· 1. Corporate Social Responsibility has recently become very valuable for modern business. Companies’ leaders started to realize that CSR might bring the same, or even higher, impact on their main purpose – maximize the profit – rather than conservative ways of developing their blogger.comted Reading Time: 5 mins · Topic: Kinder Morgan Corporate Social Responsibility The rapid development of the oil and gas industries has boosted the supporting industries, including the oil and gas pipelines the production and distribution. And although the competition is tough, the businesses have their share and continue to fight their way to prosperity on the market Corporate social responsibility (CSR, also called corporate responsibility, corporate citizenship, and responsible business) is a concept whereby organizations consider the interests of society by taking responsibility for the impact of their activities on customers, suppliers, employees, shareholders, communities and other stakeholders, as well as the environment
Corporate social responsibility | Business essays | blogger.com Free Essay Examples for Students
This page essays on corporate social responsibility the essay has words. Download the full version above. Businesses do not exist in isolation of their immediate community and beyond, they create products and services to serve their needs for the purpose of profit making.
However, as they carry out their industrial and commercial activities for profit making the need to inculcate a sound Corporate Social Responsibility CSR in essays on corporate social responsibility core business strategy has become critical to their long term sustainability and commercial success. This has become even more imperative with the growing sophistication and demands of consumers in Western countries like the United Kingdom UK for brands that are socially and environmentally responsible for without which their continued patronage may be stalled.
The COP21 Global Environmental summit held in Paris in Novemberwhich brought together politicians, scientists, investors, numerous non-governmental organizations and many others, clearly indicate the urgency in reversing the long years of environmental despoliation that the global environment has been subjected to with much of it caused by industrial pollutions of business entities.
This growing awareness has made companies increasingly value the need for an effective CSR strategy which would have a long term effects on their corporate performances Baron, ; Gill, Understanding the connection between the CSR and a firm performance and sustainability has in recent times gotten lots of interest among researchers Bevan,although many argue that their findings are inconclusive and rather misleading Jones, et al ; Vogel, CSR can be seen as those actions that appear to further some social good, essays on corporate social responsibility, beyond the profit seeking interest of a firm and that which may be required by law, to affect the society with positive impact on the community, consumers, environment, and workers Baron, CSR programmes would include those actions that improve the environment, community, and lives of all the stakeholders of a business entity Moon and Vogel, Discussions have suggested that there are essays on corporate social responsibility issues that relate to the concept of CSR.
Early scholars have had inconsistencies in the debate regarding CSR Dahlruds, Orlitzky, et alinferred that the inconsistency in the debate over CSR involve fundamental conceptual issues. Friedman is one of such notable scholars who considered shareholder wealth maximization is the single social responsibility of firms and goes ahead to caution against any broader conceptualization of CSR.
In recent times there is a growing saliency of CSR in the strategic objectives of businesses desiring to expand it provision of socially and environmentally responsible products whose demand is quickly gaining momentum Orlitzky, et al, ; Matten and Moon Meeting the needs of present generations without compromising the needs of future generations has further raised the value of CSR not just as a mere gesture but as a necessity.
Business entities are increasingly applying sustainable practices in their operational activities. Sustainability refers to the activities, which the organizations perform, which is voluntarily or mandated by law that shows the inclusion of social and environmental concerns in their business operations.
Implementing a strategic CSR has shown to be successful for some firms and some studies have also shown that the effects of corporate social responsibility has been reached on customer satisfaction and that these strategies can either have a positive or negative impact An increase or decrease in essays on corporate social responsibility satisfaction can have great effect in the market value of a company, and as such increasing consumer patronage through the instrumentality of CSR cannot be taken for granted, essays on corporate social responsibility.
CSR has become one of the very important features of businesses in a rapidly changing global marketplace where consumers growing awareness and sophistication have increased the demands for socially and environmentally responsible products and services, essays on corporate social responsibility. The despoliation of the global environment due to continued application of unsustainable business practices has seen the promotion of CSR to be increasingly projected in recent times by governments, essays on corporate social responsibility, consumers, non-governmental organizations and other stakeholders.
