University of Vaasa - Vaasan yliopisto

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studies to investigate the real world impacts of CSR projects. Furthermore the
problem with current studies is that they focus on the micro-level, looking at specific
case studies of firms or corporate initiatives (Frynas 2008).
Another crucial issue is that there is a lack of methodologies that allow quantitative
comparisons of the impact of CSR initiatives within a country or in different
countries (Prieto at al. 2006). A critical research agenda needs to be concerned with
the creation of new means and tools for systematically assessing the impact of CSR
on development, taking into account both positive and negative effects and gauging
the full developmental contributions of firms to society (Blowfield & Frynas 2005;
Prieto at al. 2006; Frynas 2008; Frynas 2009).
A further element to consider in order to better assess CSR impacts is the
development of new stakeholder engagement methodologies and tools in order to
plan, implement and evaluate CSR initiatives through participatory processes. The
empirical evidence shows that the involvement of the public offers many advantages
for both international companies and local communities with respect to the
promotion of development: increase of public awareness of development and
sustainability issues; improvement of the quality of CSR initiatives, actions and
projects through the use of knowledge, experience and initiatives of different
stakeholders; increase of public acceptance, commitment and support with regard to
decision taking processes; more transparent and more creative decision-making; less
litigation, misunderstandings, fewer delays and more effective implementation of
initiatives, actions and projects; creation of a trust building and a social learning
process. For these reasons public participation may be seen as a fundamental element
in order to help CSR initiatives have a positive impact on development.