Conceptual Approach to ESG and CSR: Focusing on Strategic Implications
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This study examines the relationship between ESG and CSR, and based on previous studies, derived four differences. First, ESG differs from CSR, which emphasizes responsibility, in that it can create value provided to shareholders and stakeholders. Second, ESG, which reflects the perspectives of various stakeholders, can be recognized and implemented much more actively by field managers than CSR. Third, the scope of companies that can practice and apply ESG in the field is more comprehensive than CSR. Fourth, ESG is distinguished from CSR in that companies could not contribute to society due to their negligence in actively taking certain actions. Based on these differences, this study highlights the necessity to research ESG based on the previous literature on CSR. In particular, the differences from CSR were presented as paradigm shift, proactive action, sustainable management from a long-term perspective, and the creation of a robust ecosystem. Based on these differences, specific implications for corporate management were derived.
Abstract
This study examines the relationship between ESG and CSR, and based on previous studies, derived four differences. First, ESG differs from CSR, which emphasizes responsibility, in that it can create value provided to shareholders and stakeholders. Second, ESG, which reflects the perspectives of various stakeholders, can be recognized and implemented much more actively by field managers than CSR. Third, the scope of companies that can practice and apply ESG in the field is more comprehensive than CSR. Fourth, ESG is distinguished from CSR in that companies could not contribute to society due to their negligence in actively taking certain actions. Based on these differences, this study highlights the necessity to research ESG based on the previous literature on CSR. In particular, the differences from CSR were presented as paradigm shift, proactive action, sustainable management from a long-term perspective, and the creation of a robust ecosystem. Based on these differences, specific implications for corporate management were derived.