One of the many issues confronting corporate governance is the slow pace of appreciating the positive impact of CSR on organizational competitiveness. This may not be farfetched, as some organizations still value the age old thinking that the only responsibility of businesses is to make profit.
This age old thinking is fast becoming obsolete especially with increasing stakeholders demand for sustainable business activities McKinsey, essays on corporate social responsibility, ducing cost, essays on corporate social responsibility. It is no longer fashionable especially for big companies with international subsidiaries to be found wanting.
This is because the business reinvention that comes with the pursuit of sustainability has cost cutting potentials. This may be in the form of reducing energy wastage, conserving water, recycling, reviewing the integrity of supply chain amongst others. This has seen companies motivated to develop products and services eco-marking campaigns with high certification standards such as: Global Reporting Initiative GRI and the International Standards Organization ISO 2.
This has seen businesses allocating resources to building their CSR profile; since attracting and retaining quality hire remains one of the critical thrust of effective management. This segment intends to examine the two broad spectrums of theoretical expressions regarding CSR.
These are the monetarist and the ethicist theories. Thus, the responsibilities an essays on corporate social responsibility owes its stakeholders should begin and end with profit making. This profit oriented theory suggest that the more a company engages in CSR whose cost must be lower than profit derived from itthe better it will be for its overall economic benefit since it will affect the patronage of it product and more so, its social development efforts will equally develop infrastructure that further aid the business wealth creation essays on corporate social responsibility. The implication of this is that CSR has an extensive economic context that businesses have come to essays on corporate social responsibility on to develop a business to CSR approach.
This may not be farfetched as businesses are increasingly engaging in eco-marketing and labeling to enhance their images, boost customer base and ultimately increase their bottom-line. These responsibilities should not be underpinned by the fact of profit making but to create a better society and a more sustainable environment.
PRI is anchored essays on corporate social responsibility the value of businesses taking up CSR in area that uphold environmentally and socially responsible behaviors. To this end, essays on corporate social responsibility, ethicists advocate that businesses should accord CSR to the communities in which they operate not primarily for profit making but as a moral obligation for their continued sustenance De Schutter, The implication of these two broad theoretical perspectives Monetary and Ethical theories is that CSR is either carried out by organizations for its underlying financial gains or as a moral obligation to the society and maybe even both at the same time.
In another study conducted by Jones, et al, on major global retailers, they discovered discrepancies in their business activities that undermine public confidence such as the use of their sustainability agenda to pursue underlying business objectives rather than the true essence of social and environmental responsibilities. In studies conducted by Moon and Vogel and Mckinsey on the environmental sustainability of the retail industry, highlighted several challenges ranging from waste management to electricity consumption to mode of recycling to mention a few, essays on corporate social responsibility.
While efforts are being made such as applying green technology to overcoming these challenges more effort are still needed to really achieve success and such effort besides spending so much money requires a simple change in behaviour that discourages unsustainable environmental practices. Frooman investigation of the linkage between corporate social responsibility CSR and corporate financial performance CFP using twenty seven event studies of stock market reactions to companies falling short of social responsibility, found out that the market reacted negatively to such companies thereby undermining shareholders wealth.
In another event study conducted by Jones, et al. ains and consumer networks linked to growing debate on sustainable business practices DEFRA, The process of getting that tea, coffee, chocolate or beef from Sainsbury to the consumer and how the consumer trash the leftovers all have certain effect on the environment that the implementation of effective CSR intends to address.
Supermarkets like Sainsbury are major consumers of electricity, water, gasoline for delivery trucks to mention a few and as such their level of CSR commitment remains a key factor in building a brand that is competitive, sustainable and attractive to consumers. This study offers that valuable academic literature which is important in understanding the underlying benefit to corporate performance is building and incorporating an effective CSR policy as one of the core strategies of a business in an increasingly sophisticated marketplace such as the UK.
