Question

1. What is corporate social responsibility, and how does it relate to major stakeholders?

Answer 1

Corporate social responsibility is the continuing commitment by the business organizations towards society. Business firms ethically commit for the community to improve the economic conditions of the society. It also aims to improve the quality of life of employees and their family members.
Stakeholders can be described as the specific groups who have the credit in achieving the organizational goals and targets. Thus, employees are also stakeholders in a broader sense. Different stakeholders hold different responsibility for the organizations, and they are performing different tasks for the company.
Corporate social responsibility and stakeholder relationships are very important for the firm.CSR aims to describe what responsibilities an organization needs to fulfil, and stakeholders seek to address issues of whom the business is accountable to. Stakeholder theory helps the organizations to fulfil the CSR objectives. It is important to analyze different perspectives of corporate social responsibilities, and stakeholders aim to do this job. They explain the accountability of the CSR for any particular organizations. Specific stakeholder’s network is essential for every firm to accomplish their social responsibility tasks. Stakeholders can be categorized into benefits holders or distributors, risk holders or analyzers, and benefit receivers.