Relationship between Stakeholders and Corporations and CSR corporate 'social responsibility

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At one end of the gamut are companies that do not recognize any accountability to society and the environment. And on the other end of the scale are those companies that view their operations as having a significant impact as well as dependence on society at the economic, social, and ecological levels, therefore ensuing in a sense of responsibility beyond the customary boundaries of the company. Most companies can be placed somewhere in the middle (Waller & Conaway, 2011).

According to Schwab (2008) many business leaders today think it critical to connect with shareholders, the communities in which their companies function, and others affected by and interested in what they do. The varied activities are needed to respond to these expanded duties are widely known as corporate social responsibility. It includes a host of concepts and practices, including the requirement for sufficient corporate governance structures, the execution of workplace safety standards, the implementation of environmentally sustainable procedures, and philanthropy.

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.…[continue]

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"Relationship Between Stakeholders And Corporations And CSR Corporate 'social Responsibility" (2011, October 25) Retrieved July 5, 2015, from

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