International Journal of Operations and Production Management. For better or for worse: Corporate responsibility beyond "do no harm. An institution-based view of international business strategy: A focus on…… [Read More]. Social Responsibility Two Prehistoric Men. A capitalistic society that provides open and free competition did not bring about Enron and similar debacles. It was the second part of Friedman's statement: It was the greed of several individuals who misreported their profits to get a larger part of the pot.
Unfortunately, there will always be individuals like this -- it is human nature. That does not make the whole system corrupt. One can say that the competition inherent in the capitalistic enterprise encourages such behavior. Hoarding by one of the cave dwellers would never work. The hope is that lessons are learned from situations such as these -- that nothing works perfectly. Corporate Social esponsibility Today's society is very much a corporate society where power is centered at many of corporate centers.
Corporations are seen more than just tools and methods of living, but rather this way of life dictates the lives of millions as this system provides jobs and employment as an outlet of societal contribution.
As a result of the deep and profound impact on society, many wonder what is the long-term effects of a corporate society and what benefits, if any, are available?
This line of questioning eventually leads to the idea of corporate social responsibility and the ethical and moral approach of the corporation within the human culture.
The purpose of this essay is to describe the idea of corporate responsibility and examine it through the use of corporate philanthropy as a useful and practical method of success and benefit. The profitability, both long-term and short-term, will be…… [Read More]. Internally, Collaboratively, and Strategically. The authors suggest that public reporting and transparency about corporate social responsibility is one of the ways that businesses strategize social responsibility in general.
Businesses also incorporate labor compliance models into their sourcing decisions. The information in Chapter 7 builds on previous chapters related to organizational learning and change as it applies to shifting towards corporate social responsibility.
Therefore, the theories and models discussed and used include those related to organizational learning and change. The five stages of learning that were addressed immediately prior to the Chapter 7 overview include defensive, compliance, managerial, strategic, and civil stages of…… [Read More]. Coca-Cola's sense of Corporate Social Responsibility "ouldn't it be nice," to use the first words of Coca-Cola's popular advertising jingle, to find that these two popular American companies, Nike and Coca-Cola, were paragons of social responsibility?
Or, if one is of a more anti-conglomerate and anti-capitalist turn of mind, wouldn't it be nice to find that the picture of harmony, of all the world being taught to sing in perfect harmony were a lie? In fact, neither is true -- the legacy of social responsibility of both Nike and Coca-Cola is a mixed one, although Coke's abuses, when they have occurred, have been more apt to be denied by the company, while Nike as a more internationally focused company, with a less 'family friendly' image has thus had more of an incentive to be open about its transgressions.
For instance, according to a November 13, report filed…… [Read More]. Ethics Social esponsibility and Ethics Evaluate Company Q's current attitude toward social responsibility. This is because it believes that there is the potential for fraud and losses. In this situation, the management feels they must proceed with caution. This is from a perception about these programs not producing any measurable results in comparison with their costs. Over the course of time, this will more than likely not make a difference.
To prevent these outcomes, executives believe the best approach is to avoid these programs at all costs. Three actions that could improve the company's attitudes are to establish an exploratory committee, test certain programs and analyzing the impact it is having on everyone.
An exploratory committee has the responsibility of looking at a program and…… [Read More]. In the 21st century, a proper human resource management often makes the difference between the success of the organization, especially as a business entity, and its failure. It has become more and more determining for the company's success the way it chooses and it succeeds to properly utilize the human potential it has in its ranks.
Quite so often, it is less a question of financial investments one can make, but more a…… [Read More]. In "Marketing Ethics and Social Responsibility," Marinova first discusses the general importance of ethics as a general marketing strategy, in order to promote the brand as one that is socially responsible and thereby position the organization not just ethically but also strategically within the marketplace. Next, Marinova defines terms related to ethics and corporate social responsibility to help organizations to identify their weaknesses in these areas and make strong commitments to change and revising their ethical policies, particular in marketing.
Moreover, the author offers some of the direct marketing solutions related to specific issues like false advertising and the sale of potentially harmful products from toys containing lead paint to food products containing items known to cause obesity or other diseases.
