Evidence suggests that companies that include CSR in their financial reports receive high-quality standards as opposed to those that disregard CSR in their financial statements. Since high-quality standards have a relationship with financial improvement, less financial risk, the company reputation and higher earnings Lemus, , p.
Such favorable projection of corporate institutions is essential for sustainable business operations. For this reason, companies can be expected to continue with the inclusion of CSR in their annual performance reports. Ethical standards for treasury professionals have a pervasive effect on the ability of organizations to manage their financial resources in an efficient manner. They are responsible for the management of cost and risk relating to business investments Bragg, , pp.
As noted earlier, involvement in environmental conservation seeks to reduce the costs and risks of future regulations. These CSR initiatives require higher ethical standards of investment decisions that place the long-term interests of the organization in front of all other considerations.
In conclusion, technological advancements and globalization of business have changed business systems. Organizations have realized that it is in the best interest of their businesses to carry out activities such as empowerment of communities, conservation of the environment, and making donations to charitable organizations. In the coming years, CSR can be anticipated to evolve further and areas such as climate change are likely to receive more attention from business leaders.
A Review of Concepts, Research and Practice. Tengblad, Stefan, and Claes Ohlsson. A Longitudinal Case Study. Skip to content Business ethics essay Since infiltrating the corporate world almost a half a century ago, corporate social responsibility CSR practices have evolved to accommodate various changes experienced in the social, economic and political spheres.
Essay on business ethics The expectation for organizations to promote national interests was at the center of the attraction CSR activities received from governments. Corporate social responsibility paper Current CSR trends depict a unique feature that focuses on the long-terms goals of organizations and the factors that may hinder the attainment of such goals. Corporate social responsibility research paper Auditing of accounts is another area that has received considerable attention in regards to CSR.
Assumption of social responsibility results in erosion of the drive to use resources efficiently and there will be unnecessary distortion of market mechanism. Profitability is the common criteria for evaluation of the performance of a business. Tempering it with social responsibility would definitely make the process complex and controversial. Business organizations possess only economic power and not social power. Without social power the business organizations are to assume social responsibility may result unfair functioning and it may perpetuate its own value system which is detrimental to the interest of the society.
Further assumption of responsibilities will involve diversion of valuable managerial time and talent on social programmes. It may result in misdirection of valuable corporate resources. Business organisations should concentrate on economic performance and they are not suitable for social service. Their functioning will resemble the fixing of a square peg in a round hole. So they will be forced to play an improper role. Business organisations are already serving the society by providing goods and services, generating employment, developing technology and contribute to the government treasury by paying taxes.
It would be unjust and improper to over burden the business units with further social and unjustified responsibilities. But public opinion is in favour of business units accepting social responsibilities. So they are to assume social responsibilities for its betterment and for the betterment of the society. Managers are to recognise and understand the inevitable constraints in accepting social responsibility whether they have been forced to be more concerned, or persuaded to be more concerned and due to separation of ownership and control in companies.
Otherwise social action may result in usurpation of authority. In undertaking social responsibility the business owes responsibility to various interest groups and these groups owe responsibility to support and assist business.
The forces which are responsible for forcing the business to recognise and honour social responsibilities are: Various other social, ethical and economic forces have translated business a socio-economic activity. In the present day the business organisation is functioning as an economic institution in a social environment. It has to reconcile its economic interest with the demands of the society with which it interacts. This is responsible for the emergence of social responsibilities. The problem of social responsibility is so complicated that no single measure can be adequate.
An integrated approach involving both statutory and voluntary measures is required to ensure responsible behaviour from business organisations. So a fair mixture of compulsion and inducement is needed. With the help of legal framework the business enterprises can be made more responsive towards social responsibilities. Social reporting is done with the object of reinforcing the concept of trusteeship. The term social audit means the contribution made by an organisation towards social welfare.
The social credit assesses the degree of social involvement of business organisations and the effectiveness and efficiency of social programmes. The legislative measures are needed to achieve a socially responsible and responsive business enterprise but they alone do not accomplish anything.
The consumer associations may persuade people not to buy the products or services of those organisations who indulge in antisocial practices like adulteration, hoarding, black-marketing etc.
This is another form of social action where individuals pass out information about an issue to the general public around. Trade unions follow this approach in attempting to arouse public sympathy. Media exposure is an effective means of publicizing the issues in which public are interested.
Such exposure can be through Press, newspapers, radio and television. Representations can be made to legislators through letters making them to realise and to take up the cause with the government. This is even lead to passing of amendments to the existing enactments and may result in introduction of new bills. MIT Sloan Review, Social responsibility is subject of considerable debate.
For not-for-profit organizations, their responsibility is defined by their mandate. Their donors set this mandate, or at least they accept it. It is actually not much different in for-profit entities, except that the general perception is that earning profit is not socially responsible, whereas the activities of not-for-profit entities are generally considered to be socially responsible. For a for-profit entity, there are two schools. Social Responsibility Types of people who live in the community in regards to the overall type of individuals who live within the community, the demographics vary considerable.
However, the underlying values and principles that govern the population remain relatively homogenous. For one, many of the individuals on the base are military oriented or have some affiliation with the principles embedded within the military.
Social Responsibility Term Paper: Corporal social responsibility (CSR) is the concept which means the companies take into consideration the opinion of the society, employees and customers producing their goods and services. Corporate social responsibility is a positive thing, because if the general public is not satisfied with the quality of the .
Social Responsibility Social Responsibility Social responsibility is an ethical framework which suggests that an entity, be it an organization or individual, has an obligation to act for the benefit of society at large.
Excerpt from Term Paper: Social Responsibility Corporate social responsibility Companies are facing increasing pressure from investors, consumers, and the society. For investors, they are required to increase profits while consumers and the society require them to be socially responsible. - The term Corporate Social Responsibility refers to a company’s responsibility to provide a benefit to the society the company affects. Corporate social responsibility incorporates dimensions of corporate responsibility, and corporate policy which include a company’s policy to hire minority or disabled workers, or taking a stance on social and political .
9/6/ The Idea of Ethics and Social Responsibility in Business For the purpose of this essay I’ve elected to discuss the responsibility of the employee in the work place, and their place in the corporate system. Best paper corporate social responsibility essay teaching and term paper dr. Support worker social. Prepare to present papers, turns to share and cultural diversity in personal responsibility is your client.