What is Corporate Social Responsibility - 2032 Words

What is CSR? CSR or Corporate Social Responsibility indicates the actions or conducts that are strategically important to businesses. CSR can also be defined as a firm’s efforts or obligations in reducing and getting rid of any detrimental effects on the community and maximizing beneficial effects to the company and community in which it operates in the long run (Mohr et al, 2001, cited Trendafilova et al, 2013). CSR usually starts with the common emphasis that firms are not only responsible to generate investment returns for their investors, but are also responsible to their natural surroundings and to other stakeholders. â€Å"This is usually known as the â€Å"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 prefer purchasing goods from firms that are reliable; supplier s also prefer supplying to companies that are credible; employees would rather work for corporations they have a high regard for and NGO’s want to work with companies seeking possible solutions in areas of common concern. â€Å"Pleasing each of these stakeholder groups enables 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 whenShow MoreRelatedWhat is Corporate Social Responsibility?5030 Words   |  21 PagesWHAT IS CORPORATE SOCIAL RESPONSIBILITY? Corporate Social Responsibility has been evidently growing with Liberalization, Privatization and Globalization. As said by William Jr. Ford, Chairman, Ford Motor Co. A good company delivers excellent products and services, and a great company does all that and strives to make the world a better place, therefore booking profits for yourself in such a manner that is socially, environmentally and ethically acceptable thereby leading to an overall positiveRead MoreWhat Is Corporate Social Responsibility?1778 Words   |  7 Pagesï » ¿Corporate Social Responsibility Corporate Social Responsibility is described in regards to the Japaneses Internet market, Yahoo Japan Corporation (the Company) along with its consolidated subsidiaries and affiliates (the Yahoo Japan Group) to involve a full commitment on their part to the realization of an Internet environment that is characterized by safety, security and harmonious with the expectations and needs of society. P38) I. Safety and Security Characteristics Ensuring safety andRead MoreWhat ´s Corporate Social Responsibilities?579 Words   |  2 Pages1. Corporate Social Responsibilities (CSR) is about how companies make profits in an ethical way. Coca-Cola has adhered to this principle and had removed a chemical ingredient(brominated vegetable oil BVO) from its drink, a chemical associated with memory loss. BVO is banned in several other countries but allowed by FDA is US. Due to an online petition, thousands have pressured Coca-Cola to remove it. Coca-Cola listened and removed BVO. The stakeholders – consumers are cared for as Coca-ColaRead MoreWhat Is Moore s View Of Corporate Social Responsibility1563 Words   |  7 PagesWhat is Moore’s view of corporate social responsibility? After GM began to announce that the company will be closing it’s location in Flint, Michigan and will be moving down to Mexico the whole city of Flint began to deindustrialize. About half of Flint was left unemployed. Due to a lot of people losing jobs, primarily from the GM company, more and more people were being evicted from their houses and going on welfare. Because of the outsourcing it lead to Flint becoming deindustrialized. A lot ofRead MoreCorporate Social Responsibility: What Went Wrong at Glaxosmithkline?2532 Words   |  11 PagesCorporate Social Responsibility: What Went Wrong at GlaxoSmithKline? When London-based GlaxoSmithKline (GSK) paid a $750 million dollar settlement as part of a plea agreement that required it’s Cidra, Puerto Rico subsidiary SB Pharmco to plead guilty for knowingly selling contaminated medicine, it laid to rest any doubts that its business practices were in direct conflict with its commitment to both quality and to creating a strong ethical culture. There are, nevertheless, important issuesRead MoreTo What Extent Is Corporate Social Responsibility Beneficial to a Company’s Performance1245 Words   |  5 PagesTo what extent is Corporate Social Responsibility beneficial to a company’s performance Corporate Social Responsibility is a philosophy that relates to a business being a part of the society, so acts in a way that not only advances its own firm but also serves the society as well. Good ethics is the cornerstone of sustainable development. In the long run, unethical behavior may harm customers and the society as a whole. Furthermore, it damages a company’s image, efficiency and effectivenessRead MoreTo What Extent Does Corporate Social Responsibility Beneficial to a Company’s Performance?1187 Words   |  5 PagesTo what extent does Corporate Social Responsibility beneficial to a company’s performance? Hot debates were arose everywhere in the society about the extent of Corporate Social Responsibility (CSR). Mallen Baker (2004) states that CSR is about how companies manage the business processes to produce an overall positive impact on society. Supporters of CSR claim that Businesses and Corporations are not only about making money especially for big business. They should show social responsibility, moralRead MoreTo what Extent is Corporate Social Responsibility Beneficial to a Company’s Performance?1078 Words   |  5 PagesIn recent years, there have been a growing number of companies that have an explicit Corporate Social Responsibility (CSR) plan. As stated by European Commission (2001), CSR is defined as â€Å"a concept whereby companies integrate social and environmental concerns in their business operations and in their interaction with their stakeholders on a voluntary basis.† It is believed that the motives for CSR are gradually converting from philanthropi c rationale to performance-driven orientation, but the questionRead MoreCritically Evaluate How and to What Extent Should Management Recognise Corporate Social Responsibility Extending Beyond the Boundaries of the Organisation2849 Words   |  12 Pagesto what extent should management recognise corporate social responsibility extending beyond the boundaries of the organisation Corporate Social Responsibility (CSR) is a wide ranging area of study. All companies have- â€Å"Economic, social, ethical and environmental responsibilities, some of which require compliance with the law others requiring discretionary action to ensure that the company does not knowingly operate to the detriment of society† – McIntosh et al, 1998, Pg. 284 Social responsibilityRead MoreWhat Is Meant by Externalities? How Have Oil Companies in Trinidad and Tobago Employed Solutions to Externalities as Part of Their Corporate Social Responsibilities (Csr)?1124 Words   |  5 PagesWhat is meant by externalities? How have oil companies in Trinidad and Tobago employed solutions to externalities as part of their corporate social responsibilities (CSR)? Externalities exist when a third party bears costs or receives benefits arising from an economic transaction in which he or she is not a direct participant. This occurs when producers or consumers provide benefits to third parties or impose costs on third parties for which the market system does not enable them to receive