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views of corporate social responsibility
views of corporate social responsibility
nature and concept of corporate social responsibility
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Corporate social responsibility has become a key factor to businesses today, but what is it exactly? Corporate social responsibility also known as CSR is when businesses go outside of their normal responsibilities to give back to the community. It is the way corporations take accountability for its effects on the environment and impact of the society as a whole. Therefore they try to make up for damages, mainly to the environment, that they have made. Businesses dedicate their own money and time to environmental programs and various social welfare initiatives to the community(Mason and John 79).
The concept of CSR originated in the 1950s, when many people believed that the actions of corporations were related to the economy, society, and environment. Therefore people thought that companies should accept further responsibility to keep society stable. Eventually corporate social responsibility became known as corporate citizenship because companies began to go beyond just giving money, but also aiding in social groups and the environment. It has became known to improve lives and communities through business (Chun-Chen 73).
Corporations are now challenged by investors including customers, and employees, to develop a plan for how they will approach economic success while taking care of their employees and the environment. By committing and fulfilling to this idea, corporations are engaging in corporate social responsibility (Virvilaite and Ugne 535).
The main principles involving corporate social responsibility involve flexibility in aspects of giving back through ethical, legal, and economic aspects. The corporation needs to be ethical, but also has the rights to make its own decisions of what type of philanthropy the company wants ...
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... recyclable shoe boxes and also participate in many other environmental and social projects. They also make sure that their suppliers who work in China, Ethiopia and Argentina are being treated well, including maintaining the prevention of slavery and human trafficking within their supply chain. This act of CSR has attracted many consumers to this company(Toms.com).
To conclude, I do feel that corporations should participate in corporate social responsibility. It is beneficial to the community and themselves. Corporations should help out the society since without the society or community, corporations wouldn’t be as successful as they are. I think that CSR is a great way of showing care for things other than themselves which gives a company a more pleasing look in a consumer’s eye. Therefore corporations should continue to offer their time or money into communities.
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 when a firm goes beyond compliance and engages in “actions that appear to further some social good, beyond the interests of the firm and that which is required by law” (McWilliams, Siegel & Wright, 2006)...
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...
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.
Corporate social responsibilities (CSR) have a different meaning in different company but in my view CSR is the concept which is the ability one of the companies can do for society. As the company responsibilities toward the society and environment in the way operate their business. CSR is about how companies manage the business processes to produce an overall positive impact on society. CSR also known as a “corporate citizenship” and with do that CSR is not provide an immediate financial benefit to the company but promote positive social and environmental change. (www.investopedia.com/terms/c/corp-social-responsibility). CSR is a high profile nation which the business world perceives as a strategic (Economist, 2008; Porter & Kramer, 2006)
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. Galbreath (2009) support the view of Hill (2009) by saying that with increase in globalization, the importance of corporate social responsibility has increased a lot.
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.
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.
It has been shown that there are many different areas in which a company may choose to focus its corporate social responsibility. The top area of focus in corporate social responsibility is on environment. Other areas that should be considered in the development of corporate social responsibility programs are education, health, nutrition and employment. “Social responsibility investment combines investors’ financial goals with their obligation and dedication to factors that ensure the well being of society such as environmental friendly practices, economic growth and justice in society” (Anderson 9). These elements not only epic corporate social responsibility, but also represent ethical standards of a company. It is unethical for some individuals to own so much and earn so much, at the expense of other suffering members of society. It is also unethical for companies to damage environmentally that result in illnesses and loss of life. It can be concluded that Social corporate responsibility and the maintenance of high ethical standards is not an option but an obligation for all
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.
According to Mike Peng, Corporate Social Responsibility (CSR) is the consideration and response to issues beyond the narrow economic, technical, and legal requirements of the firm to accomplish social benefits along with traditional economic gains the firm seeks. CSR is a way in which a company seeks to achieve a balance between profit, environmental concerns and social imperatives. This is known as the ‘Triple-Botto...
Corporate Social Responsibility (CSR) is defined as the voluntary activities undertaken by a company to operate in an economic, social and environmentally sustainable manner.It is a global standard. It’s not what people think. It means that the Standard Operating Procedures(SOPs) must be ethical from the beginning to the end; every input that is put into the company to the output, needs to be ethical and accountable to the people. It needs to provide high quality products and services that leave a smaller carbon footprint. So that is in the end, being responsible. Corporate relates to anything that has to do with profit. CSR is always associated by people with non-profit, but companies work for profit only. CSR is a responsibility,
While Corporate social responsibility (CSR) is vaguely explained by Caramela as, “business practices involving initiatives that benefit society.” (2016). The term is more precisely defined by Sarkar & Searcy (2016) as:
Both of these areas are the lifeblood of the company, and any benefit to them should not be overlooked. Before a company can become proficient at corporate social responsibility, they must first know its definition. Corporate social responsibility is defined as actions that can be taken by a company to ensure they are adhering to ethical and social responsibilities of the day. These corporate social actions are self-regulatory, as a company strives to adhere to guidelines while also going above and beyond being a Good Samaritan in the business world (ECA, 2015). This can place certain businesses at the forefront in customers mind because of the example they are setting in the marketplace. A company going above and beyond the call of duty to work towards a more philanthropic approach in the surrounding community is a perfect example for corporate social responsibility. Going deeper into the definition, corporate social responsibility acts like a “double bottom line” for a company, as they strive to achieve financial goals, but also achieve their social mission out in the community. Once a company is aware of what the concept of corporate social responsibility is, they can now implement it and start to reap the many benefits of its
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...