Corporate Social Responsibility in our Changing Business World Term Paper

Corporate Social Responsibility in our Changing Business World
An exploration of the importance of and perspectives on corporate social responsibility in the modern business environment.
# 153640 | 2,485 words | 12 sources | MLA | 2013 | IN
Published on Aug 02, 2013 in Business (Management)


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Description:

This paper outlines the rise of corporate social responsibility (CSR) and its importance and discusses the viewpoint of consumers, employees and CEOs on corporate social responsibility. The paper defines CSR and differentiates it from philanthropy and volunteerism, and then discusses how in light of current corporate scandals, it is more important than ever for companies to be socially responsible. The paper identifies the risks and benefits of CSR and provides recommendations to companies in Hungary to behave in a socially responsible manner.

Outline:
Introduction - The Rise of Corporate Responsibility and its Importance
CSR Definitions
Changing Business Model
Recommendations to Hungarian Companies
Conclusion

From the Paper:

"Corporate responsibility has advanced rapidly since the mid-1990s. Companies have responded to the guidelines by beginning to publish useful information for investors, but more is needed from smaller public companies and more focus is required on what is material to each company, rather than general issues. Early attempts to gauge the "business case" for corporate responsibility focused on revenue and cost benefits. A confluence of corporate governance and socially responsible investing (SRI) has stimulated activity in financial markets. As well as developing analytical skills, investment managers are also collaborating in specific areas, notably climate change. Research has shown that incorporating social responsibility can reduce portfolio volatility andof the importance of risk as well as returns, including risk to reputation. Social, cultural, demographic and technological changes mean that social and environmental risks are now more significant than in the past and more volatile.
"Growing awareness of the importance of corporate responsibility is a global trend, with significant developments in many markets, including Australia, South Africa and the US. The European Union has taken a close interest and created a Forum to advise on necessary action. It is increasingly recognized that the managerial decision-making process in business needs to take into account a wide range of criteria relating to the financial, environmental, and social implications of business operations. Corporations look to their management teams to implement policies and practices that contribute to long-term responsible success of their enterprises and that fairly balance the competing claims of key stakeholders: investors, employees, customers, business partners, communities, vendors, and the environment."

Sample of Sources Used:

  • Russell Sparkes (2002): Socially Responsible Investment: A Global Revolution, John Wiley and Sons Ltd Hardcover - October 25, 2002
  • Roger Cowe (2003): Corporate Social Responsibility: Is There a Business Case (with M Hopkins), ACCA 2003
  • World Commission on Environment and Development, 1987, Our Common Future, Oxford University Press, p. 43
  • Rory Knight and Deborah (2002): Pretty Managing the Risks Behind Sudden Shifts in Value, European Business Forum Winter 2002/3
  • http://www.nonprofit.hu/hirek/egyhir/180912.html

Cite this Term Paper:

APA Format

Corporate Social Responsibility in our Changing Business World (2013, August 02) Retrieved March 26, 2023, from https://www.academon.com/term-paper/corporate-social-responsibility-in-our-changing-business-world-153640/

MLA Format

"Corporate Social Responsibility in our Changing Business World" 02 August 2013. Web. 26 March. 2023. <https://www.academon.com/term-paper/corporate-social-responsibility-in-our-changing-business-world-153640/>

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