Assessment: Corporate Social Responsibility

Businesses, specifically larger corporations, play a major role in what occurs in society therefore, they are responsible to their stakeholders not only to pursue economic goals but the greater social good as well. Corporate social responsibility (CSR) means that a corporation should act in a way that enhances society and its inhabitants and be held accountable for any of its actions that affect people, their communities, and their environment. (Lawrence, 2010). Social responsibility is becoming the norm so much so that some businesses have incorporated it into their business model. There are three components of the bottom line of social

In this review, the primary subject is the ‘business case’ for corporate social responsibility (CSR). The business

Corporate Social Responsibility (CSR) is something that affects all companies and should be an active factor in the company’s decision making. It is something all corporations need to care about. CSR is when business’ or corporations take part in an initiative or campaign for a cause that will benefit society and/or in some way make the world a better place (Taylor, 2015). Initially, Corporate Social Responsibility started to take shape around the 1950’s, but some say that it dates all the way back to the 1800s, the idea of CSR was seen (Carroll, 2007). One may think that because it is dated so long ago, it doesn’t have an important impact today nevertheless, it is proven that Corporate Social Responsibility is a pathway for entities to self benefit as they are in the process of benefitting society.

Rangan, K., Chase, L., & Karim, S. (2015, January 1). The Truth About CSR. Harvard Business Review, 40-49.

With an ever increasing quantity of business people and investors becoming more and more conscious of stakeholder welfare and their social responsibilities, engaging in CSR appears to be an economically sound choice, not only for investors with a conscience, but also to attract and retain employees with good qualifications who would compare working conditions and ethical conditions with other firms. (Is CSR the privilege of Developed Market Economies?)

Corporate social responsibility (CSR), has been the centre of debate since the last decade, with the increase in technology and globalization, company policies have come under a lot of scrutiny. Although this issue is not relatively new but with the hype of increasing media coverage and in the wake of high profile corporate scandals (Enron, WorldCom) the emphasis has mounted (Huczynski and Buchanan, 2013). Organizations play a vital and ever so increasing role in the lives of people, other organizations and the wider community in general (Mullins, 2013). Hence it is the responsibility of these organizations to act in such a manner that accommodates the wider society. In 1970, economist Milton Friedman once argued “the business of business

Corporate social responsibility spans across the globe, but different countries see and participate in CSR in different ways. Amerinda Forte, author of “Corporate Social Responsibility in the United States and Europe: How Important Is It? The Future of Corporate Social Responsibility,” an article published in 2013 in the International Business and Economics Research Journal, explains CSR using three traditional models: the shareholder value model where profits are the sole responsibilities of the business, the stakeholder model where the social responsibilities of the business reflect those of the stakeholders, and the business ethics model where businesses have social obligations and a moral duty to society as a business. The author

Corporate Social Responsibility (CSR) has been a relevant subject within businesses since the early 1980’s where the concept of managing an organisation with an ethical, trans-parent and humane framework, which is critical in the development and the sustainable growth of any company (Marrewijk, 2003).

Social responsibility has become a primal interest to the humankind for the past two decades. In the earlier days, the firms and organizations concentrated only on the financial part of the business and ignored the ethical, social and moral sectors. But in the recent times, the businesses are getting a grip of the significance of the social, ecological and environmental effects on their success. This has resulted in the emerging interactions between organizations and social segments thus giving rise to corporate social responsibility (CSR) . This paper discusses about the ways and methods of CSRs that are applied in the University of Wisconsin and the impact these methods created on the social, environmental and ecological fronts of the

In a competitive business environment, corporate social responsibility (CSR) is fundamental for an organization (Minor and Morgan, 2011). The coverage of CSR keeps on redefining, evolving and improving. Nowadays, World Business Council For Sustainable Development (N.A.) defines CSR as ‘the integration of business operation and values whereby the interests of the stakeholders, including customers, employees, investors, community, and environment are reflected in the company’s policies and actions’. According to Archie Carroll (1991,cited in D’Amato, Henderson and Florence, 2009), there are four different types of CSR: philanthropic, economic, legal and environment (Taylor, 1984). In the essay, it proves that CSR is not a practice that only

Social responsibility or also called Corporate Social Responsibility (CSR)- is the firm’s engagement (voluntarily initiated) in and its compliance (legally mandated) to environmental, social, and governance issues (The Foundation, 2014). Also, is based on stakeholder’s needs being financially sustainable, and CSR can come from both corporate or not-to-profit organizations. CSR has seven categories; Leadership, vision and values; Marketplace activities; Workforce activities; Supply chain activities; Stakeholder engagements; Community activities (Eurofound, 2017). CSR originated in the 1950’s, when people believed that the actions of corporations are closely related to society and the public, and should conform to and satisfy social values

Companies also should look at being successful by recognizing the need of the triple bottom line. The triple bottom line is measured by a business economic performance and the impact on society elements of value creation are shareholders value, employee value, customer value and societal value. “Leaders in both business and civil society have focused too much on the friction between them and not enough on the points of intersection. The mutual dependence of corporations and society implies that both business decisions and social policies must follow the principal of shared value” (Presutti, p103, 2013). Even if it might cost the company money in the beginning to start CSR policies it is worth it in the end. Companies that embrace CSR policies will come out ahead the companies that do not. Good companies will keep loyal customers and customers are willing to spend more money to companies that have CSR than companies that do not. Companies need to treat their vendors, employees and customers with outstanding service and to be socially responsible to do well in today’s economy. Two companies that have shown good CSR are

Corporate social responsibility (CSR) refers to the social and environmental responsibility policies and practices developed by an organization to increase its positive influence and reduce its negative activity towards society (Schwartz 2010). Organizations must take responsibility for their actions and all the members of the organization must comprehensively review and consider all their tasked achievements and contributions. A healthy balance between economic progress, social responsibility, and environmental protection can lead to a competitive advantage and solidify an organization's place as a corporate citizen (Dickinson, et.al, 2008).

Corporate social responsibility (CSR) also known as corporate conscience and corporate citizenship according to Investopedia (2014). It is becoming a hugely applied concept and is a central area in business decision making (Cochran, 2007).

We cannot build the case for CSR solely because of its economic benefits - an ethical case must be made for companies taking responsibility for the impact of their relations with society and the environment, otherwise the foundations of CSR will be far too narrow.