Corporate Social Responsibility

The four components of corporate social responsibility are Economic responsibilities by being profitable to the company, Legal responsibilities by obeying the law or playing by the rule, Ethical responsibilities by being ethical in carrying business and Philanthropic responsibilities by being a good corporate citizen and also by improving the quality and standard of living of the community and society. Economic performance is important as the foundation of

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

The success of a company will depend on the principles of moral and ethical behaviors in society. Social media platforms such as Facebook, Twitter, and Reddit are making it more difficult for companies to get away with unethical behavior. In the future companies that will remain profitable have to look at putting profit on equal levels with people and social responsibility. Benefit Corporation (B Corporation) is a corporate form designed specifically for that kind of entities. It encourages innovative ways to bring humanity back into business and redefine what it means to be successful (Lam,

A corporate company has social responsibilities that affect the public and their business is society’s

Corporate social responsibility is the responsibility a company takes on beyond its own economic benefit. Wikepedia (2006) states that it is "a company 's obligation to be sensitive to the needs of all of the stakeholders in its business operations" (Corporate social responsibility, para. 1). Stakeholders according to Wikepedia (2006) are all entities that might have influence on a company 's decisions. However, it should be pointed out that corporate social responsibility surpasses charitable donations and

Corporate social responsibility is an adjusted methodology for organizations to address monetary, social and natural issues in a manner that plans to profit individuals, groups and society. Morals are complex and interactional ideas and beliefs and are an origination of good and bad conduct, characterizing for us when our activities are good and when they are improper. Business morals, then again, is the application of general moral thoughts to business conduct (Fernando, 2013). For any organization to set up they must be socially responsible and follow the business ethics and these are the minimum qualities they must possess in order to progress further in addition to other many other things and this is where the clash begins. The organizations come into dilemma whether they could fulfill social responsibilities and do business at the same time. At this point, Code of conduct and corporate governance principles that were set by government bodies should be followed by the organization in order to do business being socially responsible. Codes of ethics are

The legal responsibility of an organization is to abide by all laws and regulations. The expectation is for the business to follow and obey not only the explicit version of the law but its intended purpose. The corporation’s ethical responsibility is to conduct business and act in accordance with ethical and moral values even when not required by law. The philanthropic responsibility refers to an organization’s obligation to contribute to the betterment of society through its “generosity towards the community” where it resides (Metivier & Matteson, 2015).

“Corporate social responsibility is the idea that a business has a duty to serve society in general as well as the financial interest of its stockholders (Pearce, J., Robinson. R).”

A corporate company has social responsibilities that affect the public and their business is society’s

Corporate responsibility is a phrase heavily used in the business world. Often mentioned to enhance the image of an organization, corporate responsibility does have a true meaning. Businesses that use energy efficient lighting and

However, it is not always easy to create similar hard-and-fast definitions of good ethical practice. A company must make a competitive return for its shareholders and treat its employees fairly. A company also has wider responsibilities. It should minimize any harm to the environment and work in ways that do not damage the communities in which it operates. This is known as corporate social responsibility.

Philanthropic responsibility is shown through helping the community through giving. The act of giving can be in the form of providing funding for a health cause or providing people to volunteer their time for

The first approach to corporate level social responsibility is Corporate Social Responsibility (CSR). CSR consists four obligations. First and basic obligation of a company is making profit in other words its economic obligation. It is essential for a company to make profit to continue its operations. Second obligation of a company is its legal responsibilities to society. CSR states that even if a company can bypass legal constrains, for example a company can violate laws because profit is greater than legal penalty, and it should not do so. According to CSR legal constraints are not a simple income-outcome calculation they are corporates obligations to social and natural environment. Third obligation of a company is ethical

There are four main categories of social responsibility that many companies are partaking in: environmental efforts, philanthropy, ethical labor practices, and volunteering. As for environmental efforts, every company whether small or big has a large carbon footprint. Any movements a company makes to reduce that will benefit both the company and society as a whole. For philanthropy, companies are socially responsible for donating to large and small charities.

The third aspect of corporate social responsibility is the workplace. Companies are responsible to ensure the safety and ethnic in the workplace. The employees are generating the profit so the companies should be responsible to them by creating harmless and harmony working environment. For example, Nike, and other American and European sports wear production companies, promise to monitor the working conditions in its supplier factories in less developed countries (Vogel, 2005, 1).