Sustainability And Corporate Social Responsibility Pdf
File Name: sustainability and corporate social responsibility .zip
The term Corporate Social Responsibility CSR has a fluid definition, and can vary across different corporate programs that benefit the community Chandler, In simple terms, CSR is any action a corporation does to benefit the relationship between a corporation and the community, and to make a positive difference in the community with employee engagement, financial support, and volunteerism.
- Corporate Social Responsibility and Sustainability
- Corporate Social Responsibility and Sustainability
- Social Responsibility and Sustainability
- Social Responsibility and Sustainability
Metrics details. A thorosugh literature review suggests that there is a link between corporate social responsibility CSR or corporate social performance CSP and financial performance. In addition, there are relevant theoretical underpinnings and empirical studies that have often used other concepts, including corporate citizenship, stakeholder management and business ethics.
Corporate Social Responsibility and Sustainability
Metrics details. A thorosugh literature review suggests that there is a link between corporate social responsibility CSR or corporate social performance CSP and financial performance. In addition, there are relevant theoretical underpinnings and empirical studies that have often used other concepts, including corporate citizenship, stakeholder management and business ethics. In this light, this contribution reports on how CSR is continuously evolving to reflect contemporary societal realities.
At the same time, it critically analyses some of the latest value-based CSR constructs. This review paper puts forward a conceptual framework for corporate sustainability and responsibility. It suggests that responsible business practices create economic and societal value by re-aligning their corporate objectives with stakeholder management and environmental responsibility.
This research builds on the previous theoretical underpinnings of the corporate social responsibility CSR agenda, including corporate social performance Waddock and Graves , Griffin and Mahon , Wang and Choi , stakeholder management Freeman , Berman et al.
Moreover, it reviews the corporate sustainability and responsibility perspectives Van Marrewijk and Werre , Salzmann et al. Corporate sustainability and responsibility is increasingly being recognised as a concept that offers ways of thinking and behaving. This approach toward sustainable business has potential to deliver significant benefits to business, society and the environment. The subject of corporate social responsibility CSR has continuously been challenged by those who want corporations to move beyond transparency, ethical behaviour and stakeholder engagement.
Today, responsible behaviours are increasingly being embedded into new sustainable business models that are designed to meet environmental, societal and governance deficits. This review paper reiterates that that there is a business case for CSR as organizations can pursue profit-making activities i. Businesses are encouraged to strategically re-align their products, services, and operations with responsible behaviors Husted and Allen Strategic CSR outcomes may include responsible management of internal practices and forging relationships with external stakeholders.
Responsible behaviours add value to the firm, society and the environment Camilleri Therefore, businesses ought to utilize their skills, resources, and management capability that lead to social progress see Beschorner , Porter and Kramer : The underlying objective of this research is to advance the corporate sustainability and responsibility concept.
Hence, this contribution provides a critical analysis of the literature that has inevitably led to the conceptual development of this value-based construct. This research elaborates on the business case for CSR and the related stakeholder theory.
It provides a logical link between them. The discussion on social responsibility grew in popularity and took shape during the 60s. Many authors have indicated that the CSR notion was a fertile ground for theory development and empirical analysis McWilliams et al.
At the time, these corporations had considerable bargaining power, and their power called for responsibility Davis Arguably, these businesses had responsibilities towards society beyond their economic and legal duties. The period was characterised as an issue era, where companies began noticing specific societal problems arising from social, environmental and community issues.
There was a focus on philanthropy and a noticeable manifestation in charitable donations. The gifts in-kind have expanded to the groups representing the health and social services, culture, arts, and the community at large. He came up with several models for social responsibility as he underlined that CSR involved a degree of voluntarism, as opposed to coercion.
Moreover, back then, the corporations were incurring discretionary costs for their CSR engagement Walton The CSR notion has developed as a rather vague concept of moral good or normative behaviour Carroll The CSP theory had evolved from previous theoretical approaches. CSP reconciled the importance of both corporate social responsibility and corporate social responsiveness Carroll It also placed an emphasis on achieving better performance out of the socially-responsible initiatives.
