The role of public policy in the promotion of sustainability by means of corporate social responsibility: The case of the chemicals sector worldwide

Abstract Chemicals industry benefits are not as well-known as the health and environmental issues its misuse may provoke. This industry has been trying to change this factor, even creating a program to prevent potential problems caused by it, improve security, and to help expand the communication with stakeholders named Responsible Care. Such measures are part of corporate social responsibility. Sustainability practices are becoming required, and corporate social responsibility has emerged to respond to the increasing stakeholder pressure for more than just profit maximization. Two of the main benefits from corporate social responsibility have an economic dimension: costs savings and revenue increase from higher sales and market share. Evidence shows the need for strong policy action to discipline sustainability practices in the sector as there is a multisided operation mind set inside the multinationals, taking advantage of permissive environmentally damaging practices and legal loopholes in less developed countries.