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Finance and Accounting : Corporate Social Responsibility - Essay Example
Finance & Accounting
Pages 20 (5020 words)
Corporate social responsibility (CSR) is an essential facet of the business world in the last eighty years. As early, as the 1930’s idea of the social responsibility of organisations has already been alluded and discussed by some practitioners (Hemingway, 2002)…
Nonetheless, it is in the last three decades that numerous discourses on CSR happened (Campbell 2007). There is an assumption that the notion of CSR has contributed to the changed nature of modern organizations (Tencati & Zolsnai, 2009). Since, CSR becomes the theoretical basis for organisations to accept the truism that their responsibility is not only to secure and increase profit for the firm (Milton, 1970), but it also includes being responsible to other actors in the society that maybe affected by the actions and activities of the company. The ‘noble’ intention underpinning CSR has earned the ideal wide acceptance in the business world.
However, in the recent past, many are questioning the validity and ’authenticity’ of CSR because of the obvious contradictions between what some well-known corporations are doing and saying. This situation is heightened by the Enron experience, the global economic crisis that started in 2007, and the various ethical issues involving pharmaceutical companies, sweatshops, child labour and other similar cases that persist despite claims of adhering to the tenets of CSR. Thus, now some are questioning the continued importance of CSR in the midst of corporate abuses and impunities. ...