The Role of Corporate Social Responsibility in Advancing Economic, Social, and Cultural Rights: Legal Frameworks and Multinational Perspectives

Abstract

The legal basis for corporate social responsibility, especially for transnational corporations, is rooted in international law and the domestic laws of some countries. It outlines voluntary measures by companies towards society and their stakeholders in general. In international law, the position of corporate social responsibility focuses more on the fulfillment of social responsibilities by transnational companies and foreign investors. Many developing countries lack comprehensive legal frameworks that mandate CSR practices. This can lead to inconsistent application of CSR principles and a lack of accountability for businesses. It is part of soft law related to businesses customary rules with procedural aspects. It derived from the laws produced by international organizations such as the United Nations, the International Labour Organization, and the Organization for Economic Cooperation and Development. Also it is made of common practice among companies. In domestic law, the institution of social responsibility includes specific regulations regarding the responsibilities of national and multinational companies. On the other hand, corporate social responsibility serves as a bridge between economic international law and human rights law and has a direct relationship with human rights norms, especially the progressive realization of economic and social rights, contributing to sustainable development and the right to development of nations. Due to the limited public resources of governments, especially in developing countries, it seems that corporate social responsibility can be a suitable source for financing and implementing development projects that are not inherently economically justifiable. This research, in a descriptive-analytical manner, focuses on the role of legal corporate social responsibility in international and domestic law, as well as the positive impact of fulfilling corporate social responsibility on the realization of economic, social, and cultural rights in developing countries. This research aims to provide recommendations and identify the role and legal basis of corporate social responsibility, as well as to determine its role in economic development and the realization of the second generation of human rights in developing countries. In this article, descriptive-analytical approach was used which is a research methodology that combines two key components: descriptive research and analytical research.