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759 Words Essay on Corporate Social Responsibility

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. This obligation is seen to extend beyond the statutory obligation to comply with legislation and sees organizations voluntarily taking further steps to improve the quality of life for employees and their families as well as for the local community and society at large.

The debate about CSR has been said to have begun in the early 20th century, amid growing concerns about large corporations and their power. The ideas of charity and stewardship helped to shape the early thinking about CSR in the US. There is no universally accepted definition of CSR- Selected definitions by CSR organizations include:

★ “Corporate Social Responsibility is the continuing commitment by business to behave ethically and contribute to economic development while improving the quality of life of the workforce and their families as well as of the local community and society at large” World Business Council for Sustainable Development

★ “CSR is about how companies manage the business processes to produce an overall positive impact on society.”

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★ “Corporate social responsibility is undertaking the role of “corporate citizenship” and ensuring the business values and behaviour is aligned to balance between improving and developing the wealth of the business, with the intention to improve society, people and the planet”

★ “CSR is a company’s commitment to operating in an economically, socially and environmentally sustainable manner whilst balancing the interests of diverse stakeholders.” CSR Asia

★ “Corporate social responsibility is the commitment of businesses to contribute to sustainable economic development by working with employees, their families, the local community and society at large to improve their lives in ways that are good for business and for development.” International Finance Corporation

To demonstrate good business citizenship, firms can report compliance with a number of CSR standards The scale and nature of the benefits of CSR for an organization can vary depending on the nature of the enterprise, and are difficult to quantify, though there is a large body of literature exhorting business to adopt measures beyond financial ones CSR may be based within the human resources, business development or public relations departments of an organization, or may be given a separate unit reporting to the CEO or in some cases directly to the board.

Some companies may implement CSR-type values without a clearly defined team or programme. The business case for CSR within a company will likely rest on one or more of these arguments:

A CSR programme can be seen as an aid to recruitment and, particularly within the competitive graduate student market. Potential recruits often ask about a firm’s CSR policy during an interview and having a comprehensive policy can give an advantage. CSR can also help to improve the perception of a company among its staff, particularly when staff can become involved through payroll giving, fundraising activities or community volunteering. In crowded marketplaces companies strive for a unique selling proposition which can separate them from the competition in the minds of consumers.

CSR can play a role in building customer loyalty based on distinctive ethical values. Business service organizations can benefit too from building a reputation for integrity and best practice. So businesses should be more responsible for their environment. It is difficult to concede if CSR is purely driven by the intentions of corporate members to exert ethical conduct or is it a distraction and/or opportunity to over shadow or distract society and consumer perception based on the moral standing of an organization

There are major challenges in today’s corporate arena that impose limitations to the growth and potential profits of an organization. Government restriction, tariffs, globalization, environmentally sensitive areas and exploitation are problems that are costing millions of dollars for organization. It may be apparent that in some cases, ethical implications are simply a costly hindrance that potentially forces businesses to finding alternative means to shift viewpoints.

It is certainly a potential strategic tactic to gain public support to sustain a competitive advantage. Another plausible driver of CSR is by independent mediators to ensure that corporate goals don’t harm or disadvantage anyone or environment. Unfortunately many consequential events are a reason why CSR policies become evident. But CSR opens up a whole new horizon for safer and better opportunities for both the employer and employee. It is now for more organizations to realize the importance of CSR, and take the right step towards success.

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Essay on Corporate Social Responsibility

This report provides information on whether the benefits of CSR outweigh the drawbacks. The report shows that the benefits of CSR are more than the drawbacks and managers should consider implementing the strategy. The research utilizes the use of secondary resources to conclude. Most of the authors used in this report show that CSR has more advantages such as consumer satisfaction, financial performance, productivity, and promotes relationships among the companies, the stakeholders, and society. This research informs the managers on the benefits of executing CSR in their companies. More so, it provides information on few drawbacks that the managers should be prepared to experience. The study adds new information concerning the comparison of advantages and disadvantages of CSR which makes it easier to determine if the strategy should be implemented in companies.

Corporate Social Responsibility

Introduction

Corporate social responsibility (CSR) is a self-controlling model of business that helps business organizations to be socially accountable to the public, stakeholders, and self. Through CSR, companies have conscious of how that affects society environmentally, socially, and economically as they do their businesses (Basuony et al., 2014). Engaging in CSR means that companies are operating in ways that improve society and its environment. As much as CSR influences companies to translate the principles into practical activities, some of the researchers show that CSR may harm companies, stakeholders, and consumers.

Research Questions

Do the positive impacts outweigh the negative effects of CSR among the companies?

Despite some of the researchers revealing the negative impacts of CSR, there are many positive influences that companies, stakeholders, and consumers experience. Companies should ensure that they are responsible for themselves, society, stakeholders, and consumers. This promotes the positive impact of business in society without other people suffering the implications of unethical business activities. However, it is linked to few drawbacks such as costs, conflicts in the profit motive, and “green washing” of customers.

Methodology

This report will utilize secondary sources for review to come up with conclusions. Articles that are less than 10 years old will be used to develop conclusions on whether CSR is effective among companies and if the benefits outweigh the drawbacks.

Literature Review

Based on a substantiation from Mena country, Basuony et al. (2014) state that CSR promotes the performance of business organizations. The stakeholder theory suggests that organizations have to manage relationships with other groups and stakeholders which influences the effectiveness of business decisions. Despite making entrepreneurship progress, businesses that pay attention to the needs of society are successful. For example, branding is effective when a business organization protects the environment and takes part in social activities such as the construction of schools. Most of the researches in this article show that CSR influences business performance through market orientation and consumer satisfaction and financial performance. In research done by Newman et al. (2018), shows that CSR has an independent positive influence on the level of firms efficacy- increased productivity influenced by high effective business engagement. Increased company involvement in community initiatives is a great influence for success in business due to customers’ and stakeholders’ trust.

The concept of the future of CSR presented by Archie Caroll shows that as companies continue to apply CSR, benefits such as stakeholders engagement, increased productivity due to employees being the driving force of business and the enhancement of power among ethically sensitive customers and the client will be experienced (Agudelo et al., 2019). The concept influences effective governance criteria, environmental responsibility, corporate citizenship, the establishment of shared business values, and social performance. However, CSR is linked to various negative impacts. Mahmood et al. (2020) suggest that CSR influences negativity through abusive supervision while valuing employees’ conducts. As much as CSR influences minimization of negative employees’ behavior, it also influences negative conduct when there is abusive supervision. More so, the implementation of CSR needs money. Especially for small businesses, CSR is not affordable to be allocated in the budget. The conflict of the profit motive is also established in CSR as the focus on societal benefits may influence losses to companies. Greenwashing of consumers is linked to CSR. For example, labeling products to be organic to attract consumers.

