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gained much coverage in the media these days and various supporting and contradicting views about the implementation of this theory in the business are arising. Economists do not deny the existence of corporate social responsibility, but different economists define the responsibility differently. Some economists like Miltion Frideman criticize the idea saying that business is most responsible when it makes profit efficiently not when it misapplies its energy on social projects. (Frideman, 1970). On the other hand, Ralph Nader, defined responsibilities as inclusive of measures necessary to safeguard the interests of society. “It is hard to imagine the rise of the modern consumer movement without the leadership, resourcefulness, and sheer persistence of Ralph Nader”. (Bollier, 2010).
In this paper, I am going to write about the impact of incorporating the concept of Corporate Social Responsibility (CSR) into a corporation’s business and working system. The potential benefits of achieving the CSR through business ethics will be weighed against the financial losses incurred by the corporation and its share holders in way of fulfilling the CSR to evaluate the eligibility of CSR to be adopted in a corporation’s business.
The business ethic theory requires corporations to consider it their ethical responsibility to greatly look after the wellbeing of their employees, stakeholders and the society besides focusing on making profits.
According to (Agalgatti and Krishna, 2007), there are basically two theories namely the Teleological theory which analyses the results to judge if an action was right or wrong, and the Deontological theory, which classifies duty as a moral category that is not influenced by results. They also noted that the discussion on business ethics is conducted on either or both of them. Basically the business ethic theory necessitates the consideration of social benefits beside making money. On the other hand, (Leave this line as it is
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The impact of society on business and vice versa is becoming increasingly propagated each year. A firm’s consumers, products, markets, equipment, productivity and public image are all directly influenced by the social policies of a firm. A firm’s social policy must be incorporated into all strategic-management activities and most importantly in the development of mission statement.
Corporate Social Responsibility. CSR is the framework that is used to measure the company’s performance in terms of economic, social or environmental factors that surround the company. A company should be responsible for what happens around it and should be involved in activities that bring development to the community at large.
'Corporate social responsibility (CSR) reporting to stakeholders is based upon the assumption that companies have wider responsibilities than simply to make money for shareholders.' Discuss the information that might be included in a CSR report to stakeholders, giving illustrations and examples.
ENOC Processing Company LCC is one of its subsidiaries that run the operations of the Jebel Ali Refinery based in Dubai. The corporate vision of the ENOC group is that all the companies or the subsidiaries in the group would meet the highest standards of social responsibilities and would return the benefits to the society, environment and the economy is which it exists as a corporate citizen.
There is very little information on how corporate decision makers can reconcile differences between the public and private interest goals. There are no singular limitations of CSR concept which act in the favour of aligning the personal and business goals (Tapang and Bessong, 2012).
All stakeholders and constituent groups that have an interest in the organization's operations are included in CSR's wide and multiple-level definition of society. Corporate social responsibility can be defined as "the broad concept that businesses are more than just profit-seeking entities and therefore also have an obligation to benefit society" (Werther & Chandler, 2006: 6-7).
Corporate social responsibility came up as the process whereby corporate, firms, business or even the government come up with policies which are beneficial to the stakeholders regardless to the activity of the organization in question.
It came out very clearly that any organization has several stakeholders, which include customers in that the customers buy goods and services from the firm.