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Ethics and moralty of business: corporate social responsibility - Essay Example

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Ethics and morality of business: Corporate social responsibility Name: University: Course: Tutor: Date: Corporate social responsibility 1.0 Introduction Corporate social responsibility (CRS) can be defined as the way business organisations conduct their business activities with the aim of producing an overall impact on society (Gupta 2009)…
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Ethics and moralty of business: corporate social responsibility
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Download file to see previous pages CRS has become an integral part of wealth creation and enhancing the competitiveness of business organisations. Modern companies have integrated environmental and social concerns in their business operations and in maximizing the wealth of the shareholders (Gupta 2009). The doctrine of CSR emerged in 1950s. Many scholars have argued for and against the case of CSR from either business point of view or the ethical point of view. Friedman argued that each individual should maximize his interests alone in order to enhance the cumulative welfare of the society (Friedman 1970). The paper will mainly dwell on the debate surrounding the value of CSR in business from both business interest and ethical perspectives. The paper will be divided in to three sections. The first section is the introduction on the history of corporate social responsibility, and the second section will discuss arguments for and against social responsibility. The last part of the paper will deal with the value of corporate social responsibility in organisations. ...
a. Promotes long-run business self-interests One of the arguments for case of CSR is the promotion of long-run self-interests of business. Keith Davis and Carroll argued that it is in the best interest of the business organisations to engage in social programmes in the community. The local community provides the demand for the goods and services thus socially responsible firms will easily attract customers for their products (Carroll, A.B and Shabana 2010: 101). CSR will also enable the business easily reduce the recruitment costs and attain employee loyalty through improving the welfare of the society. CSR will facilitate reduction of social problems such as crime thus leading to reduction in taxes that have to be paid by the corporate since governments need to support security forces to protect the business property. The proponents of this argument, a socially responsible business will experience low costs of production in the long term due to the improved welfare of the local communities and society. Reduction of costs and risks will enable the firm attain a cost leadership advantage in the market. Unique CSR activities such as equal employment policies will reduce the costs associated with labor recruitment thus leading to competitive strength of the firm in the market (Ward and Smith 2006). b. Leads to improvement of public image Another business interest argument for CSR that has been put forward is the improvement of the public image and reputation of the business. All business organisations desire to have the best public reputation in order to attract and sustain customers and employees. Since the society and local communities desire the ...Download file to see next pagesRead More
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