Implications

This exploration has implications for both bodies of knowledge and management. The research used in this report shows that as much as CSR may have various drawbacks, the benefits outweighs the disadvantages. It contributes to the existing body of knowledge by showing that CSR has more benefits and companies should consider its application in business. The limitations of the current study are the use of secondary sources and few articles to provide more evidence. More so, the articles used in this report do not include cultural factors such as religion which are significant in understanding CSR and the involved activities in the society. The discussion concerning the link between CSR and corporate governance is not provided. Therefore, further research should be done to evaluate this link and its impact on the performance of the company and the experiences of the stakeholders and customers. More so, the research provides a key takeaway for managers which is mainly the benefits of executing CSR in companies to influence performance. The managers should know that despite the presence of drawbacks linked to CSR, there are many advantages such as consumer satisfaction, effective branding, establishing trust, and financial performance.

Based on the previous research used in this report, it is evident that CSR has many advantages. These pros include consumer satisfaction, productivity, good relationships with society and stakeholders, financial performance, and effective branding. These advantages overpower the drawbacks which include costs, conflicts in the profit motive, and “green washing” of customers. However, the limitations of the research include the inclusion of fewer articles and a lack of cultural factors in the research. Therefore, this study concludes that the benefits of CSR outweigh the disadvantages. The implication of the literature is informing managers to execute CSR which promotes productivity and financial performance.

Agudelo, M. A. L., Jóhannsdóttir, L., & Davídsdóttir, B. (2019). A literature review of the history and evolution of corporate social responsibility.  International Journal of Corporate Social Responsibility ,  4 (1), 1-23.

Basuony, M. A., Elseidi, R. I., & Mohamed, E. K. (2014). The impact of corporate social responsibility on firm performance: Evidence from a MENA country.  Corporate Ownership & Control ,  12 (1-9), 761-774.

Mahmood, F., Qadeer, F., Abbas, Z., Hussain, I., Saleem, M., Hussain, A., & Aman, J. (2020). Corporate social responsibility and employees’ negative behaviors under abusive supervision: A multilevel insight.  Sustainability ,  12 (7), 2647.

Newman, C., Rand, J., Tarp, F., & Trifkovic, N. (2020). Corporate social responsibility in a competitive business environment.  The Journal of Development Studies ,  56 (8), 1455-1472.

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Essay on “Corporate Social Responsibility and Ethics”

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. In the past, businesses primarily concerned themselves with the economic results of their decisions. “Today, however, businesses must also reflect on the legal, ethical, moral and social consequences of their decisions” (Anderson 15). This paper will discuss the concept of corporate social responsibility . It will give the definition of the phrase, and identify some of the global factors that necessitate corporate social responsibility. It will discuss the importance of corporations setting up corporate social responsibility projects, and the impact these have on society. Social corporate responsibility and the maintenance of high ethical standards is not an option but an obligation for all businesses.

Corporate social responsibility is no longer defined by how much money a company contributes to charity, but by its overall involvement in activities that improve the quality of people’s lives. Corporate Responsibility has come up as a significant subject matter in the international business community and is progressively becoming a mainstream activity. There is mounting recognition of the momentous effect the activities of the private sector have on the workforce, clientele, the society, the environment, competitors, business associates, investors, shareholders, governments and others groups . It is also becoming progressively clear that organizations can contribute to their individual wealth and to overall community wealth by taking into account the effect they have on the entire globe when making decisions (Anderson 5).

Ethics of multi-corporations involves actions that are morally upright. It is common knowledge that most of the activities corporations are engaged in may not meet the required ethical standards. This is because many businesses tend to focus on profit making rather than any other thing. Business ethics is an upcoming issue mainly due to the sheer number of persons involved. The actions of a few persons may seem safe on a small scale but on a large scale such actions could be devastating. An example of such situations that may be considered unethical is the firing or employees to keep the profit margin of a company high. In the wake of the financial breakdown, many people lost their jobs. Most of the persons who lost their jobs included civil servants who are middle class persons. In order to ensure that the corporations save some money, most of these workers were laid off. Such an action is considered unethical. This is because even though the companies are somehow at a loss, the firing of all those employees means that so many people are going to suffer. The multi-corporations could definitely live with the loss incurred but would rather avoid that by firing a number of their workers.

Businesses are an essential part of the society within which they operate. Excellent executives are aware that their long-term prosperity is founded on sustained good associations with a broad range of persons, groups, and organizations. Intelligent organizations know that businesses can never be prosperous if they operate within societies that are unsuccessful. This is regardless of whether the society is failing due to social, governance or environmental challenges. Furthermore, the common public has lofty expectations of the private sector with regard to responsible and ethical behavior. Consumers expect goods and services to mirror socially and environmentally accountable business conduct at reasonable prices. Shareholders also are seeking improved financial performance that interlinks social and environmental elements, as regards the opportunities they present (Banerjee 13).

There are several factors which explain the growing interest in corporate social responsibility. The first factor is the new concerns and expectations of citizens, consumers, public authorities globalisation and industrial change. The second factor is the increasing influence of social criteria on the investment decisions of individuals and institutions, as investors or consumers. The third factor is the growing concern about environmental degradation. This is a particularly important concern given the fact that environmental conservation has become an increasingly significant for everyone in society today. With multi-corporations raking in millions, it is only justified that they give back to the community. The wanton disregard of the environment by a few companies when it comes to handling of industrial waste, the use of recyclable paper or sheer indifference when it comes to environmental protection is shocking. As aforementioned, corporate social responsibility involves activities that give back to the community, or ensure fairness in the running of activities (Crowther and Rayman-Bacchu 69).

The protection of the environment has become the center stage of many humanitarian organizations. Most of these humanitarian organizations argue that the protection of the environment should be the key concern of any corporation. This is because; the environment is the only natural resource that is invaluable to the human race. The issue of handling industrial waste by many corporations has always been at the forefront of many environmental organizations. This is because corporations are guilty on more than one accord of irresponsibly handling their waste. Evidence such as the great pacific garbage patch exists to show how many corporations are not handling the dumping of waste seriously. The great pacific garbage patch is a myriad of human waste that has found its way into the ocean after being improperly dumped. The great pacific garbage patch leads to problems such as loss of aquatic life and the contamination of the water not mentioning the introduction of many pollutants into the water (Werther and Chandler 55).

