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Ethics and Morality of Business: Corporate Social Responsibility - Assignment Example

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The paper “Ethics and Morality of Business: Corporate Social Responsibility” 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 into three sections…
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Ethics and Morality of Business: Corporate Social Responsibility
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Download file to see previous pages One of the arguments for the 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 organizations to engage in social programs 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 to easily reduce the recruitment costs and attain employee loyalty through improving the welfare of society. CSR will facilitate a reduction of social problems such as crime thus leading to a 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 to 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 the competitive strength of the firm in the market (Ward and Smith 2006). One of the arguments for the 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 organizations to engage in social programs 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 to easily reduce the recruitment costs and attain employee loyalty through improving the welfare of society. CSR will facilitate the reduction of social problems such as crime thus leading to a 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 to 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 the competitive strength of the firm in the market (Ward and Smith 2006). b. Leads to the 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 organizations desire to have the best public reputation in order to attract and sustain customers and employees. Since the society and local communities desire social goods like schools and hospitals, business organizations should capitalize on the provision of the social programs in order to enhance the recognition and public image in the society. CSR activities will strengthen external relationships with stakeholders such as customers and suppliers. For instance, these social initiatives enhance brand loyalty and attract investments in the firm. According to Smith (2005), investors will prefer companies that stick to their mission and goals through corporate governance, employee relations and environmental stewardship. Firms can only increase the wealth of shareholders if only they conform to the expectations of other stakeholders like the employees and society in general (Mallin 2009). c. Ensuring long term business viability The third business interest argument for corporate social responsibility is ensuring the viability of the business. The local community provides the framework for the existence of businesses. Businesses exist to serve the expectations of society. The charter of existence can be terminated thus the business should serve the needs of the society in order to survive in the long-term.  ...Download file to see next pagesRead More
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