This study investigates the strategic positioning of corporate social responsibility (CSR) activities by firms operating in Latin America, integrating two key dimensions: the perception of CSR as a cost or investment and the goal of CSR as value creation or distribution. Drawing on 47 interviews with executives from 30 firms, including multinational enterprises (MNEs), Multilatinas (MLEs), and small-to-medium enterprises (SMEs), the research highlights distinct CSR strategies in a developing region characterized by weak enforcement and voluntary CSR adoption. The findings reveal that firms adopt diverse CSR approaches—paternalistic, contributory, defensive, or instrumental—based on their perceptions and goals, challenging the prevailing linear CSR progression model. Notably, while MNEs and SMEs demonstrate clear CSR strategies, MLEs appear less defined, adopting diffuse practices. By focusing on Latin America, the study addresses an underexplored context in CSR literature and provides a novel framework for understanding strategic CSR in regions where Western theories have limited applicability.
