**1. Introduction**

If the concept of responsibility could be summed up in a single sentence, surely this quote from the Spanish philosopher would fully reflect its meaning. Responsibility, in fact, "never loses the ability to respond," both to the challenges of current problems and the new generations. The debate on Corporate Social Responsibility (CSR or corporate social responsibility CSR, according to the equivalent meaning of the English language) has taken on a particular consistency and liveliness in recent years [1]. The CSR dissemination policies adopted by the European Commission have stimulated the comparison between the different perspectives of the definition and analysis of the concept present on the international scene, offering a multitude of concepts of great interest [2]. The concept of CSR essentially means that they decide on their initiative to help improve society and make the environment cleaner [3]. As the European Union tries to identify common values by adopting a Charter of Fundamental Rights, it is natural to expect that a growing number of companies will increasingly recognize their responsibility and consider it one of the components of their own identity [4]. This responsibility is expressed toward employees and, more generally, all parties involved in the company's business who can, in different ways and forms, affect its success [5]. The choice of *Telefónica SA* is due to the position of primary importance that it has managed to acquire in the last decade on the international political and economic stage, thanks to its continuous and proactive interest in issues such as social responsibility, the environmental issue, and sustainability [6]. It is a concrete case of a *socially-oriented* company in the context of the Spanish one that thanks to the push toward investment and liberalization policies in the last decade have managed to achieve economic growth rates of over 3.5% per year, despite having to address the crisis that in recent years has affected the entire world economy. When CSR constitutes a process of managing its relationships with a whole series of interested parties that can affect its free functioning, the commercial arguments are clear [7]. Consequently, CSR, as well as quality management, must be seen as an investment and not as a cost [8]. Firm roach that integrates financial, commercial, and social aspects, thus developing a long-term strategy that minimizes the risks associated with uncertainties [9]. Sarfraz et al. [10] stated that CSR has a moderating role in project financing decisions and environmental risk management, stakeholder, and credit risk assessment. Companies should realize their social responsibility not only nationally, but globally, including the entire production chain. The future challenge to be met is to determine how CSR can help achieve these objectives, namely, to build a dynamic and competitive knowledge-based economy based on cohesion.
