rnold, 2008, p. 4).
There are many opportunities related to CSR. The companies that followed CSR made enormous benefits apart from the usual monitory gain. These benefits include better stability in risk management, good reputation and understanding with customers as well as employees, and better reputation in society. A company that gives importance to their corporate responsibility can attain sustainable competitive advantage and soon identify changes that results in lead position in the society. CSR and ethics both moves hand in hand. To understand the involvement between CSR and ethics, one has to identify five major elements which are
'Corporate Social Responsibility' which takes care regarding how to strengthen the business by use of CSR, how much of CSR is enough and should business utilise CSR to reach its business objective.
'Business and
Marketing Ethics from a Normative Prospective' helps to identify that what is the right thing to do and how to make ethical business decision.
'Ethical Consumerism' deals with how do the consumers track CSR behaviour of a company and how do they react to ethical consumerism.
'Ethics of Defaults' tell that up to which limit consumers are vulnerable to marketing exploitation.
'The Opening of Firms' Boundaries' covers the fact that how the company should manage this challenge along with managing their internal and external challenges (Smith, n.d., p. 2).
Different researchers consider CSR in different ways and to prove their fact they have given many evidences. One group of researchers have a view that by undertaking corporate social responsibility, the companies incurs cost that put them in economical disadvantage (Ullmann , 1985, p. 540-577). A second group says that cost of social responsibility is almost negligible and by adopting CSR a firm will be benefited in term of moral employees and higher productivity (Soloman & Hansen, 1985). The third group's view differs a little from the second one. They argued that cost incurred by a company on CSR is significant but by undertaking its implication on business, the cost can be offset with some other cost of business (Cornell & Shapiro, 1987. p. 5-14.).
Concept of CSR differs from one country to another depending on culture and socio-economical environment. Alexander and Bucholtz (1978) suggested that the stakeholders and stockholders consider CSR as an indicator to analyse management skills. It can hence be concluded that by making investment in CSR, firms actually invest in building their reputation in society as being responsible.
In recent years the shareholder, customers, suppliers, governments, community groups and share holders have encouraged firms to undertake more investment pertaining to corporate social responsibility. Different companies have responded in different ways to this. Some welcomed this and invested more resources whereas some reacted negatively and gave the argument that more expenditure will result in reduced profit. This has lead to a controversy: whether CSR has any impact on financial performance of a company or not.
CSR is a global business
strategy of most of the successful business houses. This represents their social commitment towards society irrespective of the location of their business. Such incorporation of CSR in the corporate strategy has resulted into a majo
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