The Role And Importance Of Corporate Social Responsibility

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Corporate Social Responsibility (CSR) has gained its importance as an essential activity for corporate nationally and internationally. It has become a matter of utmost importance for diverse groups demanding change in the business orientation. From 1980 to 2000, corporations recognized and started accepting a responsibility towards society. CSR implies some sort of commitment, through corporate policies and action. This operational view of CSR is reflected in a firm's social performance, which can be assessed by how a firm manages its societal relationships, its social impact and the outcomes of its CSR policies and actions.12 The term ‘corporate social performance’ was first coined by Sethi (1975), expanded by Carroll (1979), and then refined…show more content…
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". Key Drivers of…show more content…
In recent years CSR has become a fundamental business practice and has gained much consideration from chief executives, chairmen, boards of directors and management teams of larger international and national companies. They understand that a strong CSR program is an essential aspect in achieving good business practices and successful leadership. Companies have determined that their impact on the economic, social and environmental backdrop directly affects their relationships with stakeholders, in particular investors, employees, customers, business partners, governments and communities. CSR encourages a vision of business accountability to a wide range of stakeholders, as well shareholders and investors. The key areas of apprehension in CSR are environmental protection and the well-being of employees, community and civil society in general, both now and in the future. The concept of CSR is underpinned by the idea that businesses can no longer act as isolated economic entities operating in objectivity from broader society. Conventional observations about competitiveness, survival and profitability are being removed

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