The tremendous strengths of the Marinova article are only partially offset by…… [Read More]. Social Responsibility of Business Is. However, a corporate executive, according to Friedman, would have to spend other people's money for a general social interest, by means of reducing returns to stockholders, lowering worker wages, or raising the price of products. However, herein lies the basic flaw of this author's reasoning, for the social responsibility of the business as it falls on the executive is to make sacrifices for the benefit of others.
In a position of such power, a business executive needs to make policy decisions that might actually cut into his own profits, as opposed to the wages of the workers or the wallets of the consumers.
While this author may argue that the only responsibility of the business is to make profits using all available resources, engaging in open and free competition without fraudulent activity, a business is a controllable extension of those who own and run it, and just as we have…… [Read More].
Attitudes, Actualities, and Possible Areas of Advancement in Saudi Arabian Banking The global financial system has become increasingly smaller and more complex, with individual countries and their financial and banking infrastructures more intertwined and mutually dependent on each other.
Because of this, understanding the role that banking systems and entities play in the social and political spheres is essential for policy makers and for individuals working in the banking sector. Of special importance are the social responsibilities that are borne by banks and the banking industry, which can vary greatly from country to country, based on a multitude of factors.
The research described and proposed herein will yield a greater understanding of how these responsibilities are viewed by bankers in Saudi Arabia. Scholarship on Saudi Arabia's banking industry has focused almost entirely on the financial implications for the country and the globe of…… [Read More]. Social Responsibility and the College Student. Man's main task in life is to give birth to himself, to become what he potentially is.
The most important product of his effort is his own personality"- Erich Fromm. This personality is shaped and refined through the enlightenment gained through education, personal experiences and personal efforts to ameliorate one's personality by tapping the dormant talent and by adhering to the learned moral and social values.
In order to keep our values intact for the rest of our lives and to become what we potentially are education is a must, for mentors at all levels inculcate a strong sense of discipline and responsibility in the college-going students, qualities that facilitate them in being productive and successful citizens.
Where educational institutions fulfill their social responsibility by providing various facilities…… [Read More]. Develop a Social Responsibility Strategy. Social esponsibilty Strategy for Community Social esponsibility Strategy for Community Hospital Alexandria Hospital Corporate Social esponsibility The following is a fictional plan of that will describe the development of a fictional Hospital's Corporate Social esponsibility initiative. Bowen and Carroll Howard R. Bowen was the founder of the concept of corporate social responsibility.
In his book "ocial Responsibility of the Businessman," Bowen argued that business was a major force that touched the lives of numerous individuals. These included not only employees of the firm but also their families, acquaintances, and so forth.
The larger the firm, therefore, the more corporate responsibility, accordingly the industry had in regards to the decisions that it formulated. Nhs Corporate Social Responsibility Practice in a. NHS Corporate Social esponsibility Practice In a contemporary business environment, organizations are struggling with the new roles to meet the needs of present generation without compromising the needs of future generation.
Within a business environment, stakeholders are calling upon corporate organizations to implement operations that will meet the societal values and the natural environment. Organizations are also being called upon to apply principles of corpo-rate social responsibility CS in the business operations.
Corpo-rate social responsibility CS is the process where corporate organizations demonstrate the inclusion of social responsibility and environmental concerns in their business activities. It is no longer acceptable for a firm to conduct business without demonstrating societal concern. CSR Corporate Social Responsibility Corporate Social Responsibility CSR has recently reached an unprecedented level of salience with the emergence of global protests that seem to be driven in a large part by concerns over social issues such as equality as wells as environmental issues such as the regulation of greenhouse gas emissions.
Although the protestors are occupying various parts of the world for a plethora of mixed motivations, it is reasonable to speculate that much of these individual motivations are embodied in the concept of CSR.
The concept of CSR covers a lot of ground but there are two core principles that account for most of the commentary. The first concept embodied within the notion of CSR is in respect to the manner that people are treated.
Under classical models this would only include investors, customers, and internal employees. Ethics, Values, Social esponsibility Bailout of Banking Industry in United States Ethical Compliance by Banking Industry It is quite common in American history that government comes for the rescue of companies and organization in the time of financial crisis. General motors' acquisition was one such example where saving GM meant saving the nation. When Government takes measure for the welfare of any segment of the economy, it then becomes responsibility of the organizations that they comply with social responsibility and ethical standards so that it should respond to its social character and use the benefits provided by the government in the honest fashion.