Corporate social responsibility makes it clear that it is certainly unethical for these corporations to be making profits at the expense of the environment and other aspects of the human life. Corporate social responsibility makes it clear that corporations should therefore find better ways to handle their waste disposal. Even though it is currently not clear on what is the best way to handle some waste such as hot water, responsibility means that before waste is disposed, it should pass some tests. The tests could ensure that the waste is safe for disposal and would not in any way harm human beings and other life. Corporate social responsibility is therefore viewed as a control mechanism to ensure that multi-corporations are responsible for their actions (Werther and Chandler 70).

The global financial meltdown uncovered many social norms previously unimagined. The number of people who lost their jobs due to the financial situation is appalling. Interestingly, this does not mean that multi-national corporations are necessarily suffering. Most of the established companies with branches all over the world took the excuse of the financial breakdown to benefit. All of a sudden, it was okay to lay off people on the pretext of financial gloom. This means that a few people were benefiting from the woes of a thousand more. The issue of corporate social responsibility presents itself in this situation in that, the multi-corporations are run by a board of governors.

The board of governors is usually composed of a few individuals that call all the shots. It is common knowledge that these corporations employ a huge number of persons in many sectors of the economy. When the profits of these gigantic companies fail to reach a certain goal, the running costs of the business have to be checked. This is why, the few persons at the top, not wanting to lose, resort to firing some people. This is done so as to maintain the profits at a certain level. The problem is that when all of the multinational companies resort to firing a few employees, the net effect is that, a large number of persons end up losing their jobs.

Corporate social responsibility ensures that corporations the world over are engaged in other activities that give back to the community (Crowther and Rayman-Bacchu 172). Many activities that are considered helpful include: organizing activities that seek to involve the community in such events as fund raising for the needy, events that seek to help out the disadvantage in society and other similar activities. In the financial and corporate world, corporate social responsibility is given with a positive impact on performance. There are, however, several factors that show the need for corporate social responsibility. The first factor is population. The expanding population in developing regions will create larger markets dominated by younger individuals with questionable access to the developed world’s standard of living. Statistics show that more than eighty five percent of the world’s population will live in developing countries by 2025 (Crowther and Rayman-Bacchu 165). This presents a challenge to companies seeking to involve themselves in corporate social responsibility, since it is clear that a lot of financial support will be required for these populations.

The second factor is wealth. Despite the fact that global wealth is rising, the income gap has grown wider, threatening civil society. Seventy eight percent of the world can be classified as poor, with eleven percent in the middle class, and only eleven percent can be classified as rich. Each and every company should strive to be involved in attempting to balance this distribution of wealth. The trend of the rich growing richer while the poor grow poorer should be eliminated, since it is unethical for some people to have so much and for others to have nothing at all. The third factor is nutrition. There are millions of people who are malnourished, amidst an abundance of food. Thousands die of hunger every year, while rich corporations blow millions on fancy holidays for their executives. It is crucial for each company to take time and reflect on the finances it spends on benefits for its executives, as compared to that spent on helping the needy in society. While these benefits are vital for employee motivation, they should not be taken overboard at the expense of the suffering masses.

Education is another critical factor that should be considered in the design of corporate social responsibility programs. Basic education is widespread, but opportunities for learning continue to elude many. Over one hundred million children are not in school, with ninety-seven percent of these being in developing countries. One in every five adults globally is illiterate, which are staggering figures given the widespread opportunities to learn available today. Corporates are faced with the challenge of promoting education by setting up schools, and funding educational development programs. Education can also be encouraged by taking in interns and trainees and giving them an opportunity to learn the tricks of the job, which will enable them compete fairly in the corporate world (Crowther and Rayman-Bacchu 169).

In conclusion, this paper has shown that corporate social responsibility is a vital element for nay business corporations. It has been shown that there are many different areas in which a company may choose to focus its corporate social responsibility. The first area of focus in corporate social responsibility is with regard to the environment. Other areas that should be considered in the development of corporate social responsibility programs are education, health, nutrition and employment. “Social responsibility investment combines investors’ financial goals with their obligation and dedication to factors that ensure the well-being of society such as environmental friendly practices, economic growth and justice in society” (Anderson 9). These elements are not only aspects of corporate social responsibility, but also a show of the ethical standards of a company. It is unethical for some individuals to own so much and earn so much, at the expense of other suffering members of society. It is also unethical for companies to engage in environmentally degrading practices that result in illnesses and loss of life. It can be concluded that Social corporate responsibility and the maintenance of high ethical standards is not an option but an obligation for all business.

Works Cited

Anderson, Jerry. Corporate Social Responsibility: Guidelines for Top Management. Westport: Greenwood Press, 1989. Print.

Banerjee, Subhabrata. Corporate Social Responsibility: The Good, the Bad and the Ugly. Northampton: Eward Elgar Publishing, 2007. Print.

Crowther, David and Rayman-Bacchus, Lez. Perspectives on Corporate Social Responsibility. Burlington: Ashgate Publishing, 2004. Print.

Werther, William and Chandler, David. Strategic Corporate Social Responsibility: Stakeholders in a Global Environment. Carlifonia: Sage Publications, 2006. Print.

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Corporate Social Responsibility in Business

The social responsibility of business can be described or explained as the way companies, through their activities, maximize shareholder value, that is, by acting in a manner that benefits society, not just the bottom line. Being socially responsible for a business or a company can bring added advantages that portray a good company’s image and thus build the company’s brand in one way or another. Incorporating socially responsible programs into a business or a company, employee morale in the workplace tends to be boosted. As a result, the level of productivity will a tremendous percentage increase. Productivity in a business has a significant impact in terms of the profits gained after successful sales.

Specific characteristics qualify a company or business as socially responsible. Socially responsible businesses and companies have greatly improved in establishing communication rapport between employees and employers. This is in terms of improving ethical standards and behaviors. Employers in such business organizations handle their employees with high, maintained standards for ethical behavior while communicating. Socially responsible business organizations ensure or instead appreciate the work of their employees. For this reason, the employees feel recognized for their input and conclude that what they contribute to that business is of great essence. Through involvement in community activities, for example, acting according to the set community policies again, the companies act socially responsible (Carroll, 2021).

Socially responsible businesses enable community members’ and families’ well-being through compensations, an extension of company benefits, policy implementations, and practices (Islam et al., 2021). Such businesses take a human toll on all business decisions through their practices. Through actions of appreciating the community individuals that, in one way or another, contribute to the success of a business organization, businesses in this perspective are characterized as socially responsible.

