Corporate Social Responsibilities Essay

It says that you cannot look at any one of those stakes / stakeholders in isolation. Their interest has to go together, and a job of a manager or an entrepreneur is to figure out how the interest of customers, suppliers, communities, employees and financiers go in the same direction. Each of these groups is important for the business to be successful and if one of the groups is having problems to associate with the rest then it has a negative impact to all the rest.

In recent years, companies are becoming socially responsible and now stakeholders almost expect a company to have CSR policies. Therefore, in twentieth century, corporate social responsibility (CSR) became an important development in public life (Barnett, ND).Corporate social responsibility is defined as “the ways in which an organisation exceeds the minimum obligations to stakeholders specified through regulation and corporate governance” (Johnson, Schools and Whittington, N.D cited in March, 2012). Stakeholders can be defined as “those individuals or groups who depend on the organisation to fulfil their own goals and on whom, in turn, the organisation depends” (Johnson, Schools and Whittington, N.D cited in March, 2012). There are many

Corporate Social Responsibility (CSR) is a very controversial topic. A question that has been debated for the past few decades is; is it corporately viable to introduce social responsibility as a proposed addition to the work ethic of business organisations. As well as, if adopting the framework of corporate social responsibility would yield positive improvements for those organisations.

Chapter 5 in the text, Business, Government, and Society by John F. Steiner and George A. Steiner, corporate social responsibility is defined as the corporate duty to create wealth by using means that avoid harm to, protect, or enhance social assets. General Electric in the Jack Welch Era fulfilled its corporate social responsibility but by marginal measures.

Social responsibility has been always a point of discussion for entrepreneurs, nevertheless, not till recently have there been debates on its importance. This paper will be discussing the effect of corporate social responsibility on the financial performance of a company. This report first addresses the methodology used in searching for relevant resources in the first section of the report, section two summarizes the research while critically analyzing the sources used to answer this paper and the final section will be the conclusion.

The Business Dictionary defines social responsibility as, " A company's sense of responsibility toward the

Does GE under Welch illustrate a narrower view of corporate social responsibility closer to Friedman’s view that the only social responsibility is to increase profits while obeying the law?

1. Corporate social responsibility is defined in Chapter 5 as the corporate duty to create wealth by using means that avoid harm to, protect, or enhance societal assets. Did GE in the Welch era fulfill this duty? Could it have done better? What should it have done?

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

One of the most famous studies about social responsibility and shareholder theory presents in the article of economist Milton Friedman named “The Social Responsibility of Business Is to Increase Its Profits”, which has been published in 1970n. In this article author, who has subsequently rewarded with the Nobel Prize, was formulated main points of shareholders theory and denounced the whole concept of socially responsible business. Friedman declared, “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” (214). He defenses his view using next arguments.

While it is important for a company to make a profit, a business also has a responsibility to help better the community, this is referred to as a company’s Corporate Social Responsibility (CSR). Some elements of CSR that corporations focus on are sustainability, community service, and consumer affairs. A company’s CSR is featured on its website, however, some corporations fail at following through with their social and environmental responsibilities. For example, Gazprom, a Russian company focused on exploring new ways to use natural gas, plays a large role in the destruction of many natural environments. Gazprom was founded in 1989 and it is headquartered in Moscow, Russia. Gazprom’s website highlights many charitable acts done by the company, but it does not mention much of what the company has done in terms of the environment. This is because Gazprom is notorious for being environmentally unfriendly. Not only is Gazprom unconcerned with the environment, the company also abuses its strong market power and charges unfair prices to customers.

Corporate Social Responsibility (CSR) is the concept that corporations are expected to perform certain acts for the betterment of society. The article “Doing Right Leads to Doing Well”, explores CSR by contending that although firms use these tactics for some societal good, they may also be linked with increased brand identification and consumer trust, which may bloat the firm’s bottom line. The authors maintain that CSR outputs such as sponsorship, cause-related marketing, and pure philanthropy can be positively correlated to both “in-role” and “extra-role” consumer behaviors. In-role behaviors consist of directly supporting the company through acts such as purchasing, while extra-role behavior is the indirect support

Before we can fully understand Corporate Social Responsibility Reporting (CSR) and its key aspects, we need to first understand the inherent limitations of annual reports provided by many of the globally listed companies. Everything that we have analysed in the prior week’s regarding IFRS accounting policies, practices and regulations plays a role in the lack of CSR practices of firms. This is because IFRS accounting policies and regulation only represents a very limited financial or economic view of the operations of these listed companies. There seems to be no accountability for the impact that these globally listed corporations have on the environment or on society. Therefore, these listed companies only focus on one bottom line in their annual reports, a bottom line that is based on financial profit only. There also does not seem to be any mandatory IFRS standards in place to require companies to set aside profits that should be used to repair the negative impacts on the environment, employee rights and conditions that are consequences of their actions (Taylor, 2016c).

In contrast Friedman discusses how corporation and its managers should not be concerned with the human parts (society) and should solely be concentrated on profits. He argues that the company is mainly responsible to its owners, shareholders, managers and employees to generate great amount of income to provide high financial rewards. In other words, company stands on its own, what happens in society should not be a concern.

‘Corporate social responsibility’ (CSR) means that the firm has wider responsibilities in relation to objectives and people apart from the owners or shareholders (Beal and Goyen 2005). These responsibilities are achieved when the firm adapts all of its practices to ensure that it operates in ways that meet, or exceed, the ethical, legal, commercial and public expectations that society has of business. Objectives often associated with CSR include a responsibility to manage natural assets sustainably and not to pollute by chemical discharge, smell, noise, dust or other irritants; fair treatment of employees and ethical attitude towards clients. The other people include employees, customers, suppliers,