Impact Of Globalization On Corporate Social Responsibility
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
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The social responsibilities of a corporation contribute to the sustainable development of a global village. CSR has also been signified throughout history of Asia.
Stakeholders who are affected by the way a business is run have been placing emphasis on how business should be run in order to maintain, or even raise a company’s reputation. For those reasons, it has become essential for scholars to start looking into CSR of businesses that have foundation in Asia. In the initial phase of CSR’s development, scholars focused more exclusively on North America and Europe as the standard form of Corporate Social
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With the development of media, the public is more likely to be exposed to the corporate activities. Therefore, it has become easy for customers to monitor the business activities. Due to some collapses of companies, people are increasingly interested in the methods the companies adapt to deal with unexpected challenges.
Regarding the fast spread of CSR, no one can deny the key role globalization has played. Even until very recently, challenges in the society were deemed as the activists’ responsibility. (Kercher p.9 10-11) But according to researchers, it is very likely that as the impact of globalization, more and more will put social issues into their consideration in the process of making laws or shaping governmental policies. Furthermore, consumers will be stricter and interested in business ethics. One day, businesses will have no choice but to be extremely transparent about the way their business is
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