Abstract
Corporate social responsibility is a form of corporate self-regulation integrated into a business model. Poor business practices don’t necessarily produce ethical violations, although regularly conducting good business practices has a direct correlation to exhibiting professional ethics within the work place and helps promote organizational social responsibility. Turning a profit is a single factor of many to being a “good” company. Many corporations in the United States have succumb to mishaps that have put their reputation in question tending to affect its credibility and stature over the years. As public awareness has increased, corporations must necessitate social responsibility to fulfill obligations and many businesses have
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Internal and external comprehension of how the corporation is regarded, then audits performed on corporate social responsibility programs infer the extent of ethical corporate citizenship. Corporate sponsorship, long considered a minor detail, is now a principal tactical endeavor for many companies. The reputation of the United States itself, which suffered in past years, has gained in significance to management. Leadership values, perceptions, and visions of corporate management are continuously under public scrutiny. A company's reputation is no longer deemed an afterthought to promoting goods and services (Plummer, …show more content…
Poor business practices that aren’t necessarily ethical violations are possible. In other words, poor business practices don’t always equate to poor ethics but good business practices do present corresponding ethics, which is necessary for corporations to fulfill requirements of social responsibility. Examples of ethical violations are banks or investment firms granting themselves sizable bonuses and purchasing lavish gifts without reporting to their investors and the government, or taking taxpayer dollars to cover their losses and expenditures. Poor business practices that exhibit poor ethics are contingent on how the business decision was determined as well as the disclosures furnished (Fleischman, 2008).
References
Valentine, Sean, and Gary Fleischman. (2008). Professional Ethical Standards, Corporate Social Responsibilty, and the Percieved Role of Ethics and Social Responsibility. Journal of Business Ethics, vol 82, no. 3, p. 657+. Academic OneFile.
Wagner, Cynthia G. (2001). Evaluating Good Corporate Citizenship. The Futurist, p. 16. Academic OneFile.
Plummer, Joseph T. (2005). The fragile nature of corporate reputation. Journal of
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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.
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The importance of having a code of ethics is to define acceptable behaviors and promote higher standards of practice within a company. The code should provide a benchmark for...
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The concept of business ethics refers to a set of guiding principles that encourage individuals in an organization to make decisions based on the company’s stated beliefs and attitudes toward business practices within its industry (Lisa McQuerrey., 2016). Ethical and Unethical business decisions have long been a predicament encountered by organisations, these practices are concerned with how the companies interact with the global business world, and to their one-on-one dealings with individuals (Garry Crystal, 2016.) The concept of ethics and social responsibility emerged into the business world in the early 1970s after the end of World War I, saw these organisations become more profit driven resulting in negative impacts on society at large.
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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.
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