CORPORATE SOCIAL RESPONSIBILITIES AND THE ENTREPRENEUR:
1. ADETUKASI MORAYO 09AC08788
2. ANI EHIZELE 09AC08795
3. CAMPBELL NAOMI CAMPBELL 09AC08799
4. OJEI EKENE FRANCESS 09AC08818
5. OMIYALE OMOTOLANI 09AC08825
INDUSTRIAL RELATIONS AND HUMAN RESOURCE MANAGEMENNT.
Submitted to the course coordinator, EDS 411, COVENANT UNIVERSITY, OTA OGUN SATE
IN PARTIAL FULFILMENT OF THE REQUIREMENTS FOR EDS 411
The European Commission (2011) defines the concept corporate social responsibility as a concept whereby companies integrate social and environmental concerns in their business operations in their interaction with their stakeholders on a voluntary basis. Hopkins (2005) argues that corporate social responsibility is concerned with treating the stakeholders of the firm ethically or in responsible manner. Stakeholders exist both within a firm and outside. The wider aim of social responsibility is to create higher and higher standards of living, while preserving the profitability of the corporation, for people both within and outside the corporation. In the South African context, the most accepted definition was provided in the King Report (2009) which defines corporate social responsibility as “a well managed company that is aware of and respond to social issues, placing a high priority on ethical standards. CSR is understood as the formation of responsible leadership behavior, which in addition to its central responsibility for making profit also pays attention to ecologically and socially responsible actions across all levels of value creation chain and makes a contribution in the spirit of solidarity to solving societal problems. In contrast to CSR, the idea of sustainable development is an abstract basic idea that does not contain any concrete operating instructions.CSR can be understood as a company’s contribution to sustainable development. The stakeholder theory of corporate social responsibility by Freeman (1984) views the corporation as a set of interrelated, explicit or implicit connections between individuals and or groups of individuals. Basically a stakeholder includes anyone who can affect or is affected by the actions of the firm. The European Commission sees Corporate Social Responsibility (CSR) as a contribution to the realization of the strategic objective set in Lissabon in 2000: “The realization of the objective to become the most competitive and dynamic, knowledge based economic area in the world, that is able to provide continual economic growth, increased and improved employment possibilities and greater social unity will ultimately depend on the success of the companies and in particular the small and medium‐sized ones.” We cannot have a vivid look at the above definitions without talking about ethics. So, we would look at the definition of ethics in the subsequent text.
2.1 Business Ethics
Hellriegel et al. (2008) describe ethics as the code of moral principles and values that direct the behavior of an individual or a group in terms of what is right or wrong. Smit et al. (2007) said that ethics affects both individuals and business organizations. At individual level, ethical questions arise when people face issues involving individual responsibility, such as being honest, accepting a bribe or using organizational resources for personal purposes. At business level, ethics relates to the principles of conduct within organizations guide decision making and behavior. Business ethics are the standards used to judge the rightness or wrongness of a business’ relations to others. Hellriegeletal. (2008) furthermore notes that business ethics involves how a company integrates core values such as honesty, trust, respect and fairness into its...