Any business that pursues making a profit at the expense of the society in which it operates will find its success to be nothing more than temporary (Chapter 1: Corporate Social Responsibility and Business Sustainability, n.d.).
The idea of Corporate Social Responsibility (CSR) is generally understood to imply that corporations have an amount of responsibility not only for the economic consequences of their activities, but also for the social and environmental implications. This is often called the triple bottom line approach. This approach takes into consideration the economic, social and environmental aspects of corporate activities. The meaning and value of CSR often differs in various situations, depending on local issues including culture, environmental conditions, and the legal framework (Corporate Social Responsibility & Human Rights, 2008).
Human rights are significant to the economic, social and environmental aspects of all corporate activity. Labor rights that require companies to pay fair wages influence the economic aspect. Human rights such as the right to not being discriminated against are related to the social aspect. Environmental features of corporate activity have an effect on a wide range of human rights, such as the right to have clean drinking water. While the primary accountability for the enforcement of international human rights standards falls on governments, there is a growing recognition that corporations also have an important role to play in this as well. Corporations have an effect on human rights in many significant ways everyday. These impacts have increased over recent decades as the economic power and political influences of corporations...
Business Ethics: Corporate Social Responsibility and the Triple Bottom Line Picture two companies, Company A and Company B. Company A manufactures chemical products and has been on the receiving end of criticism and public outcry for the air and water pollution caused by its chemical manufacturing plant. Due to increased pressure, Company A devises a strategy to start a project that will enable all farmers in the neighboring areas to get
However, a corporate executive, according to Friedman, would have to spend other people's money for a general social interest, by means of reducing returns to stockholders, lowering worker wages, or raising the price of products. However, herein lies the basic flaw of this author's reasoning, for the social responsibility of the business as it falls on the executive is to make sacrifices for the benefit of others. In a
Current Events Chapter 7 in Dickson, Loker and Eckman's Social Responsibility in the Global Apparel Industry is entitled "How Manufacturers and Retailers Organize for Social Responsibility: Internally, Collaboratively, and Strategically." The chapter is about how businesses define and practice labor compliance, and how they turn social responsibility into a core business strategy. The authors suggest that public reporting and transparency about corporate social responsibility is one of the ways that businesses
Corporate Social Responsibility Literature Review a topic-Corporate Social Responsibility The term 'corporate social responsibility' is a social word that has often taken the world by a storm at its mention. Noya and Clarence (2007) in their book "The social economy: building inclusive economies" offers a succinct description and understanding of what normally takes place and get exemplified at the mention of this term in the business world. Many writers of business journals
Corporate Social Responsibility and Transnational Companies In this essay, I have discussed how essential Corporate Social Responsibility (CSR) is for the success of Transnational Corporations. UN Global Compact is also being discussed. I have also included case studies to support of Nike, Primark and Microsoft. Moreover, I have included positives and negatives about CSR and the factors that exist in CSR which may lead to the success of transnational corporations. Finally,
Social Responsibility Corporate social responsibility Companies are facing increasing pressure from investors, consumers, and the society. For investors, they are required to increase profits while consumers and the society require them to be socially responsible. Scholars have studied corporate social responsibility for years and over the years, they have documented their findings concerning social responsibilities of corporations. Over the years, consumers have built the typology of unresponsive to highly responsive purchasing in
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