Responsibility Social Responsibility

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Recommended: The significance of Corporate Social Responsibility

As the socialization of enterprise management evolves continuously, significant attention has been drawn to the implications of corporate social responsibility (CSR). CSR is generally defined as "a concept whereby companies integrate social and environmental concerns in their business operations and in their interaction with their stakeholders on a voluntary basis" (European Commission, 2001, p.6) As indicated in the definition, social and environmental concerns should exert influence on the company's stakeholders including not only actual shareholders but also other relevant social subgroups (Freeman, 1983). Despite the absence of a universally accepted metric to quantify the effect of each specific investment due to the complexity of contextual However, A typical query proposed that environmental concerns are generally followed by massive upfront investments, which is likely to abate companies’ competitiveness (Mcguire, Sundgren, & Schneeweis, 1988). While in the automotive industry, several cost reduction ways can be brought about by environmental measures to offset, if not exceed, the aforementioned additional investments (Soloman & Hansen, 1985). Descriptive statistics in automotive industry indicated that eco-friendly CSR measures, such as energy-efficient technologies adopted in vehicle-assembly line, innovation for car recycling and dismantling, are believed to be conducive to cost reduction and profitability enhancement (Cortez & Nugroho, 2010). As a case in point, BMW (2014) claimed a cost saving of 15.8 million euros from resource-efficient production. On the other hand, a mounting number of legally binding environmental policies, which may lead to substantial taxation if companies are substandard, have been imposed on the automotive industry. Driven by regulations, automotive companies will tend to proactively improve their environmental performance for tax deductibility to reduce their capital expenditure (Hall, 2010). Despite additional investments required to concretize environmental concerns, these CSR measures can still benefit automotive companies by reducing substantial

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