The paper "Perspectives on Corporate Social Responsibility" is a good example of business coursework. Recent years has witnessed a heightened/increased corporate attention to corporate social responsibility. As Porter and Kramer, (2006) highlights, this unprecedented increase incorporates attention to CSR developed following an increasing public reaction to various issues that organizations had not earlier considered as part of their corporate responsibilities. Consequently, a growing number of organizations woke up to the reality that sustainable corporate profit does not only come from constant pursuit or chase for financial gain. Instead, shareholder value and sustainable growth are best achieved by working through a broad framework of not only social, ethical, environmental and economic values but by also working through shared objectives that entail endless interaction between organizations and their respective stakeholders. Given this, CSR has acquired exceptional momentum not only in business but also in public discourse, as a result, making it a strategic issue spanning discipline boundaries as well as influencing the manner in which organizations conduct business.
According to Podnar (2008), since its emergence, CSR has become so significant such that many organizations have had to rebrand their core values to integrate social responsibility.
In fact, nearly all company policies and websites exhibit endeavours for CSR as a means of confirming that the organization is indeed justifying all its obligations towards the society and therefore entitled to an operating license. Increasingly, many organizations mention their CSR activities as fulfilling q quadruple bottom line consisting of profits, people, planet and philanthropy. Alternatively, the CSR practice has been put through significant debate and criticism. Whereas some its proponents claim a strong business case for it, in that organizations gain in numerous ways by working within a perspective that is broader than just acquiring short term profits, other proponents claim that fulfilling the quadruple bottom line is actually a moral responsibility that organizations are compelled to uphold.
On the other hand, while some Critics contend that CSR diverts us from the ultimate economic responsibility of businesses, others claim that CSR is simply a shallow window-dressing as well as a mere effort to obstruct governments’ role of watchdog over the influential multinational firms. It is within this backdrop therefore that this paper will discuss as well as critically analyze the various perspectives on CSR outlined above and discussed in academic literature.
This paper is in favor of this Perspective: ” CSR is a key element of the current business organizations. ” As highlighted above, there have been significant discussions as regards what specifically drives business organizations (capitalist enterprises) to concentrate on business ethics as well as giving back to society even without minimum legal requirements. According to Jamali and Sidani (2008), there are fundamentally two widespread theoretical perspectives to understand CSR given this particular question. One of the perspectives raised by many proponents of the CSR practice is that fulfilling the quadruple bottom line is actually a moral responsibility that organizations are compelled to uphold.
With issues such as climate change, regulatory pressures as well as societal calls for greater social and environmental responsibility increasing, there is no doubt that realizing the quadruple bottom line has actually become a moral responsibility that organizations are required to uphold (McWilliams, Siegel & Wright, 2006).
Argenti, P. A. (2004) Collaborating with Activists: How Starbucks Works with NGOs. California Management Review.47 (1):Pp.91–116
Bara, C, 2010, Corporate Social Responsibility & International Development, diplom.de
Boeger, N, Murray, R & Villiers, C, 2008, Perspectives on Corporate Social Responsibility, Cheltenham: Edward Elgar Publishing
Cohen, E, Taylor, S & Muller-Camen, M, 2012, HRM’s Role in Corporate Social and Environmental Sustainability, SHRM Foundation
Crouch, C & Maclean, C, 2011, The Responsible Corporation in a Global Economy, Oxford: Oxford University Press
Epstein, J & Hanson K, 2006, The Accountable Corporation: Corporate Social Responsibility, London: Praeger Perspectives.
Friedman, M, 1970, The Social Responsibility of Business is to Increase Its Profits, The New York Times Magazine
Hanlon, G & Fleming, P, 2009, Updating the Critical Perspective on Corporate Social Responsibility, Sociology Compass, 2 (6): Pp.1–12
Henderson, D, 2001, Misguided Virtue: False Notions of Corporate Social Responsibility, London: Institute of Economic Affairs
Idowu, S & Filho, W, 2009, Professionals ́ Perspectives of Corporate Social Responsibility, Berlin: Springer Science & Business Media
Jamali, D & Sidani, Y, 2008, Classical vs. Modern Managerial CSR Perspectives: Insights from Lebanese Context and Cross-Cultural Implications, Business and Society Review, Vol.113, Iss.3, Pp.329–346
Markus, K & Shimshack, J, 2012,"Economic Perspectives on Corporate Social Responsibility." Journal of Economic Literature, 50(1):Pp.51-84
McWilliams, A, Siegel, D & Wright, P, 2006, Corporate Social Responsibility: Strategic Implications, Journal of Management Studies, Vol.43, Iss.1, Pp.1–18
Mullerat, R & Brennan, D, 2010, Corporate Social Responsibility: The Corporate Governance of the 21st Century, Kluwer Law International
Newella, P & Frynasb, J, 2007, Beyond CSR? Business, Poverty and Social Justice: An Introduction, Third World Quarterly, Vol.28, Iss.4, Pp.669-681
Podnar, K, 2008, Guest Editorial: Communicating Corporate Social Responsibility, Journal of Marketing Communications, Vol.14, Iss.2, Pp.75-81
Porter, M & Kramer, M, 2006, Strategy and Society: The Link between Competitive Advantage and Corporate Social Responsibility, Harvard Business Review, 84(12), 2‐17.
Prieto-Carrón, M, Chan, A, Lund-Thomsen, P, Bhushan, C & Muro, A, 2006, Critical Perspectives on CSR and Development: What We Know, What We Don't Know, and What We Need to Know, International Affairs, Vol.82, Iss.5, Pp.977–987
Rondinelli, D & London, T, 2002, Stakeholder and Corporate Responsibilities in Cross-Sectorial Environmental Collaborations: Building Value, Legitimacy and Trust
Schreck, P, 2009, The Business Case for Corporate Social Responsibility: Understanding and Measuring Economic Impacts of Corporate Social Performance, Springer Science & Business Media
Simon, J, Powers, C & Gunnemann, J, 1972 "The Responsibilities of Corporations and their Owners, Connecticut: Yale University Press
Weber, M, 2008, The Business Case for Corporate Social Responsibility: A Company-Level Measurement Approach for CSR, European Management Journal, (26), Pp.247-261
Wheeler, C, Colbert, B & Freeman, E, 2003, “Focusing on Value: Reconciling Corporate Social Responsibility, Sustainability and a Stakeholder Approach in a Network World.” Journal of General Management, (28)3, Pp.1-28.