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Corporate Social Responsibility

An exploration of corporate social responsibility principles, focusing on how businesses can contribute to society.

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    Corporate Social Responsibility In recent years, corporate social responsibility (CSR) has become a key business process for many organizations. It goes beyond the traditional view of profit maximization to include broader societal concerns. Using Disney’s CSR initiatives from 2010 - 2011 as a case study, evaluate the impact of CSR on long - term business performance. In your answer, discuss both the positive and negative aspects of CSR, the role of ethical decision - making in CSR strategies, and how CSR can affect the company’s reputation and its relationship with stakeholders. Word Count Requirement: 1500 - 2000 words

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    Introduction The classical view of management’s only social responsibility is to maximize profits (create a financial return) by operating the business in the best interests of the stockholders (owners of the corporation) and expending the firm’s resources on doing “social good” unjustifiably increases costs that lower profits to the owners and raises prices to consumers. The socioeconomic view of management’s social responsibility goes beyond making profits to include protecting and improving society’s welfare. Corporations are not independent entities responsible only to stockholders. Firms have a moral responsibility to larger society to become involved in social, legal, and political issues. Focus is on “To do the right thing”. The obligation of a business is to meet its economic and legal responsibilities and nothing more. The capacity of a firm to adapt is to change societal conditions through the practical decisions of its managers in responding to important social needs. It is a firm’s obligations as a moral agent extends beyond its legal and economic obligations, to the pursuit of long - term goals that are good for society. The big question is that does social responsibility pay? Studies appear to show a positive relationship between social involvement and the economic performance of firms. There are difficulties in defining and measuring “social responsibility” and “economic performance raise issues of validity and causation in the studies. Mutual funds using social screening in investment decisions slightly outperformed other mutual funds. A general conclusion is that a firm’s social actions do not harm its long - term performance.

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    The code of Ethics is a formal statement of an organization’s primary values and the ethical rules it expects its employees to follow. It is to b e a dependable organizational citizen , d on’t do anything unlawful or improper that will harm the organization and be good to customers. Following are the effective ways to use code of ethics: - • Develop a code of ethics as a guide in handling ethical dilemmas in decision making. • Communicate the code regularly to all employees. • Have all levels of management continually reaffirm the importance of the ethics code and the organization’s commitment to the code. • Publicly reprimand and consistently discipline those who break the code. Corporate Social Responsibility One of the increasing concerns for the managers and the media is what social responsibilities are handled by an organization today. This has become increasingly important in today’s time because this gives the picture of how the business is perceived other than its products and services. This is something which an organization is expected to be giving back to the society in return. However, many businesses take it as a negative thing and consider more as a liability than as a must to do act. Today many businesses are known for their generous giving’s, like associations with the charity for the purpose of funding, encouraging the employees to perform voluntary work for the NGOs. This increases the brand value of the businesses. But there are many clauses which a company

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    should take concern for in terms of social responsibility. For example during the downturn of recession 2008, almost all the companies have been doing layoffs of their employees. However, companies which did not do so were placed at much high rank in terms of social credibility. Also it is to be expected of the businesses that the services and the products they give in the society should be productive for the society as well as it helps the society to nurture. Many of the measures are taken by the government of all around the world itself for such activities. For example regulatory authorities like United States Environmental Protection Agency (EPA) have issued guidelines for the emission of the dangerous pollutants and thus regulate them. Companies should also involve in Corporate Social Responsibility (CSR) so that the involvement of government in the business would be minimal. Following corporate social responsibility also provide opportunity to the firm to increases the economic aims, sustainable growth and human progress. A company can change its philosophy regarding corporate social responsibility and utilize this opportunity. These social and ethical responsibilities will provide a path of success to the group, which can be applied on the international root as a global player by building their brand image. People do their best with a balance of work and family life. O rganizations perform best in healthy communities , gain by res pecting the natural environment, must be managed and led for long - term success and they must protect their reputations. There are various arguments against CSR initiatives like r educed business profits , h igher business costs , d ilution of business purpose , t oo much social power for business and l ack of public accountability . But there are also arguments for CSR initiatives like adding long - run profits, improving public image, avoiding more government regulation and Businesses having resources and ethical obligation

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