Corporate Social Responsibility

CSR

For the past 3 decades business has undergone the most intense scrutiny it has ever received from the public. A a result of many allegations, charges that it has little concern for consumer, cares nothing about deteoriating social order, has no concept of ethical behavior, & is indifferent of problems of minorities n environment- concern is growing to what responsibilities business has to society.

Includes corporate citizenship, corporate social responsibility, responsiveness, and performance. CSR has a rich history. It has grown out of many diverse views and even today does not enjoy a consensus of definition. A four part conceptualization is presented that broadly conceives CSR as encompassing economic, legal, ethical and philanthropic components. The 4 parts are presented as part of the pyramid of CSR.

The practice of CSR is subject to much debate and criticism. Proponents argue that there is a strong business case for CSR, in that corporations benefit in multiple ways by operating with a perspective broader and longer than their own immediate, short-term profits. Critics argue that CSR distracts from the fundamental economic role of businesses

It was partially business fault that many of today’s social problems arose, so business should assume a role in remedying these problems. The long range self interest view holds that if business is to have a healthy climate in which to exist in the future, it must take actions now that will ensure its long term viability. One of the most practical reasons for business to be socially responsible is to ward off future govt intervention n regulation. Businesses have the resources and they should be given a chance to solve social problems. Another argument in its support is that procating is better than reacting It holds that anticipating problems is more practical n less costly than simply reacting to problems once that are developed. There is a positive association b/w social n financial performance in...