Types Of Corporate Responsibility : Csr, Stakeholder Theory And The Triple Bottom Line Approach

Types Of Corporate Responsibility : Csr, Stakeholder Theory And The Triple Bottom Line Approach

Length: 795 words (2.3 double-spaced pages)

Rating: Better Essays

Open Document

Essay Preview

This review of literature will discuss three key approaches to or models of corporate responsibility; CSR, stakeholder theory and the triple bottom line approach and how they impact stakeholder relationship and sustainability. Also addressed in this review are generation Y, their work values, and how CSR impacts employee satisfaction and retention. Besides, gaps from the review of past literature will be discussed to identify potential areas for future research particularly on ways that firms, particularly multinationals in Malaysia can use CSR as a tool to attract and retain generation Y. This review intends to highlight some of the benefits of corporate responsibility in keeping employees satisfied and applying the concept in actual Malaysian firms.
2 Approaches to corporate responsibility
2.1 Corporate Social Responsibility
2.1.1 Background
The concept of corporate social responsibility (CSR) has developed and progressed since 1950s even though the act of businesses to seek to improve the community has a history of thousands of years (Carroll 3). However, the CSR concept remained ambiguous for many years because there was no consensus on what the term implied. For instance, in 1960, Keith Davis suggested that the term refers to the decisions and actions that firms take to serve other interests beyond their immediate economic or technical interests. Another scholar, Joseph McGuire, acknowledged a broader role of businesses when he defined social responsibility as the economic and legal obligations as well as other responsibilities that go beyond these. In another approach, Hay, Gray and Gates defined CSR as a social requirement of firms to commit resources to help address various community problems such as pollution, poverty...


... middle of paper ...


...es – These roles are not necessarily clearly defined but businesses can choose to act on them based on their discretion. Nevertheless, the society still expects businesses to assume certain social roles that are purely voluntary. For instance, a discretionary role or activity could be philanthropic contributions that target to benefit the community (Carroll 500).
According to Carroll (500), these four categories of responsibilities must be fulfilled simultaneously. Later in 1991, Carroll proposed a pyramid of CSR that constituted four categories; economic, legal, ethical and philanthropic. This is similar to the four categories of responsibilities that Carrol proposed in 1979 but the categories in the pyramid, particularly the ethical and philanthropic categories are more detailed and comprehensively defined. Figure 1 summarizes Carroll’s pyramid of CSR as follows:

Need Writing Help?

Get feedback on grammar, clarity, concision and logic instantly.

Check your paper »

Essay on Triple Bottom Line

- 1. Introduction: Recently, many organisations and countries are trying to prevent the pollution and its bad impacts to human. In order to make that project be more realistic and effective, the European Union has offered a prize called ‘European Green Capital Award’. The main purpose of this award is to find a true green economy model and encourage other cities to improve the quality better. Bristol has received this recognition for 2015 due to its project to protect the environment and investment suitably....   [tags: Pollution, European Union, ]

Better Essays
2133 words (6.1 pages)

Sustainability Management For Corporate Social Responsibility Essay

- . The idea that they need to consider stakeholders’ expectations and be more responsible towards the resources they depend upon has been raising lately (Steurer et al., 2005). As so, the concept of sustainability and more precisely the one of sustainability management have been gaining weight. Sustainability management can be defined as the integration of sustainable practices within the business to achieve the Triple Bottom line objectives, enunciated by John Elkington. These objectives encompass environmental and social considerations on top of the single economic goal of adding economic value....   [tags: Sustainability, Triple bottom line]

Better Essays
988 words (2.8 pages)

Sustainability And The Triple Bottom Line Essay

- Sustainability is often defined as managing the triple bottom line. The triple bottom line is a process by which companies manage their financial, social and environmental risks, obligations, and opportunities. The triple bottom line is also referred to as the 3 P’s (profits, people and planet). Sustainability represents flexibility over time in that businesses create economic value, healthy ecosystems and strong communities. A sustainable business varies depending on the field. For example, in manufacturing, a sustainable business may include waste elimination and greenhouse gas reduction, whereas in retail, experts focus on ways to minimize waste in packaging and ways to facilitate energy...   [tags: Sustainability, Triple bottom line]

