Definition of Csr - 1234 Words

Introduction Recently, the expectations of society for companies have increased more than before (Craig, Bhattacharya, Vogel and Levine, 2010), so one significant issue that most firms have been actively involved in is Corporate Social Responsibility (CSR). Some may debate that it decreases company’s profits by spending much money on CSR. However, according to Needle (2004), ‘good’ CSR is also good for business, a firm could benefit from doing CSR. Thus, this paper aims to explain its importance. It begins with the definition of CSR and its four responsibilities, then presents how it influences a business and benefits it can bring. Finally, I am going to describe strategic CSR and discuss why firms have social responsibility.†¦show more content†¦Therefore, the best way to perform it is combining CSR and firm’s strategy to be a strategic CSR. Baron (2005, in Craig, Bhattacharya, Vogel and Levine, 2010) presents a definition of strategic CSR: â€Å"the use of C SR to capture market value†. It seems to be that companies can acquire competitive advantages and opportunity by regarding CSR as a strategic tool, so they could gain more benefits from strategic CSR. For instance, Nestlà ©Ã¢â‚¬â„¢s Milk, cooperates with small farmers to produce milk in Moga in India. The company not only taught them technology and professional knowledge but also invested in local infrastructure and education, it improved the quality of milk and the standard of living. Nestlà ©Ã¢â‚¬â„¢s Milk succeeds in integrating CSR with value chain, today Nestlà © buy high quality milk from small farmers, and there is an increase of 50 fold in milk production (Porter and Kramer, 2006, p. 90). Discussion Some people believe that the major duty which a company has is making profits and satisfying shareholder’s need. However, companies rely on the contribution of stakeholders rather than shareholders, they have responsibility to render not only shareholders but also stakeholders. In addition, companies are powerful social actors, some corporate activities could make great impacts on society (Crane and Matten, 2004). Furthermore, companies cause some social and environment problems (e.g. air pollution), they have duty to solve thoseShow MoreRelatedCorporate Social Responsibility: Global Definition of Csr, Impact of Csr on Smes, Best Practices, and Strategies Could Be Implemented in Bangladesh.10265 Words   |  42 Pagesdepends on the wellbeing on the other. Companies engaged in CSR are reporting benefits to their reputation and their bottom line. 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At the very beginning, it was argued that corporation’s sole responsibility was to provide maximum financial returns to shareholders. However, it became quickly apparent to everyone that this pursuit of financial gain had to take place within the boundary of the legal system (Carroll, 1979;1991). Bowen’s 1953 publication of ‘Social Responsibility of Businessman’ was considered by many scholar to be the first definitive