The paper 'Dimensions of Corporate Social Responsibility" is a perfect example of business coursework. The concept of corporate social responsibility has been and continues to draw a lot of debates in the scholarly as well as a professional domain. Abbreviated as CSR, corporate social responsibility emerged in the early eighties and has since been studied in business management. There are different views on CSR the two common views, however, are the socioeconomic and classical views that are contrasting views (Kitzmueller& Shimshack, 2012). Most authors have been able to explore CSR in relation to the performance of most multinational corporations being that globalization has taken root of business.
The perceptions that were initially there post CSR implementation have changed drastically and most companies and business organizations are slowly seeing the essence of embracing CSR practices (Kitzmueller& Shimshack, 2012). The society is also becoming more educated of their rights as well as surroundings leading to them being responsible customers when making purchases. There are three major stakeholders who benefit from effective CSR practices including the employees, the customers and the community. This paper will explore the concept of corporate social responsibility, the importance of ethical business practices and give two case examples of scenarios where CSR has worked successfully and where it has failed in real organizations. Corporate Social Responsibility Definition of Corporate Social Responsibility The definition of corporate social responsibility varies depending on the country in question, authors of literature and is also dynamic through time.
Some authors indicate the concept to be abstract in nature. Corporate social responsibility refers to the voluntary commitment of a corporate organization to go beyond the implicit and explicit organizational goals and give back to the society and community that supports the organization in a variety as well.
In this dorm, both parties involved mutually benefit from the practice. CSR can also be defined as a business action or practice where an organization addresses ethical, legal, social, and economic obligations with the stakeholders in mind. CSR practices are basically ethical based on the fact that they have positive impacts on the stakeholders involved; society, community, investors, employees and customers among others. There are various forms of CSR in different organizations.
It could take the form of advocacy groups, sustainable practices in business, corporate advocacy and philanthropy. CSR defines the legal and ethical commitment an organization delves in without affecting the economic, social and environmental wellbeing of the society. It is very different from ethics in that while ethics address wrong and right things, CSR heavily depends on the social demands of the aforementioned stakeholders in the organization. Dimensions of Corporate Social Responsibility The concept of CSR has mostly been explored at the level of multinational corporations as they are the ones that have exploited globalization of economies.
It is noteworthy that both public and private organizations have equal chances of embracing CSR as they are meant for profit (Lee, 2008). There are various dimensions of CSR. The first dimension is the economic dimension that defines the economic value targeted by the organization (Saeed & Arshad, 2012). This dimension ensures that the organizations get a return on investments (ROI) that is expected by the stakeholders of the organization and is the key aim of doing business (Lee, 2008). Through this dimension, CSR is also seen as a practice that creates jobs for the population from the societies enabling diversification, motivation and thus economic stability of the employees.
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