What is Corporate Responsibility Essay - 2045 Words

What is CSR? CSR or Corporate Social Responsibility indicates the actions or conducts that have strategic importance to companies. CSR has been defined as a company’s efforts or obligations in reducing and getting rid of any detrimental effects on the community and maximizing long-term beneficial effects to the company and community in which it operates (Mohr et al, 2001, cited Trendafilova et al, 2013). CSR usually starts with the general emphasis that businesses are not only responsible to generate economic returns for shareholders, but are also responsible to the environment and to other stakeholders. This is usually known as the â€Å"triple bottom line† – the company’s returns for investors, the environment and stakeholders (Markley,†¦show more content†¦This is the direct outcome of pride in the company’s practices and products (Hohnen and Potts, 2007). Also, staffs who perceive their company to be socially responsible will be more co mmitted to the company and out-perform those staffs who perceive a huge deal of irresponsibility. Besides, the company’s performance is likely to improve because employees see a socially responsible organization as a just organization and return this fairness through dedication and loyalty (Gross, 2011). Another advantage of doing CSR to companies is increased sales and market share. Consumers prefer to be associated with a firm that is ethical and has a positive image or in other words, does CSR. Various companies have become innovative and started to contribute a fair portion of their sales to certain cause. This has 2 fold advantages that is, it boost the brand image and helps in product differentiation and thus increases its sales (Soulace.in, 2014). Nevertheless, there are also undeniably, limitations of doing CSR. One of the limitations of doing CSR is that doing CSR does not necessarily pay or in other words the money companies put into doing CSR may not necessarily bring about calculable financial results. One of the reasons why CSR does not necessarily pay is because only some consumers know or care about the environmental or social records of firms. Practically all goods and services continue to be purchased by consumers onShow MoreRelatedWhat is Corporate Social Responsibility?5030 Words   |  21 PagesWHAT IS CORPORATE SOCIAL RESPONSIBILITY? Corporate Social Responsibility has been evidently growing with Liberalization, Privatization and Globalization. As said by William Jr. Ford, Chairman, Ford Motor Co. A good company delivers excellent products and services, and a great company does all that and strives to make the world a better place, therefore booking profits for yourself in such a manner that is socially, environmentally and ethically acceptable thereby leading to an overall positiveRead MoreWhat is Corporate Social Responsibility?2032 Words   |  8 PagesWhat is CSR? CSR or Corporate Social Responsibility indicates the actions or conducts that are strategically important to businesses. CSR can also be defined as a firm’s efforts or obligations in reducing and getting rid of any detrimental effects on the community and maximizing beneficial effects to the company and community in which it operates in the long run (Mohr et al, 2001, cited Trendafilova et al, 2013). CSR usually starts with the common emphas is that firms are not only responsible to generateRead MoreWhat Is Corporate Social Responsibility?1778 Words   |  7 Pagesï » ¿Corporate Social Responsibility Corporate Social Responsibility is described in regards to the Japaneses Internet market, Yahoo Japan Corporation (the Company) along with its consolidated subsidiaries and affiliates (the Yahoo Japan Group) to involve a full commitment on their part to the realization of an Internet environment that is characterized by safety, security and harmonious with the expectations and needs of society. P38) I. Safety and Security Characteristics Ensuring safety andRead MoreWhat Does Corporate Responsibility Mean1518 Words   |  7 PagesWhat Does Corporate Social Responsibility Mean? Corporate initiative to assess and take responsibility for the company s effects on the environment and impact on social welfare. The term generally applies to company efforts that go beyond what may be required by regulators or environmental protection groups.  Ã‚   Corporate social responsibility may also be referred to as corporate citizenship and can involve incurring short-term costs that do not provide an immediate financial benefit to theRead MoreWhat ´s Corporate Social Responsibilities?579 Words   |  2 Pages1. Corporate Social Responsibilities (CSR) is about how companies make profits in an ethical way. Coca-Cola has adhered to this principle and had removed a chemical ingredient(brominated vegetable oil BVO) from its drink, a chemical associated with memory loss. BVO is banned in several other countries but allowed by FDA is US. Due to an online petition, thousands have pressured Coca-Cola to remove it. Coca-Cola listened and removed BVO. The stakeholders – consumers are cared for as Coca-ColaRead MoreWhat Is Moore s View Of Corporate Social Responsibility1563 Words   |  7 PagesWhat is Moore’s view of corporate social responsibility? After GM began to announce that the company will be closing it’s location in Flint, Michigan and will be moving down to Mexico the whole city of Flint began to deindustrialize. About half of Flint was left unemployed. Due to a lot of people losing jobs, primarily from the GM company, more and more people were being evicted from their houses and going on welfare. Because of the outsourcing it lead to Flint becoming deindustrialized. A lot ofRead MoreCorporate Social Responsibility: What Went Wrong at Glaxosmithkline?2532 Words   |  11 PagesCorporate Social Responsibility: What Went Wrong at GlaxoSmithKline? When London-based GlaxoSmithKline (GSK) paid a $750 million dollar settlement as part of a plea agreement that required it’s Cidra, Puerto Rico subsidiary SB Pharmco to plead guilty for knowingly selling contaminated medicine, it laid to rest any doubts that its business practices were in direct conflict with its commitment to both quality and to creating a strong ethical culture. There are, nevertheless, important issuesRead MoreTo What Extent Is Corporate Social Responsibility Beneficial to a Company’s Performance1245 Words   |  5 PagesTo what extent is Corporate Social Responsibility beneficial to a company’s performance Corporate Social Responsibility is a philosophy that relates to a business being a part of the society, so acts in a way that not only advances its own firm but also serves the society as well. Good ethics is the cornerstone of sustainable development. In the long run, unethical behavior may harm customers and the society as a whole. Furthermore, it damages a company’s image, efficiency and effectivenessRead MoreTo What Extent Does Corporate Social Responsibility Beneficial to a Company’s Performance?1187 Words   |  5 PagesTo what extent does Corporate Social Responsibility beneficial to a company’s performance? Hot debates were arose everywhere in the society about the extent of Corporate Social Responsibility (CSR). Mallen Baker (2004) states that CSR is about how companies manage the business processes to produce an overall positive impact on society. Supporters of CSR claim that Businesses and Corporations are not only about making money especially for big business. They should show social responsibility, moralRead MoreTo what Extent is Corporate Social Responsibility Beneficial to a Company’s Performance?1078 Words   |  5 PagesIn recent years, there have been a growing number of companies that have an explicit Corporate Social Responsibility (CSR) plan. As stated by European Commission (2001), CSR is defined as â€Å"a concept whereby companies integrate social and environmental concerns in their business operations and in their interaction with their stakeholders on a voluntary basis.† It is believed that the motives for CSR are gradually converting from philanthropi c rationale to performance-driven orientation, but the question