ABSTRACT
This chapter examines the corporate social responsibility (CSR) practices of multinational corporations (MNCs) in their operations in some developed and developing countries. The study specifically compares how CSR is practised by MNCs in the developed countries with that of the developing countries, with the ultimate aim of understanding how influential the CSRs of MNCs are in terms of contributing to socio-economic development of their host countries. The study observes that MNCs, just like every other business unit, are essential to the development stages of every country and some developmental gains have been discovered to accrue from them. It also confirms that MNCs are known to be engaging in CSRs as one of the ways to give back to the communities in which they operate some of the wealth made from them. It observes, however, that there is a wide gap between the CSR practices of MNCs in their operations in developed countries as compared with their operations in the less developed countries. Several factors are responsible for this and those relating to, for example, lower levels of education, lack of awareness of CSR practices and bad leadership in many developing countries are prominent among them. Science, technology, education, research and development, and other sustainable development activities are part of the CSR issues in the developed countries. On the other hand, sport, music, fashion events, leading celebrities’ passion for some good causes related to CSR, donations and a handful of infrastructure building projects – roads, electricity, water – which will first serve the needs of MNCs – are their CSR concerns in developing countries. CSR practices therefore contribute further to socio-economic development in developed countries, while close to nothing or further 82impoverishment is often their result in developing countries. The study aligns with the recommendations that CSR should involve all stakeholders and it should be integrated into education, training and research, with potential funding among other possibilities.
