Corporate Social Responsibility Initiatives in the Construction and Real Estate Sector

Introduction

The term “CSR” in the construction industry refers to a voluntary commitment to conducting business in an ethical, moral, as well as sustainable manner. The use of CSR in the longer term depicts a better association of understanding the business and society framework (Koh et al., 2023). There have been multiple definitions of CSR regarding business and society relationships; in today's era, those are insignificant. In general, CSR is often used to explore the impact on the well-being of society. By incorporating sustainable practices, energy efficiency, and environmentally friendly supplies, it transforms the environmental footprint. The focus is on ethical business practices, with a primary emphasis on openness and trust. However, on the other side, those organizations try to build their business prestige strongly along with the improvement of societal core values.

Similarly, CSR pertains to both active facets. Likewise, to keep societal values stronger, organizations need to avoid negative consequences like unlawful products, pollution, discrimination, and unethical values (Muhammad et al., 2023). On the other hand, to improve the well-being of society implies that business entities need to enhance positive benefits for humanity like Philanthropic responsibilities, ethical responsibilities, legal responsibilities, economic responsibilities and community relations. Additionally, in recent developments, organizations have not only economic and legal responsibilities but also more responsibilities beyond this thought that must be predicted earlier.

El Melki et al. (2023) defined the concept of CSR as more than just a catchphrase in the fast-paced worlds of real estate and construction; it is a force fundamentally changing these industry sectors. A significant shift is occurring whereby businesses are building not just physical structures but also a better, more sustainable future as skylines soar and urban environments change. CSR is a compass for the real estate and construction sectors, pointing them toward ethical, financially and ecologically responsible procedures. It is the union of creativity with morality. These building projects invite stakeholders, citizens, and investors to participate in a better, more sustainable future by standing tall and representing something higher. Introduce where construction and real estate professionals are shifting their roles as stewards of the environment and architects of social change, in addition to being space makers. English et al. (2023) CSR is frequently mentioned as a source of business advantage. In an economy that is intensely competitive, turbulent, and constantly evolving, socially conscious business practices are efficient Shafiq et al. (2023). So, essential plans to guarantee durability and survival and academics are increasingly interested in CSR. And a top concern for businesses. Development practitioners are now considering CSR as a Principal area of concern. CSR is unquestionably an important aspect of attention. Cabrera et al. (2023) stated that corporate sustainability represents a fresh approach for executive leadership that acknowledges business expansion and profitability while also requiring businesses to focus on voluntary social objectives, particularly those connected to sustainability, like social welfare, protecting the environment, societal equity and fairness, as well as collective advancement. Over the past few decades, the construction sector has faced enormous environmental and social hurdles. Hawken et al. (1999) calculated that building and construction progress is directly responsible for 80% of land lost to agriculture, 60% of timber products, and 90% of hardwoods; indirectly, building and construction progress is responsible for 25% of rain forest degradation and 50% of coral reef destruction.