To What Extent Do Corporations That Do Good, Do Better?

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Recommended: The nature of csr in a business

Since the last decade, Corporate Social Responsibility (CSR) has been integrated in policy of many companies due to the fact that it helps to increase a positive social impact on people, environment and enhance firm reputation. Most businesspeople seem to agree that CSR provides only advantages; for example, increasing product differentiation that can appeal to consumers, decreasing operating costs in recruiting and retaining employees and reducing turnover costs (The Financial Times). However, companies appear to have a hidden agenda - an underlying financial purpose - behind CSR. For this reason, this essay will indicate contradictions against CSR and will argue that corporations which practice CSR do not always perform well financially. Business Responsibility consists of three main aspects to be considered which are profit, society and environment. A way of operating business with responsibility does not only act strategically and manage a business ethically, but to achieve long-term sustainability. Investing in such activities that mainly focus on communities, such as improving quality of life and developing people’s potential, which these might also be another interesting option of using CSR to become successful in business. Business and society belong together; if strong society and well living people merge, of course, those will drive business in that society to move towards a better position. Since business is a part of society, it needs support from people who are consumers. On the other hand, despite the fact that CSR is receiving much attention globally, it has become a trend in business. CSR objectives might distort and turn to be a new tool for social marketing. We all know that everything always ha... ... middle of paper ... ...ticing CSR (Part 2). CSRI, March 6, 2010. CSR06 (2006). FAQ : The International Corporate Social Responsibility Conference. Retrieved September 17, 2011, from http://www.csr06.ro/faq.php The Economist (2005). The Union of Concerned Executives. The Economist, January 20, 2005. Ferguson, M.A. (2010). Why CSR Can’t Help BP Now. Forbes, June 25, 2010. The Financial Times. Business Case for Corporate Social Responsibility. Retrieved September 18, 2011, from http://lexicon.ft.com/Term?term=business-case-for-corporate-social-responsibility Lewis, R. (2006). Firms’ CSR Work Fails To Excite Public. PR Week UK, November 8, 2006. Mesicek, D. (2010). Is Corporate Social Responsibility just a Marketing Stunt?. Venture Definite, August 6, 2010. Retrieved September 18, 2011, from http://venturedefinite.com/is-corporate-social-responsibility-just-a-marketing-stunt/

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