoys in the UK. With the enactment of the companies Act 2013, India has become the first and the only country in the world mandating compulsory CSR spending. The paper is an attempt to explore the differences in CSR laws, practices and attitude of the firms towards CSR as mode of social innovation. Having being acclaimed as the most socially responsible country in the world, this paper aims to understand the Corporate Social Responsibility (CSR) model of Sweden and identify its key drivers. This paper analyses the rationale of Swedish mangers to adopt CSR and its impact on strategic management. Based on the Case Study based approach of 7 Swedish firms, the paper reveals that these firms have reached a level where offensive CSR strategies are deployed which lifts opportunities and future expectations from a wide range of stakeholders. The study revealed the major role of government in pushing CSR initiative across Swedish firms and ensuring transparent reporting and implementation.