The recent bailout of banking sector by U. United States government has a long history of bailing out its financial institutions.
Some of…… [Read More]. Ethical and Social Responsibilities Apple. Apple's Current Position On Its Ethical And Social esponsibilities Corporations are increasingly seeking a vision in maintaining social responsibility alongside a vision in business.
There are also demands for greater accountability and transparency in corporate actions of organized consumers, state representatives and grass movements Garsten, Many corporations aim to engage in corporate citizenship and to be socially responsible by adhering to social accountability standards and voluntary codes of conduct. This essay endeavors to examine Apple's current position on the social and ethical responsibilities and to determine whether it has met the responsibilities.
The study also determines the impact caused by the violation of ethics and social responsibilities among Apple's suppliers. Current Position on the Company's Ethical and Social esponsibilities Corporate Social esponsibility comprises of actions that are not required by the law, but extend beyond the transactional interest of companies and further social good.
CS is often used to…… [Read More]. Balanced Business Ethics and Social Responsibility in. Balanced Business Ethics Ethics and Social esponsibility in Strategic Planning Business ethics may be much easier to understand in the hypothetical world of academia than they are to apply on behalf of business organizations in the real world of business.
That is particularly true when doing the proverbial "right thing" comes at substantial financial costs to the organization.
On one hand, the needs and agendas of shareholders and other stakeholders in the business of the organization are among the most important considerations in business planning. On the other hand, some of the decisions that are in the best interests of shareholders and other stakeholders in the business of the organization necessarily come at the expense or at great risk in other respects of other entities.
Strategic planners have fiduciary and due diligence and other responsibilities to maximize profit and to benefit the organization in other ways. Meanwhile, those responsibilities frequently…… [Read More]. Business Social Responsibilities in a. Likewise, public policies ranging from immigration to the war on drugs and the de-institutionalization of persons with mental illness also have a substantial impact on local corrections Stinchcomb and McCampbell, The key to running a successful correctional institution is building an organization that is capable of good strategy execution.
These types of facilities have a social responsibility not only to the prisoners that they house but also to the community in which they are located. They way in which they can do this is to make sure that the employees within the facility are prepared to deal with they things that are going to go on within the facility walls.
The overall goal of a correctional facility is to rehabilitate inmates into socially responsible citizens that can be returned to society in order to be productive members.
The occurrence of doing jail time can be life changing for those…… [Read More]. Corporate Governance and Social Responsibility.
Additionally, it has been observed that whenever companies implement strategies of CS, they do this not out of individual choice and desire, but as a result of imposed legislations.
Such rules, because they often apply to all businesses, are not susceptible to easy evasion through choice of form. As a result, those charged with governing a corporation find their decision tree considerably trimmed and their discretion decidedly diminished by mandatory legal rules enacted in the name of protecting stakeholders" Winkler, In other words, the modern day evolutions of corporate social responsibility "caution against a rush to declare the ultimate triumph of shareholder primacy" Winkler, As a direct result of this changing legislation, more companies have commenced corporate social responsibility programs.
Both proposals were consequently amended and eventually accepted by the SEC. The audit committee makes sure that the books aren't being cooked and that shareholders are properly informed of the financial status of the firm. Characteristically, the audit committee advocates the CPA firm that will audit the company's books, appraises the activities of the company's independent accountants and internal auditors, and reviews the company's internal control systems and its accounting and financial reporting requirements and practices.
The compensation committee usually does the following: The suggested committee establishes experience for potential directors Lunnie, ; pg. It also puts collectively a list of candidates…… [Read More]. Since this study was published, the contributions have steadily increased making CS an integral part of every major company today.
A report by Price Water Cooper House in shows that the CS initiatives and reporting has increased despite the sagging economy and this points to a positive change in the mindset of the management of companies. The reduced role of the Government in business circles is only going to further increase this trend because companies feel they have an obligation to the society at large and they want to make this country a better place for living.
All this is done out of their own interest and initiative rather than any force by any external institution. Also, many companies understand the significance…… [Read More]. This kind of competition can prove to be more effective than governmental regulations since firms are reluctant to follow government mandates. Secondary research has been used as the main tool. Important journal articles, case studies and analyses have been included to understand the concept of CS and its use in gain competitive advantage.
