Corporate Social Responsibility Insert Class, Semester Institution Instructor Date Introduction Arguably, corporate social responsibility is among the most innovative aspects of the modern business world. Many gurus in contemporary business practice have established that there is a remarkably strong link between corporate social responsibility and a firm’s profitability (Marcello & George, 2006)…
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Corporate social responsibility does not have a common definition as many companies understand, interpret and apply the concept differently. For instance, the activities that the company A can engage in as part of their corporate social responsibility program cannot be the same activities that company B will apply. As such, defining the concept becomes difficult. Even so, considering all aspects of the concept, a broad definition can be established. The general definition for the concept states that: corporate social responsibility refers to the deliberate efforts by the organization beyond its business obligations to do appropriate things and engage in behavior that is appealing to the society. This paper seeks to explain how embracing the idea of corporate social responsibility can have a positive impact on the profits f an organization. One of the most notable ways through which corporate social responsibility of a company impacts on its revenues is through the reduction of the expenses it incurs. One of the most prominent ways through which a corporation can reduce its expenses, is through the fact that a socially responsible corporation will likely receive tax incentives from the government (Mackey et al, 2007). Such incentives may come in the form of tax holidays, periodic relief and reduction in tax burden. A company usually pays tax out of its annual profits. Tax is a pre-dividend deduction. In the event that it is not deducted, the net income of the company will possibly be high. As a result, the amount of money accruing to each member or shareholder will be considerably high. Governments across the world are finding the need to have companies participate in social matters. It is for this point that they promote the concept of social responsibility. They reward those companies that engage in such activities as prevention of soil erosion, reforestation and provision of social amenities. Under normal circumstances, the amount spent in the execution of the social activities is too little compared to the tax savings made. The second way through which corporate social responsibility pays out is that it helps a company gain an upper hand in the industry. Research carried out in California in the year 2008 indicated that the average consumer was likelier to purchase commodities from a socially responsible firm, than one that is unconcerned about the welfare of the general public. It is an issue of common knowledge that in the business world, today, competition is serious in all industries. This is so because of advancement in technology and the effects of globalism. One of the ways of surviving the completion, especially among the multi- national companies, is through engaging in activities that contribute to the wellbeing of the society (Bishop, 2008). Consumers associate a socially responsible firm with an excellent public image. This plays a primary psychological role in the minds of the community. It is from such psychological phenomena that the potential clients get to prefer the corporation that is socially responsible. This, in turn, translates to an increase in revenue. An increase in revenue is connected to an increase in the profits of the concerned corporation. Much like total quality management, corporate social responsibility is a social transaction. A social transaction is a process through which different
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