Without doubt, the demand for socially and environmentally responsible products and services by consumers will increase in the UK and will be critical to sustaining continued consumer patronage. This can only make a study such as this further gain traction in management essays on corporate social responsibility marketing cycles where strategic component of CSR has given rise to a multi-billion pounds industry requiring products and services with positive impact on the social and environmental systems of the world.
Equally so, a study like this can be very useful for members of the public desiring to know more about CSR and how important their demand and active participation in it can help create a sustainable world. Chapter 2: Literature Review This chapter reviewed extant literature relevant to the study combined with theoretical overview on the phenomenon of Corporate Social Responsibility CSR.
Chapter 3: Methodology This chapter discussed the systematic process adopted in carrying out the study and as such covers the research philosophy, design, data collection instruments and other relevant appendages. Chapter 4: Data Presentation and Analysis This chapter covers the systematic process of sifting through the data generated in the study in order to answer the research question and text it hypotheses for causal relationship of variables.
Chapter 5: Conclusion and Recommendation This chapter expresses the overall outcome of the research investigation from the purview of it conclusion and recommendations offered. Chapter Two Literature Review 2. It is no longer enough to be a successful company without being a successful corporate citizen whose actions straddles the economic, essays on corporate social responsibility, social and ecological enclaves of the society.
Corporate Social Responsibility CSR is without doubt a key feature of national and global corporate citizenship in a much more essays on corporate social responsibility marketplace where the need to be responsive to needs of the society is even much more pronounced with the growing demand for environmental protection as a result of continued human despoliation of the environment, essays on corporate social responsibility.
The role of business entities in a society cannot be overemphasized because of the symbiotic relationship that exists between them and the environment in which they operate from and sell to.
This symbiotic relationship is demonstrated by the fact that just like the society relies on the business entities to supply all those things that augment their daily existence like banks, eateries, grocery stores, and many others; the business entities equally owe it survival to the continued patronage it enjoys from the society and as such maintaining such key relationship remains at the core of CSR. CSR has evolved beyond mere corporate philanthropy; it has become a call for corporate accountability and responsibility often choked by the profit seeking motives of commercial entities.
The growing call for dedicated CSR will only be loudest as this century progresses especially with the growing vigor combined with political and social leverages of civil society activists and consumer sophistication that continues to spot light the economic, social and environmental context of corporate entities. This chapter takes a systematic analysis of the subject matter of CSR through a review of relevant academic literature. As such, the concept of CSR will be defined followed by role of the concept in the business, after which a particular focus on CSR in the UK will be made.
These different perspectives accorded to CSR covers broad perspectives such as: stakeholders, essays on corporate social responsibility, social, economic, voluntary and environmental perspectives Dahlsrud, According to Carroll and Shabana the four part considerations of Essays on corporate social responsibility highlighted above: economic, legal, ethical and discretionary or philanthropic are essentially critical to the understanding of the concept.
Ethically or responsibility means treating stakeholders in a manner deemed acceptable in civilized societies, essays on corporate social responsibility. Social includes economic responsibility. The wider aim of social responsibility is to create higher standards of living, while preserving the profitability of the corporation, for peoples both within and outside the corporation.
Pyramid of social responsibilities Carroll, The economic responsibility of CSR is expressed by businesses to their stakeholders in the form of dividend payments derived from profit making. These legal responsibilities tends to generate controversies with some canvassing for a more compelling legal obligations for businesses to engage in CSR De Schutter, while others have argued against stricter legal imposition of CSR by businesses that it should instead be a voluntary obligation.
Ethical responsibilities of CSR on businesses consider the standards essays on corporate social responsibility expectations placed on them by stakeholders and the societies at large as respectable members of it.
The violations or relegation of these expectations and standards would be considered unethical by the society. Discretionary or philanthropic responsibilities CSR of a business entity are demonstrated in the form of tangible gestures to promote the well-being of the society. This may come in the form of donations to schools, fight diseases, essays on corporate social responsibility, build infrastructure like roads and pipe borne water, essays on corporate social responsibility, aid disaster relief programmes and other numerous good courses.
The primary aim of commercial entities is profit making, essays on corporate social responsibility, but even at that CSR is increasingly influencing the extent to which companies can be held accountable and responsible as they go about their profit making activities. This then raises the idea of drivers or influencers of CSR.
