corporate social responsibility
CORPORATE SOCIAL RESPONSIBILITY: A TOOL IN CREATING CORPORATE BRAND IMAGE IN THE TELECOMMUNICATION INDUSTRY IN GHANA
CHAPTER ONE
INTRODUCTION
Background of the study
It is universally recognized that Corporate Social Responsibility (CSR) has become an indispensable tool in the growth and profitability of businesses throughout the world. Accordingly, corporate managers now have the difficult task of balancing business priorities with that of CSR activities in the creation of successful businesses. CSR has become a blistering subject of western management community after several decades of arguments (Chen and Wang, 2011). While there is no universal definition of Corporate Social Responsibility (CSR), it generally refers to transparent business practices that are based on ethical values, compliance with legal requirements, and respect for people, communities, and the environment. It is important to note that “people” comprises of employees, customers, business partners, investors, suppliers, government and the community at large (Catalyst Consortium, 2005).
In view of this description, CSR takes the form of meeting legal requirements, upholding ethical values and engaging in philanthropy. Companies around the world find themselves engaging in CSR for one reason or the other; either as a strategic means of enhancing their brand image, which will usually in the long run establish and protect brand reputation (Catalyst Consortium, 2005) and build commercial goodwill for the company, or because of personal duty to help society (Smith, 2003)
According to Boone and Kurtz (1987), CSR refers to those management philosophies, policies, procedures, and actions that have their advancement of social welfare as one of their primarily objectives.
World Business Council for Sustainable Development (WBSCD) defines Corporate Social Responsibility as the continuing commitment by business to behave ethically and contribute to economic development
CHAPTER ONE
INTRODUCTION
Background of the study
It is universally recognized that Corporate Social Responsibility (CSR) has become an indispensable tool in the growth and profitability of businesses throughout the world. Accordingly, corporate managers now have the difficult task of balancing business priorities with that of CSR activities in the creation of successful businesses. CSR has become a blistering subject of western management community after several decades of arguments (Chen and Wang, 2011). While there is no universal definition of Corporate Social Responsibility (CSR), it generally refers to transparent business practices that are based on ethical values, compliance with legal requirements, and respect for people, communities, and the environment. It is important to note that “people” comprises of employees, customers, business partners, investors, suppliers, government and the community at large (Catalyst Consortium, 2005).
In view of this description, CSR takes the form of meeting legal requirements, upholding ethical values and engaging in philanthropy. Companies around the world find themselves engaging in CSR for one reason or the other; either as a strategic means of enhancing their brand image, which will usually in the long run establish and protect brand reputation (Catalyst Consortium, 2005) and build commercial goodwill for the company, or because of personal duty to help society (Smith, 2003)
According to Boone and Kurtz (1987), CSR refers to those management philosophies, policies, procedures, and actions that have their advancement of social welfare as one of their primarily objectives.
World Business Council for Sustainable Development (WBSCD) defines Corporate Social Responsibility as the continuing commitment by business to behave ethically and contribute to economic development