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CSR Performance: Progress in UK firms
Finance & Accounting
Pages 19 (4769 words)
CSR Performance Progress in UK firms Leena Abstract Corporate social responsibility (CSR) initiatives by businesses in UK are studied to assess the level of success and future direction. It is found that while businesses engage in a range of activities with different focuses, future of CSR depends on the changing nature of factors influencing social, environmental, economic, technological, political factors and impact of BRIC (Brazil, Russia, India and China) countries on global environment.
Started as a feel good exercise, CSR is now being taunted as the next wave of innovative approach to conducting a business. There seems to be great potential in implementing CSR and firms have started to realize its potential in being able to reap benefits that they never thought of but may be hoped to have. Firms that started implementing CSR initiatives early on are already reaping additional benefits in terms of reduced costs, increased operational efficiencies and higher brand loyalty (Griffiths, 2009). CSR is also seen as a means to engage the various stakeholders of a business while improving legitimacy of the business among them (Maignan and Ralstan, 2012). But not all businesses have adopted CSR into their core business practices and not all can afford to adopt this concept. Also, businesses that have already adopted this practice, have adopted to varying levels. Success of these initiatives also varies and depends on an array of factors that will be studied. ...
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