From corporate social responsibility to creating shared value with suppliers through mutual firm foundation in the Korean bakery industry: a case study of the SPC Group

Introduction Over the past few decades, corporate social responsibility (CSR) has been receiving increased attention and has become a controversial issue in the field of business (Fukukawa, Balmer, and Gray 2007; Porter and Kramer 2011; Szmigin and Rutherford 2013). Recently, CSR and sustainability have converged to achieve a company’s longterm success by considering both the natural and the social environment (Hildebrand, Sen, and Bhattacharya 2011). This movement has led corporations to take a more strategic perspective on CSR (Lantos 2001; Porter and Kramer 2002; Hildebrand, Sen, and Bhattacharya 2011) as an approach to non-market strategies (Baron and Diermeier 2007). This movement has led firms to benefit financially from the creation of social value, which is reinforced by the concept of creating shared value (CSV) that Porter and Kramer (2011) suggested.