Corporate Social Responsibility and Enhancement of Competitive Advantage of Companies Corporate Social Responsibility has been defined in different ways by researchers. However, the notion of Corporate Social Responsibility is sometimes used as a subject or an actor…
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This paper is aimed at providing a detailed study of the fact that Corporate Social responsibility is a business strategy which can be used by business organisations to enhance their competitive advantage in markets for various goods and services. The concept of Corporate Social Responsibility and its importance: In a study, conducted in 2005, it has been revealed by more than 80 percent of respondents (who were business executives in different organisations) that, business strategies related to Corporate Social Responsibility is extremely essential for their businesses (Blowfield, Blowfield and Murray, 2011, p.10). The phrase Corporate Social Responsibility has been described in modern businesses as one of the most important business practices. With the help of this responsibility multinational corporations are redefining their function in the society and their functional responsibilities to rights of the human beings and the environment. Ethical as well as environmental aspects, along with effective business strategies are important components of Corporate Social Responsibility. ...
According to few companies the practice of corporate social responsibilities business organisation can acquire greater profits through greater market shares (Forcese, 2008, pp.153-154). It is sometimes argued by business organisations that as long as they are paying taxes to the government and wages to their employees and even maintaining regulations related to health and safety needs they are acting as good corporate citizens. Economists like Milton Friedman (1970) supported this view of doing businesses or running corporate organisations. The problem associated with this business strategy came into effect when economists argued that in this method certain sections of the society (mainly poor people) are getting marginalised. Therefore these economists, including John Gregory Mankiw, have suggested to incorporate the government to provide goods and services to these deprived people and hence to protect these people from corporate strategies. By the end of 1980s this corporate business strategies have been criticised by many economists and environmentalists. A rapid revolution started during this time in regard to greater environmental protection against unethical corporate practices. As a result of these environmental movements Union Carbide had to withdraw its business from Bhopal, India, General Motors to stop ‘selling vehicles with military application to the apartheid government in South Africa’ and many other large businesses, like Nestle, to change their business strategies. In the 2000s these changes started to include oil and gas industry across the globe, making significant changes in applications of business ethics by large number of multinational corporations all over the world. In this time, mainly after 2000, many multinational
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This is to meet the requirements of the present generation as well as ensuring that there is compromising with regards to the abilities of the generations to come. Organisations have been increasingly called upon for taking up additional responsibilities for the way their operations are having an impact on the society and its natural environment (D’Amato, Henderson & Florence, 2009, p.1).
In the process, branch boundaries have been eroded and new business entities and models have emerged. However, all these did not just happen. A sequence of events took place, which was highly characterized by opportunities to expand business segments. This has been achieved through development of innovative products and services in order to diversify the market and to attract valuable and potential customers.
CSR is about how firms or organizations are in a position to manage the operation of the business to produce a positive impact on the wider society. McDonalds is the largest company in the world that deals in hamburger food restaurants. The company is taking action, maintaining openness in communication with its customers and shareholders.
'government regulation' or 'self-regulation'.
"Multi-national companies are in business to maximise profits and shareholder value. Social responsibility is not their business, but the duty of governments". This report provides a profound critical elaboration and analysis of this statement and then reaches to a conclusion whether or not government needs to intervene for the purpose of effectuating social responsibility among businesses that are extant mainly for the profit motive.
IKARE presently dedicates its full resources to the Stamp Out Sleeping Sickness campaign launched in Uganda. IKARE also provides emergency treatment to around 220,000 cattle in five districts of Northern Uganda. In the investment industry, investor
Later the Committee for Economic Development (CED) used a ‘three concentric circles’ approach to explain the significance CSR can uphold in a MNC. Out of three circles, the inner circle is dedicated for economic functions, the intermediate circle
murabi in ancient Babylon thousands of years ago, which made it the obligation of noblemen to “protect” slaves (Nehme & Wee, 2008; Esposito, 2009:108). It is not difficult, then, to imagine that notions of CSR have evolved through the years in tandem with the evolution of
This research will begin with the definition of a сomparative advantage as the ability of a country, a group, a person, a company, an institution to produce a particular good and/or service at a lower opportunity cost over another. Comparative advantage should not be confused with absolute advantage whereby a given country is able to produce more.
CSR also helps companies to build and elevate their brand image since consumers today prefer goods with CSR attributes. However like everything else, CSR has controversies like spending more on CSR activities can put pressure on
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