Abstract
Today's business organizations constantly face internal and external pressures in addressing their social and environmental responsibilities. Since the 1960s, the society has expressed growing expectations for more responsible management of companies through the incentive of the social activist movement. A decade later, the workforce, environment and consumers were officially accepted by governmental bodies as important actors of business. Nowadays, MultiNational Corporations publish regularly their Corporate Social Responsibility reports not only to prove their concerns about their environment or to give themselves a clear conscience but also to gain the trust of their stakeholders. Freeman and Reed defined stakeholders as 'any identifiable group or individual who can affect or be affected by the achievement of an organization's objectives'. Corporate Social Responsibility also helps companies forecast trends and analyze non-economic potential risks. According to the agency theory, managers of companies are seen as agents who act on the behalf of stakeholder's interests.
