Corporate social responsibility as a specific theory affirms that corporations are entities with economic, legal, ethical, and philanthropic obligations . Corporations responsible for a triple bottom line seek sustainability in the economic, social, and environmental realms.
Is CSR a concept?
Corporate Social Responsibility is a management concept whereby companies integrate social and environmental concerns in their business operations and interactions with their stakeholders.
Is CSR a business theory?
The business ethics theory views CSR more as philanthropic and ethical responsibilities rather than legal and economic responsibilities. CSR initiates where legal obligation declines.
Is CSR an ethical theory?
Social responsibility is an ethical theory in which individuals are accountable for fulfilling their civic duty, and the actions of an individual must benefit the whole of society. In this way, there must be a balance between economic growth and the welfare of society and the environment.
Is CSR part of stakeholder theory?
Stakeholder theory posits that the essence of business primarily lies in building relationships and creating value for all its stakeholders. ... Instead, CSR focuses on one stream of business responsibilities – responsibility to local communities and society at large – to ensure business does deliver on it.
What are the 4 types of CSR?
Corporate social responsibility is traditionally broken into four categories: environmental, philanthropic, ethical, and economic responsibility .
What is CSR example?
The key idea behind CSR is for corporations to pursue other pro-social objectives, in addition to maximizing profits. Examples of common CSR objectives include minimizing environmental externalities, promoting volunteerism among company employees, and donating to charity .
What are the three models of CSR?
Milton Friedman's statement that management is to make as much money as possible within the limits of the law and ethical custom embraces three components of the CSR pyramid— economic, legal, and ethical .
What does CSR stand for?
Corporate social responsibility (CSR) is a company's commitment to manage the social, environmental and economic effects of its operations responsibly and in line with public expectations.
Which are the 3 main concepts involved in CSR?
Together, these three notions of sustainability— economic, social, and environmental —guide businesses toward actions fitted to the conception of the corporation as a participating citizen in the community and not just as a money machine.
What are the theories of CSR?
Three of the main CSR theories and models have been represented and analyzed in this article: The Carroll Theory, The Triple Bottom Line Theory, and The Stakeholder Theories . Since any business corporation has to adopt one of these theories, this study reveals the strength and challenges of every theory.
Which is not a CSR theory?
Explanation CSR theories include enlightened self-interest, stakeholder theory, legitimacy theory and institutional theory. Therefore, rights theory is incorrect. Explanation Cash flows are reported but they are not an element.
Who are the primary stakeholders?
The primary stakeholders in a typical corporation are its investors, employees, customers, and suppliers . However, with the increasing attention on corporate social responsibility, the concept has been extended to include communities, governments, and trade associations.
What is the main purpose of CSR?
What is the purpose of corporate social responsibility? The purpose of corporate social responsibility is to give back to the community, take part in philanthropic causes, and provide positive social value . Businesses are increasingly turning to CSR to make a difference and build a positive brand around their company.
Which country has the world's richest tradition of CSR?
The concept of CSR is not new to India ; historically speaking, social responsibility of companies is a well-established phenomenon in India, and the country has one of the world's richest traditions of CSR.
What are the six main characteristics of CSR?
The six core characteristics of CSR follows as the features which shows how CSR is represented with different initiatives and processes ranging from voluntary activities, managing external factors, stakeholder management, alignment of social and economic responsibilities, considering practices and values and finally ...
