Corporate Social Responsibility: Should we, or should we not. Corporate Social Responsibility (C.S.R.) is a theory practiced in the business sphere since fifty years. It refers to the duty of business organizations to adopt certain activities that will benefit the society in some way. Charity, health-awareness campaigns are few examples that a business undertakes to fulfil its objectives of C.S.R. According to this ideal, it is important for various corporations today to undertake such social activities, apart from merely focusing on their objective of profit maximization. But, is it an obligation that is most important than other objectives of business? This thought further leads us to another significant question – In contemporary settings, should corporations be guided by the concept of C.S.R.?
The Cheesecake Factory The Cheesecake Factory has been one of the more successful chain restaurants in recent years because they have provided great food and outstanding customer service in a fun atmosphere. The cheesecake factory employs a high standard of general conduct and moral aptitude. As a chief executive officer in today’s society, it is my responsibility to ensure The Cheesecake Factory abides by the laws and ethical duties that are mandated by today’s society. There is a copious amount of benefits to being a chief executive officer, however there is an equal amount of risk as chief executive officers are held liable for almost any action or infraction that their company has induced.
Individual factors helps to understand the reason for some people perceive specific action to be unethical whiles others do not. However, the decision-making cannot simply be explained in terms of these individual factors, because after all several people seems to have ‘multiple ethical selves’ (Trevino and Nelson 2007:180) – that is, they make different decisions in different situations. Situational factors accepted to be the most important.
The notion of ethics deals with people’s behaviors within a company. Social responsibility involves a company’s moral obligations and the manner in which the organization makes its decisions. Although ethics and social responsibility are similar on a conceptual basis, each has its own unique characteristics that express their
These different areas of activity are: • Ethics in finance • Ethics in production • Ethics in human resources management • Ethics in sales and marketing Ethics in finance Ethics in finance is a very important factor to consider when dealing with social implications. There are lots of unethical behaviour within finance. The main aim for most business organisations is to generate profit, if something stands in the way of this, a business may chose to use unethical practises to get around the issue.
The work of setting a positive ethical climate starts at the top of the organization as positive ethical attitudes filter down to employees. Ferrell et al. (2015) states, “the more employees perceive an organization’s ethical culture to be the less likely they are to make unethical decisions” (p.134).
Since its implementation in 1989 there has been some amendments done to it to make it more effective these include; involvement of enforcement authorities and have come up with new settlement tools, another change is that they have over time advocated for more permanent solutions and innovative technologies in combating hazardous waste, they have also put other states and federal environmental laws consideration into superfund actions, the act also as recently included an
Daniel Schwartz Corporate Social Responsibility and Ethics Report Introduction Raymond James is a financial service holding company with subsidiaries specializing in investment banking, financial planning, investments, and asset management. The company was founded in 1962, has been public since 1983, and was founded in St. Petersburg, Florida. In June 2016, Raymond James joined the Fortune 500 list for the first time. This paper will address the corporate social responsibility and ethics of this financial institution (Raymond James).
In the field of business, ethics is something which can be considered from different viewpoints, from the business firm to the employee in the firm’s customer. Ethics is a concept which finds its basis in the moral principles which have been accepted and advocated by society. Each aspect of ethical behaviour has been ingrained in the culture of human beings to essentially provide guidance in distinguishing what is wrong from what is right. Due to the high involvement of businesses within communities, they are also responsible for acknowledging and acting upon ethical behaviour. Although this appears to be within the common ground in the theoretical role and purpose of businesses in society, in practice this is not necessarily always the
DEFINITION Business ethics are a set of moral standards or guiding principles for the conduct and decision making of employees and managers. In a business environment, ethics are a key factor in responsible decision making.
Introduction As a result of increasing of violation of ethic and responsibility cases. Ethics and social responsibility are hot topics for today’ organizational mangers (Saunders ,et;al.2002). Ethical decisions are typically guided by a value system of criteria: utilitarian, individualism, moral rights, and justice. For an individual
Business ethics are moral and social responsibility that a business is supposed to have towards the community in general. Many companies are concerned about their social responsibility, particularly to the environment and their employees. Our values and morals are our personal guidelines that help us make decisions about what is right and what is wrong. Most companies have policies and procedures it is important for managers and employees to have guidelines to follow in the workplace. I think we all have encountered one of these bureaucracies throughout our lives such as factories, department stores, banks, hospitals, libraries and churches they have rules, regulations and standardized procedures to follow. The reason because there are
Corporate Governance and Ethical Responsibility Abstract: Corporate governance and ethical responsibility are two major business aspects that have received sharp focus in the recent past mainly because of the recent corporate malpractices, accounting frauds, and corporate failures. These factors have become a major point of focus by various stakeholders including the public, the government, and legal aspects. This article provides a detailed analysis of each of the two business aspects and their significance in modern business practices. The article also discusses the co-relation between the two where the strong link between corporate responsibility and ethical governance is shown.
Social Responsibility ITC Ltd has worked exremly hard to start several procedures that have led to compliance of the standards of social responsibility. ITC’s dealings within the tobacco industry have contributed to the increase in company revenues and the company has worked towards following the triple bottom line and giving back
CORPORATE SOCIAL RESPONSIBILITY AND BUSINESS ETHICS Final Project Report for Legal Aspects of Management Submitted To Prof. Dr. D.S. Sengar Professor, IIM Lucknow Submitted By Group 9 Abhinav Bansal, PGP31186 Chheda Adarsh Jayesh, PGP31199 Manideep Akarapu, PGP31213 Ritika Srivastava, PGP31226 Surbhi Aggarwal, PGP31239 Table of Contents Executive Summary 3 Acknowledgement 4 Business Ethics 5 Corporate Social Responsibilty 7 CSR Law 7 Crisis Management & CSR 10 CSR Case Studies 12 CSR in developing nations 18 References 24 Citations 25 EXECUTIVE SUMMARY The paper addresses the concept of business ethics and law of Corporate Social Responsibility. The study of behaviour of the organisations should include how responsible it is towards the community and its employees, customers and investors.