The researcher of this essay aims at comprehending the concept of corporate social responsibility and its different practices; evaluating potential advantages that could be achieved by being involved in CSR related practices; highlighting the impacts of being a Non-CSR entity…
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This research will begin with the statement that the expansive literature on the topic of CSR comprises various definitions and explanations of the construct. For instance, the European Commission defines the concept of corporate governance as “A concept whereby companies integrate social and environmental concerns in their business operations and in their interaction with stakeholders on a voluntary basis.” In addition to that, a generally understood and applied definition in the management literature is expounded by Davis by defining CSR as “ the firm’s considerations of, and response to, issues beyond the narrow economic, technical, and legal requirements of the firm to accomplish social and environmental benefits along with the traditional economic gains which the firm seeks.” Moreover, there are other terms similar to the construct of the CSR including “corporate sustainability”, which focuses on long-run shareholder value by including principles particularly in nine other areas: governance, ethics, transparency, financial return, business relationships, community involvement, employment practices, environmental protection and product value. As a result, the activities attached with the concept of corporate sustainability remain largely analogous to the basic contents of the CSR. The CSR is an amalgamation of a number of corporate activities focusing on the welfare of stakeholder groups other than investors, such as suppliers, employees, charitable and community organizations and customers. One significant segment of CSR activities consists of corporate donations or contributions of products or cash to community and charitable organizations. For instance, Whirlpool Corporation (2010) arranged and donated a refrigerator to every home built by the Habitat for Humanity particularly in the affected areas of North America. Moreover, employees are also significant stakeholders for the companies. Companies carry out certain employee welfare related initiatives on a voluntary basis. Employee welfare includes initiatives from the facility of educational advantages to health care issues including providing them on site health clinics, wellness classes, fitness centres focusing on the issues such as work related stress management. Workplace safety has also become a critically significant factor of employee welfare; many companies have developed and established codes of conduct for employee safety and welfare and to their suppliers as well. Companies’ CSR activities also emphasis on meeting and fulfilling customer desires including protecting future generations. They intend to develop and sell such innovative products and services that appeal to customers’ environmental concerns via diminishing harmful product packaging and making it more durable and sustainable as well. Other CSR activities encompass “green” development and production practices and services, such as reducing emissions, conserving energy, reducing packaging materials, employing recycled materials, and sourcing materials from the suppliers located close to manufacturing installations. In this regard, Sony (2010) manages the harmful impacts of its greenhouse gas emissions by installing for carbon dioxide emissions from shipping, production, storage and other product use activities. Furthermore, companies often get involved with customers and vendors in their efforts to reduce their footprint and increase their environmental efforts. In this regard, Wal-Mart (2006) developed and announced a program measuring suppliers on their ability to diminish packing; and along with a goal of reducing up to 5 percent of total packing during the period 2008 to 2013. Why do firms involve in CSR activities? There remain various reasons underlying organization’s inclinations to get involved in socially responsible endeavours. First, organizations may prefer to remain
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This research will attempt to discuss the concept of Corporate Social Responsibility (CSR). Its different definitions and variety in these definitions have been elaborated. The different CSR purposes have also been included with an aim of understanding the difference between the corporate and non-corporate objectives of the companies.
However with reference to Corporate Social Responsibility COSCO’s mission is to achieve growth and development by joining, amalgamating or aligning business processes with environmental, social, human rights and ethical matters. Moreover core strategies and plans are crafted with special consideration given to the social responsibility philosophy, and by collaborating with stakeholders.
1-3). It is also about contextual sensitiveness on performance management and environmental concern, including health. It has so much to do about how the company declare their intentions and enforce concrete actions effectively and transparently to attain immeasurable impact (Burja & Mihalache, 2010, pp.
According to Bruntland (1987), the Sustainable Development is a process “that meets the needs of the present without compromising the needs of future generations to meet their own needs”. The industries and the businesses are the part of the environment or ecosystem like peoples, animals and plants which are interdependent for their growth and survival.
yees as stakeholders Empirical studies Corporate social responsibility: the case of Volvo and BMW Summary 10 Chapter Three: Methodology Introduction Research approach Research design The methods and materials of data collection Procedure Sampling Ethical considerations Data analysis Summary 38 Chapter Four: Results 44 Chapter Five: Discussion and analysis Summary of the results Discussion and analysis 60 Chapter Six: Conclusions and recommendations Conclusions Recommendations 64 References 67 Abstract The era of globalization has ushered in a new generation of intense competition.
Although these events are not exhaustive, nonetheless, the impact of these events to the global community continues to redefine and re-shape human interaction (Suarez-Orozco & Qin-Hilliard 2004). In response to the demands and challenges of these events, organisations have introduced an improvement in the performance of their business –corporate social responsibility (CSR).
The financial services area comprises of the economic services provided by the financial institutions in the society for managing the funds of the public for their investments considering the short term and long term gains.
A total of 124 million carats of rough diamonds, which is worth of $15 billion, were excavated (AWDC, 2013). According to the industry consulting organization, Bain & Company (2013), “those stones were worth $24 billion after moving through the chain of dealers, cutters and polishers, on their way to making diamond jewellery worth $71 billion at retail”.
ocial supply: 17 2.4.3.Mechanism of achieving and refraining social equilibrium: 19 2.5.IMPORTANCE AND ROLE OF CSR IN ORGANIZATIONAL REPUTATION 19 2.6.CORPORATE SOCIAL RESPONSIBILITY AS A COMPETITIVE ADVANTAGE: 20 2.7.CORPORATE SOCIAL RESPONSIBILITY’S IMPACT ON PROFITABILITY: 20 2.8.WAYS TO GENERATE PROFITABLE BY BUILDING REPUTATION THROUGH CSR ACTIVITIES 24 2.9.ECONOMICS PERSPECTIVE OF CORPORATE SOCIAL RESPONSIBILITY AND ORGANIZATIONAL REPUTATION PROFITABILITY OF FIRM 26 2.9.1.Motivational Factors: 27 2.10.ROLE OF CSR IN BUILDING REPUTATION AND PROFITS IN CONTEMPORARY WORLD 28 2.11.SUMMARY 30 Chapter 3: RESEARCH METHODOLOGY 31 3.1.INTRODUCTION 31 3.2.RESEARCH OBJECTIVES 31 3.3.RESEARCH PUR
This study takes a similar shape with the objective of using case study research design to critically study how the practice of corporate governance in five major UK banks have transformed the banks in terms of profitability and growth. As part of the case study, the annual reports of the banks were critically studied, as well as other related literature.
60 Pages(15000 words)Dissertation
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