2.2 CORPORATE SOCIAL RESPONSIBILITY Corporate social responsibility (CSR) or CSR activity is seen as a complex and contested area, which is rapidly gaining importance from businesses all over the world (Vaaland & Heide, 2008). Mintzberg (1983), refers to Elbing (1970) when he states that the concept of social responsibility has been discussed academically by professors, pragmatically by businessmen, politically by public representative and approached from various angles philosophically, psychologically, sociologically, economically even aesthetically. The complexity of the concept has lead to variations of definitions some boarder than others with no consensus on a generally accepted definition. The difficulty with defining CSR sterns from
Jeremy Moon (2004) defines CSR as a combination of corporate citizenship, sustainable business and environmental responsibility; it is accountable to social, environmental and ethical issues both in term of corporate and the national environment. The neo liberal writers see it as voluntary, but some neo liberal see CSR as an obstruction and diversion from a business primary concern, i.e., profit maximization, yet most neo liberal writers maintain the point of view that, Friedman was actually correct. CSR in the long run can be beneficial to the organizations it prevents from unnecessary government intervention and
Corporate social responsibility (CSR, also called corporate conscience, corporate citizenship, social performance, or sustainable responsible business/ Responsible Business) is a form of corporate self-regulation integrated into a business model. CSR policy functions as a built-in, self-regulating mechanism whereby a business monitors and ensures its active compliance with the spirit of the law, ethical standards, and international norms. In some models, a firm's implementation of CSR goes beyond compliance and engages in "actions that appear to further some social good, beyond the interests of the firm and that which is required by law." CSR is a process with the aim to embrace responsibility for the company's actions and encourage a positive
Corporate socially responsible activities are a way of contributing to the community by continuously creating unique products and services from a global standpoint. One example can be shown by the creation of the Honda NSX concept sports car. It is considered to be the most successive car because the revolutionized shape, keeping the fun and the environmental value, turning dreams into reality and maintaining the joy of mobility far into the future. In conclusion the above acts which brings out the CSR policies created and maintained by Honda goes hand in hand with the fact that they as a profit-maximizing company has just not stuck to its nature of business but also gone above and beyond to do fairly well and contribute towards social welfare, that uplifts every aspect of the environment in many
Social responsibility has been defined as a social norm. In this society, companies from the least to the greatest practice Corporate Social Responsibility (CSR). The management and staff of the corporations are expected to perform the right things as their misdeeds may be held accountable. Furthermore, the corporation is required to be responsible for their member‟s behavior. (Seitel, 2003) According to McWilliams, Siegel & Wright (2006), they claimed that although there are numerous definitions of CSR but the given definition is vague and unclear.
Corporate Social Responsibility Corporate Social Responsibility (CSR) is an activity that has gained momentum among companies, to improve their social image, especially in recent years. Corporate social responsibility has been defined by multiple studies. In this section, we provide a short summary and comparison of the most widely presented versions, followed by an overview of the situation of CSR in India. As defined by the United Nations Industrial Development Organization (UNIDO), CSR is a management concept whereby companies integrate social and environmental concerns in their business operations and interactions with their stakeholders. The World Business Council for Sustainable Development (WBCSD) defines Corporate Social Responsibility
Definition of CSR and a description of what it is. Corporate Social Responsibility is a voluntary initiative taken by a company where they contribute to social, ethical , and environmental issues in society. Also known as “corporate citizenship”, CSR is a continuous commitment of a business to demonstrate ethical and economic activity that benefit the staff, the shareholders, the business, but most of all society. It is when a business takes of time money to make a difference in society. Whether it is to help a certain people or raise awareness for a cause, CSR is done in most businesses and it highly beneficial for the business in many ways.
Bowen first evoked the concept of CSR in the business literature by publishing Social Responsibilities of the Businessman in 1953. He described a globalized society in which the lives of citizens was determined by a few hundred companies that held a true center of power. "To meet this challenge, Bowen proposed a very innovative synthesis: moving from the classic opposition between managers and shareholders to the strategic idea of subjecting the company to legitimacy resulting from a contract with the company. So had just born the Corporate Social Responsibility (...). CSR was therefore confirmed as a response to the excessive power of multinationals, by limiting the absolute nature of the shareholders' property rights (in particular the financial markets), to the benefit of what is called everywhere today.
Since they have the capability for a practical certification option for retailers of all sizes, they should continue moving forward to have all stores certified (Starbucks, 2015). Starbucks has a robust and respected CSR program. Starbucks has shown that Financial Times reporter Thomas Donaldson (2005) was correct when he said “Corporate social responsibility means doing business with integrity and fairness – and it may even improve the bottom line” (pg. 1). Starbucks has had another stellar year of financial performance and the corporate CSR program has been an integral part of this
INTRODUCTION The need for established social responsibilities and ethical frameworks in business has become a main priority in our current society. This attitude is supported by the fact that the number of the most well-known global corporations integrating corporate social responsibility (CSR) programs into their business operations has never been greater. The prominence of CSR initiatives today hint that executives’ perceptions of such policies have shifted from an unnecessary addition to a critical business function. India is the first country in the world to mandate Corporate Social Responsibility (CSR) spending, through a statutory provision under the Companies Law 2013 and expects an annual spending of around INR 30,000 Cr by India Inc.