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Question: “MNCs” face particularly demanding challenges when it comes to managing their corporate social responsibilities”. Critically discuss this statement using real business to support your arguments 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.
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Moreover, it should be understood that moral philosophies offer standards for controlling how conflicts are settled in reference to people life’s concerns. Additionally moral philosophies influence how corporation devise business strategies and resolve specific ethical issues (Ferrell, et al., 2013, p. 153). With that said it should be noted that not one specific moral philosophy is accepted universally. This fact is proven by viewing how moral philosophies is used to are used to endorse certain economic system and the conduct of people in those systems. For the purpose of this paper... ... middle of paper ... ...., Fraedrich, J.
Socially responsible firms are defined as firms ... ... middle of paper ... ...SIBILITY AND CORPORATE GOVERNANCE. Economic Affairs, 29(4), 5-10. doi:10.1111/j.1468-0270.2009.01940.x Llopis, J., Reyes Gonzalez, M. M., & Gasco, J. L. (2007). Corporate governance and organisational culture: The role of ethics officers. International Journal of Disclosure & Governance, 4(2), 96-105. doi:10.1057/palgrave.jdg.2050051 Kanji, G. K., & Chopra, P. K. (2010). Corporate social responsibility in a global economy.
In recent years, there have been a growing number of companies that have an explicit Corporate Social Responsibility (CSR) plan. As stated by European Commission (2001), CSR is 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.” It is believed that the motives for CSR are gradually converting from philanthropic rationale to performance-driven orientation, but the question of better company performance resulting from the implementation of CSR has often been the centre of debate. The purpose of this paper is to examine how CSR can positively contribute to company performance, which refers to the quantitative values such as profits and stock price. This paper begins by reviewing how investors and managers perceive CSR as a value-creating tool. It will then go on to discuss how CSR helps to build employer-employee relationship and customer loyalty.
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