According to this belief, firms seek to maximize their profits by investing in a healthy environment and other public good projects. The firms that have successfully attained the prestigious image of being socially responsible follow this ideology. These firms choose to be more socially conscious not because of any real intention of creating a healthier society but because their actions seem to influence buyer behavior in a positive manner.
Companies are thus rapidly developing serious CS policies with exclusive departments dealing with this. Corporate Social esponsibility I attaching assignment paper write essay CS. Given the heightened level of international operations and globalization, pressure is mounting for corporations to behave ethically. Corporations are forced to developing standards, policies and behaviors as a demonstration of their sensitivity to concerns of stakeholder. The policies behaviors and standards are what a European commission called corporate social responsibilities.
The Commission defined corporate social responsibility CS as "a concept whereby companies integrate social and environmental concerns in their business operations and in their interaction with their stakeholders on a voluntary basis" Commission, Complementing this definition, McWilliams and Siegel. Composition Corporate Social esponsibility Corporate social responsibility entails coming up with solutions specific to a society.
The corporation is however, not forcefully charged with an…… [Read More]. The founders of the company oger Sant and Dennis W. Bakke were intent on providing clean, safe and reliable electricity even if it meant that profits were sacrificed. It was identified that AES contributed towards global warming by emitting CO2 from fossil fueled plants and thus steps were taken to mitigate this impact by investment in control technology and funding projects such as those of planting trees.
However in recent times AES has been forced to reconsider its strategy for social responsibility. With the expansion of the business in developing countries in the 's the company found out that although global warming is an important issues there are issues of far greater significance that require immediate attention such as provision of quality education, hunger, poverty,…… [Read More].
Public Relation Corporate Social Responsibility. Public elations Corporate social responsibility The term 'Corporate Social esponsibility' refers to the social responsibility that a Company must honor towards the public, especially those people who have direct contact with and are therefore directly affected by the policies and actions of the company.
The feeling that the social responsibility of multi-national companies are not of such standards that would satisfy the general public has lead to widespread protests and demonstrations against these companies at almost every free-trade meeting at the regional and national as well as the multi-national levels.
The protests are also generally against worldwide globalization. Almost all major multinational companies are found lacking in their responsibilities towards the public. It is not at all sufficient for a company to satisfy its shareholders and investors and employees and the community in which they function from; in fact, these companies are expected to be aware of and take an…… [Read More].
Roy, In these cases, others working in those fields are the only ones who have the ability to conduct quality check to verify instances of possible fraud. Qualified doctors can analyze the work of other doctors to attest their medical malpractice. An honest lawyer who deals with related issues can understand how a fellow lawyer could have used deceitful methods to cheat a client off his money.
Proficient lecturers can set good examples for students to bring out the incompetency of others. In the managerial level, well qualified professionals are the only ones who are smart enough to figure out the plots hatched by higher executives in order to use the shareholder money for personal needs.
Scams in the political sector can only be challenged by opposing political parties or powerful entities like the court. The media is highly potent in this regard as they present malpractices in front…… [Read More]. It is often said that international environmental laws do not differ from one another. European environmental regulations are very similar to the U. The United States Environmental Protection Agency has set up a database that contains all of the contaminated lands in the U.
This database includes existing and formerly contaminated lands. The European Union, especially France has also put into place databases to track existing and formerly contaminated lands within France. These efforts are there to protect the public from coming into contact with contaminated lands.
International governmental environmental policies do not differ from one another in the fact that they all seek to protect the public and the organizations The Impact of…… [Read More]. Country Company Social Responsibility Mcdonald's in. Pizza Hut has also managed to open franchise stores across Iraq and they could also pose serious competition. But there also exists the chance that the Iraqi consumer will not make a major difference between the American fast food stores, but will compare them to the local food providers in the street.
This would also bring about serious competition. McDonald's Social esponsibility McDonald's corporate website presents the user with a wide variety of reports on their implemented social responsibility practices. These include the employment practices, relationships with the suppliers, animal and environment welfare, corporate giving or educational programs and scholarships as well as the promotion of a healthy life style or the continual support offered to the development of the communities where McDonald's operates.
The primary aim of these programs is to help the company better adapt and function in accordance to the changes affecting the micro and macro…… [Read More].
