ASPECT & EFFECT OF CORPORATE SOCIAL RESPONSIBILITY
Keywords:
Corporate Social Responsibility, conventional, multinationalAbstract
The corporate culture has long been one of "Wealth Creation." However, the development of multinational firms has given this perspective of view a fresh, larger perspective. And that is what the corporate entities mean by "social responsibility." Instead than just "making money," organizations should prioritize "building values."
The conventional concept of "Corporate Financial Responsibility" has essentially given way to a more recent and expansive concept of "Corporate Social Responsibility." Numerous names have been given to it—Corporate Citizenship, Global Civic participation, Resilient Purchasing Accounting, Corporate Environmental Performance, Business Ethics, and Triple Bottom Line—but very few of us really understand it.
References
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Dahlsrud, A. (2008). How corporate social responsibility is defined: An analysis of 37 definitions. Corporate Social Responsibility and Environmental Management, 15(1), 1-13.
Elkington, J. (1998). Cannibals with forks: The triple bottom line of 21st century business. Capstone Publishing.
European Commission. (2011). A renewed EU strategy 2011-14 for Corporate Social Responsibility. COM (2011) 681 final. Brussels.
Porter, M. E., & Kramer, M. R. (2006). Strategy and society: The link between competitive advantage and corporate social responsibility. Harvard Business Review, 84(12), 78-92.
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