Corporate Social Responsibilities (CSR) as a Means of Materializing Corporate Vision: A Volvo Group Approach

Nazamul Hoque, Mohammad Rahim Uddin, Md. Ibrahim, Abdullahil Mamun

Abstract


Corporate social responsibility (CSR) is considered neither an optional extra nor a philanthropic exercise; rather it is a mandatory and strategic tool by which a company can strengthen its brand, develop good relationships with stakeholders, increase its attractiveness to present as well as potential employees, and enable access to new markets which ultimately lead to materialize its vision. In this article a thorough study has been done on the exercise of CSR activities and sustainable reporting of a world renowned Swedish business conglomerate named Volvo Group with a view to know the nature as well as ways of CSR exercises. It is found that Volvo Group is not only following ‘creating shared value’ (CSV) approach but also ‘Stakeholders model’ of CSR and every CSR activity is exercised deliberately and strategically. As a result, the overall performance of the group is increasing gradually, which ultimately leads the group towards the achievement of its vision. Indeed, CSR of Volvo is related to many aspects of business management like risk management, challenge management, environment management, supply chain management, talent management, economic growth management, efficiency management and corruption management. Consequently, the competiveness of the Group is uplifting gradually. It is expected that this study will inspire the corporations of all over the world to exercise the CSR activities in strategic way not only for the greater and better benefits of the stakeholders but also for the sustainable competitive advantage of the company with a view to materialize corporate vision.

Full Text: PDF DOI: 10.5539/ass.v10n11p258

Creative Commons License
This work is licensed under a Creative Commons Attribution 3.0 License.

Asian Social Science   ISSN 1911-2017 (Print)   ISSN 1911-2025 (Online)

Copyright © Canadian Center of Science and Education 

To make sure that you can receive messages from us, please add the 'ccsenet.org' domain to your e-mail 'safe list'. If you do not receive e-mail in your 'inbox', check your 'bulk mail' or 'junk mail' folders.