In fundamental terms it is about structured sustainable businesses, which need strong economies, markets and communities. Corporate Social Responsibility (CSR) is the decision-making and execution process that guides all business activities in the precautions and promotion of international human rights, labour and environmental principles and agreement with legal requirements within its operations and in its relations to the societies and communities where it operates. The economic, environmental and social sustainability of communities during the ongoing engagement of stakeholders, the dynamic involvement of communities impacted by company activities and the public reporting of company policies and performance in the economic, environmental and social grounds, are commitment for the contribution of CSR. Some more thoughts can be referred as "Corporate Social Responsibility (CSR) is the organized commitment by business to behave ethically and contributes to economic development while improving the workforce quality of life and their families as well as of the local community and society at immense" as well as "CSR is about ability building for sustainable livelihoods. It respects cultural differences and finds the business opportunities in building the skills of employees, the community and the government".
Aaron (2011) defines CSR as encapsulating a broad field ranging from corporate commitments and ethical conduct to philanthropic gestures by corporations in their operating communities. Aguilera et al. (2007) use a definition of CSR, which refers to the firm’s considerations of, and response to issues outside the usual firm requirements to accomplish social and environmental benefits along with the traditional economic gains that the firm
Though the writing is based on the CSR in Western Europe but it gives an introductory idea about how CSR works with different institutional environment. According to Jackson - Corporate social responsibility (CSR) is often seen as a strategic response to pressure from stakeholders who may be adversely affected by company practices, or as a pro-active attempt by firms to pre-empt or at least mitigate these pressures and enhance the reputation and value of the corporation. Much research has aimed to establish the business case for CSR by examining its relationship with economic performance. Parallel to these efforts, other literature has focused on the moral and ethical justifications for CSR independent of its potential economic utility. (
2014). Smith (2003) contends that CSR exercises improve the capacity of a firm to attract consumers, investors and employees (Carroll & Shaban, 2010). He further expresses that consumers claim to be impacted in their purchasing choices by the CSR reputation of firms. CSR not just makes the brand aware among the customers but also prompts a positive brand image in the minds of the potential buyers (Maheshwari and Kumar, 2013). Agreeing with this thought Khanifar, Nazari, Emami and Soltani (2012) states that one of the advantages CSR is reputable for is its capacity to enchase, if not create a business' image and reputation.
Some scholars (Matten & Crane, 2005; McIntosh, Thomas, Leipziger, & Coleman, 2002) do not endorse Carroll’s interpretation of CSR. They propose that CSR should be beyond economic and legal responsibilities because every business must practice them. For instance, Matten and Moon suggest that “CSR is differentiated from business fulfillment of core profit-making responsibility and from the social responsibilities of government” (2008, p. 405). Similarly, McWilliams and Siegal (2001) also define CSR in a way that does not include economic and legal responsibility; they define it as “actions that appear to further some societal good, ahead of the wellbeing of the firm and that which is required by law” (p. 117). Jones too define the CSR in a same way as “the notion that corporations have an obligation to constituent groups in society other than stockholders and beyond that prescribed by law or union contract….. (1980, p. 59).
History of corporate social responsibility Despite the fact that the term of CSR may appear to be relatively new to the corporate world, the literature reveal that the development of the concept itself has taken place over several decades. As for the definition of CSR in the corporate and the academic world there is no single definition regarding all the effort to bring out a clear and unbiased definition. The fact that everything is evolving such as political,
Table of Contents Miji Kim Patrick Klocek Extended Essay January 19th, 2018 To what extent has globalization impacted Corporate Social Responsibility in Asia? Corporate Social Responsibility, or so called “CSR,” can be defined as a corporation’s initiatives to assess and take responsibility for the company’s effects on environmental and social wellbeing. (Staff 2) The concept of CSR is very recent in terms of the entire world; but even more recent in case of Asia. For example, it has only been 8 years since Malaysia and Philippine encouraged requirement of reporting corporate transparency on “environmental issues and social issues.” (Citation will be added here) Corporate Social Responsibility can be distinguished
CSR is defined as a form of corporate self-regulation combined into a business representative. Many debates and reports focus on the nature, benefit or business opportunities that can be achieved when performing corporate social responsibility. For that, CSR can be "a source of opportunity, innovation, and competitive advantage"
CSR was defined as actions businesses take to improve society’s welfare (McWilliams and Siegel, 2011). CSR has been defined as many things lately. Simply put, it is the commitment of a business or company to continuously upgrade its processes, systems,