Corporate Ownership & Control / Volume 13, Issue 1, Autumn 2015, Continued – 6 712 CORPORATE SOCIAL RESPONSIBILITY REVIEW Edmundo R. Lizarzaburu*, Jesús del Brío** Abstract This research paper represents a literature review of corporate social responsibility (CSR), as it has evolved and their use and impact in several countries. As a consequence of competitive markets, several entities must endeavor to reveal a picture of themselves as highly socially responsible enterprises***. The increment in academic and practitioner interest in “Corporate Social Responsibility (CSR) has led the development of a set of definitions regarding the concept and their application” (Jamali and Mirshak 2007). The term is not a new concept (Taneja, Taneja and Gupta, 2011) it was developed since 1950´s. Nowadays, several literature presents substantial evidence that CSR activities can play a significant role in enhancing a firm’s value (Mahfuja, 2013). In this scenario, the following paper examines the broad progress of the ideas behind the concept though its origins and evolution in a country focus approach, practices implementation and literature available from different authors over the time. Also, we outline a set of core elements that many scholars associate this term with and finally we develop a special focus towards the stakeholders approach among all theories available on this matter. Keywords: Corporate Social Responsibility, Stakeholder Approach, Corporate Social Performance, Corporate Citizenship Acknowledgment: Gabriela Barriga, Macarena Lizarzaburu and Fausto Lizarzaburu *University Esan, Peru. In collaboration: Erika Galindo Aguilar, Student at Esan University. ** Universidad de Oviedo, Spain ***Uddin & Shigeru: Corporate Social Responsibility and Financial Performance Linkage: A Preliminary Study for the Conceptual Framework (2009) 1 Introduction The CSR is a concept that has attracted worldwide attention around the world and acquires a new resonance in the global economy 7 besides, it has become one of the dominant themes in business over the last few years (Gross & Roberts 2011). Although the concept of CSR has been studied for decades and it is commonly used by corporations around the world on how CSR should be defined and implemented remains a contentious debate in several fields. It has been center of considerable debate, commentaries, theory building and research on a variety of disciplines including economics, political science and sociology and numerous fields in management, including strategic management, organizational behavior, environmental management, psychology, marketing, risk and finance (Mc Williams, Siegel, & Wright, 2006). It is important to indicate that CSR has developed and evolved in both academic as well as practitioner communities around the world (Carroll & Shabana, 2010). “Heightened interest in CSR in recent years (Morimoto, Chris, & Jhon) has stemmed from the advent of globalization and international trade, which have reflected in increased business complexity 7 Kakabadse, Rozuel, & Lee-Davis: Corporate social responsibility and stakeholder approach: a conceptual review (2005) and new demands for enhanced transparency and corporate citizenship” (Jamali & Mirshak, 2007). Another definition of CSR according Ricardo F. Garcia (2012) is that must be understood as a philosophy and an attitude that takes the enterprises into business and that is reflected in the voluntary incorporation in its management procedures of the precautions and expectations of their stakeholders with a long-term vision. In today’s global economy, corporate social responsibility is a core component of corporate strategy. Due to financial scandals, losses, and the diminished reputation of the affected listed companies. It is emerging as a crucial instrument for minimizing conflicts with stakeholders (Becchetti, Ciciretti, & Hasan, 2009). Since many authors agree that organizations are increasingly concerned about how their actions affect environment and social welfare (Sprinkle and Maines, 2010) there is a reasonable need to be extremely knowledgeable of stakeholder perspectives and their preferences for particular CSR activities and social and community initiatives 8 . Some firms choose to implement CRS strategies focus in social aspects, since most large companies, and even some medium or smaller (SME) ones now, 8 Munro, 2013: Stakeholder Preferences for Particular Corporate Social Responsibility (CSR) Activities and Social Initiatives.