Milton Friedman, a business economist, stated that a business’s overall social responsibility is to increase profits (Dmytriyev et al., 2021). Through his arguments, shareholders are the most important characters of a particular business, and there is a need for an organization to return value to the shareholders. Friedman had a strong belief that a company, through its actions, should focus its attention on the creation of value for its subsequent shareholders. Shareholders valued by their respective organizations would generate sound decisions on upholding their social values from their points of view.

Milton Friedman, through his arguments, incorporated socially responsible techniques. For instance, a company participating in matters that lead to the conservation of the environment or banking on measures that reduce climate change, the company, in turn, will not only attract new customers but as well maintain the old customers. Friedman argued that an individual could afford to pay for products or services of that particular company having in mind that some of the company profits gained will support areas of more concern or benefit in their surroundings. Friedman claimed that governments are supposed to be champions of social responsibilities in business sectors. Businesses have the tremendous potential to serve citizens in many dimensions. Friedman used an example of businesses acting toward environmental sustainability and actions towards improving equity and social justice. These actions are essential to the communities and bring more benefits, leading to enormous profits.

Corporate social responsibility (CSR) can be described as a business model that enables a business organization or a company to act in a way that promotes social accountability that adds value to the public and the shareholders. It is the idea that businesses should play positive roles in the communities. Through their actions, they take into consideration the social impacts and the social impacts that decisions made by such business organizations can bring. The primary social responsibilities a business has to promote include ethical considerations in a business setting, philanthropic considerations, economic responsibilities, and the actions that promote environmental responsibility, conservation, and sustainability of environmental resources (Islam et al., 2021).

Having mentioned elements of corporate social responsibility, there are diverse ways business organizations can incorporate them. Businesses must identify one area they can major on and showcase their abilities to improve. For example, a business can identify wildlife conservation as one of the areas they have identified to showcase their social responsibility. The business should bank on all actions that enhance wildlife conservation by incorporating economic funding, offering educational services through planned field days, and educating locals on the importance of conserving wildlife and the need for wildlife for future generations. Through the wildlife ministry, business organizations and companies can jointly implement policies promoting wildlife conservation.

Corporate social responsibility is not only a way to impact the societies we live in by creating healthier living environments, but, again, corporate social responsibility is a tool for business success. As a strategy, CSR creates an important ethical stand in which individuals are responsible for fulfilling public duty (Carroll, 2020). Businesses have to create benefits for society. In this perspective, the right balance between overall economic growth, the general well-being of the community (Society), and the environment people live in. The advantages of Corporate Social Responsibility are discussed below in detail.

Corporate social responsibility’s most expected positive impact is that it promotes positive relationships; as the business organization builds trust through social responsibility, it again creates a sense of community among the company’s consumers. Even though the consumers are not directly engaged in a company or business through its CSR actions, they, in one way or another, get proud of the business. Implementing corporate social responsibility actions attracts and retains employees and consumers. As a result, they are both engaged in successful or productive actions of a company or a business.

Corporate social responsibility builds public trust through its actions. Study sources reveal that 88% of company consumers that incorporate social responsibility tend to remain loyal customers (Maon et al., 2021). Even if the prices of certain products get higher, they tend to remain due to other added advantages they gain from that business or company. Society helping that is through monetary donations and voluntary activities, the locals. Specifically, the consumers enhance their trust in respective companies with CSR actions. Through trust build-up, the company’s popularity is greatly enhanced. This concludes that Corporate social responsibility builds a good reputation for a particular company or business.

One of the most expected positive impacts of CSR is the profit maximization of a company. As initially discussed, CSR actions tend to ensure that the customers become loyal to such companies; company trust and loyalty, a company, tend to attract new customers and maintain the old ones. According to CSR statistics, about 55% of customers are willing to pay more for goods and services from socially responsible companies (Hu et al., 2020). This reveals that companies enhancing corporate socially responsible programs tend to maximize their profits and, thus, the overall success of such businesses and companies.

CSR encourages growth in terms of professionalism and an individual perspective. Companies with socially responsible corporate cultures tend to promote volunteerism to their company employees, thus encouraging them to donate non-profit actions to the company. For this reason, the employees become individually and philanthropically encouraged if their business organizations encourage that culture. As a result, employees will realize that their employer is committed to battering their local and global communities. Employees will feel more encouraged and increase their efforts in enhancing company productivity. As a result of corporate social responsibility, the employees tend to grow personally and in terms of professionalism.

In the current business world, corporate social responsibility is appreciated by business organizations and companies in many dimensions. The idea or the concept of corporate social responsibility programs has its roots in corporate philanthropists. For instance, Andrew Carnegie challenged wealthy people about their contributions to social functions following his perspective on the  Gospel of wealth.  Andrew Carnegie incorporated the stewardship principle that required businesses, companies, and wealthy individuals from society to project themselves as stewards or, in other words, caretakers of their acquired property. The economist (Andrew Carnegie) maintained his idea that the wealthy hold their money in the name of trust for the rest of society and use it for various purposes that society deems legitimate. Carnegie proposed charity principles and stewardships that attracted interest from both practitioners and scientists, especially in the 18 th  and 19 th  centuries.

Corporate social responsibility ideas can be traced back to 1914 when a well-known banker named Fredrick Golf contributed to the foundation of the Cleveland Foundation, which was the trustee of the Cleveland Trust Company. The significance of the foundations was to empower the community through the acceptance of donations and gifts, especially from multiple donors rather than one fortune, who could assess needs in a collective manner and result respond to the community. The foundation was the first foundation that was community-based.

The contributions of Howard Bowen can retrace the existence of Corporate Social Responsibility. Howard is an American economist and the president of Grinnell College who articulated CSR actions and ideas and is named the “father of Corporate Social Responsibility .”Through his book, published in 1953, he contributed to the connection of the responsibility of business corporations into society. In his book, he powerfully advocated for ethics in the business field. Howard Bowen, again through his book, coined for responsiveness actions to the societal stakeholders. Howard, through his  Social Responsibilities of the Businessman,  argued that business organizations and companies must constructively incorporate the actions and activities that serve the needs of society (Tsilikis, 2020). This statement in today’s business world has ensured that business organizations contribute more to societal functions and needs than solely their products and services for sale. In 1970, Corporate Social Responsibility began to take hold, particularly in the United States, after the concept of the social contract between business organizations and societies was declared. The key responsibilities outlined in the social contract declaration included the provision of jobs and economic well-being through proper business running, business running fairly and equitably concerning the employees and the employers, and finally, engaging in the improvement of the community conditions and the environment a business is operating on. The mentioned responsibilities are applicable in today’s business background.