Many researchers have used the corporate social performance CSP construct to establish a definitive causal relationship between the firms that were doing good CSP and those doing well Corporate Financial Performance, i. There were several unresolved theoretical debates about whether there was a clear link between CSP and financial performance.
Despite certain controversies regarding the validity of some empirical findings, most studies have reported a positive relationship between the two Waddock and Graves , Preston and O'bannon The working assumption of CSP research was that corporate social and financial performance were universally related. It may appear that there was no explicit statement that describes how socially responsible practices could possibly translate into specific results that affect the profit and loss account Murillo and Lozano At times, the empirical research did not yield the desired results as the findings were mixed McWilliams and Siegel Alternatively, they yielded inconsistent evidence Vogel Alternatively, another pertinent research question was to determine whether corporate profitability could be a sufficient motive for the avoidance of irresponsible behaviours Vogel CSR can be much more than a cost, a constraint, or a charitable deed.
Companies are also expected to be fair and truthful in their marketing communications, whist they promote their offerings to customers Singh and Del Bosque Secondly, the ethical responsibility is concerned with the corporations fulfilling their obligations towards their shareholders, suppliers, distributors and other agents with whom they make their dealings. Their ethical responsibility includes safeguarding the human rights and the norms that are not necessarily defined in the law when carrying out business activities.
The ethical principles in business relationships could have more priority over achieving superior economic performance for some responsible corporations Singh and Del Bosque Hence, the other social responsibility domain focuses on philanthropic behaviours.
In this case, businesses could allocate part of their budget to the natural environment, or toward social issues that favour the most vulnerable in society. This form of social responsibility supports the development of financing stewardship principles including corporate donations to charitable institutions, religious, sports, cultural and heritage activities.
This latter perspective is concerned with improving societal well-being. Other scholars examined innovation and the level of differentiation in the industry as moderators in the relationship between corporate social performance and financial performance Hull and Rothenberg A study reported that corporate social performance strongly affected financial performance in low-innovation firms and in industries with little differentiation Hull and Rothenberg Ideally, social performance ought to be consistent over time and across stakeholder domains Waddock and Graves , Johnson and Greening For example, job seekers are attracted by CSP and organizational ethics that mirror their own values Turban and Greening , Jones et al.
Hence, there is an opportunity that socially-responsible businesses could differentiate themselves from other companies. Lozano held that external drivers for CSR include reputation, customer demands and their expectations, as well as regulation and legislation. The expenditures on CSR activities are typically intended as long- term investments that are likely to yield financial returns. Many authors held that CSR is a driver for innovation and economic growth. They believed that it will help the company to achieve a competitive advantage Burke and Logsdon , Lantos , Sen et al.
Thus, strategic CSR behaviours may lead to the creation of value for both business and society Burke and Logsdon , Lantos , McWilliams et al. Strategic CSR could increase the financial performance of businesses, it minimises their costs through better operational efficiencies, boosts the employee morale, creates job satisfaction and reduces the staff turnover, along with other benefits Camilleri CSR can bring a competitive advantage if there are appropriate relationships with multiple stakeholders.
Therefore, it is in the interest of business to engage in ongoing communications and dialogue with employees, customers, marketplace and societal groups Morsing and Schultz , Union , Bhattacharya et al. Businesses may also need to recognise the potential of building fruitful networks with key marketplace stakeholders, including suppliers, regulatory authorities and the community at large.
These stakeholder relationships are needed to bring external knowledge sources, which may in turn enhance organizational skills and performance. Acquiring new knowledge must be accompanied by mechanisms for dissemination. Arguably, there is scope in sharing best practices, even with rival firms.
It is necessary for the responsible businesses to realise that they need to work in tandem with other organizations to move the CSR agenda forward. In the past, the stakeholder theory has demonstrated how businesses could develop long-term mutual relationships, with a wide array of stakeholders. Thus, many firms are already forging strategic alliances in their value chain to run their businesses profitably. In many cases, they are building partnership and collaborative agreements with external stakeholders including suppliers hailing from different markets.
