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This means that a well-managed social responsibility strategy can help the company in taking advantage of new opportunities in the market to increase its performance, which also means that an ethical culture also helps providing stability to the organization improving its competitiveness in the marketplace.

2.11 Theories to Analyse and Explain Corporate Social Responsibility

Related to the topic above but as a matter of facilitation to the understanding of the subject, different theories are involved with the concept of Corporate Social Responsibility and Profitability. They have slightly variations according to one author to another but eventually define the same characteristics:

2.11.1 Stakeholder Theories

This theory analyses those groups to whom the company should be responsible for, the stakeholders (Moir, 2001).

Freeman's (1984; 46 cited by Moir, 2001; 19) definition of a stakeholder is “any group or individual who can affect or is affected by the achievement of the organization's objectives.”

211.2 Social Contracts Theory

Gray et al (1996 cited by Moir, 2001;) ‘Describes society as a series of social contracts between members of society and society itself’. This theory relates the activities of an organization as part of the expectations of the society as a whole and not only its commercial interests (Moir, 2001; Gyves and O’Higgins, 2008).

2.11.3 Legitimacy Theory

Belal (2008; 14) explains that, “Broadly, legitimacy theory indicates that organizations may try to legitimise their activities by engaging in CSR reporting in order to get approval from society in support of their consistent existence and ‘license to operate’”.

Apart from the theories cited above, many others were created to explain Corporate Social Responsibility, profitability and its impacts in the society; however, those are the most common ones.

2.12 Corporate Responsibility in Emerging Markets

With the advent of globalization, governments and companies had to find out ways of expanding their relations and businesses throughout the world, not only with the enhancement of communication practices but along with the expansion of different strategies giving emphasis to Corporate Social Responsibility and Sustainable Development.

“The Dow Jones Sustainability World Index (DJSI World) comprises the leading companies in terms of sustainability around the world. It captures the top 10% based on long-term economic, environmental and social criteria out of the biggest 2500 companies worldwide” (DJSI, 2009; 1).

According to those indexes, many emerging markets like Brazil are becoming interested in the concept of Corporate Social Responsibility and Sustainability.

The argument in pro of CSR is that, “A visible commitment to CSR can help emerging market firms attract multinat本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。