The origin of Corporate Social Responsibility in business can be traced to professor Sandra L. Holmes’s results after her survey conducted on CSR to find out how decisions on which causes to support were made. Her results concluded from the  Executive perceptions of corporate social responsibility  described the government influence, the overall severity of social need, utilization of a business corporation’s ability to help solve a particular need, and executive interest. Again, from the approaches by Professor Archie B. Carroll in  The Evolution of the Corporate Social Performance Model , social responsiveness and ethics in business are brought together into one field of study and performance (ElAlfy et al., 2020). From the model, CSR is comprehended as a 3-pronged approach that is the adoption of ethics by companies, creating and executing formal processes, and developing policies for managing specific situations or issues.

Corporate Social Responsibility plays an essential role in the current business world, and corporate citizenship professionals are inspired to align their work with the business organizations for maximization impact. As new economists and professionals venture into the business field each day, it is of great essence for the new professionals to review the evolution of Corporate Social Responsibility and the influence of the early contributors of corporate social responsibility.

The most significant limitation of CSR in business is the impact on the public image. Once a business is in public perception, it is more evidence that it will be scrutinized over everything it does. An organization that upholds its credibility actions may be subject to criticism over small actions. As much as there are more results from incorporating Corporate Social Responsibility programs, successful implementation of such programs or strategies is challenging and complex for business organizations and companies (Mišura et al., 2018). Getting everyone on board is one of the most significant dilemmas. Studies reveal that there are always gaps between leadership goals and employee enthusiasm. Often in business organizations and companies, there are great disconnections between the leaders on board and the employees in terms of achieving the goals of corporate social responsibilities. For a company or a business organization to achieve the set missions of CSR, the employees must develop strong engagement in achieving the goals. Implementing CSR strategies may be challenging with diverted or disconnected unison between the employees and the employer.

Many businesses lack clear metrics to prove the value of CSR programs and strategies. Businesses lacking metrics on evaluating the potential advantages of CSR programs to pursue their stakeholders about the strategies and the programs makes it hard to attain CSR. Implementing Corporate Social Responsibility programs requires critical and complex evaluations available by the business organizations—maintaining the CSR programs requires well-defined procedures that are well comprehended by the public and the stakeholders.

Businesses and companies again lack sufficient resources for the implementation of CSR strategies. As initially before, CSR requires resources that are in terms of human resources, capital, informed knowledge, and expert knowledge. Many businesses have revealed these elements to be less available, thus acting as barriers to promoting CSR (Latapi et al., 2019). In human capital, the implementation of CSR strategies is not generally assigned to central management. Thus, financial and human capital are not assigned to the expected level.

The company’s and businesses’ implementation of Corporate Social Responsibility requires strategic visions. As a result, many business organizations and companies lack total commitment from the management, and due to such challenges, it is challenging to incorporate CSR programs. To express commitment towards achieving CSR, businesses must incorporate missions, visions, objectives, and goals in aiming for the success of their activities. Such elements that promote business commitments are less available among the major businesses and companies. There have been proven that many companies, for instance, shipping companies, have failed to integrate CSR strategies into their visions and missions. Instead, they have addressed the issue at operational levels, only making incorporating the CSR programs challenging.

Additionally, the company and organization’s input in terms of business perspective for the community is much less than the output businesses receive. That same input, if incorporated by the organizations for earning purposes, will ultimately make huge profits. The public (Community) consistently fails to recognize the good deeds of a particular company made for the well-being of society. As a result, it fails the m by being denied appreciation and acknowledgment in the most usual way after the duty.

In conclusion, businesses need to focus their attention on implementing social responsibility programs as a way of promoting societal advantages and as a way of growing their brands. As discussed, CSRs aim to maximize the shareholders’ profits and to serve and protect the interests of other members (consumers, community members, and workers) that contribute to the business’s success. Every business organization and company also desires to look good in the eyes of a particular community. Companies should, therefore, champion activities that enhance Corporate Social Responsibility, keeping in mind the possible advantages and the dilemmas associated with CSR.

Carroll, A. B. (2021). Corporate social responsibility: Perspectives on the CSR construct’s development and future. Business & Society, 60(6), 1258-1278.

Dmytriyev, S. D., Freeman, R. E., & Hörisch, J. (2021). The relationship between stakeholder theory and corporate social responsibility: Differences, similarities, and implications for social issues in management.  Journal of Management Studies ,  58 (6), 1441-1470.

ElAlfy, A., Palaschuk, N., El-Bassiouny, D., Wilson, J., & Weber, O. (2020). Scoping the evolution of corporate social responsibility (CSR) research in the sustainable development goals (SDGs) era.  Sustainability ,  12 (14), 5544.

Hu, B., Zhang, T., & Yan, S. (2020). How corporate social responsibility influences business model innovation: The mediating role of organizational legitimacy.  Sustainability ,  12 (7), 2667.

Islam, T., Islam, R., Pitafi, A. H., Xiaobei, L., Rehmani, M., Irfan, M., & Mubarak, M. S. (2021). The impact of corporate social responsibility on customer loyalty: The mediating role of corporate reputation, customer satisfaction, and trust.  Sustainable Production and Consumption ,  pp. 25 , 123–135.

Latapí Agudelo, M. A., Jóhannsdóttir, L., & Davídsdóttir, B. (2019). A literature review of the history and evolution of corporate social responsibility.  International Journal of Corporate Social Responsibility ,  4 (1), 1-23.

Mišura, M., Cerović, L., & Buterin, V. (2018). Relationship between corporate social responsibility and business success: Case of the global tobacco industry.  Management: Journal of Contemporary Management Issues ,  23 (1), 157-171.

Maon, F., Swaen, V., & De Roeck, K. (2021). Corporate branding and corporate social responsibility: Toward a multi-stakeholder interpretive perspective.  Journal of Business Research ,  126 , 64-77.

Tsilikis, C. (2020). Milestones in forging the contemporary perception of CSR. An overview.  Academicus. International Scientific Journal , p.  22 .

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Corporate Social Responsibility Strategies Essay

Introduction.

Globalized and local entities have held the concepts of Corporate Social Responsibility (CSR) in order to achieve varied business objectives that match the current dynamic markets. This paper focuses on the different strategies used by organizations that chose to work with local communities, and their effectiveness in conducting themselves as corporate and global entities.

