The Link Between Corporate Social Responsibility And The...

Introduction The purpose of this essay is to show that the link between Corporate Social Responsibility the competitive advantage of a company is often viewed to be positive if environmental limits, social needs corporate interests are all coordinated within the given framework (Porter Kramer, 2011). Corporate Social Responsibility (CSR) can be classified as the actions of firms that contribute to social welfare, beyond what is required for profit maximization (McWilliams, 2015). Economist Milton Friedman famously stated that, â€Å"a corporation’s responsibility is to make as much money for the stockholders as possible†. Despite the fact that the main objective of a business is to earn profit, corporations ought to look into the welfare of the society should perform its activities within the framework of environmental standards (Mugurusi, 2008). Managers in today’s corporations have to deal with government regulations, corporate critics, media attacks major competition from other firms (Freeman, 2010). According to Carroll (1991) Corporate Social Responsibility consists of four elements, which are in the form of a pyramid consisting of philanthropic at the top of the pyramid followed by legal, social economic responsibility towards the bottom of the company. Furthermore stakeholder management is a very important contributing component of a successful business the support of stakeholders can be gained through customer loyalty, cooperation with partners, investmentShow MoreRelatedEthical Ethics And Financial Performance1206 Words   |  5 PagesIntroduction: Within a competitive world, companies should become ethical throughout many perspectives. Ethics refers to the standards of right and wrong in an attempt to influence behaviour. (Kinicki 2015, p.83) In stating this, companies can be ethical within numerous occasions such as ethics and financial performance, ethical performance, ethics and sustainability and ethical competition such as competitive advantage. Despite the positive side, there are also some negative implications towardsRead MoreEthical Ethics And Financial Performance1371 Words   |  6 Pagesessay is to evaluate that within a competitive world, companies should become ethical throughout many perspectives. Ethics refers to the standards of right and wrong in an attempt to influence behaviour. (Kinicki 2015 p.83) In stating this, companies can become ethical in such occasions being effective in the long run. These include ethics and financial performance in how companies can maximise profits and market share, ethical per formance in discussing how companies can perform at its highest levelRead MoreThe Social Responsibility Of Business1042 Words   |  5 PagesCorporate Social Responsibility is defined as a business preparation that involves participating in creativities that help society. Friedman: The Social Responsibility of Business is to increase its profits. Milton Friedman argues that the only social responsibility a business has is to itself – mainly to its profits, and therefore, its stakeholders. The business management in charge of a company works for the organization and eventually for the stakeholders. This person is responsible for carryingRead MoreCorporate Social Responsibility ( Csr )1370 Words   |  6 Pagesmore attention on the concept of Corporate Social Responsibility (CSR). The core issue is the appropriate responsibility of business. 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INTRODUCTION Combine Corporate Social Responsibility (CSR) into strategic management is making and increase profit to a companys business. In recent year, the importance of Corporate Social Responsibility (CSR) has gradually become a very concern to industries. Hence, there have been gradually increasing tensions with many companies and increase the responsibility of managers try to carry out Corporate Social Responsibility (CSR) to society. In fact, managers should be having knowledge and understandingRead MoreArgument For Corporate Social Responsibility1082 Words   |  5 PagesArguing for Corporate Social Responsibility Introduction: The Corporate Social Responsibility (CSR) originated in 19537 with the publication of Bowen’s book Social Responsibilities of Businessmen (Carrol, 1999). Some perceived that at that time, the emphasis is placed on business people’s social conscience, rather than on the company itself. Some argue that corporate entities do not have any social responsibility except the ones that were written in agreement with government while establishing corporate