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Principles of Business - Research Paper Example

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Corporate Social Responsibility JP Morgan Chase Bank considers corporate social responsibility (CSR) as a corporate obligation and not merely an ethical optional extra. CSR is a common practice in the bank and is operated out of the bank’s headquarters in New York…
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Principles of Business
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Principles of Business

Download file to see previous pages... The company also encourages its employees to volunteer in community outreach activities. The foundation supports Grace Foundation, World Vision and Asia Society in China, Taiwan and Hong Kong respectively. Hong Kong Council of Social Service awarded JP Morgan Chase foundation “The Caring Company”. Apart from external undertakings, CSR is also concerned with improving organizational management, mitigating overall risks facing the organization and stress proper use of company’s resources. Therefore, it is an activity meant to support company’s positioning to enable it take advantages of both foreseen and unforeseen opportunities. Connection between CSR program and its importance to bank According to Werther and Chandler (2010), CSR is an activity performed by banks and other companies to the community and environment to impact positively to the society and increase their overall competiveness. It integrates legal, ethical, economic and discretionary actions that affects overall economic performance of the company. CSR seeks to provide the bank with sustainable competitive edge as it improves the reputation of the bank in the eyes of the governments and societies. Financial contracts and agreements executed by banks are characterized by uncertainty and asymmetrical information that makes good reputation and trust condition for conducting business. Therefore, CSR improves banks reputation and increases the level of trust. How does the CSR program apply to today’s trends and current issues in the global marketplace? Customers are increasingly getting versed with the need for investment in societies. Therefore, such customers are less likely to be customers of companies that exploit employees or that pollute the environment or those that are corrupt or carrying out illegal activities. Therefore, it is important for companies to maintain good relationship with the community in which it operates. Whom is the company responsible to? The company is responsible to the society in which it operates. Therefore, it must ensure that it operates business that improves lives of the people. Why a company implements a CSR program First, CSR protects shareholders and improve relationships with banking and investors. Shareholders understand that their investments gain better values not only through profit maximizing behavior but also operating in a responsible manner. CSR encourages companies to appoint board of directors who will deliver exemplary returns according to expectations of shareholders as well as protect company’s wealth and investments. With CSR programs, activities will contribute to bank’s strategic plan and shareholders will be assured of increased wealth emanating from steady dividends. CSR program demonstrates improved organizational management as well as improved processes in the bank. It also acts as channel of communication and reinforces relationships between shareholders and bankers as well as bankers and the community at large. Companies that have good reputation have undisputed advantage in convincing investors and other company stakeholders to support the company achieve its objective. Most investors prefer companies with strong CSR programs. Secondly, CSR improves stakeholder perceptions. Company’s stakeholders are many and varied. It is necessary to portray a good name for the company so that stakeholders of the company could be respected, trusted and liked. When stakeholder ...Download file to see next pagesRead More
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