According to IISD (2011), CSR is the internal enactment of regulating policies, which ensures that the involved organization conforms to the legal, social, environmental, and ethical concerns of the society. Numerous organizations have realized the importance of practicing CSR in enhancing their market share and the overall public perception.

CSR involves the utilization of set standards within the company to ensure that the company acts responsibly and meets the aforementioned requirements.

Quality is one of the ways through which an organization can express its commitments to CSR (Calabrese 2004). It means that the involved organization care for its clients hence endeavours to serve them with the best. CSR is an in-built drive governed and steered with appropriate policies through viable business models.

Focusing on the different strategies used by organizations working with local communities, and their effectiveness to conduct themselves as corporate and global citizens

Viable CSR starts with mutual cooperation with communities to enhance equality, impartiality, and nurturing of the unique potentials presented by different individuals. Creating regulations that enhance adherence to ethical and human rights concerns is critical within organizations. CSR endures to achieve both internal and external compliances to the moral demands of the society.

This is achievable through stringent observation of the self-regulative policies and ratification of competitive business models within the organization. CSR strives to capture the community with ethical products and by-products that do not disfavour the community (Bidgoli 2006). It relates to the aspects of sustainable development where the industrial activities of today do not compromise the survival of tomorrow’s generation. Most organizations have formulated a unique approach to CSR as indicated in a while.

Such companies have long-term strategies to ensure their compliance with the legal, ethical, social, and environmental demands of the concerned societies. For example, GM Motors strives to provide the society with due comfort as one drives with a guaranteed safety on the roads (Schwartz 2011).

As a strategy, policies and business models that ensure the achievement of these provisions constitute the ethical and legal aspects of CSR. In this context, the organizations have developed safety mechanisms to guarantee this provision.

To improve the safety skills of a community, most organizations have organized education on issues affecting proper living. This aspect indicates the significance of CSR and its contribution to the corporate schemes (ETATS-UNIS 2007).

Providing the society with quality products is one of the ethical concerns of CSR. It is the mandate of the concerned organization to achieve value for money. Additionally, it is ethical to produce quality products that will eventually impress clients. Most organizations are in the forefront in quality provision.

Additionally, most organizations understand the benefits of quality products not only to the clients but also to the company’s growth (Stoian & Zaharia 2012). The strategies used by organizations working with local communities to embrace quality have been lucrative to the concerned entities.

The aspects of quality contribute vividly in the attainment of CSR objectives as mentioned earlier. Organizations focus on the product quality, excellence, and management quality (IISD 2011). These efforts eventually influence the company’s growth with successful results.

As another strategy, most organizations enhance the success of the society through ample impacts of CSR. The sustainable and profitable expansion of the company indicates economic sensitivity to the society. Nissan’s conformity to the international legal requirements, ethical issues within the industry, and environmental concerns form the substantial aspects in the realms of embracing CSR.

This provision contributes to the company’s CSR achievement. Most organizations trust the concerns of the public and endeavor in their capacity to ensure that the public attains their ethical rights for a sustainable development (Hunter & Piltzecker 2003). Recognizing the significance of every stakeholder in the operational context is a crucial phenomenon in most companies.

Thus, the company strives to attain beneficial management practices as it endures to conform to the demands of the CSR and dynamic world markets. It is evident that the integration of the CSR principles into the company operation enhances the aspects of compliance demanded.

Precisely, CSR endures to manage the viable business processes in order to inflict a remarkable impact on society. Another example is that Coca Cola Company has strived to achieve its objective through integration of CSR within their systems as a major regulatory factor.

The concepts of CSR demand socially sensitive regulations that hardly hinder projects meant to favor the well-being of the society. The efforts to provide striking products to customers with elegant services are major objectives of most organizations.

Nissan Motors; nonetheless, this does not compromise its goodwill for the society. Instead, the aspect has increased the humanitarian support to ensure that the company grows together with the society (Dahlsrud 2008). As a strategy, most organizations have focused on the humanitarian aids, educational support, and the environmental fortification.

For instance, as a policy of the company, Starbucks Company liaises with humanitarian organizations in order to reach varied masses globally. Its contributions to the society on charitable grounds are remarkable.

Additionally, the company emphasizes on the education of the current children for a sustainable future development (PROBST 2010). It is a business law to integrate such CSR principals within the business models in order to achieve full impact (Banerjee 2007).

CSR fronts numerous benefits to an organization that have established and ratified its principles. This is crucial in earning the public trust on operational and business grounds. One advantage of CSR in governance is the ability to develop competitive advantages over other contenders following its impacts on the society (IISD 2011).

CSR manages to enact social, ethical, economic, and environmental values in the organization. It is crucial to agree that CSR is no longer a mere provision in most organization but rather a necessity for sustainable development within the organization (Mullerat & Brennan 2010, P. 317).

Evidently, organizations have set their core CSR areas to help them realize its mandates to the public. It is crucial to agree that CSR contributes immensely to the corporate strategies and governance since it reshapes concerned organizations in the realms of their operations and service to the people.

Most organizations have incorporated the CSR principles as any other policies within their business models. This effort benefits the company in achieving its corporate objectives with limited hindrances. Organizations have varied economic, societal, and environmental strategies depending on their mission and passion for the society.

It is crucial to recognize individual/corporate strategies in order to design appropriate CSR objectives. Nonetheless, CSR has numerous benefits to both the concerned organization and society, which it serves. While considering the social objectives of CSR, the involved corporate will observe the issues relating to education, public services, rejuvenation, and workers volunteering.

Precisely, the concerned organization will observe the social aspects of the public upon ratifying the CSR principles. This provision is evident in Pepsi company following its passion to give back to the public (Egan & Mather 2005). The significance of CSR in this context is its ability to mould the company’s operations to observe the ethical and social aspects in its service delivery.

Eventually, most organizations incorporate CSR principles in their endeavors as mentioned earlier. The economic contributions of CSR relates to the issues of jobs, business principles, and product value (IISD 2011). Organization that observes CSR in this aspect will ensure that their products have the recommended value commensurate to their prices.

Contextually, General Electric Company (based in the U.S.) has observed the issues of the product value earning it a massive competitive advantage. Thus, CSR will force the concerned organization to enact business processes with positive influence on the society as indicated before (Beurden & Go¨ssling, 2008).

CSR is a self-regulating phenomenon whose benefits forces any given company to consider the concerns of its surrounding. Any responsible organization will embrace the aspects of CSR voluntarily since its benefits are bountiful. Attaining a positive public perception is a remarkable achievement for any organization aiming to expand its market territories.

