CSR engages in civic and charitable activities, starting with the environmental and social awareness to be responsible for those losses. It considered company's expenses as literally ' responsibility' for the implementation of the activities. A limited budget made company's CSR activities limited inevitably. On the other hand, the increasing expectations of society made often the corporate pay additionally or take the burden of business.
While CSV is combining the social and environmental values within the management strategy for the firm's profit-maximizing. In other words, in the CSR perspective, the activities for social contribution and business management are dual. But CSV goes harmonious between business activities and social contribution, not on the exclusive or one side ways but on the same management mechanism. CSV enhances competitive advantages on the perspective of increasing company’s social and economic utilities, differently from CSR recognizing them as only the company’s expense. Thus CSV asks to mobilize overall capabilities of the organization and the entire enterprise budgets because the company has to recreate its own proper strategy.
- Values: “doing good,” good citizenship, philanthropy, and sustainability
- Separate from profit maximization
- Agenda externally determined
- Impact is limited by the corporate footprint and CSR budget
- Value: economic and societal benefits relative to cost
- Integral to competing
- Essential to profit maximization
- Agenda is business specific
- Mobilizes the entire company budget
Source: Professor Michael E. Porter, "The Role of Business in Society: Creating Shared Value"(Dong-A Business forum, 2011)
As a result, a lot of attention from the media and the society are spotlighted recent years.
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