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Lecture 16

GMGT 1010 Lecture 16: csr

3 Pages

General Management
Course Code
GMGT 1010
Farhan Islam

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Ch 7 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 share holder and other stakeholder expectations The 5 key elements of CSR 1) Corporates have responsibilities that go beyond the production of goods and services for profit 2) These responsibilities involve helping to solve important social problems expecially they have helped create 3) Corporates have a broader constituency than share holders 4) Corporates have impact that go beyond simple market place transactions 5) corporates serve a wider range of human values than can be captured by a sole focus on economic values Dahlsurd dimensions environmental, social , economical, stakeholder, voluntairness Principles of CSR Business and society are interwoven rather than distinct entities Expectations are placed on business due to its three roles: institutional; organizational; and individual. These three roles can be expressed in terms of three principles of corporate social responsibility: legitimacy; public responsibility; and managerial discretion. Case for involvement Business must satisfy societys needs. CSR prevents public criticism and government regulation. Business and society are interdependent. CSR is good for the bottom line. Investors and consumers support CSR. Addressing social problems can become financial opportunities (i.e. pollution abatement). Business should take longterm CSR approach. Social actions improve public image and goodwill. Business can solve problems as well as government. Proactive approach is better than reactive. Businesspeople are also concerned citizens. Against Profit maximization is the primary purpose of business (e.g., Milton Friedman). Business is responsible to shareholders. Social policy is role of government. Business lacks training in social issues. CSR would give too much power to business. Business involvement in social matters increases costs. No reliable guidance for business in CSR matters. Business cannot be held accountable unlike social institutions. There is divided support in business community for social involvement.
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