How do stakeholders prioritize CSR initiatives? An assessment based on fuzzy AHP

This study investigates the prioritization of Corporate Social Responsibility (CSR) initiatives from the perspective of stakeholders in Indian companies, aiming to align CSR strategies with stakeholder expectations. Using a fuzzy Analytical Hierarchy Process (AHP) framework, we evaluate 30 sub-criteria across social, governance, and environmental dimensions. The findings reveal that social initiatives, particularly Employee Welfare and Health and Safety Programs, are prioritized highest by stakeholders, followed by governance initiatives like Regulatory Compliance and Ethical Business Practices. Environmental initiatives, although important, are ranked lower, with Pollution Reduction and Environmental Awareness Programs being the most significant sub-criteria within this category. The results underscore the critical importance of social and governance factors in shaping stakeholder perceptions and highlight their interconnectedness in achieving sustainable business practices. This research contributes to the existing literature by integrating stakeholder theory and the triple bottom line approach, offering a nuanced understanding of CSR priorities in the Indian context. It challenges the assumption that environmental initiatives are the most critical, showing instead that stakeholders value social and governance aspects more highly. These findings provide valuable insights for companies to refine their CSR disclosures, ensuring that their reports more accurately reflect stakeholder priorities and enhance transparency in areas that matter most to their audience.