This in line with the assertion of the Interdepartmental Commission for Sustainable Development ICSD,which categorized the motivating factors of Essays on corporate social responsibility into internal and external. The internal factors are driven by shareholders, essays on corporate social responsibility, management or employees who demand their companies embrace convictions that make them good corporate citizens while the external drivers are the consumers, government agencies, NGOs and other pressures emanating from outside requesting the company adhere to socially and environmentally responsible behaviors.
Businesses operate to serve their external environment and as such the external environment plays prominent role in shaping some of their activities. The external factors represent the social, economic, legal and political factors that have great influence over the activities of businesses. NGOs continue to be one of the major external drivers of CSR through the pressures they put on governments and businesses to act in a manner that demonstrate accountability and responsibility.
The likes of Greenpeace, World Wildlife Fund WWFOxfam, Rainforest Alliance and Amnesty International to mention a few, have pressured the corporate world to embrace measures that protects the environment, fights against child labour and the use of sweat shops, uphold rights of indigenous communities where extractive business activities takes place, feed the hungry and many other good courses. NGOs enjoy a good measure of trust from members of the public, while some NGOs are engagers by trying to convince businesses to subscribe to codes of conduct while others tend to be confrontational bringing into light the shortcomings of businesses such as harmful environmental or labour practices.
NGOs tend to enjoy an appreciable trust premium that gives them the leverage to influence the CSR initiatives of commercial entities. Corporate-NGOs partnerships have gained momentum in recent times and as such has greatly and continue to influence CSR of businesses in various areas such as: sustainable agriculture, forest preservation, renewable energy, labor issues, consumer protection and human right to mention a few.
NGOs as drivers of CSR, has seen businesses committing more resources to social and environmental courses. As standard setters, NGOs labeling and certification have become highly sought after by businesses in order to boost their image as responsible corporate citizens and this in turn has seen businesses committing resources to environmental protection and social development Poret, ; Baron, NGOs continue to play important role of influencing investors, businesses, consumers and the general public especially now that global internet penetration remains steadfast and as such has given NGOs a powerful status as drivers of CSR globally.
This in turn has made consumers essays on corporate social responsibility of the most important motivators or drivers of CSR essays on corporate social responsibility and globally. This submission of Starbucks the global coffee chain captures the essence of consumers as one of the major drivers of CSR thus: Consumers are demanding more than product from their favourite brands. Employees are choosing to work for companies with strong values.
Shareholders are more inclined to invest in businesses with outstanding corporate reputation. Quite simply, being socially re4sponsible is not only the right thing to do; it can distinguish a company from its peers Starbucks, Consumers wield enormous influence over business entities and continue to have extensive impact on their CSR activities, essays on corporate social responsibility.
It is even gaining momentum with increasing sophistication of consumers who are now demanding businesses embrace sound ethics, good labour practices and sustainable practices. Sen and Bhattacharya study revealed essays on corporate social responsibility CSR in the corporate world is greatly essays on corporate social responsibility by the consumer-business congruence with consumers acting as a major instigator.
This has seen consumers boycott of products or services of a business entity deemed to engage in practices at variance with values and principles detrimental to human right, social justice, animal welfare or environmental sustainability Grande,
What Is Corporate Social Responsibility (CSR)?
, time: 3:56Essay Sample About Corporate Social Responsibility of Organization
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. Over the last two decades, however, it has become of increasing concern to the business world. This has resulted in growing interaction between governments, businesses and society as a whole · 1. Corporate Social Responsibility has recently become very valuable for modern business. Companies’ leaders started to realize that CSR might bring the same, or even higher, impact on their main purpose – maximize the profit – rather than conservative ways of developing their blogger.comted Reading Time: 5 mins Coporate Social Responsibility (CSR) is a self-regulating business model that helps a company be socially accountable — to itself, its stakeholders, and the public. CSR has the impact of the organization’s corporate social responsibility (CSR) activities internally on employee engagement. The qualitative research method, with
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