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CSR Performance: Progress in UK firms - Dissertation Example

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CSR Performance Progress in UK firms Leena Abstract Corporate social responsibility (CSR) initiatives by businesses in UK are studied to assess the level of success and future direction. It is found that while businesses engage in a range of activities with different focuses, future of CSR depends on the changing nature of factors influencing social, environmental, economic, technological, political factors and impact of BRIC (Brazil, Russia, India and China) countries on global environment…
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CSR Performance: Progress in UK firms

Download file to see previous pages... Started as a feel good exercise, CSR is now being taunted as the next wave of innovative approach to conducting a business. There seems to be great potential in implementing CSR and firms have started to realize its potential in being able to reap benefits that they never thought of but may be hoped to have. Firms that started implementing CSR initiatives early on are already reaping additional benefits in terms of reduced costs, increased operational efficiencies and higher brand loyalty (Griffiths, 2009). CSR is also seen as a means to engage the various stakeholders of a business while improving legitimacy of the business among them (Maignan and Ralstan, 2012). But not all businesses have adopted CSR into their core business practices and not all can afford to adopt this concept. Also, businesses that have already adopted this practice, have adopted to varying levels. Success of these initiatives also varies and depends on an array of factors that will be studied. Studying the history of CSR as a practice or concept also helps understand the perspectives that various businesses have taken in implementing CSR. Policy matters, practices, tools, innovative approaches and measurement of CSR will be understood to relate the level of progress of the concept among UK firms. Journal articles, news articles, websites of companies implementing CSR, official websites of UK government and case studies reports of businesses implementing CSR will be studied to understand what progress is made related to CSR initiatives and how the performance of businesses is measured based on their CSR initiatives. Further, the paper also attempts to understand the performance metrics used by the different businesses in implementing and measuring their initiatives. Definitions of CSR Different definitions of CSR exist in relation to the firms implementing it as each may have a slightly different approach to the concept. Some of the definitions are as below and are applied in context: Woods (1991) defined CSR as "configuration of the principles of social responsibility, processes of social responsiveness, and policies, programs, and observable outcomes as they relate to the firm's societal relationships" (Maignan and Ralstan, 2012). EU’s definition of CSR is as follows: “CSR is a concept whereby companies integrate social and environmental concerns in their business operations and in their interaction with their stakeholders on a voluntary basis” (Catalogue of CSR activities: A broad overview, 2005). The UK government summarizes the definition of CSR as: “a business contribution to the country’s sustainable development goals. It is about how businesses take into account social, environmental and economic impacts in the way they operate for maximizing benefits and minimizing downsides. It is the voluntary actions that businesses can take over and above the minimum legal requirements to address both their own competitive interests and the interests of the society at large” (Defining CSR, 2012). There are no set definitions for CSR. A more general direction for defining CSR is laid by the ...Download file to see next pagesRead More
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