What is CSR? CSR or Corporate Social Responsibility indicates the actions or conducts that have strategic importance to companies. CSR has been defined as a company’s efforts or obligations in reducing and getting rid of any detrimental effects on the community and maximizing long-term beneficial effects to the company and community in which it operates (Mohr et al, 2001, cited Trendafilova et al, 2013). CSR usually starts with the general emphasis that businesses are not only responsible to generate economic returns for shareholders, but are also responsible to the environment and to other stakeholders. This is usually known as the “triple bottom line” – the company’s returns for investors, the environment and stakeholders (Markley, 2014). In today’s modern business environment, CSR is undoubtedly important because whenever possible, customers would like to purchase goods from companies they trust; suppliers want to develop business partnerships with companies they can entrust; employees want to work for companies they have a high regard for and NGO’s want to work with companies seeking possible solutions in areas of common concern. Pleasing each of these stakeholder groups enable companies to maximize their obligations to their shareholders who gain most when the needs of other stakeholder groups are met (Waldman et al, 2010). Nowadays, almost every modern company is doing CSR. Why? What are the advantages that these companies actually perceive when considering doing CSR? Well, one of the main benefits that these companies perceive is that it improves the company’s reputation and image. Companies that do well with regard to CSR can enhance and build their reputation whereas those that perform badly can damage the brand and comp... ... middle of paper ... ..., D.J., & Harris, K.E. 2001. Do consumers expect companies to be socially responsible? The impact of corporate social responsibility on buying behavior. Journal of Consumer Affairs, 35(1), 45-72, Cited by Trendafilova, S., Babiak, K. and Heinze, K. 2013. Corporate social responsibility and environmental sustainability: Why professional sport is greening the playing field. Sport Management Review. • Tsoutsoura, M. 2004. Corporate social responsibility and financial performance. • Vogel, D. 2008. CSR Doesn't Pay. [online] Available at: http://www.forbes.com/2008/10/16/csr-doesnt-pay-lead-corprespons08-cx_dv_1016vogel.html [Accessed: 15 Feb 2014]. • Waldman, D., Kenett, R. S. and Zilberg, T. 2010. Corporate Social Responsibility: What it really is, Why it’s so important, and How it should be managed. School of Global Management and Leadership, Arizona State University.
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 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...
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 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.
Hohnen, P. (2007). Corporate Social Responsibility An Implementation Guide for Business. Winnipeg: International Institute for Sustainable Development. Retrieved January 22, 2014, from http://www.iisd.org/pdf/2007/csr_guide.pdf
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.
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.
Corporate Social Responsibility (CSR) is recognized as a well-known practice of global organizations. CSR generally describes the relation that exists between companies and society and the interrelationship between economic, social and environmental features. CSR also can improve the quality of life of different stakeholders, such as employees, owners, consumers, investors, creditors, social and other responsible and ethical performance.
Corporate social responsibility (CSR) is a business approach that contributes to sustainable development by delivering economic, social and environmental benefits for all stakeholders. (Louche, n.d.). A normal company’s main purpose is to produce profit and some companies want to benefit themselves before benefiting the people buying that company’s product, relating that to CSR they will get a higher reputation and that causes a higher sales which means bigger profit. CSR is the responsibilities that businesses should apply in order to make that business better towards the people and towards the eco-system. A part of CSR involves following the code of ethics which are rules that will guide a business to respect and the right behavior in order
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
CSR has been defined in many different ways. CSR is generally understood to be the way a company achieves a balance or integration of economic, environmental and social imperatives while at the same time addressing shareholder and stakeholder expectations. It is about meeting the current needs and ensuring the future generation’s needs are not compromised upon (Gupta & Sharma, 2009, p. 397). Consider also the following definitions of CSR (Schwartz & Saiia, 2012, p. 4):
With the interest in Corporate Social Responsibility growing, increasing numbers of organisations are incorporating CSR into their business operations in an effort to be seen acting as good corporate citizens, so what is CSR & what is it's role in today's organizations?
While there is no universal definition of corporate social responsibility (CSR) due to differences in values and understanding, it is agreed upon that firms implementing CSR must meet the economic, legal and ethical expectations that any society has of the firm at a given point in time (Saeidi et al., 2015, p. 342). In simple terms, corporate social responsibility refers to the efforts of a firm to conform to business practices that result in a long-term economic, societal, and environmental well-being (Du, Bhattacharya & Sen, 2011, p. 1528). It emphasizes on the notion of ‘doing well by doing good’ by stressing upon the idea that profit is only a byproduct of business and not the end goal and that the purpose of business organizations go beyond
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...
Among contemporary topics of organization behaviour is corporate social responsibility (CSR). This is a contemporary topic given that calls from society and political leaders for greater individual and corporate social responsibility are increasing (McShane, & Von Glinow, 2008).