Corporate Social Responsability Flashcards
What is CSR
Actions of a firm to benefit society beyond the requirements of the law (regardless of whether they were taken just to improve the
company’s image)
• Transparency consumer protection
• Environmental damage mitigation and prevention
• Global perspective that respects local culture
• Teaching skills to employees and enabling communities to be self-sufficient
• Giving access to information
• Recent concept: started in the US
Why firms engage in CSR
• Social and environmental challenges are unmet -market needs that can be addressed with
business solutions
• Long-term survival: business doesn’t survive if society collapses
• Reputation: social consciousness reputation is good
• Internal culture: reputation may spill over into organizational culture
