1.8 Social accounting Flashcards
1
Q
What is corporate social responsibility?
A
A commitment by business to behave ethically and contribute to economic development while remaining sensitive to the needs of stakeholders.
2
Q
What are the four responsibilities in Carroll’s CSR pyramid, from most to least important?
A
1 Economic - must make a profit
2 Legal - must comply with the law
3 Ethical - focus on doing what is right
4 Philanthropic - focus on what is desired.
3
Q
What is an argument against CSR?
A
It distracts from a company’s main goal of profit.
4
Q
How is CSR benchmarking achieved?
A
By reviewing competitor initiatives and how others perceive CSR strategy.