Rights vs Social Responsibility. Social esponsibility social conflict The very nature of business implies that the individual has the right to run a business in order to generate as profit. This aspect is aligned with the democratic ideal of personal and individual freedom.
The emphasis in business is therefore on individual motivation and the freedom to achieve success in that particular field of business. However, modern business ethics also require a degree of social responsibility on the part of the individual.
This means that the individual in the pursuit of his rights should not infringe or transgress the rights of the society or the community in which he or she functions and runs a business. Individual rights refer to the liberties of each individual to pursue life and goals without interference from other individuals or the government. Examples of individual rights include the right to life, liberty and the pursuit of happiness…… [Read More]. Ethics and Social Responsibilities.
Employees as Benefactors of Corporate Philanthropy Corporate Social esponsibility The Case for Employees as Benefactors of Corporate Philanthropy The Case for Employees as Benefactors of Corporate Philanthropy A United Auto Workers unionization vote recently made the news, in part because the vote was taking place in the Southeastern United States where conservative state legislators have historically treated organized labor with hostility, but what seemed to be most newsworthy about this event was that the corporation, Volkswagen, decided to take a neutral position Paresh, The vote took place last week and workers at the Chattanooga, Tennessee plant decided to reject union membership by a narrow margin.
The national news media also took note when several conservative Tennessee politicians remained true to their anti-union ideology by threatening to end subsidies for Volkswagen and to push production of a new vehicle to Mexico. Experts in labor law believed these threats were coercive…… [Read More]. Corporate Social Responsibility From an. Islamic economics extends these into the basics of investment for new venture creation, which is another aspect of Islamic accounting that specifically has been focused on from an economic growth perspective Choudhury, , Journal of Business Ethics 74, no.
Masudul Alam Choudhury Islamic venture capital - a critical examination. Journal of Economic Studies 28, no. International Journal of Social Economics 33, no. Marios Katsioloudes, Tor Brodtkorb. Advanced Management Journal 72, no. Organization Corporate Social esponsibility CS refers to the relationship between a business and the society and how can both can benefit mutually through a joint partnership.
Caroll suggests four different aspects to be a part of CS and they are economic, legal, ethical and philanthropic. The economic aspect is the basis on which the business is built while legal responsibilities are encoded in law. Ethical responsibilities include doing what is right and just and above everything, philanthropic responsibilities include being a good corporate citizen and doing something good to the society and environment that has nurtured the business.
In this discussion, the CS activities of two companies in the same sector are analyzed. A close analysis reveals…… [Read More]. It is the world's largest corporation in the automotive industry with respect to unit sales. GM is headquartered in Michigan, United States and operates with fully-owned subsidiaries as well as joint ventures in countries of the world. The manufacturing units are being operated in 31 countries.
It employs more than , people who work in its different operational areas in all six operating regions of the world. General Motors was established in by William C. It has a very well-established brand image across the Globe with a high level of brand acceptability and loyalty by its customers and stakeholders General Motors, Having business operations at the Global scale, General Motors operates in a highly complex and uncertain business environment. There are a number of environmental factors that…… [Read More].
Summary One of the most significant new marketing platforms to emerge in recent years has been social media in general and more recently, interactive social media.
The overarching focus of the proposed study concerns the role of interactive social media in corporate social responsibility CSR communications. This specific focus has assumed new importance and relevance as growing numbers of…… [Read More]. Company's Marketing and Social Responsibility. In its official press releases and documents and in scholarly journal articles written with Nestle Waters SA grant money, the company is battling to put the best spin on its bottled water sector, as well as other parts of the company as well.
Corporate Social Responsibility the Aim. This strategy was successful for some time but when WorldCom tried to acquire MCI a company with two times more revenues than WorldCom , the binge of acquisitions was ended due to objections from antitrust and other stakeholders.
WorldCom's strategy was to display revenues and profits in extremely positive basket; for which the company had to make false misstatements in their accounting records. I think, it was the social and ethical responsibility of WorldCom to avoid misinterpretations in their financial statements and to show clear picture of the company to its stakeholders. This strategy resulted in expansion of WorldCom through acquisitions and the expansion became so huge that the management of WorldCom was unable to handle the business.
