Corporate Social Responsibility - 2500 Words

(Reporter #1; additional input†¦) Corporate Social Responsibility The broadest definition of corporate social responsibility is concerned with what is - or should be - the relationship between global corporations, governments of countries and individual citizens. More locally, the definition is concerned with the relationship between a corporation and the local society in which it resides or operates. Another definition is concerned with the relationship between a corporation and its stakeholders. According to the EU Commission, CSR is a concept whereby companies integrate social and environmental concerns in their business operations and in their interaction with the stakeholders on a voluntary basis. The central tenet of†¦show more content†¦In it, he argued that individuals voluntary gave up certain rights in order for the government of the state to be able to manage for the greater good of all citizens. More recently, the Social Contract has gained a new prominence as it has been used to explain the relationship between a company and society. In this view, the company has obligations towards the other parts of society in return for its place in society. †¢ Stakeholder Theory Stakeholder theory states that all stakeholders must be considered in the decision making process of the organization. There are three reasons why this should happen: 1. It is the morally and ethically correct way to behave. 2. Doing so actually also benefits the shareholders. 3. It reflects what actually happens in an organization. According to this theory, stakeholder management, or corporate social responsibility, is not an end in itself but is simply seen as a means for improving economic performance. †¢ Classical Economic Theory Classical capitalism has been the basic inspiration for business. In this view, a business is socially responsible if it maximizes profits while operating within the law. Today the classical ideology still commands the economic landscape, but ethical theories of broader responsibility have worn down its prominences. †¢Show MoreRelatedCorporate Social Responsibility : Corporate Responsibility773 Words   |  4 PagesCorporate social responsibility may also be referred to as corporate citizenship and can involve spending finances that do not directly benefit the company but rather advocate positive social and environmental change. The soul in the next economy forum presentation made it evident that achieving corporate social responsibly in a company can reap major benefits in terms of finances, more inspiring workplace and customer satisfaction. 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This obligationRead MoreCorporate Social Responsibility : Corporate Responsibility2819 Words   |  12 PagesIntroduction For the past years, corporate social responsibility also referred, as corporate conscience has been a respected subject for discussion. Corporate social responsibility, unquestionably, contains more viewpoint than simply worried about the ecological impacts of associations. It came in people groups mind at the later 1880, time of essential modern advancement that associations ought to think about the thought of social obligation. Associations that are near to social obligation issues got toRead MoreCorporate Social Responsibility : Corporate Responsibility2818 Words   |  12 PagesFor the past years, corporate social responsibility also referred, as corporate conscience has been a respected subject for discussion. Corporate social responsibility, unquestionably, contains more viewpoint than simply worried about the ecological impacts of associations. 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