University of Vaasa - Vaasan yliopisto

Conclusions
In the first stage of this research, starting from a literature review, some variables
were identified for evaluating both the strategic relevance attributed by companies to
CSR, and the extent to which the CSR management process is formalised. The
variables selected as indicators of strategic relevance were: integration of social
aspects into the company's vision and mission; definition of specific, quantitative
objectives for CSR that are incorporated into management reward systems; centrality
of CSR initiatives with respect to the core business; level of stakeholder involvement;
and establishment of strategic partnerships with NGOs or other social actors for the
collaborative implementation of CSR programs. The variables chosen as indicators
of the degree of formalisation of CSR were: existence of a CSR department or of a
formal role dedicated to CSR management; implementation of standard management
systems for different areas of the CSR agenda, or the formalisation of a customised
managerial process; adoption of a CSR performance measurement system; and the
production of formal documents for CSR reporting.
By evaluating the above-described variables for the companies in our sample, we
were able to identify different approaches to CSR depending on whether the strategic
value of CSR or the more formal aspects of its managerial process tended to prevail.
In particular, three approaches were found that merit special attention:
• Formal CSR: in these companies, the prevailing aspect is the implementation
of a formal management process devoted to CSR.
• Social values-driven CSR: in this case, the strategic relevance of CSR
prevails over the implementation of a formal management process.
• Strategic CSR: these companies have implemented a formal management
process for CSR, supported by a dedicated department, but also integrated
CSR into its strategy, treating it as a source of value creation for both the
business and its stakeholders.
The empirical case studies were used to provide examples of the three types of
approaches
described above. Given the small number of interviewed companies, the present
work was not intended to provide generalisable results; nevertheless, there are some
considerations which can be drawn. First, the case-study analysis reveals that the
environmental impact of a company's process/ product, and therefore of its industry,
plays a very significant role. The interest elicited in public opinion, and the many
environmental regulations, have prompted companies operating in sectors such as
energy or utilities to implement environmental management and performance
measurement systems. Moreover, in these industries, environmental strategies and
green product development are becoming an increasingly important way for
companies to differentiate themselves and acquire customers sensitive to these issues
and attentive to conservation (Runhaar et all, 2008; Albino et all, 2009).
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