Corporate Social Responsibility
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Corporate Social Responsibility embraces the range of economic, legal, ethical and discretionary actions that affect the economic performance of the firm. CSR is a key element of business strategy. In words of The Economist, it is “just good business” strategy strives to provide the business with the source of sustainable competitive advantage. For any competitive advantage sustainable, however, the strategy must be acceptable to the wider environment in which the firm competes. So the CSR influence all aspects of business strategy outlook and dayto-day operations, CSR‟s cutting edge can be controversial, especially among those stakeholders whose interests are not considered primary decision makers.
CORPORATE SOCIAL RESPONSIBILITY
CSR covers the relationship between corporations (or other large organizations) and the societies with which they interact. CSR also includes the responsibilities that are intent on both sides of the relationships. CSR defines society in its widest sense and on many levels. To include all stakeholder and constituent groups that maintains an ongoing in the organization‟s operations. The World Business Council for Sustainable Development (WBCSD 2000) defined CSR as „the commitment of business to contribute to sustainable economic development, working with employees, their families, the local community and society at large to improve their quality of life‟. But any definition is problematic. When asked what CSR mean to them, people from different countries emphasize different issues.
DIFFEERENT VIEWS OF CORPORATE SOCIAL RESPONSIBILITY
The World Business Council for Sustainable Development (WBSCD) initially defined CSR as „the continuing commitment by business to behave ethically and contribute to economic development while improving the quality of life of the workforce and their families as well as of the local community and society at large‟. It asked businesspeople and non-businesspeople what they thought of this definition. This is what people in several count ries had to say.
In Taiwan, it was suggested that the definition should address:
benefits for future generations
environment concerns (damage prevention and remediation)
In the United States, people commented:
include more emphasis on the role of the ind ividual
reflect the need for greater transparency
the term „economic development‟ does not adequately capture the breadth of the economic role of the business in society.
In Ghana, it was suggested that the definition should include the notion of:
a global perspective which respects local culture
building local capacity leaving a positive legacy
empowerment and ownership
teaching employees skills and enabling communities to be self – sufficient
filling – in when government falls short
giving access to information
partnerships, because CSR does not develop in a vacuum.
In Thailand, people stated it should try to capture:
the concept that the bigger the company, the greater the obligation
the importance of environmental mitigation and prevention
the need for transparency
the importance of consumer protection
awareness o f and change in people‟s attitudes towards the environment
the relevance of youth and gender issues.
As a result of its dialogue with people in different countries, WBSCD modified its definition of CSR to mean „the commitment of business to contribute to sustainable economic development, working with employees, their families, the local community and society at large to improve the quality of life.
PURPOSE OF THE RESEARCH
The 2007 - 2009 economic crisis was driven by three main factors: First, the housing market bubble, which was...