What is corporate social responsibility quizlet?

Corporate social responsibility. A sense of obligation on the part of managers to pursue policies, make decisions, and take actions that benefit society. Shareholder models are socially responsible for. their only job is to maximize shareholders profits. Stakeholders models are socially responsible for.

Correspondingly, what is the best definition for the term corporate social responsibility?

Corporate social responsibility (CSR) is how companies manage their business processes to produce an overall positive impact on society. It covers sustainability, social impact and ethics, and done correctly should be about core business - how companies make their money - not just add-on extras such as philanthropy.

Furthermore, what does it mean to be socially responsible? Social responsibility is an ethical framework and suggests that an entity, be it an organization or individual, has an obligation to act for the benefit of society at large. Social responsibility means sustaining the equilibrium between the two.

In respect to this, what is the best definition for the term corporate social responsibility quizlet?

Corporate Social Responsibility (CSR) "The way a corporation achieves a balance among its economic, social, and environmental responsibilities in its operations so as to address shareholder and other stakeholder expectations."

What are the five driving forces of corporate social responsibility quizlet?

Market Failure awareness.
Changed Corporate Image.
Sustainability.
Globalization.
The failure of the Public Sector.

27 Related Question Answers Found

What are the principles of CSR?

Within this model, the concept of CSR emphasizes three responsibilities of a business enterprise: social, economic, and environmental responsibilities. These responsibilities are necessary to ensure economic prosperity, environmental quality, and social justice.

What are the types of CSR?

The four types of Corporate Social Responsibility are philanthropy, environment conservation, diversity and labor practices, and volunteerism.

Philanthropic Efforts.
Environmental Conservation.
Company Diversity and Labor Practices.
Supporting Volunteer Efforts.

Why is social responsibility is important?

Being a socially responsible company can bolster a company's image and build its brand. Social responsibility empowers employees to leverage the corporate resources at their disposal to do good. Formal corporate social responsibility programs can boost employee morale and lead to greater productivity in the workforce.

What is CSR and examples?

Corporate Social Responsibility Examples

Some of the most popular CSR activities are philanthropy and community volunteer efforts. For example, a large manufacturer may donate money to land and wildlife preservation and organize and sponsor volunteer, environmental clean up efforts.

Why is CSR important?

Importance of Corporate Social Responsibility. CSR demonstrates that you're a business that takes an interest in wider social issues, rather than just those that impact your profit margins, which will attract customers who share the same values. Therefore, it makes good business sense to operate sustainably.

Who oversees the governance of an organization?

Corporate governance is the system by which companies are directed and controlled. Boards of directors are responsible for the governance of their companies. The shareholders' role in governance is to appoint the directors and the auditors and to satisfy themselves that an appropriate governance structure is in place.

Which type of employee is most likely to report ethical issues in the workplace?

Answer Expert Verified. Rank and file employees are more likely to report ethical issues in the workplace. Temporary workers do not care as they are only their temporarily.

What are the four levels of corporate social responsibility quizlet?

Carroll's global corporate social responsibility pyramid encompasses, from bottom to top, four responsibilities: economic, legal, ethical, and philanthropic.

When considering corporate social responsibility what should be the company's primary concern?

Environmental efforts: One primary focus of corporate social responsibility is the environment. Businesses, regardless of size, have large carbon footprints. Any steps they can take to reduce those footprints are considered good for both the company and society.

What is the difference between the old social contract approach and the modern social contract approach to corporate management?

The difference between old social contract approach to corporate management and modern social contract approach is that the: A. old social contract emphasizes advancement in the quality of life, whereas the modern social contract approach emphasizes economic advancement.

What did the King I and King II reports have in common?

What did the King I and King II reports have in common? They both incorporated a code of corporate practices that looked beyond corporations. (SI), a multinational corporation, had reported large losses in the previous financial year.

What is Corporate Social Responsibility Google Scholar?

Corporate social responsibility is defined as a business system that enables the production and distribution of wealth for the betterment of its stakeholders through the implementation and integration of ethical systems and sustainable management practices.

Is that the welfare of society is best served by letting people pursue their own economic self interest?

In an individualist society, the welfare of society is best served by letting people pursue their own economic self-interest. In practical terms, individualism translates into an advocacy for democratic political systems and market economics.

Which is the foundational first level of business responsibilities according to the CSR pyramid?

The first and most obvious is the economic responsibility to be profitable. The second is the legal responsibility to obey the laws set forth by society. The third, which is closely linked to the second, is the ethical responsibility. That is to do what is right even when business is not compelled to do so by law.

Why is responsibility important?

Being Responsible: Makes Your Life Better. When you do what you have promised, people see you as a responsible and reliable person. This boosts a person's self-esteem and self-worth. For an employee they'll soon find they're given tasks and assignments of higher importance, ultimately leading to raises and promotions.

What are the example of social responsibility?

Working for the community, such as volunteering, giving blood donations, and working at a food bank or animal shelter. Supporting issues that affect society, such as advocating political or social issues that can help others—for example, advocating for child labor laws, purchasing fair trade products, recycling.

What are the benefits of social responsibility?

The potential benefits of CSR to companies include:

better brand recognition.
positive business reputation.
increased sales and customer loyalty.
operational costs savings.
better financial performance.
greater ability to attract talent and retain staff.
organisational growth.
easier access to capital.