ing beyond simple regulatory compliance in favor of more proactive roles in finding solutions to sustainability issues. Of course, it costs a lot of money to comply with all the environmental regulations, and it would certainly attack a firm’s bottom line. However, a firm with a pollution control facility can also be efficient concerning production. Moreover, a firm which stands well financially can afford to spend more of its resources on cleaner technologies.
Ben woodhouse, director of global environmental issues at dow chemical, said” the degree to which a company is viewed as being a positive or negative participant in solving sustainability issues will determine, to a very great degree, their long-term business viability.
Monsanto’s CEO Robert b. Shapiro stated, “Businesses grounded in the old model will become obsolete and die. At Monsanto, we’re trying to invent some new businesses around the con cept of environmental sustainability. In addition Richard druckman, vice-president for strategic planning for Bristol-myers squibb co., announced “continuous improvement of environmental management throughout the organization is a key factor for our competitiveness in the 1990s. Each business group and division now incorporates strategies to address environmental management improvement in its strategic plan.
A firm’s strategic assets keep a firm’s competitive edge sharp for the long haul. Corporate social contribution performances like environmental activities are considered as one of the most important factors in improving the corporate image. Firms, being part of society, should realize the benefits of deep community ties, creating pathways for the exchange of information. It is important that they strive to uphold general and humane values before striving towards the pursuit of profits. Furthemore, firms must proceed to satisfy the expectations between the interested persons and the society in general, by solving the social and economic problems arising from its activities, that is, a firm must take responsibility as corporate citizenship, and must co-exist with the local community, international community, and the worldly environment. As such, the firms are to take care of their social responsibilities of all of their direct or indirect stakeholders in order to sustain the success for the organization. Moreover, communication among all stakeholders must be activated within society in order to build sustainable societies. Doing this involves the recognition by the business, government and community that businesses are a significant social enterprise, which shapes community values, attitudes, and cultures
Thousands of major corporations in many countries including the United States have developed programs to formulate their social contributions. In some of Korean major enterprises, a start has also been made in that many active social contribution activities are appearing through the establishment of many public foundations, the sponsoring of many non-profit organizations, and activities of environmental protection, etc. in the past, Korean firms’ interests were focused on improvement of product quality or progress of productivity, and the protection of the environment was last on the agenda. While it was recognized that environmental management is an area deserving of attention, without the security of a definite economic advantage to investing, many Korean firms were unable or unwilling to take the
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