Better Essays
845 words (2.4 pages)

Sustainability Of Triple Bottom Line Essay

- A declared goal of multiple corporations, non-profit organizations, and local/state/federal governments in the past ten to fifteen years has been sustainability. Although sustainability is a goal for many, measuring the degree to which a business is being sustainable or tracking sustainable growth can be challenging. A man by the name of John Elkington saw the need for a sustainable growth measurement system, and strove to measure sustainability by bringing to view a new outline to measure sustainable performance in corporate America....   [tags: Sustainability, Triple bottom line]

Better Essays
1143 words (3.3 pages)

Sustainability Of Triple Bottom Line Essay

- A declared goal of multiple corporations, non-profit organizations, and local/state/federal governments in the past ten to fifteen years has been sustainability. Although sustainability is a goal for many, measuring the degree to which a business is being sustainable or tracking sustainable growth can be challenging. A man by the name of John Elkington saw the need for a sustainable growth measurement system, and strove to measure sustainability by bringing to view a new outline to measure sustainable performance in corporate America....   [tags: Sustainability, Management, Triple bottom line]

Better Essays
721 words (2.1 pages)

Triple Bottom Line- Building A Roadmap For Responsible And Sustainable Business

- Triple bottom line- Building a roadmap for responsible and sustainable business “Champions of sustainable development like to use a triple bottom line approach based on the tripod of Ecology, Equity and Economy…” – William McDonough In the centuries earlier, a business was perceived to be efficient if it was successful in earning profits for its owners, thereby serving their pecuniary interests well....   [tags: Sustainability, Triple bottom line]

Better Essays
1046 words (3 pages)

The Corporate Social Responsibility ( Csr ) Essay

- 1. Introduction Nowadays, the business world has demonstrated essentials of intense competition and globalisation as well as the requirement for high standards of sustainable development. This is due to that the ever-increasing resource consumption bringing massive products and services are rapidly depleted in order to satisfy the needs and wants from consumers. The crisis that the world including each single human being on the plant faces today regarding the climate change, resources depletion and social well-being sharply decreased and so on....   [tags: Sustainability, Triple bottom line]

Better Essays
928 words (2.7 pages)

The Triple Bottom Line Essay

- Introduction In the typical business world, organisations seek to maximise profit and growth as the ‘bottom line’ in their pursuit of business survival. Such traditional methods of business accounting implemented by organisation have resulted in different types of social and environmental problems as they only measure performances in terms of economics (Gray & Bebbington 2001). For example, the performance of a manufacturing company is measured and reported solely on its monetary gain without taking into account its adverse impacts towards social and environment if its emissions pollutes the river and destroys the eco-system....   [tags: sustainability, growth, economy]

Better Essays
2879 words (8.2 pages)

Types of Website Buyers and their Impact on Your Bottom Line Essays

- Types of Website Buyers and their Impact on Your Bottom Line Reprinted with permission of VotanWeb.com Different types of website buyers have different objectives and levels of experience. Knowing these differences can help you in getting the deal you want. As you begin your discussions with potential buyers, it's important to keep in mind that their goals and objectives can vary greatly. In general, website buyers can be classified into three major categories: strategic companies (both public and private), Private Investment Groups, and individual investors....   [tags: Sell Websites Buy Websites]

Free Essays
1096 words (3.1 pages)

Essay about Sustainability and Triple Bottom Line Reporting

- Today’s world is extremely complex in the sense that it is constantly changing. Not only is the world itself changing, but societies and the environment are consistently growing and developing. This constant fluctuation between these two categories is affecting all types of organizations, especially businesses. Due to the constant changes in today’s world, shareholders and stakeholders expect information about the financial, operational and investing activities of a business. Businesses are either flourishing or failing, but all the businesses that are most successful do not only owe their success to the products or services that they provide but also dedicate a portion of that success towar...   [tags: Global Reporting Initiative, Internal Control]

Better Essays
1638 words (4.7 pages)