(2) Why should firms undertake corporate social responsibility? Corporate social responsibility (CSR) is a business approach that creates long-term shareholder value by embracing opportunities and managing risks derived from economic, environmental, and social developments. A CSR policy functions as a self-regulating mechanism whereby business monitors and ensures its active compliance with the law, ethical standards, and international norms. The goal of CSR is to embrace responsibility for the company's actions and encourage a positive impact through its activities on the environment, consumers, employees, communities, and stakeholders. Customer social responsibility can build the loyalty and trust that both ensure a bright and sustainable future in business. In our global society, corporations are becoming increasingly visible, and are judged on their results and …show more content…
Apply the Bentley College Center of Business Ethics Test, page 482, to an ethical dilemma you have recently confronted. Would the outcome remain unchanged had you used the test before facing the dilemma? Ethics are moral obligations to separate right from wrong. Legal acts can sometimes present ethical challenges to businesses. Ethics are important in society. They are a dynamic and individual concept strongly influenced by societal governance, laws, regulations, and codes of conduct. A practical way of improving ethical decision making is to run contemplated decisions through an ethics test when in any doubt. This ethics test was used at the Centre for Business Ethics at Bentley College as part of a corporate training program. Decision makers are taught to ask themselves: Is it fair? Is it right? Who could get hurt? Would you be comfortable if the details of your decision were reported on the front page of the paper? Would you tell your child to do it?
How does it “smell”? In conclusion, if you answer “YES” to all six questions, you probably don’t have an ethical
Corporate Social Responsibility (CSR) is the way a corporation achieves a balance between its economic, social, and environmental responsibilities in its operations so as to address shareholder and other stakeholder expectations. In general, when firms hold this wider encouraging role on the public by being engaged with stakeholders, a variety of profit can be produced for both company and the stakeholders. A key inclination is the combination of Corporate Social Responsibility (CSR) into the organization strategy, culture, mission and communications. By incorporating corporate citizenship into the company it is no longer an additional “nice thing to do” or something made to obey laws or regulations. Instead, corporate responsibility has become something business leaders and workforce want to engage in, frequently because executives who believe in the long-term see business profit. The four types of social responsibilities a...
Corporate social responsibility (CSR) is a when a firm goes beyond compliance and engages in “actions that appear to further some social good, beyond the interests of the firm and that which is required by law” (McWilliams, Siegel & Wright, 2006)...
Corporate Social Responsibility is the obligation from corporations to utilize their resources to aid and benefit the larger society. The four components of CSR are economic, legal, ethical, and philanthropic. Social Responsibility is a fundamental force in the wealth creation process. If correctly demonstrated, CSR should heighten competitiveness and boost the value of wealth creation to society. A company's CSR Initiatives directly represent who the company is and what it believes it. The m...
The topic of corporate social responsibility is play a key role to run a business and has become one of the standard business practices of our time. In current, most successful companies whether big or small enterprise for instance Apple, lnc. and Krotron has engaged in CSR because it is a good way for companies to benefit themselves while it also benefiting society. And in order to obtain benefits that can give them the advantage over their competitors.
Corporate social responsibilities (CSR) have a different meaning in different company but in my view CSR is the concept which is the ability one of the companies can do for society. As the company responsibilities toward the society and environment in the way operate their business. CSR is about how companies manage the business processes to produce an overall positive impact on society. CSR also known as a “corporate citizenship” and with do that CSR is not provide an immediate financial benefit to the company but promote positive social and environmental change. (www.investopedia.com/terms/c/corp-social-responsibility). CSR is a high profile nation which the business world perceives as a strategic (Economist, 2008; Porter & Kramer, 2006)
Boatright (2006) contend that corporate social responsibility denotes the responsibility recognized by a company for acting in socially responsible manner. There is no single universally accepted definition of corporate social responsibility, it has generally come to mean business decision making linked to ethical values, legal compliance, and respect for people, community, and environment. CSR accepts a company to go further than required by law so as to treat employees fairly and with respect, operate with integrity and in an ethical manner in all its business dealings with customer, suppliers, lenders, and others, respect human rights, sustain the environment for future generations and be a responsible neighbor in the community and a good ‘corporate citizen’. Hill (2009) asserts that corporate social responsibility has become a challenge which MNCs face in emerging markets. Galbreath (2009) support the view of Hill (2009) by saying that with increase in globalization, the importance of corporate social responsibility has increased a lot.
Corporate social responsibility (CSR) refers to a business practice that involves participating in initiatives that benefit society. CSR is becoming more mainstream as forward-thinking companies embed sustainability into the core of their business operations to create shared value for business and society. Sustainability isn't just important for people and the planet but also is vital for business success. Today it's not just about having a recycling program or sustainable products. Consumers want to feel good about what their dollar is being used for.
Corporate social responsibility is globally defined as operating a business in a way that meets or exceeds the ethical, legal, commercial and public expectations that society has of business. The concern of CSR has drastically increased over the last two decades. It has enhanced interactions between governments, businesses, society and internationally. In the past, businesses primarily focus themselves with the economic results of their decisions. Now, businesses must also reflect on the legal, ethical, moral and social consequences of their decisions. Corporate Social Responsibility is no longer defined by how much money a company contributes to charity, but by its overall involvement in activities that improve the quality of people’s lives.
According to Investopedia.com (2015), corporate Social Responsibility (CSR) is a corporation’s initiatives to assess and take responsibility for the company’s effects on environmental and social wellbeing. More specifically, CSR involves a business identifying its stakeholder groups and incorporating their needs and values within the strategic planning. Failing to be “responsible” is regarded as a business risk. On the other hand, too responsible is also a risk (Klein, 2012). Thus, effective CSR is important to increase competitive advantage, increase sales, mitigate risks, enhance reputation, and contribute to business results to align the company with its business purpose and values (Ragan, Chase, & Karim, ,2015).
Corporate Social Responsibility (CSR) is a concept whereby organizations consider the wellbeing of the public by taking responsibility for the effect of their actions on all stakeholders; customers, employees, shareholders, communities and the environment in every aspect of their operations. This responsibility is seen to extend beyond the statutory obligation to comply with legislation and sees organizations willingly undertaking additional steps to improve the quality of life for employees and their families as well as for the local community and society at large.
Corporate Social Responsibility (CSR) is the set of regulations that an organization makes to protect and increase the society in which it functions. There are three areas of social responsiblity: Organizational stakeholders, the natural environment and general social welfare.
Corporate social responsibility (CSR): is a business method that gives back to the community through sustainable development by delivering economic, social and environmental benefits for all
According to Mike Peng, Corporate Social Responsibility (CSR) is the consideration and response to issues beyond the narrow economic, technical, and legal requirements of the firm to accomplish social benefits along with traditional economic gains the firm seeks. CSR is a way in which a company seeks to achieve a balance between profit, environmental concerns and social imperatives. This is known as the ‘Triple-Botto...
CSR is a concept where company involves in social and environmental in their business operations. This is done to achieve a balance of economic, environmental and social obligations.in simple terms giving a hand for those who are not capable of achieving with their objectives and attending to them so that they could make those objectives a reality. This could improve organizations cooperate image which would also leads to attain a high market share.
There are now several concepts of CSR and its definition, along with the meaning across corporations. In my opinion, and according with our textbook in page 11. CSR is about a particular set of business and strategies that deal with social issues. In addition, we can clearly perceive that CSRs application along corporations has increase in the past decade due to the several local, and international regulations in order to enforce business to act responsible.