These all were the fruits of strategies implemented by Ebber just to display a very sound and positive picture…… [Read More]. Corporate Social esponsibility The purpose of this case study is close synopsis of the Enron case and its impact on consumers and corporate business practices alike.
Prior to its collapse Enron had been named one of America's top 10 admired corporations, and its boards "was acclaimed one of the U. Enron collapsed however and went bankrupt, a process that "outraged and impacted stakeholders tremendously and resulted in numerous congressional investigations" eed, The "implosion" of the company "wreaked havoc on accounting like no other case in American history; the collapse of the system called into question the adequacy of U.
Socially esponsible Efforts Social responsibility is quite often associated with corporate organizations and governments with individuals' input being relegated to the periphery. Corporate bodies, governments, and individuals have a duty of care to the greater society. These entities perception of what is socially responsible is; however, a preserve of their ideals and beliefs.
Organizations that are sustainability-minded may undertake to develop green buildings where as others may give monetary donations to the neighboring communities towards construction of social amenities. Some organizations may donate their time to volunteer organizations that perhaps endeavor to increase forest cover. Individuals or organizations with businesses that negatively impact environment may undertake to recycle their products or even champion for the use of Compact Fluorescent Light CFL Bulbs that save energy.
This paper seeks to compare the differences and similarities between two different communities and finally evaluate the effects of socially responsible efforts in each community.
Explain how you agree or disagree with this question and why you have this perspective. More and more organizations are making social responsibility a primary feature of their websites and the ways in which they market themselves to consumers. Starbucks promotes its sale of Fair Trade coffee; the Interface carpet company has a zero-impact model of sustainability.
This can generate good publicity for the company or in some instances real cost savings. Thus, exploring issues of social responsibility and stressing the need to give back to the community as well as register short-term profits is useful.
Sometimes social responsibility can yield long-term dividends, like Toyota's highly successful hybrid the Prius. However, ultimately a company must remain in business if it is to do any kind of good at all: Ultimately, for a…… [Read More].
Corporate Social Responsibility the Good. But the shareholders themselves need to be more aware and more involved in their company's business in order for any meaningful change to sustain itself: Shareholders, the intended beneficiaries of the corporate vehicle, are the ultimate capitalists: Shareholders, not corporations, show indifference to the needs and values of society.
It is their behaviour that is most appropriately characterized as amoral indifference to the plight of others and their environment. Shareholders, not corporations, behave in a pathological manner. And shareholders should be the targets for the cure that we need for our ills.
Social esponsibility and the…… [Read More]. Wal-Mart Social esponsibility Analysis: An Employee Perspective To begin the study "the purpose statement is "a statement that provides the major objective or intent, or "road map" to the study" Creswell, a, Therefore, the purpose of this narrative is to discuss what employees at various Wal-Mart facilities around the Kansas City area have experienced regarding the social responsibility initiatives undertaken by the company.
The method for this particular paper is a qualitative design. Because the desired conclusions were to be drawn from the specific experiences of individuals employed at Wal-Mart stores and Distribution Centers around the area, it was determined that the best method of gathering that information was via interviews with employees rather than the gathering of quantitative data which would not reveal individual interpretations of the policies put in place.
The specific questions asked to the participants ranged from their impressions of environmental policies to treatment of employees…… [Read More]. Global Corporate Governance and Social Responsibility. Business ethics is a division of ethics that pertains to the interaction of business and ethics and applies ethical analysis to the business area.
It is both expressive and normal. The five activities within business ethics can be delineated as follows: Using general ethical principles to specific practices in business. The analysis of whether moral terms related to individuals' actions may be applied to combined entities such as firms. Analysis of presumptions of business. Analysis of other related areas of information as guided by embedded problems in business.
Describing morally commendable and exemplary actions of firms Barrett, Corporate social responsibility CS entails any activity that encourages the interests of any stakeholder of a business corporation.
Occasionally CS refers to philanthropic programs that target communities or employees. In other instances it refers to obligations to promote the welfare of suppliers.
It also refers to an…… [Read More]. Crafting and Executing Strategy Social Responsibility in. Crafting and Executing Strategy Social responsibility in corporations is one of the most important subjects of debate these days.
