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Corporate Social Responsibility And Profitablity - School Essays

Corporate Social Responsibility And Profitablity

C.O. Igboanua
Student
(Plekhanov Russian University of Economics)

Corporate Social Responsibility And Profitablity

Annotation: This article attempts to examine Corporate Social Responsibility (CSR) and its influence on the profitability of corporations that practice it. Can companies make profit while being socially responsible? It aims to offer reasons why corporations should embrace the idea more intently.

Key words:

The concept of CSR is often misinterpreted, sometimes used as a synonym for charity towards well-meaning causes. According to Investopedia, "Social responsibility means that individuals and companies have a duty to act in the best interests of their environments ...

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extends beyond the point of sale. They owe it to their consumers to produce quality goods and services using environmentally friendly resources in order to prevent environmental degradation. In addition, they ought to have provisions or a strategy in place to tackle quality issues when they arise. For instance in the case of Mars, who recalled chocolate bars in 55 countries after plastic was found in their product.

Furthermore, companies have the responsibility to be ethical in its practices and obey the law to the letter. Integrity must be engrained into the fabric of a company's corporate culture. When in dispute with regulations they should seek to change them legally rather than take corruptible shortcuts through the system. Managers and leaders need to be role models in these areas.

In addition, companies have a responsibility to their staff. The working environment should be safe and healthy. The staff should be adequately protected from physical, emotional and ...

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oriented. The concept of CSR is a widely controversial subject.

Against Social Responsibility

The opposing party maintains that the bottom-line of business is to maximize profit. Milton Friedman supporting this view said, "The social responsibility of business is to make profits". He was implying that CSR is a distraction to the main aim of a business. He believed that if a firm fails to focus completely on maximizing profits, creating jobs, and expanding economic growth it will fail to provide goods and services or benefit the stockholders, - the real social justification for the its existence.

Another advocate, David Vogel in his article - "CSR doesn't pay" for the Forbes ...

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"Corporate Social Responsibility And Profitablity." Essayworld.com. May 10, 2017. Accessed July 15, 2024. http://www.essayworld.com/essays/Corporate-Social-Responsibility-And-Profitablity/106282.
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PAPER DETAILS
Added: 5/10/2017 06:39:03 PM
Submitted By: free2ryhme4kelvo
Category: Economics
Type: Premium Paper
Words: 1737
Pages: 7

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