Final answer:
Increasingly stringent regulations and the 24/7 news cycle contribute to the rise in Corporate Social Responsibility, with companies needing to be more accountable and ethical, especially in the face of global competition and the challenges posed by emerging technologies.
Step-by-step explanation:
According to Harvard Business Review, increasingly stringent regulations and the 24/7 news cycle are driving reasons for the increase in Corporate Social Responsibility (CSR). Companies are now more accountable to the public due to heightened visibility and global connectivity. As markets become more global, firms face increased competition from various regions and countries, compelling them to adopt more stringent ethical practices. Additionally, the interconnectedness of financial markets and the influence of multinational corporations highlight the importance of addressing social, economic, and environmental issues responsibly.
Establishing ethical practices in business, particularly concerning emerging technologies, is challenging due to the fast pace of innovation and the complexities involved in predicting the impact of new technologies on society and the environment.
Globalization, coupled with advances in communications and information technology, has amplified competition and the effects of corporations' actions on their stakeholders, including employees, consumers, and the environment, thus magnifying the focus on business ethics and CSR.