Corporate Social Responsibility : Csr

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

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.

In many cases throughout the business world we are able to observe the common belief that corporate social responsibility (CSR) as a business entity is used among CEO’s as a driving force for business operation and strategy to gain competitive advantage. It has many benefits, including cultivating the wider society through positive externalities, increasing operating efficiency and improving brand image. Yet in contrast, some individuals who belong to the academic world such as Milton Friedman and R. J. Klonoski believe corporate social responsibility to be a “cloak for actions that are justified on other grounds rather than a reason for those actions” (Friedman, 1970). Throughout this essay we shall explore the ways in which adopting a socially responsible approach to business strategy and operation can affect a businesses ability to maintain competitive advantage in a market and how the adoption of this strategy can lead to a businesses downfall or success.

Corporate social responsibility (CSR) encompasses business practices involving actions that benefit the organization and the stakeholders, which comprises of the society (Schermerhorn, 2012).

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

Along with the fruits of globalization also come the flies. The flow of money, products, and people have increased immensely across the globe in the last century, but as economic crises hit central areas of the globe, the flows also carry that along to other parts of the world. Through these continued global economic crises and recessions, a stronger demand for responsible capitalism has also emerged. Moreover, societies are urging not only governments to take responsibility for the problems but also the corporations. One outcome of this is corporate social responsibility (CSR). CSR refers to voluntary actions of companies or corporations to contribute to the welfare of society and the health of the environment. Some ways it can be

The idea of a perfectly clear and all-encompassing definition of corporate social responsibility (CSR) has been much deliberated and remains controversial. The research of Marrewijk (2013, p.95) elaborated on the significance of this ongoing debate among academics, consultants and corporate executives which results in creating, supporting and criticising of different concepts. This essay will illuminate CSR principles, consider different definitions and concepts and relate it to my definition. Furthermore, it supports the argument of companies’ interest in CSR only for profit maximisation.

Throughout my research of what Corporate Social Responsibility (CSR) is, I noticed that many organizations have framed their own definition, considering a common ground between them. My own definition of CSR is the voluntary continuous commitment and responsibility on the effects that an organization has on both internal (employees) and external stakeholders (communities, environment) that go beyond legal or ethical standard required to operate, as well creating a synergistic relationship between the two parties promoting win-win relationship based on trust and the positive perception that reflects the organization to the community. (Mirvis, 2012, p. 110)

The high volume of research on the topic of Corporate Social Responsibility (CSR) actually highlights the significance of this topic. A lot of discussion on this issue turned this concept into an important part of today’s corporate world. As a result people expect from today’s organizations to maintain higher ethical standards in their operations and fulfill social responsibility towards the society in which they operate (Swaen & Lindgreen 2010). Due to heavy attention by researchers on this topic now Corporate Social Responsibility (CSR) is very well known but in the past different but related terms had been used in the meaning of CSR. This collection of terms include corporate citizenship, business ethics, sustainability, corporate social performance, triple bottom line or corporate accountability (Daniel & Richard 2007).

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

Corporate social responsibility (CSR) is a concept which is also known as corporate citizenship, corporate conscience or in a simple way a responsible business. It is an integrated concept of self-regulatory business model for any organisation. Corporate Social Responsibility has been in practice for more than fifty years now, which has been adopted not only by domestic companies but also by transnational company with voluntary CSR initiatives (Chernev and Blair, 2015). It includes Corporate Social Responsibility for code of conduct, organisational health and environment, companies reporting on social, financial and environmental aspects, partnership with agencies, NGO’s and UN

Corporate Social Responsibility can be defined as a company’s responsibility to ensure ethical business behavior, contribution to the economic development of a country, improve the lifestyle of its own workforce and their family members, betterment of local community and overall society. It is some small amount of cost done by the company which effect can’t be seen in the present but in long term it promotes positive image for the company. Successful CSR program can take a company beyond government regulation and legislation. It is a sustainable program which a company can easily run with its other activities. It mainly defines areas of concerns and initiatives which can improve the relationship of customers, shareholders, suppliers, competitors and other stakeholders with the company.CSR helps to achieve organization’s objectives and guide a company toward what the company stands for and how it satisfy its consumers. CSR can also define in three words that are People, Planet and Profit. People represent fair labor practice and betterment of the community where it operates. Planet represent environment friendly business practice and last of all Profit refers to organization’s economic value created after deduction of all the costs from the revenue including capital costs. Now a day CSR is regarded as a tool for building brand equity through customer loyalty based on distinctive ethical values. CSR is also criticized by some critics. According to their

Corporate Social Responsibility (CSR), defined as “the broad array of strategies and operating practices that a company develops in its effects to deal with and create relationships with it numerous stakeholders and the natural environment” (Waddock, 2004). Globalization and liberalization has reinforced with the introduction of corporate social responsibility, Developing countries need to focus more about the corporate social responsibility planning and implementation process (Kiran and Sharma, 2011). Corporate social responsibility is one of the most important issues and developments of 21st century

CSR has several definitions and can be comprehended differently by various stakeholders. One of the definitions mentioned by ACCA (2014) is “a company’s obligation to all of its stakeholders across all of its activities with the aim of achieving sustainable development in the economic, the social, and the environmental dimensions”.

Thought out some wonderful benefits such as increasing the prestige of businesses around the world, attracting many talents to increase profits and having credibility from the society through the right moral behavior. We now see the irreplaceable importance of corporate social resonsibility. And in that sense, the implementation of CSR becomes a strategic element that is oriented in the development of