MGMT 3020 Lecture Notes - Lecture 8: Corporate Social Responsibility

• School: University of Guelph
• Department: Management
• Course: MGMT 3020
• Professor: Mark Juhasz

Document Summary

A more technical definition would be that firms exist to leverage their collective resources. But if we take a look at what firms do on a day-to-day basis then we see that firms are intertwined with society. Businesses create jobs, wealth and innovations that allow society to grow. Moreover, this allows societies to propel towards a better future: define corporate social responsibility. The term corporate social reasonability refers to the responsibility among firms to meet the needs of their stakeholders and a responsibility among stakeholders to hold firms to accountable for their actions. The arguments in favor of csr that seem most important to me is how csr brings about more attention to the preservation of the environment. Along with the relationship between businesses-government and society, this connectivity allows companies to represent an interest in the government and the public. Which means that they will work along with them for the betterment of society.