As a strategy, most organizations have put varied strategies to ensure that they enact viable CSR in their daily operation (Hillenbrand, Money & Ghobadian 2013). The company has a globalized fame emerging from its competitive automobiles and participation in numerous global social events and policymaking. It is crucial to consider and understand the concepts of CSR in the Nissan’s context.

This is achievable by dividing its participation into several units that have added to the achievement of its CSR goals independently (Egan & Mather 2005). Numerous corporations have realized substantial profits in their business upon the ratification of viable CSR policies within their business models.

This incorporated the enactment of policies that considered the public interest and the current global demands in the realms of environment protection and economic intensification for poverty suppression (Borchgrave 2001).

As a strategy, most organizations have developed numerous key CSR areas to help them achieve their strategic goals in the realms of business and service provision to the society. To conform to the demands of CSR, companies have developed a philosophy that establishes a safe coexistence amid the society and nature.

In their endeavours, they strive to attain a sustainable and mobile society with limited adverse effects to the environment. Evidently, CSR endures to protect the interest of the society.

Most organizations have observed this demands hence established self-regulating policies that ensure a viable and sustainable environment (Nissan 2011). Despite the companies’ desire to attain huge returns, they prioritize the issues relating to the environment. Companies have identified three principal areas to achieve this mandate (Jakobsson & Ramzan 2008).

Firstly, most institutions endure to reduce the emission of CO2 and CO gases through the production of environmental friendly commodities. The emergence of new technologies forces organizations to reinvent vehicles that hardly utilize fossil fuels known to pollute the environment upon combustion.

This occurs besides the efforts to produce motors that hardly emit the known dangerous gases to the environment (Nissan 2011). Additionally, the company mandates to provide automobiles that would help in protecting the air, soil, and water among other lucrative resources. This will help the current and future generation in attaining a sustainably environment for other coming generations.

Establishing, developing, and championing these environmentally responsive technologies are core in this context. It is through technologies that the organization realizes its CSR through appropriate business models (Fischer 2009). Lastly, Nissan recycles numerous resources to ensure an efficient but sparing use of the available resources. This ensures little or no wastage of resources.

Most organizations have achieved their global might and business prevalence by fostering the individuality that exists amid employees and the society at large. Realizing the benefits of workforce diversity, and its impacts to the society are critical. Besides harnessing individual potentials, employees feel ethically valued hence ready to work and propel the company further (EC-COUNCIL PRESS 2011).

The diversity within the Nissan’s workforce fraternity is its driving force meant to achieve its client’s demands and attain a sustainable growth. As demanded by its CSR policies, the company has respect for diversity, creates a learning culture, embraces internal communication, and builds ambient workplaces (GEVA 2008).

These achievements have met the international standardization requirements regarding the establishment and ratification of CSR (Grünewälder, 2008).

As another strategy, numerous organizations dedicate their economic achievements to the society through ample impacts of CSR. The sustainable and profitable expansion of the company indicates economic sensitivity to the society. Nissan’s conformity to the international legal requirements, ethical issues within the industry, and environmental concerns form the substantial aspects in the realms of embracing CSR.

This provision contributes to the company’s CSR achievement. Nissan trusts the concerns of the public and endeavors in its capacity to ensure that the public attains their ethical rights for a sustainable development (Hunter & Piltzecker 2003). Recognizing the significance of every stakeholder in the operational context is a crucial phenomenon in most companies.

Thus, the company strives to attain beneficial management practices as it endures to conform to the demands of the CSR and dynamic world markets. It is evident that the integration of the CSR principles into the company operation enhances the aspects of compliance demanded. Precisely, CSR endures to manage the viable business processes in order to inflict a remarkable impact on society (Fifka 2013).

CSR is a critical provision in most organization meant to enact self-regulating policies. Most organizations strive to comply with the lawful, societal, ethical, fiscal, and environmental concerns in order to achieve their business objectives. CSR is voluntary requirement with its principles helping in conforming to the mentioned provisions with limited hindrance.

Contextually, most organizations have enacted CSR in numerous aspects ranging from their environmental concerns to the philanthropic passions. Organizations that chose to work with local communities employ different strategies.

The aspects of the society, environmental safety, quality, goodwill, internal governance, and promoting CSR through the value chain similarly demonstrate the concepts of CSR at the organizational level. CSR has numerous benefits, and it contributes immensely to the corporate success.

List of References

Banerjee, S2007, Corporate social responsibility: The good, the bad and the ugly, Edward Elgar, Cheltenham, UK.

Beurden, P. & Go¨ssling, T 2008, ‘The Worth of Values – A Literature Review on the Relation between Corporate Social and Financial Performance’, Journal of Business Ethics, vol. 82, is. 1, pp. 407–424.

Bidgoli, H 2006, Handbook of Information Security Volume 3 , John Wiley & Sons, Hoboken.

Borchgrave, A 2001, Cyber threats and information security: meeting the 21st century challenge , CSIS Press, Washington, D.C.

Calabrese, T 2004, Information security intelligence: cryptographic principles and applications , Delmar Learning, Clifton Park, NY.

Dahlsrud, A 2008, ‘How corporate social responsibility is defined: an analysis of 37 definitions. Corp. Soc. Responsib. Environ. Mgmt, vol. 15, no. 1, pp. 1–13.

Egan, M & Mather, T 2005, The executive guide to information security: threats, challenges and solutions , Addison-Wesley, Indianapolis.

ETATS-UNIS 2007, Department of defense sponsored information security research: new methods for protecting against cyber threats , Wiley publishing, Indianapolis (Ind.).

Fifka, M 2013, ‘Corporate Responsibility Reporting and its Determinants in Comparative Perspective’, Review of the Empirical Literature and a Meta-analysis Journal, vol. 22, no. 1, pp. 1–35.

Fischer, A 2009, Creating a national framework for cybersecurity: an analysis of issues and options , Nova Science Publishers, New York.

GEVA, A 2008, ‘Three Models of Corporate Social Responsibility: Interrelationships between Theory, Research, and Practice’, Business and Society Review , vo. 113, no. 1, pp. 1–41.

Grünewälder, A 2008, Corporate social responsibility: Implementation in German companies, GRIN Verlag GmbHm, München.

Hillenbrand, C., Money, K & Ghobadian, A 2013, ‘Unpacking the Mechanism by which Corporate Responsibility Impacts Stakeholder Relationships’, British Journal of Management , vol. 24, no. 1, pp. 127–146.

Hunter, E & Piltzecker, T 2003, MCSE exam 70-296 planning, implementing and maintaining a Windows Server 2003 environment for an MCSE certified on Windows 2000: study guide & DVD training system , Syngress Pub, Rockland, MA.

