Corporate social responsibility (CSR) is a practice whereby companies engage in self regulation to enhance observance of the law, maintain moral standards as well as what is expected of them internationally. Through it, companies take care of their negative impacts on the…
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In general, the focus is usually to improve the public’s standards of living. The communal interests are incorporated in the business decision making process. “Corporations are now expected to deliver the good, not just the goods; to pursue values, not just value, and to help make the world a better place” (Bakan, 2004). However, critics of CSR argue that the ultimate goal of companies is to make profits from their capital outlay. It would be wrong to assume that a company can be established with the mission of helping the public to overcome the problems that they face in their day to day lives. This paper defines various concepts associated with corporate social responsibility. It identifies relevant issues, analyzes recent developments as well as an evaluation of arguments and finally, it presents and explains a personal opinion concerning CSR.
CSR is faced with various issues concerned with the manner in which organizations operate to accomplish business strategies aimed at boosting profitability while on the other hand maintaining ethical principles for the sake of the public. In essence every business venture is usually intended to make profit, and as William (2010) argues, the business strategies are developed to help an organization to counter the factors that might hinder its profitability. The reaction of the public to the externalities emanating from the business operations is one factor that may hamper the realization of organizational objectives.
Engaging in CSR is one of the tools applied by companies to ensure that its own externalities are viewed positively by the public. For example, large petroleum industries are the major contributors of the green house gases emitted in to the atmosphere, which contributes to degradation of the ozone layer and eventual global warming. The petroleum companies usually ...
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This research will undertake an in-depth research into the concept of Triple Bottom Line and describe and discuss how it is practiced. The study will include a critical evaluation of two companies listed on the Australian Stock Exchange. It will commence by examining corporate social responsibility and its inclusion in business affairs and reporting structures.
One of the ways in which they have tried to do this is through promotion of Corporate Social Responsibility. Milton Freidman stated that the "Business of business is business", and this view seems incompatible with a socially aware intent. In looking at the opposing views of the market in society, questions still remain: is CSR compatible with the demands of shareholders Is CSR a genuine movement, or a company PR exercise Can a company be profitable while also being socially aware
Socially responsible actions indicate a firm's commitment to its society and community which results in increased consumer confidence and thus better performance. Donaldson and Werhane (1983) noted that "almost everybody believes that corporations should be concerned about something more than making money, that they have responsibilities not only to stockholders but to their employees, to their customers, to the communities in which they work and to society at large."
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As in many new developments, major concepts of sustainability have no single definition. Neither the exact meaning of the term corporate social responsibility (CSR) nor the related terms e.g. corporate responsibility (CR) or corporate sustainability (CS) has still been agreed upon.
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ore glaring in the global west, where the media plays a central role in the propagation of what constitutes western culture and its values (Kellner, 1995). In tandem to this, a renowned scholar was quoted as saying that “politics that does not exist in the media….simply does