Relationship between Stakeholders and Corporations and CSR corporate 'social responsibility

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Literature Review

Corporate responsibility or sustainability is consequently an important feature of the business and society literature, addressing themes of business ethics, corporate social performance, global corporate citizenship, and stakeholder management. Corporate Social Responsibility is about how companies administer the business processes to create an overall positive impact on society. In order for a company to assess their corporate social responsibility they must look at two aspects of their operations. The first is the superiority of their management, both in terms of people and procedures. The second is the nature of, and quantity of their impact on society in a variety of areas (Baker, 2004).

For CSR to be established by a conscientious business person, it should be structured in such a way that the total ranges of business responsibilities are looked at. It has been suggested that there are four kinds of social responsibilities that comprise total CSR: economic, legal, ethical and philanthropic (Carroll, 1991). In order to be sure all of these kinds of responsibilities have always existed to some degree but it has only been in recent years that ethical and philanthropic purposes have taken an important place.

In the past, companies were created as financial units intended to provide goods and services to members of the community. The profit purpose was established as the main incentive for free enterprise (Carroll, 1991). Previous to anything else, business organization was the basic financial unit in society. As such, its main role was to produce goods and services that customers needed and wanted and to make an acceptable profit in the process. At some point the idea of the income motive got altered into a notion of maximum profits, and this has been a continuing value ever since. All other business responsibilities appear to be predicated upon the financial accountability of the company, because without it the others become unsettled deliberations.

Society has not only endorsed business to function according to the profit motive but they are also expected to obey with the laws and regulations dispersed by federal, state, and local governments as the ground rules under which business must function (Carroll, 1991). As a partial completion of the social contract between business and society firms are expected to chase their financial missions within the structure of the law. Legal responsibilities reflect a view of codified ethics in the sense that they demonstrate basic notions of fair operations as established by lawmakers[continue]

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