Chapter five 1 corporate social responsibility is defined in chapter 5 as the corporate duty to create wealth by using means to avoid harm to, protect or enhance societal assets. The purest or most legitimate form of csr in which organizations pursue a clearly defined sense of social conscience in managing their financial responsibilities to their shareholders, legal responsibilities to their society and ethical responsibility to do the right thing for all their stakeholders. Corporate social responsibility: the welch era 1 corporate responsibility is defined in chapter 5 as the corporate duty to create wealth by using means that avoid harm, to protect, or enhance societal assets.
Corporate responsibility is an essential component of business in today's world business leaders must not only be cognizant of social issues, but must also be active in local community. Although the concept of corporate social responsibility (csr) has been advocated for decades and is commonly employed by corporations globally, agreement on how csr should be defined and implemented remains a contentious debate amongst academia, businesses and society. 2010 tnt express section b: corporate responsibility 103 chapter 8 corporate responsibility performance 2010 introduction an important component of express' mission is to share responsibility for the world in which it operates. Corporate social responsibility (csr) is an emerging field whose norms are still being written and rewritten the concept of csr as we know it today 1 started in the united states in the 1970s and 1980s and slowly spread to other developed countries in the 1980s and 1990s.
Chapter 3 stakeholders and corporate social responsibility understanding business ethics -broadened definition of stakeholder to encompass. Corporate social responsibility (csr) can be simply and broadly defined as the ethical role of the corporation in society the aim of csr is to increase long-term profits and shareholder trust through positive public relations and high ethical standards to reduce business and legal risk by taking responsibility for corporate actions. 1 corporate social responsibility is defined in chapter 5 as the corporate duty to create by using means that avoid harm to, protect, or enhance societal assets. This is the pre-publication version of chapter 1 from crane, a, matten, d and spence, l (2008), corporate social responsibility: readings and cases in global.
Limits a firm's social responsibility to the minimal economic responsibility of producing goods and service and maximizing profits within the law integrative model of csr for some business firms, social responsibility is fully integrated with the firm's mission or strategic plan. This quiz and corresponding worksheet will help you gauge your understanding of what corporate social responsibility is, with special concern paid to its two main areas. Corporate responsibility or sustainability is therefore a prominent fea- ture of the business and society literature, addressing topics of business ethics, corporate social performance, global corporate citizenship, and stakeholder.
5-4 chapter objectives o after exploring this chapter, you will be able to: 1 define corporate social responsibility 2 describe and evaluate the economic model of corporate social. Corporate responsibility offers a concise and comprehensive introduction to the functional area of corporate responsibility readers will learn how corporate responsibility is good for business and how leaders balance their organization's needs with responsibilities to key constituencies in society. Definition of corporate responsibility corporations have a responsibility to those groups and individuals that they can affect, ie, its stakeholders, and to society at large stakeholders are usually defined as customers, suppliers, employees, communities and shareholders or other financiers.
This chapter examines the topic of corporate social responsibility (csr) where we change the internal perspective of the organization to an external one and look at how an organization should interact with its stakeholders in an ethical manner. The 1970s saw the first widely accepted definition of csr emerge - archie carroll's 4-part concept of economic, legal, ethical and philanthropic responsibilities, later depicted as a csr pyramid vi - as well as the first csr code, the sullivan principles.