Managers are heavily burdened with the job of creating a socially responsible image for their organizations. But while social responsibility is desirable, not all firms can invest in social ventures due to various impediments and one of the main impediments can be lack of funds. While the firms would still try to invest to the extent necessary, they may not find enough funds to invest as much as they might otherwise desire. However, technological advancements and other developments in the economic and political arenas in the last two decades have fuelled globalization which has, in turn, altered the concept of CSR in business circles.
Globalization enabled organizations to operate their business in much more open market which presented various opportunities and challenges, hence necessitating the revision of the CSR policies. Internationalization of business operations has tested the strength of national business regulatory mechanisms Tengblad and Ohlsson, , p.
This scenario results from the fact that international business organizations face a wider scope in terms of responsibilities in addressing issues that affect the operation of business as well as sustainability of business activities in foreign countries.
In the same breadth, markets have become more liberalized and a reduction in state ownership of corporate institutions has hastened the process Tengblad and Ohlsson, , p. In effect, there is enhanced space for economic actors to take a more significant role in responding to social needs in their areas of operation. This has seen an increase in initiatives that aim at boosting corporate image, organizational brand, and profitability of the business both in the domestic and international markets.
Current CSR trends depict a unique feature that focuses on the long-terms goals of organizations and the factors that may hinder the attainment of such goals. CSR activities have become more proactive and target those segments that may affect the future operations of businesses in domestic and international markets Tengblad and Ohlsson, , p. To this end, Carroll and Shabana explain that engaging in proactive CSR activities relating to the environment reduces the risk and cost of doing business.
The cost and risk are mitigated in the sense that addressing environmental issues today would save the companies from stringent future regulations that may aim to conserve the environment , p. This trend has been seen in the increased focus on climate change by international businesses. Recent financial reporting trends show that a majority of corporate entities consider CSR as an important element in their performance statements.
The adoption of CSR in financial statements can increase the amount of relevant information that is available to stakeholders both in the domestic and foreign markets Lemus, , p. Today, people have become more aware of business practices and their social, economic and environmental consequences.
As the level of awareness relating to the effects of global trade increases among stakeholders, the expectation for more information rises, hence the need for businesses to disclose their CSR engagements. Although there is no legal requirement to make such disclosures, the inclusion of CSR fosters effective and transparent communication to stakeholders Singh and Sater, Forbes.
By so doing, companies improve their investment returns due to improved brands. However, companies have the liberty choose on how to disclose information relating to charitable works, environmental stewardship, and community involvement among other initiatives Singh and Sater, Forbes. Auditing of accounts is another area that has received considerable attention in regards to CSR.
The audit function ensures that reporting practices conform to governance practices. Evidence suggests that companies that include CSR in their financial reports receive high-quality standards as opposed to those that disregard CSR in their financial statements.
Since high-quality standards have a relationship with financial improvement, less financial risk, the company reputation and higher earnings Lemus, , p.
Such favorable projection of corporate institutions is essential for sustainable business operations. For this reason, companies can be expected to continue with the inclusion of CSR in their annual performance reports.
Ethical standards for treasury professionals have a pervasive effect on the ability of organizations to manage their financial resources in an efficient manner.
Essay on “Corporate Social Responsibility and Ethics” Type of paper: Essays Subject: Business Words: Social responsibility is an idea that has been of concern to mankind for many years.
A key point of CSR is that it recognises the responsibility that companies have to take into account of those impacts. CSR is a framework for thinking about business ethics, making ethical decisions and working within the law, it says a company responsibilities reach further than just making a profit.
Social responsibility is defined as a business firm's obligation, beyond that required by the law and economics, to pursue long time goals that are good for society. Over the decades, there have been numerous controversial reports of social and ethical issues business organizations faced. Corporate Social Responsibility (CSR) is a self-regulatory mechanism incorporated by corporations in their business model. The term CSR is also used for activities carried out by companies around the globe to give back to the society.
- Corporate Social Responsibility Corporate Social Responsibility (CSR) is an idea that has expanded over time so its meaning and definition is somewhat vague. Votaw (), as quoted by Carroll (), summarizes the difficulties of giving a deﬁnition of CSR when he notes that: The term [social responsibility] is a brilliant one; it means something, but not always the same thing, to everybody. Corporate Social Responsibility (CSR) is a concept whereby organizations consider the interests of society by taking responsibility for the impact of their activities on customers, employees, shareholders, communities and the environment in all aspects of their operations.