The most successful businesses are increasingly promoting the right conditions of employment within their supply chains. They are instrumental in improving the lives of their suppliers Porter and Kramer They do this as they would like to enhance the quality and attributes of their products, which are ultimately delivered to customers and consumers.
They have economic responsibilities toward their owners and shareholders Godfrey et al. Many businesses do not always pay their fair share of taxes to government. Alternatively, they may be accused of not providing the right conditions of employment, or they may even pay lousy wages to their employees Trejo Some commentators on the subject of CSR often suggested that the factors that should contribute towards creating value in business and society are often qualitative in nature, and that there are variables that may prove very difficult to measure and quantify, such as, employee morale, corporate image, reputation, public relations, goodwill, and popular opinion Maignan et al.
Therefore, any discretionary expenditure on altruistic or strategic CSR activities may be regarded as long-term investments that are likely to yield financial returns McWilliams et al.
This perspective resonates very well with the agency theory Eisenhardt Hence, companies were often encouraged to undertake CSR strategies which add value to their business and to disregard other activities which were fruitless. Moreover, at times, the fulfilment of philanthropic responsibilities could simultaneously benefit the bottom line Lantos Although, it could be difficult to quantify the returns of responsible behaviours, relevant research has shown that those companies that practiced social and environmental responsibility did well by doing good, in the long run Falck and Heblich , Porter and Kramer The corporate social responsibility, environmental and ethical behaviours could be triggered by genuine altruism and self-preservation Hemingway and Maclagan , Van Marrewijk The ethical responsibilities demand that businesses ought to abide by moral rules that define appropriate behaviours within a particular society.
Another category of corporate responsibility is related to discretionary, voluntary or philanthropic issues. Discretionary responsibilities include those business activities that are not mandated by law, and they are not expected from businesses in an ethical sense Carroll Practically, some examples where organizations meet their discretionary responsibilities include, when they provide day-care centres for working mothers, by committing themselves to philanthropic donations, or by creating pleasant work place aesthetics Carroll Evidently, the CSR approach had established a new way of doing business that has led to the creation of value Porter and Kramer , Union , Wheeler et al.
The stakeholder theory provides opportunities to align business practices with societal expectations and sustainable environmental needs. The stakeholder relationships support the principle of inclusivity, as the business practitioners ought to strike a balance between the conflicting demands of different stakeholders.
The businesses maintain economic growth, and meet the consumption requirements in the market. This economic component of CSR represents the fundamental responsibility of businesses. Many firms produce goods and services and sell them at fair prices to customers including other businesses.
This will in turn allow them to make a legitimate profit and to pursue growth and competitiveness. The legal responsibilities of businesses imply that these entities must fulfil their economic mission within the extant framework of rules and regulatory parameters. Of course, it could prove hard to define and interpret the ethical responsibilities of businesses.
Corporate Social Responsibility and Sustainability
Skip to search form Skip to main content You are currently offline. Some features of the site may not work correctly. Ebner and R. Ebner , R. Baumgartner Published Business. In recent years, the discussion about sustainability has risen above average and a huge amount of different terms have been established. This leads to a very broad and unspecified discussion about this topic, especially in economic science and business management.
2. The principles of CSR. Introduction. The prominence of CSR. Changing emphasis in companies. Sustainability. Environmental issues and.
Social Responsibility and Sustainability
Social Responsibility and Sustainability
Sustainability is a comprehensive approach to management of organizations which is focused on creating and maximizing long-term economic, social and environmental value. It is a response to the challenges of the modern world facing organizations from the public and private sectors. We provide support to private and public companies in their transformation from economically-oriented entities to organizations that consciously build their value through active management of the economic, social and environmental impact. Sustainable development is best described by four key words Impact Economics Relations Transformation.
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Corporate social responsibility (CSR) is a concept whereby organizations consider the interests of society by taking responsibility for the impact of their activities on.
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