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how important is corporate social responsibility
corporate social responsibility corporate governance
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Corporate And Social Responsibility 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. The two articles reviewed both focus on this corporate responsibility but they have very different approaches and draw very different conclusions. John Darley's article "How Organisations Socialize Individuals into Evildoing" summarises some of the factors and forces involved in creating socially negative corporate scenarios and then goes on to detail how individuals are heavily pressured by internal corporate culture, management structures and corporate agendas and can then go on to propagate the same. This article examines the motivating factors and draws some alarming and negative conclusions, implying that this corporate mentality of potential social abuse is systemic to capitalism. In contrast, David Birch's article "Social, economic and environmental capital" mentions some of the basic aspects for what is required to achieve positive corporate citizenship, looks at some of the obstacles involved and then suggests changing how we view and perceive corporations from previous models, in an effort to better understand how to achieve these changes. Darley suggests that all corporations "have the potential to drift into harm-doing" (p.221) because the driving motivation of all corporations is "on corporate profitability" (p.221) citing numerous cases of when these motivations resulted in disastrous effects. These examples and illustrations are eff... ... middle of paper ... ... or a pessimist like Darley, I think the majority of us have come to appreciate that Corporate and Social Responsibility is not only desirable but necessary. The birth of corporate change has begun, perhaps slowly and painfully at first, but with increasing social pressure it will continue to grow and hopefully result in a better economic, social and corporate environment for all. D. Birch (2002). Social, Economic and Environmental Capital. Corporate Citizenship in a New Economy. Deakin University, Melbourne J.M. Darley (2005). How Organizations Socialize Individuals into Evildoing
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 movement that aims to promote a greater awareness of how business activities and decisions influence corporate environment, stakeholders, and society in general. Adam Lindgreen and Valerie Swaen’s article “Corporate Social Responsibility” addresses this broad topic in a more narrow direction of CSR implementation as it discusses the most important stages of this process. While this article relies only on the previous research, it provides unique insights into CSR and even challenges the common views of this concept as the authors thoroughly analyze their secondary sources.
The earliest impressions that the book makes on the mind of the reader is that “Corporate Social Responsibility” is not just about some kind of vague theories but supports all that it preaches with practical applications. Labelling the book as “a Bible for today’s corporate citizen”- as the publisher does on the flap of the book- may be stretching it a bit too far, but “Corporate Social Responsibility”, does provide thoughtful answers to a number of vital questions on how a corporation could do most good for itself and its
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.
Friedman, M., (2007). The Social Responsibility of Business Is to Increase Its Profits. In W.
“Corporate Social Responsibility (CSR) 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” (Holme and Watts (2000) p.8). For many years business have cared solely on money however in recent years businesses have started to take interest in CSR and helping society welfare. This paper will discuss if Corporate Social Responsibility is likely to become a game changer in the near future.
An organization’s Corporate Social Responsibility (CSR) drives them to look out for the different interests of society. Most business corporations undertake responsibility for the impact of their organizational pursuits and various activities on their customers, employees, shareholders, communities and the environment. With the high volume of general competition between different companies and organizations in varied fields, CSR has become a morally imperative commitment, more than one enforced by the law. Most organizations in the modern world willingly try to improve the general well-being of not only their employees, but also their families and the society as a whole.
Enterprises lay high emphasis on corporate social responsibility instead of being profitable tools. It is essential for all the enterprises to focus on corporate social responsibility which can help the organization creates long-term sustainability for corporate success. More specifically, corporate social responsibility can be referred as a process which is aim to embrace responsibility for the organization’s actions. Moreover, it can have a benefit to the people who are regarded as stakeholders, like employees, consumers and communities, which is based on its activities. Also, Tai (2014) states that corporate social responsibility is considered as corporate citizenship which tends to be an obligation that can protect, foster, and enhance
Where profit is concerned, the idea of social responsibility has always been linked hand in hand. Social responsibility is that ‘X Factor’ in which a business or individual goes beyond the requirement of a law to pursue short and long term goals to benefit society. It is having an interest not only in your wellbeing, but taking into account the interests and concerns of the community as well. Friedman tries to prove that by taking into account social responsibility a business will fail in the long run and has no obligation of social responsibility to begin with. There are two major supporting arguments brought up by Friedman which I will address in this essay. First, that “a corporation is an artificial person and therefore cannot be socially responsible”. Second is that “if social responsibility is exercised it is acting against the shareholders, owners of the business”. In summary, their main goal should be to act in their shareholders' best interests and that acting "responsibly" would ultimately harm a business’s profit and in terns its shareholders in the name of being so...
Corporate responsibility can best be described as the specification of all the collective systems that are needed to support a business’s functionality, environmental and shareholders activity (Best practices guide, 2014) Most importantly, however is that it can dictate how a business will actually co-operate (Jan Marchant, 2013) within their industry or law boundaries. Quite simply it can be summed up as aligning moral integrity with new management styles of the 21st century (Bill George, 2010).
The arguments for and against corporate social responsibility have captured two points of view. Those who believe that organizations should not be concerned about social responsibility base many of their arguments on the costs involved and whether organizations should shoulder those costs on behalf of society. And those who are in favor feel that organizations benefit from society and, therefore, have an obligation to improve it. Although there is no universal agreement, surveys and other reports express that many organizations are, becoming increasingly active in addressing social
Based on this descriptive claim now, the canonical view of business social responsibility is trying to identify what we ought to do,in other words it changes this descriptive claim into a prescriptive one. According to this people have to be self-interest and companies ought to maximize its profits by obeying the law. A corporation is swan as a society. A good organized society would take care of its citizens. It would protect them by making a fair distribution of the wealth and capital and would solve the problems with new regulations and laws that will help not only people but companies as well to achieve their goals (Personal and professional).
While the concept of an individual having responsibility is commonly recognized, modern views have lead to the emerging issue of corporate responsibility. Business Directory.com defines corporate social responsibility as, “A company’s sense of responsibility towards the community and environment (both ecological and social) in which it operates. Companies express this citizenship (1) through their waste and pollution reduction processes, (2) by contributing educational and social programs, and (3) by earning adequate returns on the employed resources.” But such a concept has been much disputed since at least the 1970’s.
Corporate Social Responsibility is an organisation’s obligation to serve the company’s own interest and the one’s of the society. Moreover, Corporate Social Responsibility has a definition of a concept where the companies integrate social and the environmental concerns into their own business operation and also on a basis of voluntary with their interactions they have with the stakeholders. Corporate Social Resp...
Corporations that place an importance on corporate social responsibility usually have an easier experience when dealing with politicians and government regulators. In compare, businesses that present an irresponsible disregard for social responsibility tend to find themselves fending off various reviews and probes, often brought on at the assertion of public service organizations. The more positive the public insight is that a corporation takes social responsibility seriously; the less likely it is that innovative groups will launch public campaigns and claim government inquiries against it.