Corporate Social Responsibility

Every business has a social responsibility toward society. That means to maximize positive affects and minimize negative affects on the society. Social responsibilities includes economic-to produce goods and services, that society needs at the price, that satisfy both-business and consumers, legal

EST1 Task 1 Kara Kinikini Student ID: 265037 Business Management Many believe that business entities should have an ethical duty to be socially responsible, to work towards increasing its positive effects on society while decreasing its negative effects. Many organizations look for opportunities to be socially responsible while also creating shareholder wealth.

CORPORATE SOCIAL RESPONSIBILITY (CSR) is a term describing a company’s obligation to be accountable to all of its stakeholder in all its operation and activities. Socially responsible companies consider the full scope of their impact on communities and the environment when making decisions, balancing the needs of stakeholder with their need to make profit.

In so doing, corporations does not go empty handed; the reward is profits for its owners and management. The society benefits more in terms of growth and satisfaction in different respects. Company goals nowadays incorporate morals or some statements that linger on ethical behavior and morality, hence companies have a social responsibility as defined by their very own mission statements and objectives. This further attests to the notion that there is a social contract to deliver what society deems necessary to achieve developmental growth.

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Corporate social responsibility is becoming a key initiative and an essential tool in the growth of multinational corporations and the development of third world countries throughout the globe. The two concepts can work hand in hand to provide benefits for all; however difficulties in regulating and implementing corporate social responsibility need to be overcome before effective changes can be made.

Corporate social responsibility is the voluntary stance or set of actions from a corporation that demonstrate a contribution to a better society and a cleaner environment. Corporations are already required to operate within the law, but laws do not always protect all people or individuals who will be affected by the corporation’s actions. In addition to this, it is very common for special interests to play a part in legal decisions through lobbying efforts, so it is assumed to be an additional effort for a corporation to be socially responsible. Being socially responsible essentially comes down to being considerate and calculated in the decision making process, paying attention to the consequence of every action. In the ethical decision making model, there are two particular steps that I believe to be of greater importance than the others. The first would be that of

During the late twentieth century, different ideas became popular about how best to manage a firm. The first theory which emerged was Stockholder theory, which encouraged managers to act as agents for the company’s legal owners: it’s stockholders. This theory held that it was the function of a firm to act in the best interests of its owners by focusing on maximizing profits. Ensuring that the stockholders’ investments paid off was the fiduciary duty of the managers of this firm. However, some managers did not feel this style of management was best for their firms. There were other kinds of value that a firm could want to maximize, not just profits. A new theory emerged, called Stakeholder Theory, which completely altered how managers did business. Stakeholders were those who affect or are affected by a firm, and they fall into two categories: market stakeholders, who exchange money like employees or customers and nonmarket, like the environment. It can be challenging for managers to decide which stakeholders to prioritize, but a firm which uses Stakeholder Theory can effectively earn profits as well as generate a positive value to the community and environment in which it resides.

1.0 Introduction Business is generally known as an organisation, either as an individual or society that involved in the trade of goods, services, or both to consumers. As a whole, a business is doing commercially viable and profitable work. The business world has moral that to survive in the industry to make money and gain a face value and thus increase their share value or profit. To do this many companies are working towards it. In order to gain continuous respect in the business world, corporations take on a responsibility to assure the people of a country that this particular company not just sells several products but also does something for the nation in return. This corporate self-regulation is known as the Corporate Social

“According to Carroll (1983), “corporate social responsibility involves the conduct of business so that it is economically profitable, law abiding, ethical and socially supportive. To be socially responsible then means that profitability and obedience to the law are foremost conditions when discussing the firm’s ethics and the extent to which it supports the society in which it exists with contributions of money, time and talent (p.608).”

“Corporate social responsibility is essentially a concept whereby companies decide voluntarily to contribute to a better society and a cleaner environment”; “Corporate citizenship is about business taking a greater account of its social and environmental – as well as financial – footprints”; Corporate social responsibility is where “a corporation operates in a manner that meets or exceeds the ethical, legal, commercial and public expectations that society has of businesses”;

CORPORATE SOCIAL RESPONSIBILITY The term social responsibility means different things to different people. Generally, corporate social responsibility is the obligation to take action that protects and improves the welfare of society as whole as well as organizational interests. According to the concept of corporate social responsibility, a manager must strive to achieve both organizational and societal goals.

Corporate social responsibility (CSR) also known as the “social responsibility” is defined by the European Commission as an concept where business integrate social and environment concern in their day to day activities on a voluntary basis. CSR has encapsulated the interest of one and all in term of economic, social, and environmental concern and it has become more and more important in the past years.

Social progress, economic development/production and environmental preservation are the three fundamental keys to sustainable development. While there are various definitions on CSR, this report will outline what is meant by the term “CSR” and how it is connected to the strategic purpose of an organisation. It will also critically asses the results of CSR in reference to various stakeholder expectation’s looking at both good and bad

The Importance of Corporate Social Responsibility on Global Business Let’s first define Corporate Social Responsibility (CSR) The World Business Council for Sustainable Development (WBCSD): "Corporate Social Responsibility is the continuing commitment by business to behave ethically and contribute to economic development while improving the quality of life of the workforce and their families as well as of the local community and society at large”.