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Corporate Social Responsibility (CSR) and the notion of a stakeholder approach are pivotal concepts when examining the role of business in society, but their relationship has been studied and much debated for decades. Academic research on the social or societal responsibilities of business organisations and the public interest in social and environmental issues incumbent upon businesses have changed since the 1950s. This article provides an overview of the existing research on CSR over the past 50 years and identifies key characteristics defining the concept of CSR. It also examines the challenges and implications of the stakeholder approach as highlighted by previous research, often in relation to research on CSR.