Corporate Social Responsibility ( Csr )

2216 Words Mar 14th, 2016 9 Pages
Brief literature review
Corporate Social Responsibility(CSR) is a business framework which companies use to self-regulate its law and ethical standard and there has been various discussion on the meaning of CSR over the years. For instance, the economist Milton Friedman argued in 1970 that CSR 's sole purpose is for business to 'increase its profit for the firm and its shareholders. '

Throughout the years, this statement has been debated and criticised by many scholars such as Mcwilliams and Siegel(2001) and they noted CSR as an ‘action that appears to further some social good, beyond the interests of the firm and that which is required by law.’

Yet, Kritofferson, Gerrans and Clark-Murphy (2005) argued that this definition might not be able to represent the full scope of CSR because it automatically assumed CSR as a ‘non-commercial activity ' and they argued the definition should vary depending on the 'demographic, political and ethical background of the organisation ' which is trying to define it.

Turning to the current practice of CSR, a report named 'Sustainability Reporting - The Time is Now ' from Ernst and Young (EY) showed that there is an increasing trend of international firms using CSR framework to explain their roles in the society and how they implement their own ethical and legal standards. (EY,2014) Therefore, CSR has indeed gained increased attention in both the media and the business world and we are able to see how the importance and perceptions of…
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