B7432_M3_A1_Corporate_Social_Responsibility

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Running head: SOCIAL RESPONSIBILITY AND REGULATION 1 M3 A1: Social Responsibility and Regulation Argosy University Corporate Social Responsibility / B7432 December 20, 2023 Instructor: Robert Gulbro
SOCIAL RESPONSIBILITY AND REGULATION 2 Social Responsibility and Regulation Governmental CSR policies are enacted to protect consumers. Many organizations and even entire industries are regulated by government organizations such as the Nuclear Regulatory Commission (NRC), the Environmental Protection Agency (EPA), the Consumer Product Safety Commission (CPSC), the United States Department of Agriculture (USDA), the Food and Drug Administration (FDA) and the Securities and Exchange Commission (SEC). These agencies protect the health of the US citizens, the working conditions in the US, our environment, and our economic structure. (Porter, 2002) These same policies also protect businesses by leveling the playing field. Businesses are forced to abide by some CSR policies that may be expensive while not affecting the quality or production time of their products. If some unethical businesses are allowed to bypass these policies (or do so unlawfully) they can produce their products at a lower financial cost. This lower production cost can translate into either higher profit margins or much lower sales prices. Some regulations, such as environmental regulations, can be quite costly and affect a firm’s ability to compete in a marketplace where other firms are not held to the same standards. Governmental policies are different throughout the world. For instance, there is little or no environmental oversight in China and “up to 400,000 Chinese die prematurely every year because of air pollution” (Zhao, 2012). European countries “have developed legislation to control the relationship between employee and the firm, health and safety at work, issues of environmental interest, discrimination and equal opportunities at work” (Binchta, 2003, p. 9) . Knudsen, Moon, & Slager (2012) examined 23 European countries and found significant differences between Northern European, Scandinavian and UK systems where CSI is changing
SOCIAL RESPONSIBILITY AND REGULATION 3 the institution of government itself in comparison to Eastern European and Mediterranean countries which rely strongly on support programs. Politics shape the regulation of businesses in that political agendas are set mirror the wants and needs of the most vocal majorities and those that are the best organized. Many of the same pressures that shape political agendas may also help self-regulate businesses and even industries. When industries, such as online commerce, are allowed to self-regulate in certain areas (in this case, privacy protection) there may even be economic growth through new industries to meet the needs of the consumer. ( Volden & Wiseman, 2011)
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