Purpose – In this study, previous CSR researches was reviewed to help understand the CSR effects, and offer suggestions for future research directions. Research design, data, and methodology – To achieve the purpose of this study, previous CSR effects related researches were reviewed based on stakeholder perspectives. Results - After reviewing, some limitations were found. First, most of the CSR related studies in the management area have focused on CSR effects on individual stakeholders such as the shareholder, the employee, and the consumer. Second, it was difficult to find studies on the management aspect of CSR from both an effective and efficient perspective. Conclusions - To overcome these limitations of previous studies, several studies need to be conducted in the future. First, CSR research must be expanded into B-to-B businesses. Few studies try to figure out the effect of CSR on B-to-B businesses but only suggest the effect of CSR on B-to-B business conceptually. Therefore, empirical study needs to be conducted about CSR to show business performance in the B-to-B market. Second, the process of CSR must be developed on how to improve CSRs’ effectiveness and efficiency. Finally, a relationship between a company and individual stakeholders needs to be revised using stakeholders’ multiple identities.