IISD (International Institute for Sustainable Development) 2011, Corporate social responsibility (CSR, Viewed on https://www.iisd.org/business/issues/sr.aspx

Jakobsson, M & Ramzan, Z 2008, Crimeware: understanding new attacks and defenses , Addison-Wesley, Upper Saddle River, NJ.

Mullerat, R & Brennan, D 2010, Corporate social responsibility: the corporate governance of The 21st century , Kluwer Law International, Alphen.

Nissan 2011, Nissan’s Approach to CSR . Viewed on https://www.nissan-global.com/EN/

Schwartz, M 2011, Corporate social responsibility: An ethical approach, Broadview Press, Peterborough.

Stoian, C & Zaharia, R 2012, ‘CSR development in post-communist economies: employees’ expectations regarding corporate socially responsible behaviour – the case of Romania’, Business Ethics: A European Review, vol. 21, no. 1, pp. 380–401.

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Corporate Social Responsibility (CSR) represents a business model where companies integrate social and environmental concerns in their business operations and interactions with stakeholders. Essays on CSR could explore its evolution from philanthropic initiatives to a core strategic component of business operations, reflecting broader societal expectations of corporate ethics and sustainability. Discussions might delve into various CSR models and frameworks, and how they are implemented across different industries and cultural contexts. The discourse could extend to the examination of notable CSR initiatives, their impact on communities, and the balance between profit-making and social responsibility. Moreover, essays might explore the challenges and opportunities of CSR, such as greenwashing, stakeholder engagement, and the integration of sustainable practices. The implications of CSR on corporate governance, ethical leadership, and the broader societal shift towards sustainability and ethical consumerism could also be captivating areas of exploration. We have collected a large number of free essay examples about Corporate Social Responsibility you can find at Papersowl. You can use our samples for inspiration to write your own essay, research paper, or just to explore a new topic for yourself.

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Introduction Hershey’s is one of the largest chocolate manufacturers that aims to continue expanding worldwide. The beginning of Hershey’s company was when Milton S. Hershey found Lancaster Caramel Company in the 19th century in Pennsylvania. He made his wealth by producing caramel pieces as the first product before turning into chocolate production. The idea of making chocolate came after he started covering the caramel pieces with chocolate, many people were impressed and attracted to the taste of the chocolate coat. […]

Business Ethics and TechFite

TechFite is a U.K-based company that has done well, even though their operations within a new multicultural environment, the United States, have been challenging. With their community and employee-focused organizational structure, the company has successfully empowered their members by including leadership development and facilitating strong coworker relationships. TechFite also maintains high standards by properly compensating employees for their contributions to the company as a whole. In addition, their highly respected environmental ethos is a major plus for the future direction […]

Ethics and the Business Professional

Evaluate your own performance as a morally responsible group member. Which behaviors do you demonstrate? Which do you need to develop? What specific steps might you take to improve? The concept of moral responsibility implies that a person can be evaluated with praise or blame for actions based on a moral code. Moral responsibility suggests that the person is in control of her actions and no other element in the decision-making process interferes with the person's control of the situation. […]

Milton Friedmen and CSR

Social responsibility can be viewed as a vital aspect of people's lives across the globe. Lately, it has also become one of the major increasing concerns in the business world. As a result, interactions between businesses, society, and government have greatly developed. In addition, the standard view of a business's social responsibility holds that it should involve actions that maximize its profit according to Milton Friedman. Contrasting to this view is the socioeconomic outlook of social responsibility which believes that […]

What is Sustainability in Business?

The first aspect business looks when thinking about sustainability is the operational aspect and saving cost as it is easy to measure.Most of the resource we are using are non-renewable resources,from our energy need to the consumption of oil.But all these resources are bound to get over in the future.There is a term called peak oil,after which production of oil reduces due to reduce reserves.There is already an alert for helium gas which is used in many areas like filling […]

Social Problems of the Company

Introduction There are many stories published regarding Nike’s Corporate Social Responsibility (CSR) efforts in the last 20 years. Starting with Phil Knight, Nike’s visionary, the company through its CSR journey has overhauled the company from a period of time it was known for “slave wages, forced overtime, and arbitrary abuse” to a world class leader in the utilization of both social and environmental strategies to foster innovation, growth and sustainability, currently Nike is viewed among global CSR leaders. From the […]

The Corporate Gentrification

I chose to watch Michael John Warren’s production of Rent: Filmed Live on Broadway filmed on September 7th, 2008. This was the first time I watched this rock musical; I found the acting, directing, and production quality to be at a very professional level. The play was originally directed for the stage by Michael Greif. He is an American stage director who has won three Obie awards and received four Tony Award nominations, including one for Rent. The play’s plot […]

Managing Sustainability Development

Executive summary Sustainable development practices for any organization have to be informed by the goals of the company. For Vodafone Company in New Zealand, the goals of the company are to produce quality cell phones, conserve the environment and encourage young people to work hard and be responsible citizens. The project will be undertaken to evaluate how the company can improve efficiency in operations and at the same time maintain the profit margin as it stands. The company is thus […]

Implementation of the Environmental Disclosure Requirement in Australian Service Industry

The issue of environmental conservation has been a primary subject in many countries across the world. Concerns raised in respect to the subject often stem from the negative effects environmental pollution has demonstrated worldwide. Over the previous decades, a wealth of literature has surfaced from the social accounting sector, indicating a continuous growth in the extent of social disclosure appearing in corporate annual reports. Specifically, the level of environmental disclosures has consistently increased compared to past decades. In Australia, for […]

Managerial Ethics & Social Responsibility

Ethics and ethical behavior are difficult to touch upon, especially in current times when institutions are riddled with corruption, and driven by desire for money and power. We live in an environment where acting ethically for the sake of dignity can cost a person their job, family, and in extreme cases, their life. You may have heard about the tweet that cost Elon Musk billions of dollars. Musk tweeted, “Am considering taking Tesla private at $420. Funding secured.” This message […]

A Personal Education and the Ethical Dilemma and the Hypothetical Scenario

Here's a hypothetical scenario: I am a manager at LHEM (Large Heavy Equipment Manufacturing), a company that outsources the manufacturing of a specialized piece of equipment to a firm located in another country. We'll refer to this company as FF (Foreign Firm). Outsourcing this piece of equipment has saved LHEM a considerable amount of money, increasing profits by 15%. However, a recent newspaper article revealed that FF pays their employees only a few dollars a day and imposes extensive working […]

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