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Corporate Social Responsibility - Research Paper Example

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Corporate social responsibility (CSR) or corporate accountability include the corporate activities that integrate the business strategy to the environmental concerns, values and decision making in improving the welfare the society. Studies have shown that potential benefits of…
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Corporate Social Responsibility
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Corporate social responsibility Though the primary goal of many Corporations is to maximize the shareholder wealth, numerous factors have shifted the attention of many companies to social corporate responsibility.
Corporate social responsibility (CSR) or corporate accountability include the corporate activities that integrate the business strategy to the environmental concerns, values and decision making in improving the welfare the society. Studies have shown that potential benefits of CSR include the ability to recruit and retain qualified image, enhanced corporate reputation, improved operating efficiency and improved relations with environmental regulatory authorities. The choice of CSR projects is determined by the size of business, needs of the community, location and business activities of the firm. Increased attention to CSR has been enhanced by the need for environmental protection, need for better corporate governance, globalization and intergovernmental bodies such as the United Nations which have made various declarations on human rights and environmental protection.
Corporate social responsibility
Introduction
Question one: factors of corporate social responsibility
Factors of corporate social responsibility can be categorized in to both environmental and social factors. Environmental stewardship includes the need of efficient utilization of natural resources like water, reduction in energy consumption and recycling of waste materials. This will also include the need to avoid environmental pollution like carbon emissions and toxic waste in the environment (Jamali, Safieddine & Rabbath 850). Social factors include the respect and promotion of human rights, labor rights and ensuring diversity in employment. Other factors include community involvement in development projects like building schools and health care facilities. Anti-bribery practices and supplier relations are also cornerstones of corporate social responsibility (Sabir, Ahmed, Zaidi & Kalyar 14).
Question two: hypothetical code of ethics
The company is committed to efficient utilization of all natural resources in all locations of operations. The company will be able to conserve limited natural resources which are also shared with the community.
The company is committed to using clean manufacturing technologies that save natural resources and reduce carbon emissions and toxic waste in the environment. This will ensure clean environments and reduction of emission-related diseases.
The company is committed to respecting all employees’ rights and offering equal employment opportunities. This will promote diversity, equal employment opportunities and fair dismissals in the workplace.
The company will sponsor the community development projects like schools, and hospitals. It will solve society problems like illiteracy and poor health care
The company will ensure the health and safety of all employees in the workplace. This will reduce number of employee injuries and costly law suits.
The company prohibits soliciting and taking of bribes in dealing will all business partners and suppliers. It will enhance the integrity and reputation of business.
Question three: concept of sustainability in corporate social responsibility
Corporate sustainability is concerned with the long term social and economic expectations of the stakeholders. The basics of sustainability in CSR include continual improvement, compliance with regulatory environment, risk management and excellent business performance. Corporate social responsibility and sustainability ensures the firm is committed to operating in socially, economically and environmental manner which continues to satisfy the stakeholders. This entails addressing the needs of all stakeholders while ensuring natural and human resources that will be needed in the future are supported and protected. For instance, the business should conserve the natural resources like water by recycling the waste water and planting trees to reduce global warming (Aguilera, Rupp & Williams, 449).
The business should recycle the product packaging materials in order to preserve the natural raw materials used in their manufacturer. The business should provide fair wages and safe working conditions to all employees in order to retain employees. The company should also sell high quality products at fair prices to customers in order to increase the market share and profitability. The business should ensure shareholders get an acceptable return from the value of their investment by issuing dividends and ensuring the share prices of the company do not decline (Aguilera, Rupp & Williams 456).
Conclusion
Corporate social responsibility has enabled companies to improve their corporate image, increase the share prices and retain qualified employees. Some CSR activities include environmental stewardship, respect for human rights and avoidance of bribery activities. CSR should lead to business sustainability and growth.
References:
Aguilera, R. V., Rupp, D. E., Williams, C. A., & Ganapathi, J. (2007). Putting back
Corporate social responsibility synergies and interrelationships. Corporate
Governance: An International Review, 16(5), 443-459.
In corporate social responsibility: a multi-level theory of social change in
Jamali, D., Safieddine, A. M., & Rabbath, M. (2008). Corporate governance and
Organizations. Academy of Management Review, 42, 836-863.
Sabir, H.M., Ahmed, B., Zaidi, H.R & Kalyar, M.N. (2012). “Factors affecting corporate social responsibility: an empirical study from Pakistan perspective.”Interdisciplinary journal of contemporary research in business. Vol 3, No 10 : 1-22. Read More
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