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.
This recent reality, combined with globalization, is forcing companies to forge new kinds of relationships with buyers and countries. The financial valuation of companies are taking ever greater account of intangible elements, such as brands, patents and the company’s general image, with companies being bound to take account of these things in an effort to satisfy their shareholders. Environmental protection has become a highly motivating factor, and companies are being pressed to identify stakeholders with whom to team up. With brand value and reputation increasingly being seen as one of a company’s most valuable assets, CSR is now seen as building loyalty and trust amongst shareholders, employees and customers ( Tssa, (n.d.)).
Companies are used to utilising such approach in the form of voluntary CSR to communicate some features and characteristics to their stakeholders such as society and the market in connection with their social responsibility. Under such responsibility, companies demonstrate publicly a clear representation of their philanthropic performances in the society and create a positive subjective image (McWilliams et al., 2006) to make their customers satisfied of the company
CSR AS A WAY TO CREATE BETTER BRAND IMAGE AND GAIN POSITIVE ATTITUDES REGARDing BRANDs (Ghosh,ghosh,das,2013)
Many companies question whether positive acts of corporate social responsibility are beneficial to the organization’s profitability or simply cost the company money. Although practicing good corporate social responsibility can be expensive at times, the benefits and positive outcomes outweigh the costs spent. Among many other positive outcomes, acts of corporate social responsibility have the ability to increase investor relations, can benefit a company’s long-term image, and can lead to the development of new products. Thus, good corporate social responsibility is very good for business.
With the spread of social marketing and CSR in the world, organizations tend to not only consider the consumers’ demands and the companies’ profit, but also take the consumers’ and societies’ long-term benefit into account. Hildebrand,D,et,al (2011) demonstrated that the CSR activities can make up the central, special and core characteristics of the company identity, the identification of the corporate can also be aroused due to CSR activities. Moreover, Porter and Kramer (2006) highlighted that CSR can aid companies create the ability to achieve corporate resource so as to build a sustainable and defensible competitive position. So the companies should consciously undertake corporate social responsibility.
This information can, therefore, conclude that adopting a level of Social responsibility can help a business to attract consumers by differentiation from its competitors, a consequence of this can help to improve the business brand name and image.
The research conclusion of the relevance between corporate social responsibility and corporate economic performance is not similar. They can be mainly divided into three views. One view is that company’s social obligation has a negative relevance with the economic performance of companies; another view is that corporate social obligation can cut down transaction expenses, enhance the competitive power and the manufacture efficiency, finally it increases the company 's financial performance. Some literature studies think that there is no relevance between company’s social obligation and its financial obligation or the relationship is nonlinear.
Corporate social responsibility (CSR) is about how businesses align their values and behavior with the expectations and needs of stakeholders - not just customers and investors, but also employees, suppliers, communities, regulators, special interest groups and society as a whole. CSR describes a company's commitment to be accountable to its stakeholders.
Organizations are expected to actively analyze the impact of their operations on the overall financial and social systems in which they operate. Businesses should know expectations of the society and then manage their behavior and actions to yield results that address those expectations. The implementation of corporate social responsibility plan by an organization is an honor to humanity and nature. CSR discourages organizations from engaging in activities that threaten the life of people affected by its operations. An example is waste management strategies a company puts in place to ensure an appropriate disposal of by-products. Waste materials can pose health dangers such as cancer, contamination of water and food which may result in illnesses or even death of community members.
The importance of Corporate Social Responsibility in sustainable business is inevitable throughout the world. This study aims to investigate long-term relationships between stakeholders and socially responsible companies, reasoning the effect of organizational Trust and Brand Authenticity on such
Although many research about corporate social responsibility (CSR) have been conducted, there are still some field to study more. The purpose of this research paper is to find out whether Business-to-Business companies implement CSR actively. According to the numerous researches shows that correlation between Business-to-Consumer and CSR are strongly related due to variety reasons such as brand image and brand equity. Thus, we thought that B2B business is not actively doing because B2B companies are not directly related to consumer. To understand and enhance this research paper, we cover basic concept and indicators of CSR. In addition, we employs “2014 Global CSR Reptrack 100” report released by reputation institute to disclose the result.
Agunis, glovas (2012), Paper entitled “what we know and don‟t know about corporate social responsibility: A review and research agenda” in Journal of management, based on 588 journal articles and 102 books. The study provided a framework of CSR actions which affects external as well as internal stakeholders and outcomes of such actions. The paper also enhanced the knowledge regarding levels, forms of CSR; need to understand CSR with outcomes etc. further the researcher also suggested a framework of research design, data analysis and measurement for future research of CSR.
Social responsibility is another integral component of a strategic plan. It is essential to integrate corporate social responsibility within the daily operations of an organization. By doing so, it helps ensure that the organization is moving toward the constant development and better interest for the public by attempting to reduce any potential negative impacts of its operations. As such, corporate social responsibility is an integral method of gaining a competitive advantage through the enhancement of its corporate image through the perspective of the stakeholders and the public. Knowing this, more and more organizations are allocating additional resources in an attempt to strengthen their commitment to society. This is commonly demonstrated in the reduction of environmental pollution or assisting in providing financial resources for various social causes (Min-Dong Paul, 2009). When an organization focuses on social responsibility
Corporate social responsibility is paramount in any organization. It involves the need for a corporate organization to go beyond what may be required by regulators or environmental protection groups and manage the business processes to produce an overall positive impact on society. Corporate take it upon themselves and come up with an initiative to assess and take responsibility for the company's effects on the environment and impact on social welfare. This may involve incurring short-term costs that do not provide an immediate financial benefit to the company, but instead promotes positive social and environmental change (Crowther & Aras 2008). Our founder Bill Gates has set an exemplary model through the creation of Bill Gates & Melinda Foundation that has lifted the lives of many poverty stricken people throughout the world. It is in line with this noble initiative by our founder that we are working to uphold the precedents set by our founder that we are setting out to launch the proposed (CRS) dubbed “The Green Hills Initiative”.