Role Of Business In Business

Firstly, I would like to explain what Corporate Social Responsibility is. “It is a company’s sense of responsibility towards the community and environment (both ecological and

Corporate Social Responsibility is a philosophy that relates to a business being a part of the society, so acts in a way that not only advances its own firm but also serves the society as well. Good ethics is the cornerstone of sustainable development. In the long run, unethical behavior may harm customers and the society as a whole. Furthermore, it damages a company’s image, efficiency and effectiveness in operations. In some extreme cases, it may jeopardize the company’s survival. As a matter of fact, the behavior of a firm will be judged by the groups of the society. Their judgments and responses will have an impact on the performance of the

The purpose of business is commonly perceived negatively by the general public. Most people believe that businesses are started solely for the purpose of making money for its investors. However, according to Mackey (2013), “business has the potential for a higher purpose; to improve our lives and create sustainable value for all stakeholders of a business”. During the interview Mackey (2013) says that “business creates the goods and services that make our lives better”. At any rate, most people still view business as a necessary evil until more businesses adopt the conscious capitalism philosophy.

According to Wikipedia “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 the local community and society at large.

In recent years, Corporate and Social Responsibility has become an ever increasing concern and source of community debate. It is now socially accepted that corporations have some ongoing responsibility, though sometimes ignored, to set a good example, make decisions based on social good and on ensuring positive environmental practices.

Previous writing of corporate social responsibility, and it was cited to more often as a social responsibility(SR) than as (CSR) from several year. Perhaps this was because the age of the recent corporation’s prominence and dominance in the business sectors had not yet occurred or been note.The publication by Howard R. Bowen(1953) of his landmark book “Social Responsibilities of businessman” is debate to mark the beginning of the modern period of literature on this subject (Carroll, et al., (2008)).

Corporate Social Responsibility is the continuing assurance by the business world to contribute to economic progress while improving the quality of life of the employees and their families as well as of the local commune and society at large. Different organizations made various definitions, although there is considerable common opinion between them. Corporate Social Responsibility is, how organizations manage the business plans to produce an overall constructive impact on society. It is essentially a concept where organizations decide to contribute voluntarily to a better society and a cleaner environment. Organizations consider themselves as an essential part of the society and act in a socially responsible way. Earlier it was viewed as a philanthropic activity but it is now viewed to be an inclusive, broad, diverse and integral part of business strategy to reduce the business risks related to uncertainty.

With increasing urgency, market and social forces are rewriting the roles and responsibilities of business as well as its strategies. Though the profit motive of business is understood and accepted, people do not accept it as an excuse for ignoring the basic norms, values, and standards of being a good citizen. Modern businesses are expected to be responsible towards the community resources working toward the growth and success of both their companies and their communities.

Corporate social responsibility can be defined as the "economic, legal, ethical, and discretionary expectations that society has of organisations at a given point in time" (Carroll and Buchholtz 2003, p. 36). The concept of corporate social responsibility means that organizations have moral, ethical, and philanthropic responsibilities in addition to their responsibilities to earn a fair return for investors and comply with the law. A traditional view of the corporation suggests that its primary, if not sole, responsibility is to its owners, or stockholders. However, CSR requires organisations to adopt a broader view of its responsibilities that includes not only stockholders, but many other constituencies as well, including

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

Corporate social responsibility is what a company uses to self-regulate itself and refers to business practices involving initiatives that benefit society. A business’s CSR can encompass a wide variety of tactics, from giving away a portion of a company’s proceeds to charity and implementing “greener” business operations. Companies use implement Corporate Social responsibilities for various reasons and this can be argued. Large corporations have a more reasons for CSR to protect their image Corporate social benefits also have many different benefits for the company.

According to Cohen (2009), the concept of social responsibility entail that “every organization must assume the full responsibility for its impact on employees, the environment, customers, and whomever and whatever it touches” (p. 31). On the other hand, Murphy (2009) explains that social responsibility “pertains to an entity’s ability to respond to a person, situation or issue in a certain way” (p. 245). Comparatively, Carroll & Buchholtz (2003) revealed that the concept of social responsibility means that “organizations have moral, ethical, and philanthropic responsibilities in addition to their responsibilities to earn fair return for investors and comply with the law” (p. 36). This means that the society will look for major organizations where profits and nonprofit could be derived to take care of some of the ills in the society.

According to Milton Friedman, '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, which is to say, engages in open and free competition without deception or fraud."

Corporate Social Responsibility (CSR) is defined by Carroll as being split into four possibilities,”it is economically profitable, law abiding, ethical and Philanthropic” (Visser. W, 2005). Economic responsibilities is defined as being for profit purposes, managers focus is purely on the outcome of the business and the shareholders, there is

Corporate social responsibility’ ‘how companies manage the business to produce an overall positive impact on society’’(lecture), so it how companies do something positive for society without take something in return. We can also say it is a practice with the purpose to hold responsibility for the company's actions and inspire a positive impact through its activities on the environment.