Corporate Governance and Social Responsibility in Business Essay

In recent years, increasing number of customers and businessmen start to concern about the ethical issues in businesses. Although the main purpose of business is to make profits, the social influence of it also appears to be focused by a large proportion of customers and businessmen. Corporate social responsibility (CSR), which is closely connected with this concentration, was put forward in 1953 with the meaning of interacting social, environmental, and economic considerations into the decision-making structures and processes of business (Industry Canada, 2013). Although criticized, there is a business case for CSR because it could enhance customers’ loyalty, improve

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

After carefully examining different theories and case studies on the relation between corporate social responsibility and financial performance, evaluating and critically analyzing the topic was possible. Even though social issues have been questioned for years, yet only recently have it become a main issue that is usually addressed by companies and corporations (Ahen and Zetting, 2015). An increased demand in research on CSR has shown that some companies have reacted to this matter by investing more in corporate social responsibility as it increases competitive advantage (Crane and Glozer, 2016). CSR can be used as an aggressive business strategy and an efficient marketing tool in order to design and sustain a competitive advantage over competitors (Crane and Glozer, 2016). Corporations understood that in order to be able to function profitably and be competitive in a very competitive market they must

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.

Corporate social responsibility can simply be identified as a duty, which is not a legal obligation lately, under very much consideration by every multinationals, as well as the growing firm. The ongoing concern is meant to increase the awareness between the business Individuals, to implement and draw line which should clearly indicates that what social obligation an organization has towards the society.(Caroll,1970) (Caroll, Archie, B.(1991). The pyramid of corporate social responsibility is towards the moral management of organization stakeholder.

The concept of Corporate Social Responsibility is a relatively new in the management field and there is no single definition of it since everyone’s interpretation of the term is different. “Corporate Social Responsibility means something, but not always the same thing to everybody.” (Votaw, 1972, p.25) and from my understanding of the concept, CSR to me is “The voluntary business activities within the boundary of law that contributes to the wider community for a more sustainable environment”. Since everyone has a unique interpretation of CSR, the range of relevant CSR practices across businesses has been quite diverse as there is no such thing as features of CSR (Marcel van Marrewijk, 2003). Rising environmental and social concerns in

Do you agree or disagree with the following quotation: “There is one and only one social responsibility of business—to use its resources and engage in activities designed to increase its profits so long as it stays within the rules of the game, which is to say engages in free and open competition, without deception and fraud.” Milton Friedman, a Nobel Prize winning economist. In other words, the social responsibility of business is to make a profit.

Corporate social responsibility has been one the key business buzz words of the 21st century. Consumers' discontent with the corporation has forced it to try and rectify its negative image by associating its name with good deeds. Social responsibility has become one of the corporation's most pressing issues, each company striving to outdo the next with its philanthropic image. People feel that the corporation has done great harm to both the environment and to society and that with all of its wealth and power, it should be leading the fight to save the Earth, to combat poverty and illness and etc. "Corporations are now expected to deliver the good, not just the goods; to pursue

Anyone who owns public shares in a company has invested hard-earned money into a corporation based upon their perception that the company will be profitable and sustainable. The corporation’s board of directors are then responsible to manage the company in such a way as to increase their share-holders’ investment. For hundreds of years, this attempt to increase a corporation’s worth was done with little or no interest in social responsibility. Until very recently this topic was not very much in the public eye. However, at the moment the global economy is rapidly changing and business transparency is increasing through the accessibility of information across the world. Social and global change is moving faster than ever and progressing

Corporate Social Responsibility (“CSR”) is often described as the measures taken by companies to manage environmental, social and economic impacts of their business activities. Since the globalisation of economic and labour markets, CSR has become an argumentative topic. For companies to be considered as good in terms of CSR, they are required to go above and beyond of their legal requirements and take into consideration what is in the best interests of its stakeholders.

A combination of recent changed to the world scene and pressures from public opinion now requires corporations to take on a new role, social responsibility. Corporate social responsibility is a corporation’s initiative to monitor and ensure compliance with the law, ethical standards, and norms. It can also be defined as corporation’s actions that further social good and go beyond the interests of the firm in order to make the world a better place. Essentially a corporation should embrace the idea of corporate citizenship, the idea that businesses are socially responsible for meeting legal, as well as ethical and economic responsibilities placed on them by shareholders. Although this is an alluring concept, it is also a flawed one. It

This paper explores the importance of social responsibility within corporations. This paper also explores “The Social Responsibility of Business is to Increase its Profits” by Milton Friedman and his stance on social responsibility. Friedman believed that corporations should not waste money on new initiatives if it was just to appease the public, especially if it went above what laws required. Examples are shown how corporations must listen to the customer or it could hurt the profitability of the corporation, with social media being a big tool to press issues. Also discussed are laws that support socially responsible initiatives such as pollution reduction that direct and provide incentives for businesses.

Various authors have different definitions of what Corporate Social Responsibility. According to Lorde Holmes and Richard Watts, 1998 in their publication ‘Making Good Business Sense,’ they define CSR as “the continuing commitment by businesses to behave ethically and contribute to

Evaluating the measure of corporate social responsibility (CSR) is as much an attempt to ascertain ethical conduct of interactions with stakeholders, as it is a management tool of to limit liability. A research summary of Corporate Responsibility Best Practices, notes that 72% of NYSE Euronext traded firms surveyed have a formal corporate responsibility programs in place (Corporate Responsibility Officer Association, 2011, p. 6). Just 20% of the surveyed firms did not view corporate responsibility as a priority, while many firms believed that ethical corporate responsibility was ingrained throughout their culture and functions.

Corporate governance has played a very important role in the present economic condition of India. India successfully started its move towards open and welcoming economy in 1991. From then onwards it has seen an amazing upward trend in the size of its stock market, that is, number of listed firms was increasing proportionately. If India wants to attract more countries for foreign direct investments, Indian companies have to be more focused on transparency and Shareholders value maximization. Even though corporate governance practices can be backdated to as early as 1961 around the world, India was lagging behind. It was not until 1991 when liberalization took place and corporate governance established an international context. The most