Businesses operating in the modern business world areudfaced with varying challenges; amongst which is the need to ensureudthat they are performing their societal function of being responsibleudin the society in which they operate. This responsibility to society isudgenerally termed as corporate social responsibility. For many years,udthe practice of corporate social responsibility (CSR) was solelyudphilanthropic, where organizations gave ‘charity’ or ‘alms’ to society,udwithout any link to the organization’s mission and objectives.udHowever, there has arisen a shift in the application of CSR from anudact of philanthropy to a strategy with a business model engaged in byudorganizations to create a win-win situation of performing theirudsocietal obligation, whilst simultaneously performing their economicudobligation. In more recent times, the term has moved from CSR toudcreating shared value, which is simply corporate policies andudpractices that enhance the competitiveness of a business organizationudwhile simultaneously advancing social and economic conditions inudthe communities in which the company operates. Creating sharedudvalue has in more recent light found more meaning inudunderdeveloped countries, faced with deep societal challenges thatudbusinesses can solve whilst creating economic value. This study thusudreviews literature on CSR, conceptualizing the shift to creatingudshared value and finally viewing its potential significance in Africa’suddevelopment.
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