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Some theorists as well as practitioners describe CSR as a form of corporate compliance with the spirit and the letter of the law; or, as a business approach that takes into account the manner in which the organization’s activities impacts upon its different stakeholders (Nehme & Wee, 2008:129). Pursuant to its legal mandate, CSR is seen as a condition where the corporation acts as a free agent of the state, to the extent that the expressed social objectives are imposed on the corporation by law (Manne & Wallich, 1972, p. 40).
On the other hand, more than just compliance with legal mandate, CSR is also thought to pertain to the corporation’s efforts above and beyond regulatory requisites, in effect finding an equilibrium between the needs of stakeholders on one hand, and those of making a profit for the investors in the other (Nehme & Wee, 2008:132). CSR is “[a] concept whereby companies integrate social and environmental concerns in their business operations and in their interaction with their stakeholders on a voluntary basis” (European Commission, in Nehme & Wee, 2008:131).
CSR, from a market viewpoint, has been identified as a source of competitive advantage, as the company explores ways of approaching and engaging with their stakeholders (Corporation and Market Advisory Committee, 2006). “CSR is the result, implicit or explicit, of the nature of a firm, its role in society, and its relationships with its internal and external stakeholders” (Argandoña and Hoivik, 2009, p. 229).
The same activities, it is observed, may be undertaken whatever theory is adopted, as even community-focused activities may actually be undertaken in the service of corporate interests – a form of market development effort. Nevertheless, embarking on these activities which do not directly comprise the company’s main business operations are taken to be external manifestations of the company’s CSR program.
Ever since the advent of
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(“Corporate social responsibility Essay Example | Topics and Well Written Essays - 4500 words”, n.d.)
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(Corporate Social Responsibility Essay Example | Topics and Well Written Essays - 4500 Words)
“Corporate Social Responsibility Essay Example | Topics and Well Written Essays - 4500 Words”, n.d. https://studentshare.org/miscellaneous/1571781-corporate-social-responsibility.
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.