The primary object of business is to supply quality goods and services to the consumers through the creation of utilities. Peter Drucker (1974) enumerates 8 key areas in which objectives of performance and results are to be set. They are marketing, innovation, human organization, financial resources, physical resources, productivity, social responsibility and profit requirements. Every business organization like everyone, lives in the midst of laws of the land, government regulations, economic conditions, changing consumer preferences, technological changes, culture, values system and business ethics of the society. All these factors constitute the business environment. A business organization and its environment are mutually interdependent, interacting with each other continuously. Environment is the supra-system of which the firm is only a small subunit. It can survive and thrive only when the environment desires its output of goods and services and is prepared to approve of an endorse its activities. Business organization had grown from the time immemorial, with the advent of industrial revolution, business organization, controlled by few thrive towards profit maximization. Industrial revolution changed the whole concept of business and capitalistic approach and individual profit making takes the prime objective. But during the 20th century it has changed. More democratic governments and their control but a brake on profit maximization tendencies of the organization and diverted them towards employee welfare and social welfare activities. Governments through various legislations are safeguarding interest of employees. Later on due to technological innovations and global connectivity the whole concept of business has changed. Development of technologies posses’ opportunities and uncertainties as well as risk and challenges, which can make or mar the future of business. Economic environment such as changes in competition, demand, lifestyle, consumer
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(Corporate Social Responsibility Essay Example | Topics and Well Written Essays - 1500 Words - 1)
“Corporate Social Responsibility Essay Example | Topics and Well Written Essays - 1500 Words - 1”, n.d. https://studentshare.net/miscellaneous/329577-corporate-social-responsibility.
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Thus economic activities directed to wards creation of utility for the satisfaction of wants may be termed as business. Eventually creation of…
Corporate Social Responsibility. CSR is the framework that is used to measure the company’s performance in terms of economic, social or environmental factors that surround the company. A company should be responsible for what happens around it and should be involved in activities that bring development to the community at large.
'Corporate social responsibility (CSR) reporting to stakeholders is based upon the assumption that companies have wider responsibilities than simply to make money for shareholders.' Discuss the information that might be included in a CSR report to stakeholders, giving illustrations and examples.
ENOC Processing Company LCC is one of its subsidiaries that run the operations of the Jebel Ali Refinery based in Dubai. The corporate vision of the ENOC group is that all the companies or the subsidiaries in the group would meet the highest standards of social responsibilities and would return the benefits to the society, environment and the economy is which it exists as a corporate citizen.
There is very little information on how corporate decision makers can reconcile differences between the public and private interest goals. There are no singular limitations of CSR concept which act in the favour of aligning the personal and business goals (Tapang and Bessong, 2012).
This could lead to hope for society that corporations are willing to serve for their betterment. This paper aims to review relevant accounting theories in order to elucidate the behavior of corporate social responsibility. Specifically, accounting theories and CSR theories have been analyzed.
All stakeholders and constituent groups that have an interest in the organization's operations are included in CSR's wide and multiple-level definition of society. Corporate social responsibility can be defined as "the broad concept that businesses are more than just profit-seeking entities and therefore also have an obligation to benefit society" (Werther & Chandler, 2006: 6-7).
Corporate social responsibility came up as the process whereby corporate, firms, business or even the government come up with policies which are beneficial to the stakeholders regardless to the activity of the organization in question.
It came out very clearly that any organization has several stakeholders, which include customers in that the customers buy goods and services from the firm.