Controversial Dilemmas of MNCs in Emerging Market Economies - Thesis Example

If the companies and organizations only stress generating profit, then that endeavor will not be a helpful one for them in the long run. For acquiring vigorous market goodwill and for remaining in the market (in the local as well as global market) as a dominant player they have to take into consideration the ethical aspects of society and environment as a simultaneous mechanism with growth and development strategies of business and they have to become good corporate citizens. In this respect, the notion of Corporate Social Responsibility (CSR) along with its various codes of conduct carries considerable importance. CSR's effective functioning is aimed at the establishment of socially responsible business practices within the organizations both locally and globally.
With thorough multiplication of liberalization and globalization processes across the world since the 1990s, the rise of CSR agenda can be attributed as a significant development with the domain of that multiplication. The popular business mantra, “doing well by doing good” (Ciconte, & Jacob, 2011, p.196) (associated with cause-related marketing) became a common manifestation of CSR at the beginning of the 1990s. The underlying meaning of this mantra states that organizations can be successful by serving the broader societal interests at the same time satisfying the narrow interest of their stakeholders. Yes, it can be stated that the realization of implementing CSR is almost omnipotent among all the big companies in the world today but its very concept still attaches robust elements of confusion with itself. There have been stringent efforts by the firms in keeping the CSR policies at the apex of their business strategies but one of the major constraints is that only a handful of them have been able to realize how an integrated business strategy incorporating the agenda of society may be configured.