Question

Chapter Name: Handmaid of ethics: Corporate Social Responsibility

Creative Question: (Some question have a requirements which is give with the question)

Explain in your own word about the advantages of CSR.( Requirement: You must include in this topic : Improved financial performance, enhanced brand image and reputation, Increased sales and customer loyalty, increased ability to attract and retain employees, reduced regulatory oversight, innovation and learning, risk management, easier access to capital, reduced operating costs) and Explain in your own word about the understanding social responsibility of business.(Requirement: You must include in this topic : Protecting and Promoting Stakeholders’ interests, promotion of common welfare programs, Philanthropy, good corporate governance, render social service, Abiding by rules& Regulations, Creation of wealth, Ensure ecological balance, Focus on the human element, improve productivity, sponsor social and charitable causes, supplement state efforts )

Answer 1

Corporate Social Responsibility (‘CSR’) is corporate initiative to assess and take responsibility for the company's effects on the environment and its impact on social welfare. It can be conceptualized as the corporations’ obligation to take necessary action to reduce the negative externalities and enhance the positive externalities associated with their business. In doing so, the corporations could protect and promote the interests of their stakeholders and society as a whole.

The origin of CSR can be traced to philanthropic activities of corporations, viz., donations and charity. Over the years, the concept of CSR has evolved and it now includes within its scope, triple bottom line approach (achieving a balance of economic, environmental and social imperatives), corporate sustainability, improving and developing skills for sustainability, to name a few.

CSR is the process by which an organization thinks about and evolves its relationships with stakeholders for the common good, and demonstrates its commitment in this regard by adoption of appropriate business processes and strategies. Thus, CSR is not charity or mere donations. CSR is a way of conducting business, by which corporate entities visibly contribute to the social good.

Socially responsible companies do not limit themselves to using resources to engage in activities that increase only their profits. They use CSR to integrate economic, environmental and social objectives with the company's operations and growth.