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The Concept of Corporate Social Responsibility - Term Paper Example

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The paper "The Concept of Corporate Social Responsibility" emphasizes while decision-making an organization or individual has to carefully analyze the factors are influencing their final decision as they need to strike a balance between the economic, environmental and social aspects of the TBL.
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The Concept of Corporate Social Responsibility
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Extract of sample "The Concept of Corporate Social Responsibility"

Download file to see previous pages According to Hahn (2009), the management of an organization has been given fiduciary responsibility on the economic resources of the society that comprise of both human and natural resources. It is important for every organization to consider the social, economic and environmental systems in which it is operating; the corporations that develop a long-term vision for their business along with their responsibilities towards the society are able to sustain their development in the economy (Albareda, 2008; Crane et al., 2008). Considering the environment in which the organization is operating is important so that all organization functions are running in the right perspective and in an ethical manner. When the organizations accept their right to controlling economic resources of the society, the management agrees to take the duty of being accountable about using the assets. This level of accountability needs to be conducted on fairgrounds and in a sincere manner by the organization. Even if the organization faces losses, it should realize that it needs to be accountable for the situation rather than indulging in false excuses. As the individuals in the management department are looking for a model that can help them in fulfilling their societal responsibilities, the ‘Triple Bottom Line’ (TBL) concept was presented (Park & Stoel, 2005). The introduction of this concept acted as a vehicle for proper reporting about the articulation of the corporation’s environmental, economic and social performance (Ketola, 2009). Performances related to the environment and social concerns can be monitored with the help of the TBL concept.  TBL has grown in popularity as it assists an organization in determining the extent to which it is successfully meeting its responsibilities towards the community.
The concept of TBL has given a direction to the management of organizations in developing the goals and objectives of the organization according to the business environment. By following the guidelines specified in TBL, many organizations have been successful in “doing the right things” in today’s competitive and tough business environment (Buchanan, 2008). Once organizations have a certain set of guidelines to follow, the path becomes clear and so does the achievement of organizational objectives. ...Download file to see next pagesRead More
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