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David answered on
Dec 23 2021
Article: Social Entrepreneurship and Corporate Social Responsibilities, by Catalina
Crisan, International Business Research
Corporate responsibility is a term that is supplanting the term corporate social responsibility. The
‘social’ is increasingly being omitted in order to emphasize the (claimed)
oader responsibilities
of business corporations, particularly their responsibilities with regard to the environment.
(Hopkins, M, 2003).
Corporate Social Responsibility has helped several companies to develop and work upon several
new core competencies, which enables the corporate to build a special relation with its
customers, society, its shareholders and government by the sustainability acts done by them. The
corporate social responsibility activities help in building a positive image of the company, it also
helps in building goodwill which in long run helps in generating profits. The CSR activities of
the firm encourages its employees to participate in several social responsibilities it helps in
uilding up loyalty. It also helps in building up a dedicated workforce and the employees become
committed towards to organization.
With the increasing need and demand of the society, customers. The corporate works on a
momentum "triple bottom line" or "sustainable" approach. These are social, environmental, and
financial data which is used for evaluating the performance of the company. The companies are
expected to perform well not only in terms of finance but also in the terms of areas which are not
included in the part of the financial aspect i.e. ethics, human rights, environmental policies,
corporate governance, environmental concerns, development of communities, issues in respect to
its workplace, corporate governance, and business ethics. The performance of the companies is
evaluated in respect of financials, social and environmental.
It is proposed that once the desired activities are noted by the firms, they need to establish the
desired state that the firms want to reach by specifying a level of future performance, which
should be established by benchmarking other people or organizations as well as creating
awareness within the firm to modify behavior in line with the goal. It is also proposed that
without due support from the government in the form of establishing some incentives and
schemes and the top management s conviction of voluntary approach, any progress on CSR will
e difficult. On the other hand resorting to law to enforce CSR behavior will not be in the spirit
of CSR but will rather become compliance of legal requirement, which in turn will always be
minimally met and normally glossed over.
There is a need to address the issue of a link between the CSR activities and financial
performance of the firm. There is intuitive appeal in the contention that CSR focused activities
can be vital to strategy in terms of addressing environmental concerns in developing customer
loyalty;
and equity, and as a marketing tool for the company which in...