Coroperate Social Responsibility
Corporate Social responsibility
Introduction
A few years ago firms only goal was to gain economic profit from their businesses. In recent times it has been discussions if economic profit are the only reason for businesses to exist (Klonoski 1991) In modern society the belief that businesses have responsibilities against the society they operate in have grown bigger, but there are still people and organisations who believe that gaining economic profit from their business are the only thing they have to be concerned about (Chant 2013).
The purpose of this essay is to discuss and compare the different viewpoints of corporate social responsibility (hereafter referred to as CSR) and the key issue is to see why corporations and their management should be concerned with CSR. The paper will start by explaining what CSR is and how businesses can gain profit from applying CSR. Thereafter the counterargument, that business doesn’t have any other responsibilities then gaining profit, will be presented. An example of good CSR-work will thereafter be demonstrated. The relationship between ethics in business will also be discussed.
Different views of CSR
There are many different definitions of what corporate social responsibility is but one way to look at it is that corporate responsibility is used to describe the work that companies do voluntarily that has a positive impact on society, the environment or the economy (Shuili, Bhattacharya & Sankar 2010). CSR is supposed to help businesses to behave ethically and gain economic profit and at the same time helping to solve social issues (Chant 2013). Not only are CSR good for the society and the people in it but also for the stakeholders of the company. CSR can change stakeholders purchase behaviour, employment seeking and also investment. Over time CSR can also help the company to build a stronger brand and in that way also gain an economic profit (Shuili, Bhattacharya & Sankar 2010).
In recent times a lot of
Introduction
A few years ago firms only goal was to gain economic profit from their businesses. In recent times it has been discussions if economic profit are the only reason for businesses to exist (Klonoski 1991) In modern society the belief that businesses have responsibilities against the society they operate in have grown bigger, but there are still people and organisations who believe that gaining economic profit from their business are the only thing they have to be concerned about (Chant 2013).
The purpose of this essay is to discuss and compare the different viewpoints of corporate social responsibility (hereafter referred to as CSR) and the key issue is to see why corporations and their management should be concerned with CSR. The paper will start by explaining what CSR is and how businesses can gain profit from applying CSR. Thereafter the counterargument, that business doesn’t have any other responsibilities then gaining profit, will be presented. An example of good CSR-work will thereafter be demonstrated. The relationship between ethics in business will also be discussed.
Different views of CSR
There are many different definitions of what corporate social responsibility is but one way to look at it is that corporate responsibility is used to describe the work that companies do voluntarily that has a positive impact on society, the environment or the economy (Shuili, Bhattacharya & Sankar 2010). CSR is supposed to help businesses to behave ethically and gain economic profit and at the same time helping to solve social issues (Chant 2013). Not only are CSR good for the society and the people in it but also for the stakeholders of the company. CSR can change stakeholders purchase behaviour, employment seeking and also investment. Over time CSR can also help the company to build a stronger brand and in that way also gain an economic profit (Shuili, Bhattacharya & Sankar 2010).
In recent times a lot of