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Advantages and Disadvantages of Corporate Social Responsibility - Essay Example

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This paper will cover discuss the importance of corporate social responsibility; its advantages and disadvantages. Corporate Social Responsibility (CSR) is a technique for corporations to make gains for themselves while also benefitting humanity. …
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Advantages and Disadvantages of Corporate Social Responsibility
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Download file to see previous pages This paper illustrates that there are three CSR theories, which are interdisciplinary; utilitarian, relational, and managerial theories. Utilitarian theories emphasize on a maximization of profit, hence related to theories of competitive advantage. The managerial theory, on the other hand, has the CSR approached internally; meaning that anything exterior to the business is taken into account for the firm’s decision-making. The Relational theory has to do with the complex firm-environment relationships. The implication here is that the firm-environment relationships form the focus of the CRS analysis. In the CRS, business in society comes up as a matter of interplay between the two. Thus, the relational theory is value-based and interdependent between the corporation and mankind. CSR is important to both the agency and the consumers in a number of ways: for companies, it helps them create a better public image since their public image is at the mercy of their social responsibility strategies and how their customers are mindful of them. According to Cone Communications, 90% of the consumers would avoid doing business with corporations if there were no social responsibility plan. Studies indicate that firms heavily involved in funds and goods donation to Non-governmental and other non-profit making organizations and schools are likely to increase the likelihood of consumers buying their products. At the same time, a corporation that takes care to ensure that the primal matter used in its products are environmentally secure and the manufacturing process is sustainable is more eye-catching to the society. ...Download file to see next pagesRead More
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